Beat and raise; underlying performance tracking ahead – reiterate Buy

研报英文原文证据摘录

Beat and raise; underlying performance tracking ahead – reiterate Buy

Accessible version

AMP Ltd

Beat and raise; underlying performance

tracking ahead – reiterate Buy

Reiterate Rating: BUY | PO: 2.20 AUD | Price: 2.02 AUD

Strong 1H26 on positive one-offs & underlying strength 20 July 2026

AMP has delivered a positive surprise ahead of 1H26 results (due 6th August). Underlying Equity

NPAT is expected to be A$170-180m, meaningfully ahead of BofA/Cons (A$136m and

A$140m respectively). AMP has flagged a number of positive drivers, including much

Key Changesstronger-than-expected performance from China partnerships (+A$12m vs BofAe),

carried interest from prior divestments (+A$13m), hedging gains (+A$5m) and interest (A$) Previous Current

income (A$5m). This has been partly offset by a negative revaluation in its other Price Obj. 1.95 2.20

partnerships (-A$12m), with net flagged positives totalling A$23m. With 1H26 2026E EPS 0.11 0.14

underlying NPAT tracking A$30-40m ahead of Cons, AMP’s update also points to 2027E EPS 0.13 0.14

stronger-than-appreciated underlying performance. We upgrade estimates by 8-21% and 2028E EPS 0.14 0.16

PO by 13% to A$2.20 (from A$1.95). Reiterate Buy with 11% TR potential.

Freya Kong >>

China partnerships growing fast, and paying dividends ResearchMerrill LynchAnalyst(Australia)

AMP’s partnerships have meaningfully outperformed the group’s ~10% ROI guidance +61 2 9226 5840 freya.kong@bofa.com

(BofAe 15.4% annualised in 1H26). We expect the company could look to revise its

Stephanie Deeb >>

return expectations higher given meaningful growth from its China partnerships. We Research Analyst

understand dividends of ~35% are being paid, helping to support AMP’s capital return. Merrillstephanierebecca.deeb@bofa.comLynch (Australia)