Australia/NZ Diversified Financials: Momentum seems more important than value for now at least

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Australia/NZ Diversified Financials: Momentum seems more important than value for now at least

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30 Jul 2026 08:43:19 ET │ 29 pages

Australia/NZ Diversified Financials

Momentum seems more important than value for now at least

CITI'S TAKE

Nigel Pittaway AC

Many of the stocks we favour in diversified financials (AMP, CGF and CPU, +61-2-8225-4860

with CPU recently downgraded to Neutral) have performed well, limiting nigel.pittaway@citi.com

absolute valuation upside. However, we still believe flow rotation could

drive some of them higher. Aside from results, our focus will include: 1) AMP Jeff Cai, CFA AC

– potential further upside from China Partnerships and scope for more +61-2-8225-2688

buybacks, 2) CGF – we expect CGF to supplement its buyback with the jeff.cai@citi.com

previously flagged A$300m but otherwise believe any further capital return

will likely be some way off with focus more on the likely speed of any sales Donna Fu

pickup etc., 3) CPU – how much the M&A pick up and higher rates will +61-2-8225-4801

benefit the FY27E outlook, and 4) ASX – any further comfort on FY27E/28E donna.fu@citi.com

costs and medium term margin/growth ahead of the new CEO joining on 1

Sep. Our Buys are AMP, CGF and GDG, and Neutrals are CPU, ASX and PPT.

AMP — China, Bank & North in focus. AMP pre-released its headline profits for

1H26E. We are focused on: 1) the growth outlook for its China Partnerships, 2)

progress on improving bank capital efficiency and the potential for further buybacks

and 3) whether it keeps FY26E guidance for margin and costs. We also expect

resilient Bank margins but lacklustre loan growth and further advisor usage of North.

CPU — Maiden FY27E guidance to positively surprise? We see minimal risk to