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See all by VishalThe banks have carried the ASX 200 for two years — but with valuations stretched and margins under pressure, are the easy gains behind us? We put seven of the market's most-watched financials to two leading fund managers: buy, hold, or sell?
Vishal Teckchandani — CBA trades on a forward P/E north of 28x. Is the most expensive bank in the world a buy, hold or sell?
Steve Johnson Sell
A wonderful business at an impossible price. You're paying a tech multiple for low-single-digit growth.
Carl Capolingua Hold
The uptrend is intact and the dividends keep coming. I'd hold, but I wouldn't be adding here.
Steve Johnson Buy
The only major with genuine global optionality — infrastructure, green energy, asset management.
Carl Capolingua Buy
It's based for six months and just broke out on volume. Momentum and fundamentals finally agree.
Carl Capolingua Buy
A 9% yield, net inflows, and a discount to global peers. Key-person risk looks overdone.
Steve Johnson Hold
I like it, but fund-flow businesses turn quickly. I'd want to own it cheaper.
Steve Johnson Hold
Best-run of the big four on the business-bank side, but priced for it.
Carl Capolingua Sell
The chart's rolling over and the yield no longer compensates. I'd take profits.
Lead Investment Writer & Presenter. Host of Buy Hold Sell and Livewire's video programming.
Two BUYs on MQG from both managers is telling. The global optionality argument has been right for a decade now.
Would've loved a verdict on WBC too — but great to see GQG getting some airtime. That yield is hard to ignore.
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