Bell Potter

Despite markets that will be volatile for some time post the Trump victory, the Australian big banks remain some of the strongest and most profitable ones in the world. Part of this underlying strength can be traced to a banking system that prides itself with market leading financial regulators. We largely remain positive on Australia big banks and our pecking order for the big banks are as follows: NAB (Buy), ANZ (Buy), Westpac (Buy), Commonwealth Bank (Hold). We believe Macquarie will be a clear winner following the US election, given their sizable US earnings, likely benefit from a lower capital tax rate and potential for massive national infrastructure spend. With Macquarie being a leading infrastructure manager, this remains our top sector pick overall with a Strong Buy recommendation. Watch this short video to get an overview post the big banks' reporting season from our Banks and insurance analyst, TS Lim.


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