MQG: It's what you do that defines you: 2015 profit outlook upgraded

Bell Potter


MQG: It's what you do that defines you: 2015 profit outlook upgraded. MQG is now expecting the 2015 result to be 10-20% higher than 2014 (previous guidance was for slightly up on 2014). This is due to improved trading conditions and a weaker A$, although subject to transaction completion timing as well as the conduct of period end reviews and other adjustments. While the drivers of the profit upgrade will be provided at the operational briefing on Tuesday 17 February, we believe these largely reflect a better outlook in the capital markets facing businesses (relating to FICC and Macquarie Capital's stronger pipeline towards the end of calendar year 2014) in addition to positive translation effect given ~65% of operating income is now offshore-based. We further note that 62% of operating income relates to annuity-style businesses that generate better returns (~24% ROE in 1H15) for lower risk. For the full report click here: (VIEW LINK)

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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