Macquarie Group – 1H22 Earnings

Macquarie Group is under Algo Engine buy conditions and is a current holding in our model portfolio.

Macquarie Group (MQG.AX) has provided an update on its guidance, in which it now expects 1H22 NPAT to be slightly down on 2H21.

The is a positive relative to the negative expectations that the market had for earnings to be down 10 – 15%.

A good outcome for the full year FY22 will be flat on FY21, which places MQG on 21x earnings and 3% dividend yield.

Macquarie Group – Buy Signal

Macquarie Group is now under Algo Engine buy conditions following the recent price retracement from $162 down to $148.

Macquarie Group recently announced a net profit after tax attributable to ordinary shareholders of $3.01bn for the year ended 31 March 2021 (FY21), up 10 percent on the year ended 31 March 2020 (FY20).

Macquarie Bank

Macquarie Group is under Algo Engine buy conditions and is a current holding in our ASX 100 model portfolio.

MQG reported a 24% fall in second-half net profit compared to the same period a year ago, to $1.27bn. Second-half impairment charges doubled to $900m.

Macquarie’s full year net income was down 8% to $2.7bn. We remain cautious on the deteriorating earnings and doubtful debt charges across the industry over the next six months.