Financial Wire

AMP Accelerated Momentum Across Core Business Units in Q1, Jefferies Says

-- AMP (ASX:AMP) reported "encouraging" first-quarter results as momentum accelerated across its core business units, and AMP Bank recorded only a minor decrease in loan balances from the linked quarter, Jefferies said in a Thursday note.

The company's North wealth management platform saw a robust AU$1.1 billion of new inflows, representing the fourth consecutive quarter of net inflows topping the AU$1 billion mark. The Superannuation and Investments division posted "a continued and meaningful improvement" as net cash outflows contracted to AU$80 million, Jefferies said.

In its international businesses, the outlook for AMP's China Life ventures is buoyed by structural demographic tailwinds, while AMP New Zealand performed well with positive new cash inflows of AU$41 million in the quarter, the equity research firm said.

The company's AU$150 million on-market buyback is now included in forecasts, which Jefferies estimates to be around 4% accretive. Including overall forecasting adjustments, the firm's EPS forecasts for AMP increase 6% for 2026 and 8% for 2027.

Jefferies maintained a buy rating on AMP and raised its price target on the company's shares to AU$1.75 from AU$1.50.

Related Articles

International

New Zealand Fuel Prices Surge in March

Petrol and diesel prices in New Zealand increased by nearly 19% and 43%, respectively, in March compared with the previous month, according to a Stats NZ selected price indexes report on Friday.The rises in petrol and diesel prices in March were the largest since Stats NZ began publishing monthly vehicle fuel price data in July 2011, following declines in both fuels in January and February.Food prices fell 0.6% in March compared with the previous month, driven mainly by a 2.9% drop in fruit and vegetables and a 0.8% decline in grocery food, with kiwifruit, chocolate blocks, cheddar cheese, and beef mince contributing most to the decrease.Domestic airfares decreased by around 14% in March, while international airfares increased by 3.5% compared with February."Travelers typically book and pay for airfares in advance, so price changes reflect fares that were set up to 12 months ago," said prices and deflators spokesperson Nicola Growden.Food prices increased by 3.4% on an annual basis in March, compared with a 4.5% increase in the 12 months to February, mainly due to a 7.3% rise in meat, poultry, and fish prices and a 2.8% increase in restaurant and ready-to-eat meals.Petrol and diesel prices both increased over the 12 months to March, rising by nearly 14% and 37%, respectively.

$^NZ50
Asia

NRW Unit Wins Five Contracts Worth AU$160 Million

NRW's (ASX:NWH) Fredon subsidiary secured five electrical and mechanical contracts with a combined value of about AU$160 million, according to a Friday filing with the Australian bourse.The contracts include an electrical package of works on an Australian government infrastructure project worth about AU$110 million, an electrical services contract for the Festival Tower project worth AU$23 million, and a design-and-construct package for electric bus charging infrastructure at a South Australia bus depot worth AU$5 million, the filing said.An 80%-owned joint venture by Fredon also secured a AU$24 million mechanical contract for the Mt Barker Hospital project in South Australia.Additionally, Fredon won a contract for the design, supply, installation, testing, commissioning, and coordination of all electrical systems related to charging infrastructure installation at the Oakleigh bus depot in Victoria, per the filing.NRW shares rose 2% in morning trade on Friday.

$ASX:NWH
Asia

Paladin Energy Upgrades Namibia Mine Production Guidance, Shares Hit Nearly Two-Year High

Paladin Energy (ASX:PDN) said it now expects fiscal year 2026 triuranium octoxide production of between 4.5 million pounds and 4.8 million pounds, up from previous guidance of 4 million pounds to 4.4 million pounds, from the Langer Heinrich Mine in Namibia, according to a Friday Australian bourse filing.The mine, in which the company holds 75% interest, now has a capital and exploration expenditure guidance of between $15 million and $17 million, down from $26 million to $32 million, due to reprioritization and deferral of capital and exploration expenditure.The company said that the cost of production is expected to materially align with previous guidance of $44 million per pound to $48 million per pound, pending the duration of the current conflict in the Middle East and any further associated impacts on forecast cost.The mine recorded 1.03 million pounds in sales in the fiscal third quarter with 1.29 million pounds of production. Its full-year sales guidance remains unchanged at between 3.8 million pounds and 4.2 million pounds.Paladin said it continues to expect LHM to transition to full mining and processing plant operations by the end of fiscal 2026.The company's shares rose 3% in recent trade and earlier reached their highest price since June 2024.

$ASX:PDN