KSL – Morgans rates the stock as Add
For Kina Securities, the broker makes no changes to earnings forecasts and the Add rating, though raises the target price to $1.29 from $1.20 on a valuation roll forward.
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Kina Securities Limited (Kina Bank) was established in 1985 as a diversified financial service company. It offers customers end-to-end financial solutions from savings accounts to business loans, investments to mortgages, financial advice and investment management. We are committed to delivering exceptional service and this is what sets us apart in the market.
Listed on the Australian Securities Exchange (ASX:KSL) and the Port Moresby Stock Exchange (PNGX:KSL), Kina is also the largest wealth management business in PNG with over K8 billion funds under management; the largest fund administrator, administering accounts on behalf of more than 850,000 beneficiaries whose funds total almost K14 billion; and the leading stockbroking company.
Kina’s vision is to be a world class diversified investment bank made in PNG.
For Kina Securities, the broker makes no changes to earnings forecasts and the Add rating, though raises the target price to $1.29 from $1.20 on a valuation roll forward.
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The broker maintains its Add rating. The target falls to $1.28 from $1.31.
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Kina Securities announced an agreement to acquire Westpac Bank's ((WBC)) businesses in the Pacific (PNG and Fiji) for $420m. This will make Kina Securities the third largest bank in Fiji.
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Assuming the lack of a bad debt apocalypse, the big banks certainly look cheap. But the smaller banks look even cheaper, which suggests there’s better value at the minnow end which is more oriented to mortgages than business lending.
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Kina Securities profit beat the broker by 6% on 7% better than expected revenues. It was a very solid result, the broker suggests, in a period the company bedded down the transitional ANZ PNG acquisition. Cost-to-income has risen slightly but Kina is creating a solid recent track record of delivery to complement its strong organic growth profile.
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Asia Development Bank will invest US$10m in Kina Securities by way of a placement at $1.37 a share. Morgans assesses the deal will strengthen the company's banking relationships and provide access to ADB expertise.
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Ahead of its September 30 balance date for its 2018-19 financial year ANZ Bank has completed the sale of its retail and small business banking operations in Papua New Guinea.
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With so many investment babies being thrown out with the murky bathwater, do opportunities abound for the fearless, especially given the market’s positive start to the year?
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Which bank is the most “unquestionably strong” of its ASX-listed cohorts on a capital adequacy basis and also produces the highest net interest margins and sector-leading lending growth?
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