Mambu, the SaaS cloud banking platform, announced today its successful collaboration with ABN AMRO to support BUUT, a bank designed to help younger consumers better manage their money/finances.The neobank was brought to market in 12 months.BUUT is a full-service bank that offers a “suite of financial tools within a single, intuitive app including a Dutch IBAN account, savings and budgeting tools, payments, and cards.”Mambu’s composable platform provides several “core banking services that enable the BUUT IB ...

Group 1 - Asia-Pacific markets exhibited mixed trading patterns, with Australia's S&P/ASX 200 rising by 0.43% [2] - South Korea's Kospi increased by 1.05%, while the small-cap Kosdaq rose by 0.82% [3] - Japan's Nikkei 225 declined by 0.68%, and the Topix fell by 1.27% after reaching a record high on the previous Friday [3] Group 2 - The Reserve Bank of Australia (RBA) is expected to maintain its cash rate at 3.6% during its upcoming two-day policy meeting [1] - Commonwealth Bank of Australia noted that the August CPI indicates "material upside risks to Q3 inflation," alongside a cyclical upswing in activity data [2] - Despite the inflation risks, there are signs of softer employment and moderating wage growth in Australia [2]

Market Overview - Oil prices experienced a decline after reaching seven-week highs, influenced by a surprise drop in US crude inventories and ongoing supply concerns from Iraq, Venezuela, and Russia [2][7] - Asian markets showed mixed performance, with MSCI's index of Asia-Pacific shares outside Japan falling 0.2% after significant gains in the previous month and quarter [3][8] - Wall Street closed lower for the second consecutive session as investors took profits from record-high stocks, with futures indicating a 92% chance of a Federal Reserve rate cut in October [4][8] Economic Indicators - Upcoming US economic data, including the Personal Consumption Expenditures report and the final estimate for Q2 GDP, is anticipated to influence market sentiment amid concerns over a potential government shutdown [4][8] - Treasury yields remained stable, with the benchmark US 10-year Treasury yield flat at 4.1408% after a slight increase [4][8] Currency and Commodities - The US dollar slipped 0.1% against the yen, while the yen hit an over one-year low against the euro and an all-time low against the Swiss franc [5][8] - Spot gold prices remained flat at $3,739 per ounce, while US crude and Brent oil prices fell slightly to $64.73 and $69.11 per barrel, respectively [6][8] - Brent oil futures are expected to find support in the $65-$70 per barrel range despite forecasts of oversupply in late 2025 and early 2026 [6][8]

资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 澳洲联邦银行（CBA）分析师称，到2026年第二季度，白银期货可能涨至46美元/盎司，甚至更高。风 险偏向上行，因美元面临下行风险，且白银的结构性避险需求走强。受避险需求和白银与美元的强烈反 向关系推动，银价处于14年高位。 ...

Investors interested in Banks - Foreign stocks are likely familiar with UBS (UBS) and Commonwealth Bank of Australia Sponsored ADR (CMWAY) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank is a proven strategy tha ...

Core Viewpoint - ANZ Banking Group is a leading bank in Australia and New Zealand, with a significant focus on mortgages, personal loans, and credit, and its current share price is $33.31, raising questions about its valuation in the market [1]. Group 1: Financial Performance Metrics - ANZ's net interest margin (NIM) is crucial for its profitability, with the average NIM across major ASX banks at 1.78%, while ANZ's NIM stands at 1.57%, indicating a lower-than-average return from lending [5][6]. - The return on equity (ROE) for ANZ is 9.3%, slightly below the sector average of 9.35%, suggesting that for every $100 of shareholder equity, ANZ generates $9.30 in profit [7]. - ANZ earned 78% of its total income from lending last year, highlighting the importance of lending performance to its overall revenue [6]. Group 2: Capital and Risk Management - The common equity tier one (CET1) ratio for ANZ is 12.2%, which is above the sector average, indicating a strong capital buffer to protect against financial instability [8]. Group 3: Dividend Valuation - The total dividend for ANZ last year was $1.66, with projections for future growth rates between 2% and 4%, leading to an estimated average valuation of ANZ shares at $35.10 using a dividend discount model (DDM) [10][11]. - Adjusting for expected future dividends, the valuation increases to $35.74, compared to the current share price of $33.31, suggesting that the shares may appear expensive based on DDM analysis [11][12].

Currency Market Overview - Currency movements in early Asia were subdued following a volatile week influenced by rate decisions from the Fed, Bank of England (BoE), and Bank of Japan (BOJ) [1] - The yen decreased by 0.16% to 148.22 per dollar, reversing some gains after a hawkish shift in BOJ rhetoric suggested a potential near-term rate hike [1] - The British pound fell to a two-week low of $1.3458, impacted by increased UK public borrowing and a forecast for the BoE's next rate cut pushed to 2026 [1][3] Federal Reserve Insights - The dollar continued its rebound from a previous decline, rising slightly to 97.75 against a basket of currencies [4] - Approximately 10 Fed officials, including Chair Jerome Powell, are scheduled to speak this week, with market participants keenly observing their insights on the economy and Fed independence [5] - New Fed Governor Stephen Miran, who recently dissented in favor of a 50-basis-point rate cut, is expected to provide a detailed argument regarding Fed independence in an upcoming speech [6][9] Asian Market Developments - China maintained its benchmark lending rates unchanged for the fourth consecutive month in September, aligning with market expectations [7][9] - The offshore yuan remained stable, slightly increasing by 0.06% to 7.1151 per dollar following the rate decision [7][9]

Core Insights - National Australia Bank Ltd (NAB) shares are currently priced around $44, raising questions about their true value and potential for dividend income [1] - The financial/banking industry, including NAB, is favored by Australian investors, particularly for its dividend offerings and the oligopolistic market structure [2][3] Valuation Models - The Price-Earnings (PE) ratio is a common valuation tool, comparing a company's share price to its earnings per share, with NAB's current PE ratio at 19.4x, slightly above the sector average of 19x [4][6] - A sector-adjusted PE valuation for NAB, based on its earnings per share and the average PE ratio, results in a valuation of $43.83 [6] - The Dividend Discount Model (DDM) is highlighted as a more effective valuation method for banks, relying on past and forecasted dividends [7][8] DDM Valuation Results - Using a DDM approach, NAB shares are valued at $35.74 with a blended growth and risk rate, and $36.16 with an adjusted dividend payment [11] - When considering fully franked dividends, the valuation increases to $51.66 based on a forecast gross dividend payment of $2.44 [12] Growth and Risk Considerations - Various growth and risk rate scenarios yield a range of valuations, indicating the sensitivity of share price to these assumptions [13] - Investors are encouraged to assess NAB's growth strategy, economic indicators, and management team before making investment decisions [14]

Core Viewpoint - The article discusses the valuation methods for Commonwealth Bank of Australia (CBA) shares, focusing on the price-earnings ratio (P/E) and the dividend discount model (DDM) as tools for assessing the bank's share price relative to its earnings and dividends. Valuation Methods - The P/E ratio compares a company's share price to its earnings per share, with a current CBA P/E ratio of 29.5x compared to the banking sector average of 19x, suggesting that CBA shares may be overvalued [5][8] - Analysts can use the principle of mean reversion to estimate a sector-adjusted PE valuation for CBA, resulting in a valuation of $108.93 based on its earnings per share [7][8] Dividend Valuation - The DDM forecasts future dividends instead of profits, with the last year's dividend of $4.65 assumed to grow at a rate of 2% to 4% [10][11] - Using a risk rate between 6% and 11%, the DDM yields a valuation range for CBA shares from $52.89 to $119.00, depending on growth assumptions [12][15] - Adjusting for gross dividends, including franking credits, results in a valuation of $143.80 based on a forecast gross dividend payment of $6.80 [14] Investment Appeal - CBA and other Australian banks are popular due to their reliable dividend history and franking credits, making them attractive for dividend investors [3] - The article emphasizes the importance of using multiple valuation methods and assumptions to account for uncertainty in share price valuations [11][15]

Core Viewpoint - The article discusses the valuation of ANZ Banking Group shares, emphasizing the importance of using multiple valuation methods to assess whether the current share price is attractive for investors. Valuation Tools - Two primary valuation tools are suggested for assessing bank shares like ANZ: Price-Earnings Ratio (PER) and Dividend Discount Model (DDM) [2][3][7]. Price-Earnings Ratio (PER) Analysis - The PE ratio compares a company's share price to its earnings per share, with a current ANZ PE ratio of 15.2x compared to the banking sector average of 19x [4][6]. - A sector-adjusted PE valuation for ANZ, based on its earnings per share of $2.15, results in a valuation of $41.76 [6]. Dividend Discount Model (DDM) - The DDM uses expected dividends to arrive at a share valuation, with the last full-year dividend being $1.66 and an adjusted dividend of $1.69 leading to valuations of $35.10 and $35.74 respectively [9][11]. - The article suggests using a range of growth and risk rates to calculate share price, with various scenarios yielding different valuations [10][12]. Growth and Risk Rate Analysis - Different growth rates (2% to 4%) and risk rates (6% to 11%) produce a wide range of potential valuations for ANZ shares, indicating the sensitivity of the valuation to these assumptions [12]. Importance of Comprehensive Analysis - The article emphasizes the need for thorough research, including reviewing annual reports and management communication, to form a well-rounded investment thesis [13].