Australian (ASX) Stock Market Forum

AMP - AMP Limited

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Sham. Scam. Take your pick.
Audacity should be the Headline of their raising.
Give em a few bob for management coffins. That'd be all I would give.
 
a sluggish #break-out #alert

breaks above the channel, breaking above the 1.90 prev swing high should add bidside liquidity, the shorts have no back bone which itself is a good sign they fear the upside more than they see the downside.....

price needs to pop out not fall out to get attention? not always....a technical long at best right now
amp swingin not yet winning 181019 ii channel.png


amp swingin not yet winning 181019.png

amp swingin not yet winning 181019 iii channel.png
 
EPS will be lower next year.
I think the PE of 11.5 is too high for a company with falling earnings (eps) and the possibility / probability of some other surprise. Also the court cases etc.

Where is my barge pole, I want to make sure I don't touch it.

Let me know when it gets to $1 and I will have another look.
 
I picked this in the 2020 competition because
I had shot my mouth off and said it would end up in a bucket. It didn't or hasn't yet, and I think a mild steady recovery may happen in 2020 if the company proves to behave itself. A mild steady recovery...WELL THERE YOU GO shooting my mouth off again.:laugh:
I hope my other 3 tips come in.:roflmao:
 
I've picked this for the 2020 competition for a couple of reasons.

First because it came up as an output of an experimental system I'm tinkering with which prompted me to take a look at it.

Second because at this point it's do or die I think. Either it sinks further and ends up a mid or small cap (or disappears entirely) or it makes a comeback. All things considered, and noting the sentiment toward the stock is about as bad as it could be, my thinking favours it being a buying opportunity. That is, taking the contrarian position.

I'm also thinking that if the broader market were to turn down well then AMP has already had its slump. At least I hope so.... :2twocents
 
The latest scandal with AMP today\ is that they put the money they stole from customers into a Super Fund which has the record of being the second worst in the country and also has high fees.

Reading between the lines it appears that they think anyone who has their super with them are mugs and are too unengaged to avoid being ripped off.

Can't believe the shares aren't lower.
 
Knobby22 said:
The latest scandal with AMP today\ is that they put the money they stole from customers into a Super Fund which has the record of being the second worst in the country and also has high fees.

Reading between the lines it appears that they think anyone who has their super with them are mugs and are too unengaged to avoid being ripped off.

Can't believe the shares aren't lower.
Click to expand...

The media reports on this are a little over the top.

I imagine AMP would have decided to do this as it is the quickest and cleanest way of processing refunds. The alternative would have been to make payments to a clients' existing super fund with another provider....potentially not possible, as you can't just pay money into someone's super fund without it being deemed to be either a contribution or a super rollover. Only the individual or an employer can make these payments, not another corporate entity. Hence, the refund sits in the AMP ERF until the customer then rolls it over to their fund of choice.

I agree though, that this was a terrible decision in the sense that the ERF has very high fees and poor performance. They should be rebating fees on the ERF for a period of time to give the customer time to decide what to do with their money, and not have to pay anything in the meantime.
 
Another bad result for AMP, when will the knee point arrive on AMP's earning graph?
It is certainly hemorrhaging. IMO
https://www.abc.net.au/news/2020-02-13/amp-posts-hefty-loss-but-boss-could-get-bigger-bonus/11960696
From the article:
The embattled financial services firm, which is still dealing with the fallout of the banking royal commission, made a $2.5 billion loss in 2019, as it took $2.4 billion in impairment charges to "address legacy issues".

Underlying profit slumped by 32 per cent to $464 million, compared to $680 million in 2018.

More client money was pulled out of its Australian wealth-management business, with AMP citing "ongoing reputational impact and strong competition".

Over 2019, the unit posted outflows of $6.3 billion — $2.4 billion of which was for pension payments.
 
AMP scraps earnings forecast. Are they a buy at these low prices? Possibly, but not for me, AMP currently trading at $1.12
https://www.theage.com.au/business/...-coronavirus-uncertainty-20200326-p54e0n.html
From the article:
AMP has withdrawn its profit forecasts handed down in February that flagged flat growth for the wealth giant as the uncertainty of the coronavirus pandemic continues to grip.

The $203 billion company said its capital position and liquidity remains strong, but the uncertain environment and "resultant challenges" made it difficult to provide accurate forecasts for the year.

In February, AMP posted a $2.5 billion loss and scrapped its final dividend after a rough year that saw clients abandon its wealth management arm in the wake of the damaging findings of the royal banking commission, forcing it to launch a capital raising to offset massive writedowns


Forecasts predicted AMP would continue to face reputational issues that would impact outflows and operating earnings would be 20 per cent lower.


On Thursday, AMP confirmed 80 per cent of remediation payouts to clients were on track to meet the end of financial year deadline and the sale of AMP Life's remains would be completed by 30 June. The process for divesting the New Zealand wealth arm was also on track, it said.
 
My experience is that most fund managers just hope to be right 51% of the time.

But collectively, they exaggerate. More likely 50%. I guess it depends on what they're measuring
 
take-over target ?
plenty of outflows, but, name fund that doesnt have nervous nellies right now ?

divergent 13 week money flows
 
what a rotten business
Today we’re announcing important changes which are necessary to simplify AMP’s contemporary superannuation business and separate AMP’s wealth protection and mature business from the AMP Group, before completion of the sale of AMP Life to Resolution Life Group, expected by the end of H1 2020.

What’s changing
The changes involve proposed restructuring at a fund, trustee, product and product administration system level, and are due to take place on or around 15 May 2020, by way of a series of fund transfers, subject to Trustee approval.

Six AMP contemporary superannuation products will close and customers in those products will move to another AMP product.

Implications for adviser commissions
As announced in February, as part of the transfers, the majority of grandfathered adviser commissions on AMP products will cease, and the benefit will be returned to customers in a manner that will depend on how the commissions are currently charged on relevant products.

For products affected by the transfers, all grandfathered adviser commissions will be removed on the date of the transfer.

AMP remains committed to removing grandfathered adviser commission on products not involved in the fund transfers in advance of the legislative deadline. We will provide an update on timing and details shortly.

There are types of life insurance commissions that will continue to be paid after the transfers.
Click to expand...
 

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