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AMP - AMP Limited

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G Canavan has conceded his strategy with AMP isn't paying off and that a profitable break-up of its parts isn't going to happen. This is due to its intended investment into a digital banking arm for servicing small businesses. He has demoted it to hold with the plan of selling if/when it rallies from its oversold condition.

AMP - The Story Has Changed
Excerpt Quote: "But the bottom line is that I don’t think you should hang around in AMP waiting for this strategy to pay off. This is one to follow from the sidelines and you can always get back in down the track.
The strategy is an interesting one. If it follows in the path of the UK’s Starling, it will be the making of a ‘new AMP’. But strong profit growth is still a few years away.
And anyway, this wasn’t the initial rationale for buying AMP in the first place"
 
given AMP's history of getting indigestion from 'game-changing acquisitions ' i am heading for the back-row seats with a bucket-load of popcorn and an armful of drinks
 
One of my picks for the 2024 comp. I chose AMP as it is a company which has struggled for a number of years, and is looking for a turn around. It has been a tough road for shareholders with the company losing much of it's value. Hoping they have a better year and can get some momentum.

Iggy
 
January update for 2024 stock tipping comp. AMP up 4.9% for the month but still sitting at 96 cents. Morningstar quantitative analysis give $1.37 as the value of the share. We need some positive news and actions by management to get the share price there.

Iggy
 
Redemption of Internal Notes issued by AMP Bank to AMP Ltd AMP Limited refers to the $250 million subordinated and unsecured notes issued by AMP Bank Limited (AMP Bank) on 1 December 2018 to AMP Limited, with a maturity date of 1 December 2027 (Notes) and an optional call date on 1 March 2024. In accordance with the terms of the Notes,

AMP Bank has given notice to AMP Limited that it will redeem all the Notes on 1 March 2024.
As these Notes have passed their first optional call date and are due to mature in four years’ time from 1 December 2023, AMP Limited was holding a capital deduction of 80% of the original face value ($200 million) in the Group and Other segment. AMP Limited is no longer required to hold this deduction following the redemption, resulting in the release of the $200 million deduction of eligible hybrid securities as at 1 March 2024.
Proforma for the redemption, the Group Surplus Capital as at 31 December 2023 would be $765 million, compared to the $565 million as reported. AMP

Bank’s redemption of the Notes does not imply or indicate that AMP Limited or AMP Bank will in the future exercise any right they may have to redeem any other outstanding regulatory capital instruments.

i do not hold this share ( but have in the past as well as AMP hybrids )
 
Time for a chart update to display what @Iggy_Pop is saying about AMP. Since the start of the year the short & long term trend have now turned to UP.

 
Positive 1st Quarter update from AMP today, though the bankong part of AMP seems to have less customers. My best pick to date for the CY 2024 share picking comp.

Iggy
 
AMP one of my picks for the yearly comp is going OK, not too much happening but they are chipping away with share buybacks which will help the share price in the longer run.

Iggy
 
AMP will go through a consolidation period for a while but I really like the structure of its chart. It’s in the right space (Financial Sector currently up 20% YTD) and seems to have turned things around of late, going by the latest results.

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It has fallen from grace since the GFC days but if recent announcements and Chart analysis (6 monthly chart below) it may well be one to consider …
I’m holding … it’ll be a slow grinder with price momentum.
 
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