Stocks Down Under 2 July 2020: Macquarie, Pointsbet, Altura Mining
Macquarie Group: Growth in Asia and in Asset Management
Based in Sydney, Macquarie Group is a diversified global investment bank that offers advisory, banking, financial and investment management services. Although its core business is investment and commercial banking, it is among the world's top 50 asset managers with over $600bn in funds under management. Macquarie's main market is the Asia-Pacific region, but it has operations in 27 countries. Its areas of expertise include the agriculture, commodities, energy, infrastructure and resources sectors. We believe its strong capital position bodes well for continued growth in Asia and the surging global asset management business. However, the shares trade around 18x earnings, which makes them more expensive than CBA right now. Is that justified?
Also in this edition, fast-growing Pointsbet (ASX:PBH) and lithium play Altura Mining (ASX:AJM).
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