Managed Accounts Share Trading Investment Notification - Purchase Of Nab

Good afternoon,

Good afternoon,

Yesterday we purchased shares in National Australia Bank (NAB) to the value of 15% of the portfolio for the MDAs.

The purchase follows a 20% fall in the share price of NAB from recent highs, caused by an overall fall in the financial sector, coupled with a proposed capital raising to fund the acquisition of AXA Australia.

The banking sector as a whole will do very well this year. With results out from Commonwealth Bank two weeks ago, it is clear that profits will be almost back to normal after a terrible 18 months. NAB should be no different. After the share price fall, NAB is trading on a forward PE ratio of 10 times, and this is without any possible surprises to the upside. This compares with between PEs of 10.8 and 12.8 for the other big banks.

Our expectation is for a rise of $2.60 or 10% on our purchase price within two months to $28.80. Once a rally begins in the sector, our share price target should be reached within two weeks, however the rally could of course take a month to materialize depending on what happens overseas. Being contrarian is an important part of our

by: Hayden Kerr

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