Category: Stock Market

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on form and pushing notably higher. At the time of writing, the benchmark index is up 0.8% to 7,329.7 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Adriatic Metals (ASX: ADT)

The Adriatic Metals share price is down 16% to $2.80. This morning the base and precious metal explorer announced the completion of a US$52 million placement. These funds were raised at $2.81 per share, which represents a 15.6% discount to its last close price. The company also raised gross proceeds of US$50 million via a conditional equity subscription from Orion Partners.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price is down 2% to $3.18. Investors have been selling this fund manager’s shares this week following another disappointing funds under management (FUM) update. Platinum reported net outflows of $292 million during September.

Redbubble Ltd (ASX: RBL)

The Redbubble share price has crashed over 13% lower to $3.96. This morning the ecommerce company released a first quarter update which revealed a sizeable decline in sales, revenue, and earnings. Redbubble reported a 21% decline in gross transaction value to $142 million and a 28% reduction in marketplace revenue to $106 million. This led to an 85% decline in first quarter EBITDA.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price is down 2% to $3.23. This follows the release of the coal miner’s quarterly update this morning. For the three months ended 30 September, the miner’s total managed coal sales were down 23% to 4.6 million tonnes. Positively, though, this was offset by a significant increase in thermal and metallurgical coal realised prices during the quarter.

The post Why Adriatic Metals, Platinum, Redbubble, & Whitehaven Coal are dropping appeared first on The Motley Fool Australia.

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• Why is the Adriatic Metals (ASX:ADT) share price halted?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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In some much-needed relief for investors, the S&P/ASX 200 Index (ASX: XJO) opened strongly today and is comfortably in the green at the time of writing. The ASX 200 is currently sitting at 7,333 points, up a healthy 0.84% for the day so far.

But one ASX 200 share not joining in the action is Telstra Corporation Ltd (ASX: TLS).

Telstra shares are presently trading at $3.83. That’s 0.52% down on yesterday’s close. This means Telstra is now down 3.28% over the past month. It’s also down by roughly 5.5% from the new 52-week high it reached back in August at $4.05.

This lukewarm performance comes despite a run of recent good news for Telstra shares.

Just yesterday, we covered how broker Morgan Stanley has recently rated Telstra shares a buy with a 12-month share price target of $4.50. This implies a potential future upside of more than 17% over the next year.

Morgans is bullish on Telstra following the company’s release of its ‘T25’ cost-cutting plan and its growing 5G network.

Could the Telstra share price be rising on Digicel news?

Another piece of news is out regarding Telstra today. According to an article in The Sydney Morning Herald (SMH), Telstra’s potential acquisition of the Pacific Islands-based Digicel Pacific is “weeks away from being sealed”.

Telstra initially flagged the potential acquisition back in June. Due to some geopolitical considerations, the federal government is keen to partner with Telstra to allow it to acquire Digicel.

Digicel owns a vast network of 3G and 4G mobile networks across the South Pacific.

According to the SMH report, the government is set to provide “more than $1.5 billion in taxpayer money” to help Telstra buy Digicel. An announcement is expected “as early as November”.

This will see Telstra put up $200-300 million of its own cash, together with the government’s $1.5 billion, for Digicel Pacific’s assets.

It’s not entirely clear whether this news is directly affecting the Telstra share price today. But even so, it seems acquiring Digicel is certainly on the cards for Telstra now.

At the current Telstra share price of $3.83, the ASX 200 telco has a market capitalisation of $45.79 billion.

Telstra shares also have a price-to-earnings (P/E) ratio of 24.59 and a dividend yield of 2.6%.

 

The post Telstra (ASX:TLS) share price edges lower amid Digicel acquisition news appeared first on The Motley Fool Australia.

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• Could the Telstra (ASX:TLS) share price reach $4.50 by the end of 2021?

Motley Fool contributor Sebastian Bowen owns shares of Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Podium Minerals Ltd (ASX: POD) share price is in the freezer today while the company prepares to release news of a capital raise.

The company’s shares are expected to remain frozen until it either releases word of the capital raise or the market opens on Monday, whichever comes sooner.

Until then, the Podium Minerals share price will remain halted at its previous closing price of 33 cents.

Let’s take a closer look at the company’s business and cash position.

What does Podium Minerals do?

Podium Minerals is an exploration company focused on platinum group metals, gold, and base metals. It owns and operates Western Australia’s Parks Reef PGM Project.

The company has completed several drill programs at the project and is currently embarking on its deepest yet.

The latest drill program will initially see 2 diamond drill holes extending 750 metres downwards. It will be co-funded by the Western Australian Government.

Podium Minerals’ cash position

The last time the market got a look at Podium Minerals’ cash position was when it released its earnings for financial year 2021.

The Podium Minerals share price gained 9% on the back of the company’s annual earnings report.

As of 30 June 2021, the company had around $3 million of cash and cash equivalents and $332,949 of liabilities.

Over financial year 2021, the company received $198,849 of revenue and recorded a net loss after tax of around $1.2 million.

Additionally, it’s been around 15 months since the company last completed a capital raise.

Back then, it underwent a placement and share purchase plan, each worth $500,000. Both the placement and share purchase plan offered new shares in the company for 1.6 cents apiece.

The share purchase plan was ultimately oversubscribed by more than 100%, bringing in $1.04 million. Of that, $110,000 was from directors’ investments.

The funds were to go towards growing the Parks Reef Project.

Podium Minerals share price snapshot

This year has been a good one for the Podium Minerals share price.

It has gained 200% since the start of 2021. It’s also 371% higher than it was this time last year.

The post Why is the Podium Minerals (ASX:POD) share price frozen on Thursday? appeared first on The Motley Fool Australia.

More reading

• Why is the Kogan (ASX:KGN) share price struggling lately?
• Elixir Energy (ASX:EXR) share price lifts 5% on hydrogen update
• Archer Materials (ASX:AXE) share price leaps 11% on chip update
• Evergrande missed another milestone payment, what could it mean?
• Whitehaven Coal (ASX:WHC) share price slumps despite positive profit outlook

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Kogan.com Ltd (ASX: KGN) share price is going around in circles, range bound between highs of $13 and lows of around $9.

Why is the Kogan share price struggling?

eCommerce is not a hot space right now

ASX-listed e-commerce shares have struggled to outperform for the past few months, weighed down by broader themes such as the cycling of elevated sales and supply chain issues.

Kogan peers such as Redbubble Ltd (ASX: RBL) and Mydeal.Com Au Ltd (ASX: MYD) have also struggled this year, posting major share price declines between February and June.

After a sharp selloff in the first half, most of these e-commerce shares, including the Kogan share price, have been trading sideways ever since.

Cycling of elevated sales

Growth expectations for e-commerce players might have moderated following a strong COVID-19 driven performance in FY20.

This morning, Redbubble for example, provided a first-quarter trading update that flagged a significant year-on-year decline across key financial metrics.

For the first quarter ended 30 September, gross transaction values declined 21% on the prior corresponding period, marketplace revenue fell 28% and gross profit was down 34%.

This might not necessarily be the case for Kogan, as its FY21 full-year results said that its July unaudited gross sales increased 5.1% compared to July 2020.

Despite a solid FY21 performance and upbeat outlook, the Kogan share price still tanked 15% on the day of its results announcement.

Headwinds for tech shares

Another factor weighing on the Kogan share price could be the concerns surrounding higher bond yields and interest rates.

Tech shares tumbled earlier on in the week following a jump in US 10-year Treasury yields.

Treasury yields have rallied in recent weeks amid increasing concerns that the US Federal Reserve will hike interest rates in late 2022.

Richly valued and high growth sectors are most vulnerable to rising interest rates, which make future cash flows appear less valuable in the present.

The post Why is the Kogan (ASX:KGN) share price struggling lately? appeared first on The Motley Fool Australia.

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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Elixir Energy Ltd (ASX: EXR) share price is surging forward during early afternoon trade on Thursday. This comes after the energy producer released an update in regards to its hydrogen strategy.

At the time of writing, Elixir Energy shares are up 5.36% to 29.5 cents apiece.

What did Elixir Energy announce?

In a statement to the ASX, Elixir advised progress is being made on its recently announced hydrogen project in Mongolia.

Elixir executed a memorandum of understanding (MOU) with Mongolia’s Ministry of Energy to investigate the opportunity for a hydrogen project.

Under the framework, the Ministry will be responsible for maintaining security, stability, and efficiency in the energy sector. In addition, the department will seek to develop the new source of energy.

Elixir will work with the Mongolian government to bring forward expertise in the hydrogen economy in technical, legal, and commercial areas.

The news follows the company’s commissioned independent report earlier this month from energy analyst, K1 Capital. The report evaluated the wind and solar resource potential of Mongolia’s South Gobi region in regards to the production of green hydrogen.

It estimated a combined wind and solar utilisation of 79% for Elixir’s project location. In comparison, the Southern Goldfields is generally between 50% and 60%, with the Pilbara region in Western Australia about 45%.

This means that a location with a capacity factor of 79% will produce around 60% more hydrogen from the same capital investment than an area with a 50% capacity factor.

A number of contributors underpin the high-capacity factor in the South Gobi region. They include very high wind speeds along with a cold climate supporting enhanced solar efficiencies.

Management commentary

Managing director Neil Young spoke about the news possibly fuelling the Elixir Energy share price today:

We are very pleased to be working with the Mongolian Government to investigate the potentially world class green hydrogen potential of the country.

The K1 Capital report supports our thesis that the South Gobi region of Mongolia has such potential – not only given its location immediately proximate to markets, but also its superb renewable resources. The wind and solar combination in our project area are as good as we have seen anywhere.

About the Elixir Energy share price

Over the past 12 months, Elixir Energy shares have registered gains of almost 130%. In contrast, the All Ordinaries Index (ASX: XAO) has travelled around 20% higher in the same time frame.

Elixir has a market capitalisation of roughly $267.3 million, with approximately 891 million shares on hand.

The post Elixir Energy (ASX:EXR) share price lifts 5% on hydrogen update appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Archer Materials Ltd (ASX: AXE) share price is surging today, up 5.39% at the time of writing to $1.57 per share.

In earlier trading, Archer Materials shares hit $1.66, which is 11.4% higher than yesterday’s closing share price.

Here’s what is driving ASX investor interest in the materials and technology company today.

What did Archer report to the market?

Archer Materials told the market it has made further progress with its CQ quantum computing chip technology.

Its proprietary qubit processor technology could allow for quantum computing-powered mobile devices — a world first.

In the latest development, Archer said it has validated the robustness of qubit coherence for the first time in an inert atmosphere (nitrogen gas) and at room temperature.

If you’re wondering what qubit coherence is, the company explains, “Quantum coherence is the fundamental requirement for quantum logic operations that are the basis of any quantum computing qubit processor hardware.”

Archer said that competing room-temperature qubit projects make use of high vacuum environments, like ion-traps. These, as you’d expect, aren’t as simple to integrate into mobile devices.

Commenting on the progress, Archer’s CEO Mohammad Choucair said:

The step-change optimisation that was achieved validates the robustness of the qubit for control measurements and operation that could be compatible with device miniaturisation and, in general, preserving qubit coherence when integrating with semiconductor devices.

Archer Materials recently raised $15 million via an institutional placement. The company says it is well-funded to progress its chip technology development.

According to the release, Archer Materials is the only ASX-listed company developing qubit processor chip technology in the semiconductor industry.

Archer Materials share price snapshot

The Archer Materials share price has been a stellar performer in 2021, up 217% year to date.

Archer Materials shares have substantially outperformed the All Ordinaries Index (ASX: XAO), which is up 10% so far in 2021.

The post Archer Materials (ASX:AXE) share price leaps 11% on chip update appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Fears are looming as the Evergrande crisis intensifies this week. The Chinese real estate developer is beginning to stretch its luck as it misses its third interest payment to bondholders. Although, some analysts believe the government is devising ways to conduct damage control on any fallout.

Despite the heightening troubles among China’s property developers, the S&P/ASX 200 Index (ASX: XJO) is pushing upwards on Thursday. At the time of writing, the Aussie market is up 0.68% to 7,322.2 points.

Let’s deconstruct the latest details in the Evergrande story.

Clipping the wings of a shaky industry

The Chinese property developer, Evergrande, has received its third strike. The company, which is strapped with a burdensome debt of more than $400 billion, was unable to fulfil its recent debt obligations according to bondholders. This included some bondholders not receiving coupon payments to the tune of US$148 million on April 2022, April 2023, and April 2024 notes.

For Evergrande, this means its grace period is nearing — and if it is unable to pay US$119 million by 23 October, it will default. This potential collapse has many investors around the globe concerned about spill-on impacts. However, analysts believe the Chinese government is planning on a controlled fall to mitigate widespread effects.

Commenting on this, managing director of Orient Capital Research Andrew Collier, stated:

What the government is doing is this kind of a managed reconstruction that is trying to scare the property market away from any further debt-fuelled growth by not bailing out Evergrande.

For instance, Beijing is nudging the banks to release some cash to the property market now to provide padding to the property market. However, it all remains to be one complex balancing act. On the one hand, the government wants to tighten the belt on debt-fuelled property speculation. While on the other, China doesn’t want the entire property sector to falter and bring down economic growth.

Bigger than Evergrande

While the media has its teeth deeply sunk into the Evergrande headline, the problems extend beyond the one developer.

This week, smaller developers Modern Land and Sinic Holdings have motioned to defer repayments due later this month. A request was made to the company’s respective bondholders to delay the US$250 million (each) interest payment for an additional three months.

Investors will be keeping a close eye on these companies and Evergrande over the coming months. Until then, markets will likely exhibit continued volatility as uncertainty lingers.

The post Evergrande missed another milestone payment, what could it mean? appeared first on The Motley Fool Australia.

More reading

• Whitehaven Coal (ASX:WHC) share price slumps despite positive profit outlook
• Own CBA (ASX:CBA) shares? Here’s the bank’s latest stance on climate pressures
• Can the BOQ (ASX:BOQ) share price hit $11 by the end of 2021?
• Top broker tips Santos (ASX:STO) share price to climb 17%
• ASX 200 (ASX:XJO) midday update: HUB24 & Netwealth impress, A2 Milk surges again

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Whitehaven Coal Ltd (ASX: WHC) share price is falling today despite the company releasing a positive quarterly report.

The company states record-high coal prices will see its profits increasing soon, helping it to become debt-free in early 2022.

That’s particularly impressive given Whitehaven owed $787.5 million at the end of financial year 2020.

However, the market doesn’t seem to be sharing Whitehaven’s positive sentiments.

At the time of writing, the Whitehaven Coal share price is $3.25, 1.36% lower than its previous close.

Let’s take a closer look at the pure-play coal miner’s performance over the September quarter.

The quarter that’s been for Whitehaven

The Whitehaven Coal share price is slipping today despite good news for the 3 months ended 30 September 2021.

The company has announced its bottom line has begun to be bolstered by record-high thermal coal prices, which reached an average of US$167.52 per tonne over the September quarter, according to the GlobalCOAL Index. That represents a 54% increase on that of the June quarter.

As of 13 October, the GlobalCOAL Index puts the price of thermal coal even higher, at US$232.06 a tonne.

The increased prices have likely boosted confidence in Whitehaven’s expectation of being in a net cash position in the March quarter of 2022.

However, Whitehaven didn’t realise such astronomical prices over the quarter just been. The company’s realised average thermal coal price for the September quarter was US$142 per ton – 15% less than the index’s average price.

The disparity was due to most of Whitehaven’s thermal coal book having been priced in previous periods and its fulfilment of previously agreed-upon fixed-price sales. Additionally, some of its sales were delayed from previous quarters.

However, the company expects to see its profits boosted in coming months.

Finally, here’s a breakdown of Whitehaven’s technical performance over the quarter just been:

• Run-of-mine production of 5.2 million tonnes – up 15% on the prior corresponding period (PCP);
• Saleable coal production of 4.7 million tonnes;
• Total managed coal sales of 4.6 million tonnes – down 23% on that of the PCP;
• Managed own coal sales of 4.2 million tonnes – down 25% on that of the PCP;
• Total equity coal sales of 3.9 million tonnes;
• Equity sales of own coal of 3.4 million tonnes –  25% less than PCP; and
• As of 30 September, it had managed coal stocks of 3.2 million tonnes ­– 80% more than it did as of 30 September 2020.

Whitehaven Coal share price snapshot

Despite today’s dip, the Whitehaven Coal share price has been performing well so far this year.

It has gained 97% since the start of 2021. It’s also 245% higher than it was this time last year.

The post Whitehaven Coal (ASX:WHC) share price slumps despite positive profit outlook appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Commonwealth Bank of Australia (ASX: CBA) shares are edging lower in morning trade, down 0.2%.

This comes as the S&P/ASX 200 Index (ASX: XJO) shakes off its losing streak, currently up 0.6%.

That’s this morning’s price action.

Now let’s have a look at the latest on the bank’s climate stance.

How is CommBank addressing climate issues?

Corporations across the world are coming under pressure to meet global emissions targets. As are the banks that finance them.

Speaking to CBA shareholders at the bank’s annual general meeting (AGM), chairman, Catherine Livingstone said:

We recognise that commercial, environmental and social outcomes are interconnected, and that balancing the interests of stakeholders involves achieving positive outcomes in all dimensions. During the past year, we have strengthened our approach to sustainability, including updating our Environmental and Social Framework, which sets out, for our people, as well as our stakeholders, the standards we have set.

CommBank’s CEO, Matt Comyn also addressed the bank’s ESG commitments. He added, “We’re also working on initiatives, such as the first sustainability linked bond and loan because we believe that a sustainable future is a critical part of planning for the future economy.”

Activists demand end to fossil fuel lending

CommBank’s current sustainability commitments weren’t enough to please some CBA shareholders, with environmental activists Market Forces wanting the bank to cease funding fossil fuel projects.

However, as the Australian Financial Review reported, Livingstone said CBA needed to continue funding oil and gas companies that were “committed to the transition to a cleaner economy“.

She did say the bank would take new data from the International Energy Agency’s (IEA) Net Zero by 2050 report into account, which could potentially see it limit loans to high emitters.

Livingstone added, “Our philosophy overall is to support the transition, but to make it very science-based and data-based.” She said CBA would only fund fossil fuel projects to companies that “pass an ESG assessment and absolutely demonstrate they are consistent with the transition to Paris”.

As clients go through their transition, they will need support in terms of capital and lending, and we want to be part of ensuring they can get that funding to make that transition.

Our philosophy is really to work with our clients and support them through the transition. There is a great deal of transition that has to occur over the next ten years. So, quite apart from 2050, targets to 2030 are really crucial if we are to get to net zero emission in 2050.

How have CBA shares been performing?

Though slipping this morning, CBA shares have broadly outperformed the benchmark in 2021. Year-to-date, the CBA share price is up 23%, compared to a gain of 9% on the ASX 200.

Over the past month CommBank has shaken off the wider market retrace, with shares up just over 1%.

The post Own CBA (ASX:CBA) shares? Here’s the bank’s latest stance on climate pressures appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Brokers have been thinking where the Bank of Queensland Limited (ASX: BOQ) share price could go.

The regional bank just released its FY21 result, which showed a recovery from the impacts of COVID-19 in FY20.

BOQ’s FY21 result

BOQ announced in its FY21 report that its cash earnings after tax increased 83% to $412 million. Excluding ME Bank, cash net profit was up 73% to $389 million. Cash earnings per share (EPS) grew 51% to 74.7 cents.

Statutory net profit after tax (NPAT) increased 221% to $369 million. Again excluding ME Bank, statutory profit would have risen 206% to $352 million.

The loan impairment expense was a credit of $21 million in FY21, reflecting “sound credit” and a $71 million reduction in the collective provision from the improved economic outlook and improvements in data quality relating to collateral.

Turning to the net interest margin (NIM), it rose 4 basis points to 1.95% excluding ME Bank. Including ME Bank it went up 1 basis point to 1.92%.

BOQ’s capital strength slightly increased, with the common equity tier 1 (CET1) ratio rising 2 basis points to 9.80%. The bank said that it has the capital strength to support business growth and transformation. Management said that the asset quality remains “sound” with prudent collective provisioning levels.

The board decided to pay a final dividend of $0.22 per share, an increase of $0.05 from the first half of FY21. That brought the full year dividend to $0.39 per share, representing a dividend payout ratio of 61%.

Broker thoughts on the BOQ share price

A price target signifies where a broker thinks a share price will be in 12 months from now, not just the next couple of months.

Citi has a price target of $10.50 and Morgans has a price target of $10.80. Both of them rate the BOQ share price as a buy.

Citi thinks the FY22 outlook is encouraging.

On Morgans’ numbers, BOQ is valued at under 12x FY22’s estimated earnings with an expected grossed-up dividend yield for FY22 of 7.4%.

What is the outlook?

The bank said it was cautiously optimistic that Australia remains well placed for economic recovery.

It’s focused on achieving sustainable profitable growth. It FY22 it said it’s expecting at least 2% ‘jaws’, driven by above system growth in its BOQ and Virgin Money Australia brands, and by returning ME Bank to around system growth by the end of the year.

BOQ did say it’s expecting the net interest margin to decline by around 5 basis points to 7 basis points in FY22, as competition continues and the low interest rate environment remains. It’s also expecting expenses to grow by 3% on an underlying basis to support business growth, which will be offset by accelerated integration synergies.

Its acquisition of ME Bank and the ongoing focus on its digital bank offering could be sizeable impacts on the BOQ share price in the coming years.

Management said that the integration of ME Bank is well progressed and it continues to make progress with its transformation roadmap. Over the next 12 months, the second phase of the Virgin Money digital bank will be available to customers and will include home loans and additional deposit products. Work is also well progressed on the first phase of the BOQ digital bank.

The post Can the BOQ (ASX:BOQ) share price hit $11 by the end of 2021? appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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