SELL

Sunday Herald Sun - - FINANCE -

While per­for­mance and fund flows have picked up strongly, ex­pec­ta­tions are very high and the stock looks ex­pen­sive at cur­rent lev­els. We have cut QBE's 2H17 div­i­dend to 0 (from 44cps). We are sur­prised the com­pany is buy­ing back stock, as its cap­i­tal will likely fall be­low its tar­gets in 2018 and 2019.

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