Our Algo Engine generated a sell signal back in February when BOQ was trading at $13.00. The stock closed yesterday at $10.66.
Bank of Queensland 1H18 earnings missed consensus by around 5%. Net profit after tax came in at $182 million and would have been much lower, if it was not for lower than expected bad and doubtful debt provisioning.
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The result highlights quality concerns over underlying profitability.
With the stock trading on a 7%+ fully franked dividend, sell-offs will be met with some buying interest.
However, earnings headwinds and a down-turn in the credit cycle, suggests future “short” or sell signals from our Algo Engine are the preferred directional trades.
BoQ
