** Analysts at Morgan Stanley say the strategy day for ANZ Group ANZ.AX, scheduled for late September or early October under new CEO Nuno Matos, is seen as a potential catalyst for the stock

** Brokerage says investors should watch for updates on management changes, cost growth, ANZ Plus retail strategy, capital management and institutional banking profitability

** Notes ANZ trades at wider-than-usual discount to peers at about 13x to 14x P/E; re-rating would require EPS upgrade cycle

** Maintains "equal-weight" rating on company; ranks ANZ second among major banks, behind National Australia Bank NAB.AX but ahead of Westpac WBC.AX and Commonwealth Bank of Australia CBA.AX

** ANZ not skedded to report a trading update in August, unlike other Australian financials

** Stock up 9.5% YTD

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))