Commonwealth Bank's Premium to Peers Has Further to Unwind -- Market Talk

Dow Jones

Nov 24, 2025

0245 GMT - Citi analyst Thomas Strong gives a firm "no" to anyone wondering whether it's time to become more positive on Commonwealth Bank. He acknowledges that shares in Australia's largest bank have significantly underperformed relative to peers over 2025, but expects this to continue. Strong points out in a note to clients that Commonwealth was trading at a historically high 90% premium to its major rivals at the start of the year, compared with 15%-20% pre-Covid. That's now down to about 50%. However, he thinks that earnings momentum at ANZ, and to a lesser extent at Westpac, will keep up the pressure on Commonwealth's relative performance. Strong's order of preference for Australian banks is: ANZ, Westpac, NAB and Commonwealth. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

November 23, 2025 21:45 ET (02:45 GMT)

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He acknowledges that shares in Australia's largest bank have significantly underperformed relative to peers over 2025, but expects this to continue. Strong points out in a note to clients that Commonwealth was trading at a historically high 90% premium to its major rivals at the start of the year, compared with 15%-20% pre-Covid. That's now down to about 50%. However, he thinks that earnings momentum at ANZ, and to a lesser extent at Westpac, will keep up the pressure on Commonwealth's relative performance. Strong's order of preference for Australian banks is: ANZ, Westpac, NAB and Commonwealth. 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He acknowledges that shares in Australia's largest bank have significantly underperformed relative to peers over 2025, but expects this to continue. Strong points out in a note to clients that Commonwealth was trading at a historically high 90% premium to its major rivals at the start of the year, compared with 15%-20% pre-Covid. That's now down to about 50%. However, he thinks that earnings momentum at ANZ, and to a lesser extent at Westpac, will keep up the pressure on Commonwealth's relative performance. Strong's order of preference for Australian banks is: ANZ, Westpac, NAB and Commonwealth. (stuart.condie@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 23, 2025 21:45 ET (02:45 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ANZ.NZ","symbol_name":"ANZ Group Holdings Limited Ordinary Shares","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2585432506","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2585432506","pubTimestamp":1763952300,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0245 GMT - Citi analyst Thomas Strong gives a firm \"no\" to anyone wondering whether it's time to become more positive on Commonwealth Bank. He acknowledges that shares in Australia's largest bank have significantly underperformed relative to peers over 2025, but expects this to continue. Strong points out in a note to clients that Commonwealth was trading at a historically high 90% premium to its major rivals at the start of the year, compared with 15%-20% pre-Covid. That's now down to about 50%. However, he thinks that earnings momentum at ANZ, and to a lesser extent at Westpac, will keep up the pressure on Commonwealth's relative performance. Strong's order of preference for Australian banks is: ANZ, Westpac, NAB and Commonwealth. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"ANZ.NZ":"ANZ Group Holdings Limited Ordinary Shares","WBC.NZ":"Westpac Banking Corporation Ordinary Shares","BK8062":"综合性银行","BK4207":"综合性银行","BK7511":"ESG概念","BK7135":"综合性银行","NABZY":"National Australia Bank Ltd. (Victoria, Australia)","NAB.AU":"NATIONAL AUSTRALIA BANK LTD","CBA.AU":"COMMONWEALTH BANK OF AUSTRALIA","WBC.AU":"WESTPAC BANKING CORPORATION","ANZ.AU":"ANZ GROUP HOLDINGS LTD"},"translate_title":"市场传言，联邦银行相对于同行的溢价将进一步降低","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CBA.AU":0.9,"NABZY":0.9,"WBC.AU":0.9,"ANZ.AU":0.9,"WBC.NZ":0.72,"NAB.AU":0.9,"ANZ.NZ":0.9},"content_text":"0245 GMT - Citi analyst Thomas Strong gives a firm \"no\" to anyone wondering whether it's time to become more positive on Commonwealth Bank. He acknowledges that shares in Australia's largest bank have significantly underperformed relative to peers over 2025, but expects this to continue. Strong points out in a note to clients that Commonwealth was trading at a historically high 90% premium to its major rivals at the start of the year, compared with 15%-20% pre-Covid. That's now down to about 50%. However, he thinks that earnings momentum at ANZ, and to a lesser extent at Westpac, will keep up the pressure on Commonwealth's relative performance. Strong's order of preference for Australian banks is: ANZ, Westpac, NAB and Commonwealth. (stuart.condie@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 23, 2025 21:45 ET (02:45 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}