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1、M IdeaAustralia Banks|Asia PacificStable Environment,Modest Earnings Decline We estimate major bank cash profit fell by an average of 2%in the June quarter,against the backdrop of a competitive but stable operating environment.Trading multiples are full,making share prices vulnerable to any disappoi

2、ntment.We believe expectations are higher at CBA and WBC than NAB.Morgan Stanley Australia Limited+Richard E WilesEquity Analyst Richard.W +61 2 9770-1537 Sally Hong,CFAEquity Analyst Sally.H +61 2 9770-1698 Andrei Stadnik,FIAAEquity Analyst Andrei.S +61 2 9770-1684 Daniel N BounpraseuthResearch Ass

3、ociate Daniel.B +61 2 9770-1623 Australia FinancialsAsia PacificIndustry ViewIn-Line Whats Changed Commonwealth Bk Aust(CBA.AX)FromToPrice TargetA$128.00A$129.00Westpac Banking(WBC.AX)FromToPrice TargetA$27.30A$27.50Nat Aust Bank(NAB.AX)FromToPrice TargetA$35.00A$35.40Bendigo and Adelaide Bank Limit

4、ed(BEN.AX)FromToPrice TargetA$10.80A$11.00Exhibit 1:Australia Banks:Reporting DatesReporting DateBankPeriodWed,13 Aug 2025CBA2H25 ResultThu,14 Aug 2025WBC3Q25 Trading UpdateFri,15 Aug 2025ANZ3Q25 Pillar 3Mon,18 Aug 2025NAB3Q25 Trading UpdateTue,19 Aug 2025JDO2H25 ResultMon,25 Aug 2025BEN2H25 ResultS

5、ource:Company data,Morgan Stanley ResearchMore DetailRefer:CBA:2H25 Earnings Preview Refer:WBC:3Q25 Trading Update:EstimatesRefer:ANZ:3Q25 Pillar 3 EstimatesRefer:NAB:3Q25 Trading Update:Estimates Refer:JDO:2H25 Earnings Preview Refer:BEN:2H25 Earnings PreviewMorgan Stanley does and seeks to do busi

6、ness with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research.Investors should consider Morgan Stanley Research as only a single factor in making their investment