Any opinions about GNW ?

[Gator]

Petrovale

Thanks for pointing it out. Not a name I have played in the past (except the bonds) buy I might look for an entry point. MS put out a report that talkes out of both side of the mouth. Hope this helps

Genworth Financial, Inc.
One Step Forward, Two
Steps Back
News of a delay in its Australian mortgage
insurance IPO together with recent data showing
deterioration in LTC more than offset signs of
improving trends in domestic mortgage insurance.
Summary: We presently recommend investors stay on
the sidelines with Genworth stock. While recent data
suggests the outlook for domestic mortgage insurance is
improving, news surrounding the delay in the IPO of its
Australian operations together with discouraging data
regarding the state of its long term care operations lead
us to reiterate our Equal-weight rating despite the
stock’s low valuation.
Delay in Australian IPO: News of sharply deteriorating
fundamentals in its Australian operation driving the
delay in the planned IPO of a minority stake in these
operations is a significant negative, both in terms of the
earnings profile and capital position of the company.
Deterioration in long-term care: In addition, statutory
statements filed last week also show a meaningful
deterioration in the performance of its long-term care
operations, which increases the risk of additional
charges being taken later down the road.
Partial offset — domestic mortgage insurance:
Recent MICA data suggests a solid reduction in new
delinquencies and improved cure rates compared to
what was seen in the fourth quarter, which is
encouraging on the margin. That said, we still believe a
sizeable capital injection will be needed if the company
wants to maintain them as a going concern.