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Australia and New Zealand Banking Group has been making presentations to analysts and getting a favourable response. Morningstar has a “buy” on the stock and assesses fair value to be $32. “It is difficult to determine the progress and outlook for the ANZ’s growth strategy across diverse countries like Singapore, Vietnam, Indonesia and the Philippines, not to mention China,” a Morningstar report says. “But we are convinced senior management is capable of executing the strategy. The bank has capital to invest and the region is growing. However, near-to-medium term Asian regional growth is tied to Chinese growth, which in turn is somewhat linked to European and American economic demand, so there definitely are risks.” Deutsche Bank also has a “buy” and has a price target of $26.10. A Deutsche report says the bank has made significant progress in developing its super regional strategy with a “clear and concise strategy emerging, greater product capability and increased client penetration.” Deutsche has the stock on forward dividend yield of 6.8 per cent.