"... compared with last year i see a lot of the stats are flat to negative but FUM much higher. Im not so good at joining the dots here; was the mkt expecting a weaker performance?Thanks in advance."
@Dejavoo ,
When you ask, "...was the market expecting a weaker performance?", I assume you are referring to the share price response in the first half an hour of trade.
I haven't checked what analysts were forecasting (with this stock, analyst forecasts, target prices and recommendations have in the past been even more of the mark than the usual analytical ineptitude).
My earlier comments related to the factors that are within the control of the company's management, namely operating expenses, the investment in systems to keep the company competitive and the balance sheet to maintain the company's ability to participate in the ongoing consolidation in the industry, as less efficient operators continue to exit in the face of margin pressure.
(20min delay)