Yes Sub,
I would be of the opinion it's a tad conservative and most likely inline with their companies policies re advising clients. It could possibly be a different story once on the phone to clients with a possible takeover or joint venture being mentioned as the wildcard for a quick multi.
So things are moving as we know and July should see positive news and people looking for a big win early in the new financial year.
DYOR and GLTA
What Will It Take To Change The Sentiment Of CAY?, page-66
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