Are you suggesting that the market isn't as prudent as you and...

Are you suggesting that the market isn't as prudent as you and therefore does not consider all the things that you've listed? In my opinion this is naive.

The market adjusts growth expectations and sophisticated investors have much better resources than google trend to figure out growth is likely higher than expected. The vertical products such as the use of Big Data is also very well known by the market. You have to assume that everything you know, the market knows (and more). This means the targets are very high for APT and I'd be surprised if these targets are not affected by COVID-19.

There are a number of indicators that are worrying (I collate these indicators for my company's Board on a monthly basis).

1) The Victorian unemployment rate has jumped 0.5% between December and January based purely on the bushfires. Not sure what this will look like when you add the tourism, education , hospitality and retail impact from COVID-19.

2) Yesterday the Treasury Secretary Steven Kennedy addressed the Senate economics committee and noted COVID could slice 0.5% from economic growth in Australia in the March quarter, on top of the 0.2% drop from the bushfires. RBA mirrors this view in their Monetary policy decision (3 March).

3) On 2nd March the Organisation for Economic Cooperation and Development (OECD) warned that global growth could be cut in half if the outbreak continues to spread. Many of the world's biggest companies, including Apple and Microsoft have issued profit and sales warnings in recent weeks because of travel restrictions, factory closures and supply chain issue.

I can go on and on. It's my job to take this situation serious and consider all possibilities and there is a possibility this could get much much worse before it gets better. I wouldn't dare to assign a probability to the scenario, but I acknowledge its there.

All in my opinion of course.