Boy, what an absolute shemozzle of a set of accounts, which took me the better part of half an hour to decipher and even then, I'm not sure I've got to the real underlying results given all the restatements, adoption of new accounting standards, and the numerous "one-off" items.
At any rate, I can't quite understand the market's exuberant response to this result which, according to my reconciliations, looked quite pedestrian, with PBT - after adjusting for the list of items as long as my arm(!) - down around 1% on FY2018.
Maybe what the market has become excited about is that PBT for JH2019 rose (albeit by a mere 4%, I calculate), after having declined by 6% in DH18.
Then again, maybe it is the guidance for "solid growth in FY2020" - whatever "solid" means - that has the market worked up into a lather.
I'm not complaining, but I don't really understand it.
Boy, what an absolute shemozzle of a set of accounts, which took...
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 28 | $34.54 |
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| Price($) | Vol. | No. |
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| $34.68 | 2835 | 2 |
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