Expense/Revenue ratio is rapidly increasing (16.8% to 34.2%) as MFG are not cutting expenses as FUM decreases. MFG forecast similar expenses in 2023, so expect the dividend to halve again. Short weakness in SP is very likely.
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- Ann: Appendix 4D and 2023 Interim Results
Ann: Appendix 4D and 2023 Interim Results, page-2
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