With a forecast NPAT of $48m and the share price where it is,...

With a forecast NPAT of $48m and the share price where it is, rather than payout up to 90% in dividends ~$43.3m, I feel the company should target a slightly lower amount and kick start the on market buyback again for say $4m over the next quarter, and extend as appropriate post FY23 results.

They may be concerned about torching another small portion of that massive franking credit balance but I can't see how they will get all of these out anyway, unless they do an off market buyback with a cap raise before our communist leader changes the well established rules on these.