I suppose the market was expecting EPS from 132.8 -> 148.8 = 12% growth in FY19
And they are getting guidance of 135.1 -> 140-144 = 4-7% in FY19
So that's a miss on the outer years and half the growth rate - so the market is baking in the upgrades in its estimates of around 5% if there is no change to analyst forecasts.
When your making a 24% roe and div payout of say 50%, earnings growth should track around 12%, and the fact they are guiding to 4-7% means that something is amiss - incremental investment is coming off at poor returns, they are deferring earnings, factoring in some losses on the loan book for FY19 perhaps?
who knows...
they really need to start having proper conference calls.
I suppose the market was expecting EPS from 132.8 -> 148.8 = 12%...
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