Dont agree - this belief that you have to pay 100% out - then...

Dont agree - this belief that you have to pay 100% out - then get shareholders moaning when you have to raise capital is just unique to Australia.

Thus stock has done well given that Covid probably affected its largest investment the mist of all sectors. They weathered that and have been paying a reasonable amount out. I, for one, am happy that they are retaining a bit more abd hopefully that reflexts their view thst they can get decent returns on it.
On snother level - stock picking hasnt been that successful over the past decade. That is why ETF's have been surging- at kesst by not churning the portfolio they have not had to pay a lot of CGT.