mkt is headin sth, so fum for qtr1 WILL be down, both mkt & client redemptions (double whammy), not sure if FX will give them any upside and provide some pain relief.
H1 wont be any better. this has at least H1 FY23 left to keep going south. its p/e (fwd) is wayyyyy higher than any competitor.....u wanna pick bottom at $10??!! thats a brave call, esp not knowing if the fum haemorrhage is over and how much further it has to fall. they already stated expenses will be flat yoy....so top line shrinkage is gonna hit that bottom line hard this year. id rather invest when the turnaround begins and its clear that the nose bleed has abated, and knowing whats happened to their charge out fees mix (bps earn rate across mandates)....
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