Ann: FY24 Trading Result (unaudited), page-190

This is exactly it. These brokers cover so many companies they simply don't have the time to understand the nuances and stay up to date on everything. Companies like Wilsons are very thin on the ground and they expect their late 20s analysts to understand the financials and come up with a valuation. More often than not they aren't going deep into qualitative research and they will miss the nuances or details that other people if focusing on one or two companies may uncover. It is why generally speaking these brokers are more often than not late to the party on new revolutionary tech. It's easy to understand old mature industries that haven't changed in decades, much harder to understand something new and how it could upend or change things. They have a lot of bias in what they do so more often than not they are researching companies where they have or are receiving large brokerage or advisory fees from etc.