Ann: Resimac's normalised NPAT increases to a record $104 million, page-224

I am philosophical today, and will answer your "why" question (tongue in cheek, of course):

1. The market has re-rated the stock (senseless answer - but given quite often
2. The outlook has changed; what exactly and to what degree is debatable. Others in this thread and myself have tried to come up with some aspects.
3. More sellers than buyers (senseless as well, as it doesn't give you any information regarding the future, maybe one day there will be more buyers than sellers)
4. Retail holders have 'weak hands' (senseless, but of course they have)
5. Profit taking (senseless, because it doesn't say when that activity stops)
6. There is more conviction on the seller side (not just numbers) than on the buyer side

But seriously:

1. Sentiment turned on this stock (APRA interference, spectre of higher interest rates, cooling of house prices forecast for FY 23 and 24, pressure on NIMs, fierce competition between providers etc.)
2. Flat outlook (although on juicy levels in terms of value.)
3. If one is guided by financials only (that are historic by nature), it is akin to driving forward with a firm view into the rear mirror.
4. Looking forward, RMC has some interesting advantages, notably:

• cost to income ratio
• approval times
• flexible rate exposure
• flexibility to react to market changes

... running out of explanations.

BTW, I am positive on this stock, and just put a buy order in. If I get filled, I will change my sentiment to hold.

GLTAH