Is this country that starved of a company like Amazon or Apple, or an up and comer like Nvidia, that people just pile into a bank on the basis of its 'technology' and 'AI', which means its actually a growth company rather than a giant mortgage processing factory?
I heard the technology story form the DMP merchants when DMP was trading on a 70 multiple, they said its 'not a pizza shop, its a tech company', because you can download an app and it shows the live location of the guy delivering your pizza.
Its a bank, with a book value at 3.2 that will do ROE of around 13%. Its a bank, the net margins are where it makes its money. You cant technology your way to higher net margins. The concept of banking is the same today as it was 100 years ago, the internet has changed the delivery.
This is one of the most bizarre moments in Australian stock market history
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