Chart - AX1, page-35

Finally broke through the recent resistance of $1.80. This is the highest AX1 has traded since the freefall from recent highs in the mid $2s. The rise in the SP makes sense seeing that RBA has paused interest rate hikes for the previous 2 meetings and AX1 has not provided a market update to the downside (in previous years this was provided when announcing full results date). My expectation is that the profit was either not affected by the interest rate rises or that they were impacted but only marginally. I think the amount of dividend they pay will tell a better story of how they see 1HFY24 unfolding. I think a dividend of 6c means its going well but anything below this would indicate to me that their margins are under pressure. Only 3 weeks till we find out.