IMO disappointing result - initiatives (repricing and cost...

IMO disappointing result - initiatives (repricing and cost savings) haven't kicked in and obv consumer struggling.

Not a fan of the corporate debt as it gives negative vibes (I take the cap/wc mgt point but I just don't like to see it - the BB provides reassurance that CR is likely not on the cards).

The positives is in the outlook:

- commercial book to continue to grow

- repricing to take full effect in FY24 (CFO emphasised this a lot and is not really in the $75m norm profit)

- most of the costs on suspended products is done ($33m+ improvement) plus presumably the Other one-offs ($12m)

- commitment to paying 30-40% divi outta norm profit is a positive sign - based on this years that's a potential fwd 4-6c divi (ex repricing sugar it)

Obviously risk is macro especially to consumer (but also opportunity too given provision build this year).

The value is there but can these muppets actually execute....?

I'll believe it when I see it (so changing sentiment to hold).

IMO the best (and easiest) opportunity for SH value is T/O - I would happily take BV (~$1.20) and be on my way!
GLTA