I'm as cautious as you are Ramses.NPAT of $24.3M from revenue of...

I'm as cautious as you are Ramses.

NPAT of $24.3M from revenue of $3.186B is so thin (<1%) in a market where highly leveraged shopping centre pharmacies are taking large PBS profit hits. I agree that it also seems that they may have been made to bring some contingent liabilities to book.

You also mentioned Amex. I recall that some years ago I heard that API would guarantee any pharmacists Amex spending (recollection, not factual assertion). My wife sold her shopping centre pharmacy a few years ago (wasn't an API branded one) & we hold no API stock.

Caution as you say (no recommendation; DYOR).