for my two bob's it's because they are good (and a bit lucky) at what they do, interested in creating a future, and getting on with it. Unlike PPP sitting back on their laurels and using a Mr Prudence as a feeble excuse of signs of life.
Even the $US dollars PPP hold, which has been wonderful this quarter, I suspect is more likely due to anapthy to convert to $aussie than a shrewd and calculated move.
I don't usually like buybacks but at current undervaluing it's would be a smart (not really that smart) move. A capital return or divvie might be other options.
cheers, cugel
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