Hi JPGuruYes, I agree "It is always hard to read bank books"....

Hi JPGuru

Yes, I agree "It is always hard to read bank books". For example, another financial institution in my portfolio is MNY- it also is profitable but (2021) has negative cash flow from operations - but like MYS is cash flow positive before changes in Assets and Liabilities. It would help if MYS, like many other financial institutions, clearly show cash flow before changes in Assets and Liabilities.

MYS cancelled the H2 2020 dividend. From my anecdotal observations and discussions with friends in the building trade, housing development and related housing loans are extremely strong in Tasmania. MYS has a loyal base in TAS (many from before it became a Public Co). I am confident that the CR was to increase housing loans.

However, I do not see MYS as providing much growth in EPS. I held MYS prior to the Covid sell - off. I went to about 80% cash - including MYS - in late Feb 2020. I repurchased in Mid April to late May 2020 (see my post under Superannuation). I only purchased MYS for the yield - based on the historic 28 cents FF, in April 2020, the yield = 7.25% or 10.36 % grossed up. I also took part in the recent rights issue - again only for the yield (in my SMSF).

Regards

Old Fisherman