News: AMP S&P Says AMP Bank Outlook Revised To Negative Following Similar Action On Group And..., page-24

I agree. There is a lot more happening at AMP than you can see from the financials and what is reported in the newspapers. If you read everything you can and then you join the dots there aren't really many positive indicators.
Most of the people who are bullish on this stock are expecting a return to 15-20 times PE but they aren't accounting for the structural problems that exist within the business. It is all good and well to imagine that a stock is good value at 10 times PE but the reason for this is that the stock has matured and is in decline.