Snoopy you beat me to it,
Not wanting to be doom and gloom as I'm a firm believer but I looked at both those graphs and saw 2x margin of other players but 4x higher impairment/Gross loans ratio and 5.5x higher than the sector average. Now I haven't crunched the numbers to get a feel as to how much of that is related to there legacy property portfolio etc but it would be an interesting one to know; What would there impairment ratio look like exclusive of the portfolio?
Could easily be this risk/reward factor that means the company is a little conservative on there profit announcement.
Thanks for posting Winner
Disc: Hold but have not done anywhere near enough research so don't value my opinion.
Cheers
TG