FY22 pre-tax profit missed
The broker believes there is an opportunity in retirement income products but a skew to fund manager products and/or those light on capital is needed.
The company has retained a dividend policy of 45-50% of normalised profit and intends to pay a dividend in FY21, subject to market conditions and capital priorities.
The broker downgrades FY21 estimates by -10-15% to reflect the company's guidance and the ongoing challenges of extracting a margin in a world of lower rates and economic uncertainty.
Equal-weight. Target is reduced to
Sector: Diversified Financials.
Target price is
© 2020 Acquisdata Pty Ltd., source