These inflows just keep getting better. Updated guidance is bang on my estimate based on the curent level of FUM they have. Big question now is FY16. If FUM only grows modestly from here, underlying expenses grow around 7% in FY16 and tax rate sits at 35% they could do possibly EPS of 440-500cps.
Of course there may be further fee reductions (possibly offset by boosting flows further), more property impairments (will they ever end) and other one-offs they keep finding.
These inflows just keep getting better. Updated guidance is bang...
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