@zhanginu ,
Listening to the webcast of the presentation this morning, the over-arching tone was one of management configuring the business for a near worst-case scenario unfolding in the years ahead.
And - while I seldom read (and I certainly never heed) what stockbroking analysts write or say - I suspect they are focusing on the facts that what management initially were going to do over 4 years, is now being accelerated into 3 years.
Me, I don't necessarily see see this as a major execution risk issue. I mean, they are starting from a pretty low base of a CIR of 75%, and going to around 55%-58%, which is not exactly industry-leading.
If they were aiming to get to something around 40%, then I'd be more cynical, but there is enough scale in the business for them to access most of the low-hanging fruit.
Maybe the cost of the exercise is also something that has caused the market to balk somewhat.