Negatives: fund outflow should be increasing when market is...

Negatives:
fund outflow should be increasing when market is bearish. Next monthly report should see it
A lower management fee margin than estimation
A higher FY15 compensation ratio than  estimation
Guidance, tax rate in FY16 (to c.20%) much high than  estimation

Positives,
NPBT  and NPAT were better than estimation

SP might drop much more as other fund managing stocks are very bearish
even CBA reported better result, down 1.3% today