I think it's a few things @Slideup - best summed up as uncertainty. I'm not exaggerating the analysts reaction to not being given the numbers to plug into their spreadsheets. They were seriously throwing their toys out of the pram.

It's definitely the NIM discussion. They themselves have flagged a drop in NIM in FY24 (without giving specific guidance) as the benefit from the TFF rolls off, before it then recovers back to over 3%. They've been pretty good forecasters of this stuff in their short history so I'm inclined to believe them but the market doesn't always look that far ahead, especially for a company that only started in 2016.

There was some discussion about the provision for impairments spiking up but I just think that's prudent given what's going on at the moment. I also think it's important to remember that's it's just a provision at this stage. They've only actually written off debts twice in their entire history!

The counter argument is that debt over 90 days & impaired assets have grown and so there's a tsunami coming down the pipeline. There's no doubt businesses are starting to do it tough and there will be more write offs, but they're providing for them and still delivering impressive profits so I'm still backing them in.

They didn't forecast GLA growth, which is interesting as they have in the past, but on the call Joseph did say that he wouldn't be objecting if analysts assumed an increase of $2.5b to $3.0b. Even they only do $2b, it's still over 20% growth!

I think the other factor is that they're a bit of victim of their own success. Their NIM guidance at scale ($15-20b GLA) is 3% and they're at least a couple of years from scale. To deliver 3.5% in FY23 is exceptional but not sustainable. Hardly surprising that it's going to take a dip along the way.

Overall I think they've been really clear about their targets and along the way they've either met them or beaten them. I don't think the lack of clear guidance is some conspiracy by management to cover up their impending doom, I just think there's a lot of uncertainty and management don't want to put forecasts out there that they can't put their hand on heart about.