Interesting. I’m having another look at their Q2 investor presentation, and some not so great things in there:
NIM is down 180bps from peak
PPOP down 240bps from peak
And to your point about a lower interest rate environment being beneficial for them is likely not true as well, due to the split between fixed and floating on assets v/s liabilities
This might explain some of why the market is so hesitant on PEL. The story they’re projecting with FY28 guidance still seems like a distant dream at the moment:
The above gives me some pause for sure
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