MyState’s Solid 1H18 Result Highlights Cost Efficiency and Credit Quality; FVE AUD 5.00 Unchanged
As expected, no-moat-rated MyState Limited’s first-half fiscal 2018 cash profit of AUD 15.8 million increased 4% on the previous corresponding period, or pcp. Despite pressure on net interest margins, the first-half profit was boosted by improved cost efficiency and credit quality. The interim fully franked dividend of AUD 14.25 cents per share increased 2% on the pcp and was based on an 81% payout. Following the result, we retain our AUD 5.00 fair value estimate and fiscal 2018 earnings forecas...
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