Solid result but valuation is stretched.

Shares sell off after results.

Shares fall after announcement that capital will be replenished for loan impairment provisions.

Earnings growth fails to excite investors worried about AI disruption.

We view the shares are materially overvalued.

Investors were pleased with results but our fair value estimate is unchanged.

When strong fundamentals meet persistent valuation headwinds.

Our view on the shares after earnings.

Cost savings from recent acquisition underpin our earnings growth forecasts.

Organic growth and a recent acquisition were the focus of their investor day.