HOLD

Sunday Herald Sun - - Finance -

The ris­ing cost of lend­ing, a soft hous­ing mar­ket and in­creased reg­u­la­tory costs re­sult­ing from the bank­ing royal com­mis­sion will of­fer lit­tle near-term up­side. Re­tain­ing its wealth man­age­ment busi­ness is a neg­a­tive and it is likely to come un­der fur­ther reg­u­la­tory con­straint, which will mean a di­lu­tion in share­holder re­turns. Grow­ing bad debt, po­ten­tial gov­ern­ment in­ves­ti­ga­tion and in­creased reg­u­la­tion will add to head­winds for the busi­ness in 2019. With no clear com­pet­i­tive ad­van­tage and in­creased com­pe­ti­tion from the likes of Uber Eats, share­holder growth is likely to mod­er­ate in 2019.

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