We had been looking for two key themes with the 1H FY’19 results: i) that any early signs of credit deterioration were modest; and ii) that the integrations were going well. 1pm delivered on both. On credit, the net bad debt write-off was down on last year. Management detailed the diversification of the business, and commented how its operating flexibility, small individual exposures, human underwriting and fixed-rate lending should limit losses in a downturn. On group synergies, we note cross referrals are ticking up each month and the cost of group funds is falling. 1H FY’19 saw good franchise and revenue growth. The valuation appears anomalous with the group’s prospects.