The 2nd budget, upon the near depletion of this $$55.1m, will likely still be a tranche of $200m, as $200m is more than enough to buy 10% of the new float (assuming even with the extreme case if 100% cancellation of all the existing treasury shares todate) at an ave price 0.56.

 

Due to YFH strong 1H23 npat, dps ~0.03 is highly probable for Fy23 even if we were to shave off a 40% discount on the 2h23 DI interest income, as there are repeatedly clear signals from the management of no more additional npl provision in 2h23. However, expecting a dps 0.033~0.036 would be a very tall order unless the npl parcels have mostly been improved to start paying interest even though the principals are still owing, or that majority of the npl have been legally sorted out and replaced with new performing DI. 

 

The treasury shares have just crossed the 10% limit based on the original 3950m float. I believe the coy will likely issue an announcement soon to advise the shareholders on it' s intended course of actions to address this limit relative to the continuance of it' s ongoing sbb program.