thanks for your summary.
when looking back on chw, always good underwriters but seem like didn't manage the balance sheet v well, and funding limits forced them to be very slow growth, high payout company.
over past year, funding restrictions have fallen, new channels opened up, funding costs have fallen and clear change in management ambition (ceo change in June last year) .
as long as underwriting standards are maintained, and economy doesn't fall apart, hard to see how this won't continue working. ceo already says expects operating leverage (revenue growing faster than costs) in the future so rapid loan book growth with operating leverage = higher share price.
based on wat they have said about originations in 21 and 22, and margin profile of business, I think still at least a double from here over next 12-18 months.
and consider what dividend could be on $2 billion book even if just 40 percent of earnings allocated to dividends.