http://www.sharechat.co.nz/article/0...s-forecasthtml
This talk of diversity is becoming an obsession, I couldn't agree more with you but can't help adding my 3 cents worth. Printing part of the annual report in Maori is something to the best of my knowledge that only one company has ever done. Now they are talking about a major cultural overhaul aimed at ensuring Maori are more represented in the HBL workforce. This reminds me very much of the quota system when I went to Uni. Oh my goodness have we learned nothing ?
Really to me this is bordering right on the edge of obsessive compulsive disorder. It is one thing to embrace cultural and ethnic diversity and quite another to start targeting some sort of implied future quota system. A bridge too far, sold half my holding in disgust.
Political correctness gone absolutely bonkers in my opinion. What's next ? Heartland sets up their own Treaty settlement system with Maori employees because the crown's system isn't good enough ? Whatever happened to hiring the best people for the job regardless of creed, race, sex or religion ? Doesn't hiring the best people and making the most money count anymore ? Has nobody heard of the Peter Principle ? Promote people to higher and higher ranking jobs until they're incompetent at their designated duties ?
Aside from that rant, I see very modest EPS growth this year and the shares still trade above my assessed fair value. Has had a great run but my sense is this is very fully priced especially when you start thinking about some of their latest bizarre management methodologies.
Might sell the rest soon.