Because the Market just sold me some more @151 :D But worry not, it will be well above your price soon :t_up:
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How many more sleeps till Xmas and is it coming early for holders.
AGM thoughts.
The Chairman,Geoff Ricketts again controlled the meeting well, and he and other directors seemed to be very relaxed and comfortable taking questions from the floor.
The directors standing for re-eclection,Bruce Irvine,John Harvey,and Vanessa Stoddart all spoke well.Vanessa Stoddart won Canterbury shareholders over with her choice of a black and red top.!!A director who will make a worthwhile contribution.Seems as though all directors share a sense of pride with what Heartland Bank has achieved, and a sense of excitement with what Heartland will achieve.
The excess capital has been well used to expand the loan book,while equity ratio remains strong at 12.5%.
The chairman is happy with Heartland's credit rating,yet like us all would like to see it higher.
New channels of delivering Heartland's new customer focussed digital products are working well.
The Reserve Mortgages business too is growing strongly,both here and in Australia.To be ahead of possible Australian regulator changes HBL are in the process of appointing an Australian director.
The chairman pointed out how banks [and other businesses] have to adapt to younger clients.Not only the channels they supply product,but the way they treat their customers.HBL try to be customer focussed,by treating the customer fairly.They want HBL's culture to be right through the business,customers,staff and shareholders.
The annual report will still have Maori usuage as "Maori is an official language of NZ."
Acquistions.They are still looking and will only buy if it is eps accretive,
UDC.HBL have expressed their interest,but have not heard back from ANZ.Yes,it would be a great fit.I have the feeling they expect UDC will either end up in Australian or Chinese hands.
Overall.Heartland Bank has now established themselves,know where they are ,and where they want to be,and how they are going to get there.
Another shareholder reminded me I promised him a slap up meal when HBL's share price hit $3.00.!! Sounded to me as though he thought it would not be too many years away.Must admit I agree with him.
Yes the extra wines went down a treat.As always place yourself between the bar and the kitchen.It really works.!!!!
Your thoughts are much appreciated percy, as always... nice to know they are 'exploring much bigger and better options these days' (as mentioned on 15 November)
Forget what I said on 11 November about the share price getting to $2.70, I like the sound of $3.00 even more!
After reading your thoughts, presentations, etc, I am now even more confused...
Forward PE of not even 12.5?
Growth rates in the double digits?
Gross Dividend yield of nearly 8%?
Share price goes down and gets even further away from $1.60???
Forsyth Barr are not believers ....
"HBL is experiencing robust asset growth across its core portfolios, however above market growth is indicative of additional risk taking. The impairment cycle has turned and the retail funding environment is increasingly competitive. We rate HBL as underperform"
What are they considering as risks?
Thanks Percy for a good summary. Was reading NBR article on HBL meeting and they say HBL sees future growth with millennials and residential mortgages. The latter was a surprise to me. Is this the case or is NBR confusing it with reverse mortgages ?