must be the next available bundle offered by some hopeful eager bunny ;)
could be doing other holders a favour..
just looking in now - what was 60c is now 68.0c :)
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Update time due
Another good trading update
https://cdn-api.markitdigital.com/ap...df02a206a39ff4
HARMONEY ON TRACK TO DELIVER OUTLOOK FOR FY23
• Origination and loan book growth
• Net interest margin to be maintained at ~10%
• Cash NPAT Growth
• Targeting 20% Cash ROE in the medium term
All great reading :)
Looks great. No doubt the SP of this confounding business will still stubbornly refuse to budge, or even worse drop another few cents?
$232k traded today. About 100x more than usual.
SP down. Could be because arrears creeping up. Who knows maybe just someone taking the chance to get out while the volume is there?
Market will sell this based on any news…its like it forgets HMY exists, wakes up at a quarterly, and remembers to keep selling it down lol
Arrears and impairments up slightly but way better than I would have expected. Certainly better than the sentiment would imply (and has already been priced in) but not sure the market has much conscious thought on HMY‘s mechanics or how it assesses its fundamental value. I dont think the market or the vast majority of its shareholders have a friggin clue how to value it so in the absence of that its assumed down is the only way to go. I’ve got a view but it does me no good to bother with until the market comes upon a consensus, the macro environment (and sentiment) turns a corner, and downtrend bottoms out. Spending zero time on this and not DTAing - having sold a parcel I dunno 12 or 18 months ago. Don’t see much point fighting the fed or the trend.
If the business performs well through a difficult macro period and comes out the other side in good shape there could be something there to still work with.
There was a subtle shift in operations. Very minor growth in book qoq as they seek to focus on profitability and presumably cashflow (growing fast is capital intensive). First time they didnt show detailed originations or book by geography.
Prudent and good to try something different and see how the market responds, I guess. Its not 2020 or 2001 anymore and growth for growth sake doesnt matter if it doesnt translate into profitability and cashflow generation. Slowing the book growth will also slow the provision drag on stat npat.
Only financial downside is it slows HMYs scaling. It has been scaling very nicely against its fixed cost base with CTI reducing well. In the absence of that I’d like to see some cuts to headcount and a slowing of development and launch of new products.
Not sure what I think about the launch of their vehicle lending with my TRA and HGH hats on (actually I do know - I dont like it - HMY is a fraction of my investment in those other companies). Good in isolation for HMY tho.