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  1. #511
    ShareTrader Legend Beagle's Avatar
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    Anyone who thinks all the skeletons are out of the closet is kidding themselves !
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  2. #512
    Legend minimoke's Avatar
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    Quote Originally Posted by Beagle View Post
    Anyone who thinks all the skeletons are out of the closet is kidding themselves !
    Agreed. Look at teh industry. CPD Construction has over 51 delay building Christchurch Acute Serves and Leighs COnstruction had to delay Hospital Outpatients. The industry is absolutely riddled with problms. If I held FBU I'd be wanting a construction project by construction project market update - just like SML did yesterday.

  3. #513
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by minimoke View Post
    Agreed. Look at teh industry. CPD Construction has over 51 delay building Christchurch Acute Serves and Leighs COnstruction had to delay Hospital Outpatients. The industry is absolutely riddled with problms. If I held FBU I'd be wanting a construction project by construction project market update - just like SML did yesterday.
    The industry is absolutely riddled with problems. Talking to a well connected client yesterday he told me there's a number of smaller construction firms right on the edge of receivership. Biggest issue is getting staff who don't **** things up and people that actually do the job with reasonable quality control.

    Its no easy feat building hundreds of units on time and on budget, (especially in the really tough Auckland market) like SUM companies do, OCA another notable company that's building on time and on budget.

    Makes you wonder if retirement companies can succeed at this incredibly tough game how come FBU gets it so badly wrong ? Aren't they the ones supposed to be the experts with many decades of experience at this gig ? It simply beggars belief doesn't it !
    Last edited by Beagle; 22-08-2018 at 12:39 PM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  4. #514
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    I am still surprised the share price has held in relatively well through all of this. Only down 2% today.

    If I owned some of this flea-bitten old dog, I would have got rid of it long ago - better fish to fry.

  5. #515
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    Quote Originally Posted by Beagle View Post
    The industry is absolutely riddled with problems. Talking to a well connected client yesterday he told me there's a number of smaller construction firms right on the edge of receivership. Biggest issue is getting staff who don't **** things up and people that actually do the job with reasonable quality control.

    Its no easy feat building hundreds of units on time and on budget, (especially in the really tough Auckland market) like SUM companies do, OCA another notable company that's building on time and on budget.

    Makes you wonder if retirement companies can succeed at this incredibly tough game how come FBU gets it so badly wrong ? Aren't they the ones supposed to be the experts with many decades of experience at this gig ? It simply beggars belief doesn't it !
    But is that a fair comparison? FBU's Residential and Development division performed well - increased revenue and earnings. But I agree, FBU still looks a poor investment.

  6. #516
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by macduffy View Post
    But is that a fair comparison? FBU's Residential and Development division performed well - increased revenue and earnings. But I agree, FBU still looks a poor investment.
    Fair point but I don't get it why high rise / major projects appear to be exponentially harder ?...this is the sort of thing the company has been doing for many decades and now suddenly its all too hard ?
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  7. #517
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    Quote Originally Posted by Beagle View Post
    Fair point but I don't get it why high rise / major projects appear to be exponentially harder ?...this is the sort of thing the company has been doing for many decades and now suddenly its all too hard ?
    From a purely uninformed position I would think that "residential and development "and "high rise/major developments"are two very different beasts. Perhaps Fletcher's joint venturing with major international infrastructure firms had something to do with their past success?

  8. #518
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by macduffy View Post
    From a purely uninformed position I would think that "residential and development "and "high rise/major developments"are two very different beasts. Perhaps Fletcher's joint venturing with major international infrastructure firms had something to do with their past success?
    You could be right as I think there's very little doubt now that they simply don't have the expertise within their own ranks to complete major projects in an economically feasible way. The complete cessation of bidding for future high rise / major developments is a frank admission of exactly that !
    How does $420m become $880m, soon possibly to become $1b+ ? The mind boggles. The new CEO really has no option but to try and cauterize the wound before it takes the company down.
    Last edited by Beagle; 22-08-2018 at 03:04 PM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  9. #519
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    Angry Burning cash in a complicated way

    Quote Originally Posted by Beagle View Post
    You could be right as I think there's very little doubt now that they simply don't have the expertise within their own ranks to complete major projects in an economically feasible way. The complete cessation of bidding for future high rise / major developments is a frank admission of exactly that !
    How does $420m become $880m, soon possibly to become $1b+ ? The mind boggles. The new CEO really has no option but to try and cauterize the wound before it takes the company down.
    See they are already booked a provision for those dinky apartments in semi- CBD Christchurch...so already expecting six figure write off per unit..yeah burn baby burn....

  10. #520
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by Raz View Post
    See they are already booked a provision for those dinky apartments in semi- CBD Christchurch...so already expecting six figure write off per unit..yeah burn baby burn....
    But wait there's more
    http://www.sharechat.co.nz/article/d...conditionshtml
    For some strange reason I have this clear image of a mangy old dog returning to its own vomit lol
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

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