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  1. #6131
    Legend peat's Avatar
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    I see an email I got from Driven (the motoring arm of The NZ Herald ) was using a photo of a Turners car yard and talking about how they are able to sell cars contactlessly, and how they have sold a few to essential workers, and so are revving up for any lowering of restrictions on business activity.

    https://www.driven.co.nz/news/how-ca...?ref=drivenEDM

    Obviously all this government interference in conducting enterprise is a problem but at least it is stimulating customer service developments.
    For clarity, nothing I say is advice....

  2. #6132
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by macduffy View Post
    That's a shame. I was looking forward to a stimulating exchange to brighten this dreary lockdown!

    Trying to chill out in this lockdown. Sometimes a couple of good woof's is all that's required
    Last edited by Beagle; 07-04-2020 at 05:16 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

  3. #6133
    Legend peat's Avatar
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    Quote Originally Posted by Beagle View Post
    Trying to chill out in this lockdown.
    It seems to me to be a good time to have a rest. Many people are doing just that so its more acceptable than ever ; the extreme volatility of the markets is passing somewhat - I feel like it is mainly time that will heal the economy's wounds and time will take its time.
    For clarity, nothing I say is advice....

  4. #6134
    On the doghouse
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    Quote Originally Posted by Beagle View Post
    Shake those rose coloured glasses off your snout and have a look at how bad and doubtful debt provisioning was steadily climbing during strong economic times leading up to the Corona virus, then think if they were not under control and increasing at a bad rate previously, how are they going to go in a very deep recession ?
    Actually I have been keeping a close eye on the increasing proportional trend for the provision of bad debts here:

    https://www.sharetrader.co.nz/showth...ighlight=Story

    See "An Investment Story Chapter 6: Impaired Asset Position(s)"

    Yes there was a large jump in the impairment provision for FY2019. I didn't fully get to the bottom of that at Turners. But there was an interesting disclosure on the effect of what would have happened at Heartland had the new NZIFRS 9 accounting standard been adopted a year earlier in FY2018. I quote the salient point below.

    "1b/ IFRS9 adopted in FY2019 has resulted in a change to the way the 'provision for impairment' is measured. This is due to the adoption of the 'Expected Credit Loss' (ECL) model. For FY2018, this has resulted in an increase from the former $29.671m to $57.756m (details AR2109 p26)"

    This shows that the adoption of NZ IFRS9 alone increased the impaired asset provisioning by:

    $57.756m / $29.671m = +95%

    When you look through this one off reporting standard change, you will see that the increase in the provision for bad debts from FY2018 to FY2019 has barely changed. I expect that the 'apparent' similar jump in impairment provision from FY2018 to FY2019 at Turners can be explained in the same way.

    SNOOPY
    Last edited by Snoopy; 07-04-2020 at 06:20 PM.
    Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7

  5. #6135
    Speedy Az winner69's Avatar
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    All the recent negativity that comes out on here re Turners has driven the share price back into the 140’s

    Happens quite often ....say they useless share price goes up.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  6. #6136
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    Quote Originally Posted by winner69 View Post
    All the recent negativity that comes out on here re Turners has driven the share price back into the 140’s

    Happens quite often ....say they useless share price goes up.
    Especially when the resident dog and cat are at loggerheads...lol

  7. #6137
    Reincarnated Panthera Snow Leopard's Avatar
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    Quote Originally Posted by winner69 View Post
    So much for TA .... I think our perfect inverse bell curve pattern is a bit munted.
    Quote Originally Posted by Snow Leopard View Post
    I would like to point out that in less than a month inverse bell curves will be 'so last year'.

    And remember you read it here first.
    I am so far ahead of the curve it even frightens me at times.

    Take care & stay safe.
    om mani peme hum

  8. #6138
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    If the US market is any indicator things will be ugly for Turners
    https://wolfstreet.com/wp-content/up...20-apr-05-.png
    Last edited by Timesurfer; 09-04-2020 at 09:00 AM.

  9. #6139
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    Quote Originally Posted by Timesurfer View Post
    If the US market is any indicator things will be ugly for Turners
    https://wolfstreet.com/wp-content/up...20-apr-05-.png
    Well obviously currently the TRA figures are going to be close to -100%. No trade whilst in lockdown. Similar would apply to the US one thinks.

  10. #6140
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by blackcap View Post
    Well obviously currently the TRA figures are going to be close to -100%. No trade whilst in lockdown. Similar would apply to the US one thinks.
    US not in lock down. Some states doing a bit of lock down, others are happy virus breeders and spreaders.
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

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