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  1. #3501
    ShareTrader Legend Beagle's Avatar
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    I think they might actually be okay at the current level ~ $2.53, trading cum a 4 cent fully imputed dividend and more importantly a $10m + buy-back.
    Might be worth a small additional punt at this level... Yield at $2.53 assuming 17 cents fully imputed is sustainable going forward (maybe they institute a dividend reinvestment scheme to support that) = 17 /0.72 = 23.61 cps gross so at $2.53 that's a 9.33% gross yield.
    Last edited by Beagle; 27-11-2018 at 02:58 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

  2. #3502
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    Quote Originally Posted by Beagle View Post
    I think they might actually be okay at the current level ~ $2.53, trading cum a 4 cent fully imputed dividend and more importantly a $10m + buy-back.
    Might be worth a small additional punt at this level... Yield at $2.53 assuming 17 cents fully imputed is sustainable going forward (maybe they institute a dividend reinvestment scheme to support that) = 17 /0.72 = 23.61 cps gross so at $2.53 that's a 9.33% gross yield.
    Your talking yourself into a serious top up there Beagle.

  3. #3503
    percy
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    Quote Originally Posted by Beagle View Post
    I think they might actually be okay at the current level ~ $2.53, trading cum a 4 cent fully imputed dividend and more importantly a $10m + buy-back.
    Might be worth a small additional punt at this level... Yield at $2.53 assuming 17 cents fully imputed is sustainable going forward (maybe they institute a dividend reinvestment scheme to support that) = 17 /0.72 = 23.61 cps gross so at $2.53 that's a 9.33% gross yield.
    Sustainable dividend .Fully imputed,paid quarterly.Next one due at the end of January.

  4. #3504
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by couta1 View Post
    Your talking yourself into a serious top up there Beagle.
    "Bet the ranch" what could possibly go wrong 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

  5. #3505
    percy
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    Quote Originally Posted by couta1 View Post
    Your talking yourself into a serious top up there Beagle.
    Love, hate, love, hate,all part of being a Beagle I guess.?
    I think it is to do with the phases of the moon........................lol.

  6. #3506
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by percy View Post
    Love, hate, love, hate,all part of being a Beagle I guess.?
    I think it is to do with the phases of the moon........................lol.
    Not at all Percy...its about being a little proactive with one's holding, you know...like professional investors and institutions do. Might buy-back some of the ones I sold a while back at $3.16. No love or hate, its just business.
    Last edited by Beagle; 27-11-2018 at 03:11 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

  7. #3507
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    Quote Originally Posted by Beagle View Post
    Not at all Percy...its about being a little proactive with one's holding, you know like professional investors and institutions do. Might buy-back some of the ones I sold a while back at $3.16. No love or hate, its just business.
    Start by buying the 11688 on offer at $2.52, that person should be relieved of those share ASAP, they don't deserve to hold them.Lol

  8. #3508
    percy
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    Quote Originally Posted by Beagle View Post
    Not at all Percy...its about being a little proactive with one's holding, you know...like professional investors and institutions do. Might buy-back some of the ones I sold a while back at $3.16. No love or hate, its just business.
    I guess it shows the difference approach a trader takes, from a long term investor.?

  9. #3509
    ShareTrader Legend Beagle's Avatar
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    Established case law suggests that one is entitled to take reasonable steps from time to time to preserve one's capital as part of a normal investment program (Estate of King v Commissioner of Inland Revenue 2008 Court of Appeal). Not much recent case law on the subject so no further comment from me, (and this post should not be relied upon by anyone as professional tax advice) other than to point out the obvious that there's no profit in this one for anyone in recent years other than the dividend yield.
    Last edited by Beagle; 27-11-2018 at 03:43 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

  10. #3510
    On the doghouse
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    Default The Important Points in the HY2019 Result

    Quote Originally Posted by Snoopy View Post
    I think shareholders should pay little attention to the half year numbers. Much more important will be how the big picture is developing.

    Is 'Autosure' getting traction?
    Profits at 'Autosure' up, a big tick!

    "Insurance (Autosure): Revenue $25.7m up 15%, Op profit $6.4m up 144%"

    Are bad debts really reducing as management hoped?
    "The primary impact on results was the impairment levels for MTF non-recourse loans which have been higher than anticipated. Stricter lending criteria have been introduced and MTF lending processes and credit scoring systems have also been reviewed to ensure robustness, with changes made progressively over the past six months. While the performance of the non-recourse loan offer has been disappointing, MTF’s network of over 300 dealers and franchisees remains an attractive channel for Oxford Finance. "

    I really thought the $6.380m provision over FY2018 would have sorted this out. However, it appears the changes have had to be phased in over this HY reporting period. So I remain optimistic that the HY2019 period will see the back of this issue.

    Is market share holding up?
    "The challenging conditions will inevitably lead to consolidation in the dealer market which will provide Turners with further opportunity in the medium term, as both Turners and Buy Right Cars focus on building market share."

    Sounds like it is.

    How is the 'securitization of loans' going?
    "The securitisation warehouse has recently been extended to $200m, and the new banking syndication with ASB and BNZ is working effectively."

    These are the kind of things I will be looking to find out!
    The headline remarks don't look good with that 'Motor Industry downturn' coming over FY2019.

    "a potential downside impact of 5 - 10% to forecasted FY19 pre-tax profits if current market conditions persist."

    But the motor trade has always been up and down. For those that have a longer time horizon than the current year, I think TRA are on track.

    SNOOPY

    discl: holder, with shares currently down 10% on my purchase cost.
    Last edited by Snoopy; 02-12-2018 at 08:51 PM.
    Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7

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