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- TRA - Turners Automotive Group [previously TNR - Turners Limited]
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29-11-2018, 04:33 PM
#3621
The round skillet was what we wanted.Kmart square one was not.Kmart are certainly very much a major retail force.
Yes Rod Duke had them linning up to get into Salisbury Street's Car Park.!
Fair value on Turners.? The foundations are there for a great company.Should the board deliver on their strategy, we will see the share price double with in three years.
With the board holding so many shares I would think they are "well focussed".
Last edited by percy; 29-11-2018 at 04:35 PM.
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29-11-2018, 04:53 PM
#3622
Looks like Grant has lost the love already, 100k for sale at $2.52 in the closing auction.
Or is he doubling up with the $2.51 $100k bid?
Last edited by McGinty; 29-11-2018 at 05:01 PM.
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29-11-2018, 05:01 PM
#3623
Originally Posted by McGinty
Looks like Grant has lost the love already, 100k for sale at $2.52 in the closing auction.
Nah just looking for a quick $5,000 trading profit
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29-11-2018, 05:03 PM
#3624
Originally Posted by McGinty
Looks like Grant has lost the love already, 100k for sale at $2.52 in the closing auction.
Or is he doubling up with the $2.51 $100k bid?
Or perhaps he's wants another 100k bidding at $2,51.
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29-11-2018, 05:08 PM
#3625
Originally Posted by couta1
Or perhaps he's wants another 100k bidding at $2,51.
I missed that bid but see both the 100,000 buy / sell have disappeared
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29-11-2018, 09:57 PM
#3626
Originally Posted by winner69
Snoops ....that 2.160m you mention is part of the 1.839m adjustment to March 18 Retained Earnings (see the Changes in Equity part of the accounts)
Effectively reduced Shareholder Equity with no impact on the Income Statement (ie profit) this financial year
The new standards do mean they need at what’s provided for differently than in the past - probably more detail in the full half year report and then you can work out if there is a real impact or not.
Originally Posted by percy
Heartland.
New accounting standard IFRS9.HGH adopted estimated $25mil,with an impact on equity of $14mil to $18mil ,which also resulted in an increase in the impairment ratio..
Originally Posted by Beagle
My bean counting philosophical thought for the day.
The concept of proactively provisioning delinquencies based on historically experienced averages (by loan type) is clearly a more accurate way of matching costs off against revenues in the appropriate period. What this accounting standard change highlights is that finance company and bank provisioning has always been historically focused and event driven as opposed to forward proactive thinking.
Thanks for this. So could it be that the significant increase in impairment provision expense for TRA over HY2019 is just reflecting the increasing provisioning required by new accounting standards? Nothing to do with more MTF non-recourse loans supposedly going sour?
SNOOPY
Last edited by Snoopy; 29-11-2018 at 10:12 PM.
Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7
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29-11-2018, 10:15 PM
#3627
Banned
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30-11-2018, 01:50 AM
#3628
Originally Posted by Snoopy
Thanks for this. So could it be that the significant increase in impairment provision expense for TRA over HY2019 is just reflecting the increasing provisioning required by new accounting standards? Nothing to do with more MTF non-recourse loans supposedly going sour?
SNOOPY
could will be the new methodology but when they say “Impairments on higher risk lending categories has been worse than expected.” I’d say not ....doesn’t say mtf but but something specific they didn’t expect
”When investors are euphoric, they are incapable of recognising euphoria itself “
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30-11-2018, 07:50 AM
#3629
Originally Posted by winner69
could will be the new methodology but when they say “Impairments on higher risk lending categories has been worse than expected.” I’d say not ....doesn’t say mtf but but something specific they didn’t expect
Well they certainly did not expect such poor quality MTF originated non-recourse loans.From MTF announcement Turners tightened their lending criteria in April.
So it looks to me as it is still the MTF non-recourse loans they are talking about.Interestingly Turners comment that their own loans have been of lot better quality,and in fact they are putting $4 mil of their own loans through their Oxford Finance company, rather than MTF.This will give Turners a better margin,however I expect it will weaken MTF's loan book.
From April to now I would have thought Turners would have taken action on any or all of the non performing MTF loans.I have never heard of finance companies dithering or dorderling,so again I think a lot, or most impairements will have been taken in this interim result.
Both HGH and TRA now insist they are at the start of any loan application,and both have tightened their lending criteria.
Last edited by percy; 30-11-2018 at 07:51 AM.
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30-11-2018, 09:50 AM
#3630
Is 25,000 at $2.55 their opening buy-back bid?
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