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Thread: NZR

  1. #1741
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    While I'm not an expert..... this doesn't seem to contain any surprises.
    SP 220....up a wee bit over the last few days. Pleasing

    https://www.nzx.com/announcements/337889

    Disc: As a good Northland citizen. Holding.

  2. #1742
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    Quote Originally Posted by cyclist View Post
    ... The article linked below indicates Singapore complex margin of US$3.50 for the quarter just completed, which should hopefully translate to an NZR margin of around US$8 in the upcoming two monthly update .....

    https://en.yna.co.kr/view/AEN20190617005100320
    Well, got that spectacularly wrong! I do wonder where NZR get their Singapore complex figure from sometimes. It never seems to be close to anything I can find on-line. Very frustrating.

  3. #1743
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    Quote Originally Posted by cyclist View Post
    I think allowing for NZR's uplift and the present value of NZD:USD, that the in-progress year is looking pretty positive (especially relative to the present share price). The article linked below indicates Singapore complex margin of US$3.50 for the quarter just completed, which should hopefully translate to an NZR margin of around US$8 in the upcoming two monthly update. And any spike like is presently happening may get them briefly over cap. Without a shutdown this year, cashflow should be pretty tidy.

    Had to roll my eyes at the solar farm though. I wish they would just stick to their knitting.




    https://en.yna.co.kr/view/AEN20190617005100320
    New GM has got a background in renewables. This could be his version of putting up new wallpaper. Very expensive wallpaper at that. I hope they build oppourtunity cost into their calculations as when the railway line heads to the port (another of shanes projects) I am pretty sure that the substaintial land holding that the refinery wants to turn into a solar farm will be worth a lot more that it currently is.

  4. #1744
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    cracks all over the place , and poor uplift for them

    havnt been in the stock for a while , got out when realised they are not paying down there debt quick enough when they said they would with the end result being higher dividends. but watching still for possible re entry.
    bull

  5. #1745
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    Quote Originally Posted by bull.... View Post
    cracks all over the place , and poor uplift for them

    havnt been in the stock for a while , got out when realised they are not paying down there debt quick enough when they said they would with the end result being higher dividends. but watching still for possible re entry.
    A no touch stock but I guess it depends where it falls to, lost enough already on this pup. PS-Few buyers but lots of sellers.
    Last edited by couta1; 22-11-2019 at 10:05 AM.

  6. #1746
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    Refining NZ Operational Update for September/October 2019

    • The Company earned NZD 49.3 million in Processing Fees for September/October. Year to date Processing Fee income is NZD 222.8 million versus NZD 209.5 million for the same period in 2018


    The RAP achieved throughput of 3.4 million barrels earning income of NZD 6.1 million, 5% higher than the same period last year.

    Operational availability on the pipeline was high except for a planned short statutory inspection
    he higher freight rates are estimated to impact the cost of crude processed by Refining NZ during November and December in the order of USD -1.00 per barrel as the Refining NZ GRM has a two month lag in the freight rates that are applied.

  7. #1747
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    CEO is fixated on EBITDA when they are stuck firmly on the CAPEX wheel. Capital projects blowing out by huge amounts, CEO leaving after a very short time and didn't bother learning the name of the company he is supposed to be leading. Always refers to them as Refining New Zealand rather than their actual name Refining NZ. While this may seem pedantic it's anything but. No Directors or management own any shares to speak of and never have.

  8. #1748
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    Kinda regret buying into this one heavily a few years ago ... still making a profit but only because of the reasonable dividends ... was hoping this puppy would go up to $3 at one point ... oops

  9. #1749
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    Quote Originally Posted by SailorRob View Post
    CEO is fixated on EBITDA when they are stuck firmly on the CAPEX wheel. Capital projects blowing out by huge amounts, CEO leaving after a very short time and didn't bother learning the name of the company he is supposed to be leading. Always refers to them as Refining New Zealand rather than their actual name Refining NZ. While this may seem pedantic it's anything but. No Directors or management own any shares to speak of and never have.
    This name business is more complicated than that. Their registered name is The New Zealand Refining Co. Ltd!


  10. #1750
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    Yes that's right, and it was always called The New Zealand Refining Company until about 6 years ago when they went through an expensive re-branding and ever since has been Refining NZ with the official trading name of New Zealand Refining Company. In a CAPEX intensive business like this how on Earth can the acronym EBITDA be mentioned? The Depreciation is often 100 million! As Munger says Bullsh*t earnings...

  11. #1751
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    Maybe they could refine some chelsea golden syrup when gaps in the pipeline flow ,appear.Utilise it to the max.

  12. #1752
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    Quote Originally Posted by hogie View Post
    Kinda regret buying into this one heavily a few years ago ... still making a profit but only because of the reasonable dividends ... was hoping this puppy would go up to $3 at one point ... oops
    back in 2016 the comapny stated they were going to become a top 50 quartile dividend payer with lower debt levels 10 - 20% and short term payback projects. so im not surprised many including myself brought into the hype, unfortunately they have failed misserably to live up to the hype.
    bull

  13. #1753
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    Quote Originally Posted by cdonald View Post
    New GM has got a background in renewables. This could be his version of putting up new wallpaper. Very expensive wallpaper at that. I hope they build oppourtunity cost into their calculations as when the railway line heads to the port (another of shanes projects) I am pretty sure that the substaintial land holding that the refinery wants to turn into a solar farm will be worth a lot more that it currently is.
    Your point about the solar farm on the land more or less adjacent to our new major Port is a good one. Agree, this land probably of a lot more value supporting the port. I guess the solar farm could go elsewhere ? Just needs somewhere it can hook up to the electrical grid ? And a friendly lines or power company ?

  14. #1754
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    The business model from a minority shareholders perspective is fundamentally flawed.
    The $9 barrel processing fee cap is there purely for the fuel companies benefit and has not been raised for even the effects of inflation for many years, let alone for the increasing ESG and compliance risk or the increasing capex required.

    Its a pure cyclical company run for the fuel companies benefit, not minority shareholders benefit. The real dividend is the cheap refined fuel which the fuel companies apply an arguably exploitive mark-up too. Why would you bother...
    No butts, hold no mutts, (unless they're the furry variety).

  15. #1755
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    Precisely, Beagle. It hurts to advocate losing another company from our skinny NZX but really, NZR would be doing minority shareholders a favour by encouraging oil companies, including the newer, smaller ones to buy those minority shareholders out.

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