KMD - Kathmandu

**Beagle** · 11-02-2015, 12:42 PM

Originally Posted by Baddarcy

So your saying its a bad thing? Yes its not a huge amount they are investing but $50k i wouldn't call pocket money.

Holland = $NZD 29,600
Kirk - $AUD 50,347.22
Casey = $NZD 29,993.25

How much are they paid by the company ?

**sb9** · 11-02-2015, 04:56 PM

Interesting to see couple of big SSHs issued this afternoon, looks like Fisher Funds sold out some and NAB bought some.

**Beagle** · 11-02-2015, 06:51 PM

I did some digging to put the size of the recent director CFO and Chairman's purchase into proper perspective.
2014 annual report shows Chairman's remuneration is $244k non exec directors $128K.
Salary bands are 1 person earning between $1.13 - 1.14m must be CEO and the next band down is 1 person earning $630K - $640K probably CFO.
While I would agree that its a better sign that they're buying some than doing nothing or selling its hardly like they're betting the ranch on it, (in terms of their remuneration) is it !!
Fascinating tussle with institutions changing their holdings at considerable pace.

**sb9** · 12-02-2015, 11:56 AM

Originally Posted by Roger

Fascinating tussle with institutions changing their holdings at considerable pace.

Wonder where Fisher Funds might be looking to invest with that money.

**winner69** · 12-02-2015, 08:52 PM

Goldman become a SSH

But the detail of he trades on pages 7 to 16 make intriguing reading. More sells than buys
https://www.nzx.com/files/attachments/207836.pdf

Must be a story there somewhere seeing they are clever dudes.

And remember Goldman were the ones who helped float KMD

**GoldenStag** · 13-02-2015, 11:43 AM

Originally Posted by winner69

Goldman become a SSH
More sells than buys

But the fact they are now a SSH mean that the total buys is greater than the sells, no?

They are indeed clever dudes, and this SSH looks like their client base trasactions, meaning their clients are buying up, presumably on some advice from GS.

So we have Harbour Asset Management, Tribeca, Fisher Funds, and NAB all selling down. And we have GS buying.

It is the Fisher Funds selling down which concerns me. They are usually pretty good, and I have effectively bet against them by buying some shares.
The other Australian funds aren't such a bother as they will be in turmoil with their Australian portfolios at the moment and may be doing triage across the board.

The macro conditions for KMD aren't good because they have 2/3 store exposure to the Australian market. The stronger NZD forex is unfavourable for KMD, and Australia is heading into a consumer-wallet-tightening ramp down.

The micro conditions are probably better for KMD in that they can freeze their dividend, stop their expansion in Australia, and perhaps slice staff to control their cost base.

I think at the price it is a good buy, but let's hope Australians are still happy about spending this year. Maybe we should wish for a cold Australian winter?