NZX - NZ Exchange

[Baa_Baa]

I note that there have been no sales of HBL since just before 13:00....Are we too small of a size to establish a proper market ?

No chicken little here, it's "The NZX and ASX will be closing early on Friday 22 December 2017. The NZX will be closing at 1:00pm, ASX will be closing at 4:00pm (NZST)"

[RTM]

No chicken little here, it's "The NZX and ASX will be closing early on Friday 22 December 2017. The NZX will be closing at 1:00pm, ASX will be closing at 4:00pm (NZST)"

Ah..that’ll be why then Baa Baa. Drifting around out here had forgotten it was Friday. Nice way to end week. Portfolio at all time high, HBL 208. Hard to go wrong at the moment, isn’t it.
Merry Xmas all.

[airedale]

Lower fees,lower fees,lower fees.
The fees are too high for smaller companies.

Lower fees for market data would help liquidity. Colin Twiggs of Incredible Charts tried recently to get NZX data but the price from the Exchange was prohibitive. He can get data from other exchanges at a reasonable cost but not NZX. That is the sort of niggling thing that turns investors away from buying in to NZ companies.

[Balance]

http://www.nzherald.co.nz/business/n...ectid=11992952

One IPO and 8 delistings in 2017 - pretty much tells the sad tale of the buggered up NZX.

And 2018 has already started with a multi-billion dollar delisting, Xero, with ATM likely to follow if current trend of NZX trades on the stock consistently lowever in turnover (by a lot) slavishly following the ASX.

As for 2019 being a year of private equity sell-downs to give the NZX a boost, thanks but no thanks - Wynyard, Intueri, Veritas, Snakk, Plexxxure etc etc come to mind.

The thousand points of light left by ex-CEO Weldon referred to so effusively and glowingly by ex-Chairman Harmos has well and truly been revealed to be an illusion of smoke and mirrors using a single candle light, now flickering dangerously towards dark.

[Lola]

http://www.nzherald.co.nz/business/n...ectid=11992952

One IPO and 8 delistings in 2017 - pretty much tells the sad tale of the buggered up NZX.

And 2018 has already started with a multi-billion dollar delisting, Xero, with ATM likely to follow if current trend of NZX trades on the stock consistently lowever in turnover (by a lot) slavishly following the ASX.

As for 2019 being a year of private equity sell-downs to give the NZX a boost, thanks but no thanks - Wynyard, Intueri, Veritas, Snakk, Plexxxure etc etc come to mind.

The thousand points of light left by ex-CEO Weldon referred to so effusively and glowingly by ex-Chairman Harmos has well and truly been revealed to be an illusion of smoke and mirrors using a single candle light, now flickering dangerously towards dark.

I wonder what the MOU that the NZX signed with the HK Stock exchange says and what its really about...if anything.

But with Mr Babbage on the NZX Board it might be a serious intent to get very close together.

Another thing Id love the NZX to do to address the lack of liquidity issue is to allow participating firms to run books and be principals much like market makers in the UK and as NZ firms did in previous decades. I wont hold my breath though as this would be far to radical for regulators to get their pin heads around.

[peat]

who pays for that report from PWC?

[Food4Thought]

NZX
19/02/2018 08:32
FLLYR
PRICE SENSITIVE
REL: 0832 HRS NZX Limited

FLLYR: NZX: NZX Full Year 2017 Results & Annual Report Published

NZX today published its full year financial results and annual report for the
12 months ended 31 December 2017.

Please find the following materials attached:

o Announcement: NZX Full Year 2017 Financial Results
o Appendix 1
o Appendix 7
o NZX Annual Report 2017 (including audited financial statements and
management commentary on financial results)
o NZX Full Year 2017 Investor Presentation
o Shareholder Letter

Financial highlights include:

o Net profit after tax increased to $14.8 million, up 61.6%;
o Operating earnings up 31.3% to $29.0 million on a like-for-like basis;
o Revenue up 1.1% on a like-for-like basis to $75.3 million;
o Operating expenses decreased 11.6% on a like-for-like basis as cost control
initiatives continued; and
o Full year 2018 operating earnings expected to be within a range of $28.0
million to $31.0 million. This guidance assumes no material adverse events,
significant one-off expenses or major accounting adjustments.

For further information please contact:
Hannah Lynch
Head of Communications
T: 09 308 3710
M: 021 252 8990
E: hannah.lynch@nzx.com
End CA:00314360 For:NZX Type:FLLYR Time:2018-02-19 08:32:46

[Balance]

Quick analysis:

NPBT increased by $6.5m or 29% - impressive at first glance until you consider what the company wrote last year to justify its huge drop in operating profits in 2016 vs 2015.

1. - Much was made of the one-off type costs increases last year (2016) - Wages and salaries costs increased by $4.8m.

Excerpt : "Of this amount, $1.7m related to NZX Wealth Technologies with a full 12 months of expense in 2016 compared to six months in 2015, as well as additional staff recruited to service major new clients won during 2016. The remainder of the increase was due to costs associated with the CEO transition, additional staff recruited on a fixed term basis to support major project(the clearing system upgrade, the energy systems upgrade and the FMCA compliance project) and additional leave accruals".

2. - $3.0m related to Ralec litigation which was completed in 2016.

So 1 & 2 account for $7.8m drop in expenses alone - more than the increase in operating profit!

SO MUCH FOR COSTS CONTROL INITIATIVES!

No wonder sp is down after the results - this company does not know how NOT to spin.

[bull....]

dividend policy is being changed to 80% to 110% of NPAT.

I not sure if its my adding or lack of sleep recently but on a 15m profit next year say and 268m shares on issue doesnt that mean the dividend will decrease next year if npat stays the same as this year? If thats the case isnt the .01c increase a illusion for shareholders? of confidence in there strategy

[peat]

1. - Much was made of the one-off type costs increases last year (2016) - Wages and salaries costs increased by $4.8m.

Excerpt : "Of this amount, $1.7m related to NZX Wealth Technologies with a full 12 months of expense in 2016 compared to six months in 2015, as well as additional staff recruited to service major new clients won during 2016. The remainder of the increase was due to costs associated with the CEO transition, additional staff recruited on a fixed term basis to support major project(the clearing system upgrade, the energy systems upgrade and the FMCA compliance project) and additional leave accruals".

2. - $3.0m related to Ralec litigation which was completed in 2016.

So 1 & 2 account for $7.8m drop in expenses alone

exactly
I reviewed this stock some months back when there was a murmur of change and growth
I couldnt see it myself. There was no ability to substantially move revenue without growing the stock exchange either by listings or transactions. It is patently clear from their monthly stats that this is not happening
Cost cutting is a one off sometimes two but its growing a business that reaps rewards.
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