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  1. #14561
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    If full year profit is more than $85m....that would be exciting!

  2. #14562
    Speedy Az winner69's Avatar
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    Westpac NZ profits doubled in H1

    Wrote back a chunk of previous bad debt provisions ....and NIM increased

    All bodes well for Heartland

    Whose going to guess npat close to $100m this year ...rather than their own guess of $85m
    When investors are euphoric, they are incapable of recognizing euphoria itself.

  3. #14563
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    happy with the target 85m...

  4. #14564
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    Quote Originally Posted by winner69 View Post
    Westpac NZ profits doubled in H1

    Wrote back a chunk of previous bad debt provisions ....and NIM increased

    All bodes well for Heartland

    Whose going to guess npat close to $100m this year ...rather than their own guess of $85m
    Thought you would have posted: "Jeff will make sure it comes in near target and then forecast a nice jump for next year."
    om mani peme hum

  5. #14565
    Speedy Az winner69's Avatar
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    Quote Originally Posted by X-men View Post
    happy with the target 85m...
    Suppose $85m is pretty good v $72m in 2020 - that's up 18%

    Thanks snowie for reminding me - Jeff will see 2021 is maybe $85.2m ....and maybe talk high 90's for 2022
    When investors are euphoric, they are incapable of recognizing euphoria itself.

  6. #14566
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    Quote Originally Posted by winner69 View Post
    Westpac NZ profits doubled in H1

    Wrote back a chunk of previous bad debt provisions ....and NIM increased

    All bodes well for Heartland

    Whose going to guess npat close to $100m this year ...rather than their own guess of $85m
    Agree. Westpac's result and general economic commentary should mean the Covid overlay taken last year is released. Will probably get commentary about the lower underlying result so as to set up 2022 as an increase on this 2021 underlying result, not a possible decrease on circa $100m npat.

  7. #14567
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    https://www.nzherald.co.nz/business/...5DSCHLITQ3CL4/

    I reconk profit upgrade is coming soon

  8. #14568
    Speedy Az winner69's Avatar
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    Global Dairy Trade overnight ...prices basically flat

    Just like Heartland share price at the moment
    When investors are euphoric, they are incapable of recognizing euphoria itself.

  9. #14569
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    ANZ just reported interim result - big gain from reduction in credit impairment balance:

    http://nzx-prod-s7fsd7f98s.s3-websit...670/345379.pdf

    Interim dividend of 70c to be paid - almost back to normal (pre pandemic it was 80c per half year)

    4.5% forward dividend yield is pretty good in current internet rate environment - but of course HGH will be quite a bit better (fingers crossed)
    Last edited by LaserEyeKiwi; 05-05-2021 at 10:22 AM.

  10. #14570
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  11. #14571
    Speedy Az winner69's Avatar
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    That's massive really ....

    .....because it does not include any release of Heartlandís economic overlay,


    So Jeff really saying $90m plus
    When investors are euphoric, they are incapable of recognizing euphoria itself.

  12. #14572
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    Heartland Group Guidance Update

    10/5/2021, 9:35 am MKTUPDTENZX/ASX release
    10 May 2021

    This update on Heartland Group Holdings Limited’s (Heartland) (NZX/ASX: HGH) financial performance falls outside of Heartland’s usual reporting practice. However, Heartland considers a guidance update appropriate given the uncertainty which remains as to New Zealand’s resilience to the economic impact of the COVID-19 pandemic and the timing of the economic recovery.

    All financial results in this announcement are based on the unaudited financial statements of Heartland and its subsidiaries for the nine months to 31 March 2021 (YTD). Relative growth rates are annualised, and include the impact of changes in foreign exchange rates.

    Financial update

    Heartland has achieved a net profit after tax (NPAT) of $21.0 million for the three months ended 31 March 2021 (3Q2021), bringing YTD NPAT to $65.1 million (or $64.3 million on an underlying basis, excluding the impacts of one-offs as detailed in Heartland’s announcement of its results for the six months to 31 December 2020 (1H2021)).

    Underlying return on equity (ROE) was 11.9% (annualised YTD NPAT as a percentage of average equity), flat on 1H2021 underlying ROE.

    Momentum in lending increased in 3Q2021, with gross finance receivables (including reverse mortgages) growing $158.6 million (13.7%), a significant uplift from $59.3 million (2.5%) in 1H2021, resulting in a YTD growth of $218.0 million (6.2%).

    Growth was experienced in Motor, both New Zealand and Australian Reverse Mortgages and Business Intermediated. Current Home Loans pipeline momentum remains strong, with $580 million approved online and $30.3 million drawn down YTD. Heartland recently expanded its Home Loans offering with the provision of a Revolving Credit facility at New Zealand’s lowest rate.

    Heartland maintained net interest margin (NIM) of 4.30% in the nine months to 31 March 2021, up 2 basis points on 1H2021.

    The underlying cost to income (CTI) ratio for 3Q2021 was 44.1%, bringing the underlying YTD CTI ratio to 45.3% (1H2021: 45.9%). The reduction in the underlying CTI ratio during 3Q2021 demonstrates Heartland’s continuous focus on creating end-to-end processing efficiencies through ongoing digitalisation.

    Impairments continue to perform strongly with a YTD impairment expense ratio (annualised impairment expense as a percentage of average receivables) of 0.27% (1H2021: 0.19%). The increase is due to higher than usual repayments in 1H2021, combined with significantly stronger growth in receivables in 3Q2021 compared with 1H2021.

    General update

    Heartland’s digital strategy is evolving further, becoming embedded in operations. What this means is the removal of friction and the prioritisation of speed in delivering service which enhances customer experience and results in processing efficiencies. The online platform for Home Loans is an example of this, where Heartland is currently able to offer the most competitive mortgage rates and will soon offer even lower rates, passing on the benefits of digital banking directly to New Zealand home owners. Ultimately, it will also be demonstrated in reductions in the CTI.

    On 31 March 2021, the Reserve Bank of New Zealand (RBNZ) announced that it was easing dividend restrictions which were put in place in April 2020 (and extended in November 2020), to allow banks to pay up to 50% of their NPAT to shareholders. The 50% dividend restriction will remain in place until 1 July 2022, at which point the RBNZ intends to remove the restrictions entirely (subject to no significant worsening of economic conditions).

    Harmoney’s transition of its funding model from a peer-to-peer off-balance sheet model to wholesale securitised on-balance sheet funding via warehouse structures is well advanced, and the transition of Heartland’s facilities with Harmoney is progressing well.

    Despite continued elevated levels of uncertainty regarding the economic impact of COVID-19, Heartland’s economic overlay of $9.6 million taken in respect of the financial year ended 30 June 2020 remains unutilised. Heartland’s Board continues to consider the need for this overlay as part of Heartland’s upcoming year-end financial results process for 30 June 2021 (FY2021).

    Looking forward

    Provided current trends continue as expected and economic conditions remain stable, Heartland now expects NPAT for FY2021 to be in the range of $85 million to $86 million. This updated NPAT forecast range does not include any release of Heartland’s economic overlay, which remains under continuous review by Heartland’s Board, and on which no decision has been made.

    – ENDS –
    Last edited by LaserEyeKiwi; 10-05-2021 at 09:51 AM.

  13. #14573
    Speedy Az winner69's Avatar
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    That's massive really ....

    .....because it does not include any release of Heartlandís economic overlay,


    So Jeff really saying $90m plus
    When investors are euphoric, they are incapable of recognizing euphoria itself.

  14. #14574
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    Quote Originally Posted by winner69 View Post
    That's massive really ....

    .....because it does not include any release of Heartland’s economic overlay,


    So Jeff really saying $90m plus
    He sure is saying that. What a ripper of an update :-)

  15. #14575
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    Quote Originally Posted by iceman View Post
    He sure is saying that. What a ripper of an update :-)
    Agree.A ripper.......................
    Well done Jeff and the team.

  16. #14576
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    lol - just a 1% stock price pop on the news. What is wrong with this market?

  17. #14577
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    Quote Originally Posted by LaserEyeKiwi View Post
    lol - just a 1% stock price pop on the news. What is wrong with this market?
    It's the hare and the tortoise..... 1 % is a little bit better than -20 % available elsewhere on this Forum ......

  18. #14578
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    Quote Originally Posted by stoploss View Post
    It's the hare and the tortoise..... 1 % is a little bit better than -20 % available elsewhere on this Forum ......
    Fair comment!

    Ok up 2% now, maybe some of that ATM money flowing into HGH

  19. #14579
    Speedy Az winner69's Avatar
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    First profit upgrade in 5 years (was one downgrade once and that was to allow for restructuring and ASX listing costs)

    The master of managing earnings and putting things in the bottom drawer is losing his touch

    Things must be going very very well at Heartland if Jeff has had to come clean ...and there's still another quarter to go
    When investors are euphoric, they are incapable of recognizing euphoria itself.

  20. #14580
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    Pleasing to see everything thing still well on track Happy long term holder.

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