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  1. #1871
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    So we are all happy with the result, and the ShareChat site heads up as below.
    Go figure !


    Heartland FY profit slides 71 percent to $6.9 mln on charges to take distressed assets in-house.

    http://www.sharechat.co.nz/article/3...s-in-househtml

  2. #1872
    Speedy Az winner69's Avatar
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    Quote Originally Posted by RTM View Post
    So we are all happy with the result, and the ShareChat site heads up as below.
    Go figure !


    Heartland FY profit slides 71 percent to $6.9 mln on charges to take distressed assets in-house.

    http://www.sharechat.co.nz/article/3...s-in-househtml
    It's true though isn't it?

  3. #1873
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    Yep...can't argue with that !
    Just an "interesting" headline and focus on a great report.

  4. #1874
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    Quote Originally Posted by RTM View Post
    Yep...can't argue with that !
    Just an "interesting" headline and focus on a great report.
    Just typical of the business commentary we too often get in the media. The headlines far too often do not represent the issue they are reporting on, just like this headline tells us very little about the real contents of the announcement. They had the same headline in the NZ Herald. Just lazy media.

  5. #1875
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    Default Customer Concentration Test 2013

    Quote Originally Posted by Snoopy View Post
    Customer concentration is of course an indirect measure of potential risk. Of more interest perhaps is real risk.

    Interesting reading from Note 32C in the Full Year 2012 accounts.

    There is a large jump in Grade 6 categorized loans. Grade 6 is the 'monitor' category up from $93.269m to $183.814m. Grade 6 is the jargon used by Heartland when a loan is on the cusp of going bad. Obviously these loans have not gone bad at this point, and that should be emphasized. Nevertheless if even half of those loans did go bad it would wipe out a whole years profits. This is something that should make Heartland shareholders cautious. A call for new capital from shareholders is now officially an 'on the horizon possibility', even though Heartland have only said so indirectly in this obtuse way.
    Now we come to the most important page of the results announcement, our once a year window into asset quality. Looks like the reporting format has been changed, which makes year on year comparisons difficult. However, I read the total of the Grade 6 'monitor' assets to have increased from $185.315m to $198.370m. This is not a very good position to be in. I note on that same table there is a provision for collectively impaired assets of $15.961m which is up from $8.032m in FY2012. But that provision increase is not enough to cover the accompanying increase in 'monitor' assets.

    Meanwhile the sum of Grade 7,8 and 9 assets is now $67.313m down from $80.927m, which is a positive. Overall though 'problem assets' (sum of grade 6,7,8 and 9) have increased slightly. I will have to take some time to think through how all this relates to the overall equity position of HNZ. But I was hoping for a bigger improvement in the doubtful loan book than this. I don't think I will be putting any money into HNZ based on this debt book result alone.

    SNOOPY
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  6. #1876
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    Quote Originally Posted by RTM View Post
    So we are all happy with the result, and the ShareChat site heads up as below.
    Go figure !


    Heartland FY profit slides 71 percent to $6.9 mln on charges to take distressed assets in-house.

    http://www.sharechat.co.nz/article/3...s-in-househtml
    Quote Originally Posted by winner69 View Post
    It's true though isn't it?
    Yes - but that was all announced months ago. The new news from today is that it beat expectations and nexts years forecast is even higher. Why focus on the past, especially when all that is built into the share price.
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  7. #1877
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    Yes.
    All of the above is what I was getting at.

  8. #1878
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    An outfit called businessdesk.co.nz seem to produce these articles

    Appear on shah at as well as the NBR

    Spose everybody shares the stuff around

  9. #1879
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    The Herald had the same story and headline

    Stuff at least had a fairfax reporter write something
    . Heartland Bank profit takes a hit


    http://www.stuff.co.nz/business/indu...it-takes-a-hit
    Last edited by winner69; 26-08-2013 at 02:19 PM.

  10. #1880
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    Quote Originally Posted by winner69 View Post
    The Herald had the same story and headline

    Stuff at least had a fairfax reporter write something
    . Heartland Bank profit takes a hit


    http://www.stuff.co.nz/business/indu...it-takes-a-hit
    Not doing themselves or their readers any favours.
    Bernard Whimp and other low-ballers will love the headlines.
    Stuff reporting of the last agm was also a disgrace.
    Makes me realise just how important sharetrader is for us all to get a full and better understanding of Heartland.

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