MPG - Metro Glass

[percy]

I would have left the slides showing H2 performance out of the presentation pack.

Anybody interested could have worked out that H2 normalised NPAT was DOWN 18% on last year ...hmm

Cash Flow for year pretty weak - increased working capital and pretty capital intensive business.

Not for me yet,for the reasons you have given..

[sb9]

Bit of mixed bag for me, looks like a good result at the outset but not convincing for me to jump on board..

Just my 2c of opinion though...

[janner]

Not for me yet,for the reasons you have given..

I still like it . Not enough to increase my minor holding though.

One to keep an eye on ..

[BlackPeter]

OK - had a look through the results and joined the conference call. Reasonably happy with the outcome. Obviously - everybody can look at the numbers by themselves and interpret them, so just some comments on "softer points" I took out of that:

• It sounds like that their past is pretty much described by providing a commodity where they only could compete on price. They are in the process of changing that and are offering more and more (for New Zealand) unique or at least added on features like Low E, the capability to produce larger and larger sheets and specialist glass for commercial buildings, .... . I think this is a quite encouraging trend, even if it means that they still have some large investments (and a new learning curve) in the pipeline (another big change over Christmas 2017).
• Despite being in the presentation somewhat vague about their "developing businesses" it sounds like they expect all of them to move this FY into the black numbers
• Their Australian acquisition is going well ...
• They realise that their communication with shareholders is somewhat patchy and are working on improving it. They expect to get something more tangible out of the investor days planned for July.
• positive outlook for FY2018, but the real return of new investment should come in FY2019 and beyond;

Nigel came again across as a competent non-B/S CEO. While he certainly has still some things to learn (who has not?), I don't see a reason not to trust him and prefer (some) uncertainty over made up targets which they afterwards would not keep anyway.

Quite happy with my decision to buy some more around 130 and happy to hold, though still with my overall holding in the red.

[percy]

I still like it . Not enough to increase my minor holding though.

One to keep an eye on ..

Agreed...............

[Blackrose]

I got these. I'm glad to see a bit of growth and the Aussy purchase is sound as Australia is going through "Hard Times" at the moment. But the demand for construction materials won't change that much as there will the ongoing demand for glass products for shiny new products.

I'm content with this purchase even though it's slumped a bit.

[JBmurc]

Looking to park some funds over the next few months MPG is one NZX share I'm looking at ....T/A wise seems to be at a Major double bottom support levels ... 4c divi coming up .... strong construction levels here in NZ >> looking like a possible ST trade ....

[BlackPeter]

Looking to park some funds over the next few months MPG is one NZX share I'm looking at ....T/A wise seems to be at a Major double bottom support levels ... 4c divi coming up .... strong construction levels here in NZ >> looking like a possible ST trade ....

If you've got time until November than I'd say it is a reasonable expectation for the SP to rise. They have traditionally a very good first HY and I don't think this time will be different. If you buy before July 7 (easy to remember - IRD day) than you get as well the divvie. Hey, its just 4 cents, but better than just a warm handshake ...

[JBmurc]

If you've got time until November than I'd say it is a reasonable expectation for the SP to rise. They have traditionally a very good first HY and I don't think this time will be different. If you buy before July 7 (easy to remember - IRD day) than you get as well the divvie. Hey, its just 4 cents, but better than just a warm handshake ...

Yes ...not as long as NOV but more so late OCT for GST payment some 68k thinking ....MVN - MPG ...

[BlackPeter]

Yes ...not as long as NOV but more so late OCT for GST payment some 68k thinking ....MVN - MPG ...

Phh - not sure I would park money for the taxman in shares ... but yes, based on history they should go up sometimes between August and October, well - they did in the past and I see them at current as quite undervalued.

Just hope for somebody leaking the good news prior to HY results in time for your payment .

No view on MVN ...