GEN - General Capital (was MyKRIS)

[Rawz]

Had another read of the report and i think they are across the risks sufficiently. Their LVRs and property downturn sensitizing look appropriate.
Their assumptions behind expected cashflows vs contractual cashflows make sense.

However I cant get past the arrears and note they only have about 100 customers with 13% of lending to 6 customers. so there is concentration risk and its only going to take 1 or 2 big customers to default to cause major headaches

I wouldnt be a buyer at these levels given the state of the economy. A P/E multiple closer to 5-6 would be better. Or if it traded well under book value.

[Rawz]

https://www.nzx.com/announcements/414385

General Capital Limited (“General”) advises that on 14 and 15 June 2023 Borneo Capital Limited (“Borneo”), a substantial shareholder in General, purchased a total of 237,181 additional shares in General taking their holding from 34.94% to 34.99%.
General has subsequently confirmed that the purchase of the shares is a potential breach of the Takeover Code and has advised both Borneo and the Takeover Panel.
General understands that Borneo will be divesting itself of the 237,181 shares mistakenly purchased, representing 0.05% of the shares on issue, and has instructed its broker accordingly.

[Muse]

rookie error by borneo capital

[Sideshow Bob]

https://www.nzx.com/announcements/422456

http://nzx-prod-s7fsd7f98s.s3-websit...456/408254.pdf

General Capital, the NZSX listed financial services group, has had another strong result for the six months to 30 September 2023.

The Chairman of General Capital, Mr. Rewi Bugo said, “The Group’s financial performance has shown growth over the past six months, delivering record revenue, profit and total assets for the period. The point our directors are most proud of is that we continue to grow and produce increasing profits particularly during a flat property cycle.”

Mr. Brent King, Managing Director advised, “The details of the accounts for six months to 30 September 2023 are very positive compared to 6 months ended 30 September 2022: Revenue Up 30%; NPAT Up 16%; Assets Up 12%; Net Assets Up 75% This is a great performance for the Group considering the adverse market conditions.”

Mr. King further advised, “Looking forward, we are expecting the remainder of the financial year to be strong and profitable with continued balance sheet growth. The Group is in a strong position to take advantage of acquisition opportunities in the market as they arise.”

Authorised by the General Capital Board of Directors

[percy]

https://www.nzx.com/announcements/422456

http://nzx-prod-s7fsd7f98s.s3-websit...456/408254.pdf

General Capital, the NZSX listed financial services group, has had another strong result for the six months to 30 September 2023.

The Chairman of General Capital, Mr. Rewi Bugo said, “The Group’s financial performance has shown growth over the past six months, delivering record revenue, profit and total assets for the period. The point our directors are most proud of is that we continue to grow and produce increasing profits particularly during a flat property cycle.”

Mr. Brent King, Managing Director advised, “The details of the accounts for six months to 30 September 2023 are very positive compared to 6 months ended 30 September 2022: Revenue Up 30%; NPAT Up 16%; Assets Up 12%; Net Assets Up 75% This is a great performance for the Group considering the adverse market conditions.”

Mr. King further advised, “Looking forward, we are expecting the remainder of the financial year to be strong and profitable with continued balance sheet growth. The Group is in a strong position to take advantage of acquisition opportunities in the market as they arise.”

Authorised by the General Capital Board of Directors

Strong interim result.
Growth and profit should continue,and I expect at their full year they will start paying dividends.

[blackcap]

Bit weak on first glances. The increase in profit is due to no impairment this time vs last time. Finance division under a bit of margin pressure and provided less to NPAT. But tracking well.

[clip]

Good result, do I recall correctly they do a lot of bridging finance for property/that's the main business? Should only pick up as the market picks up over the next year

[SailorRob]

Once he's finished shilling Greenferns latest cap raise to pensioners results will be better still!

[blackcap]

Once he's finished shilling Greenferns latest cap raise to pensioners results will be better still!

Who is the "he" you are talking about?

[SailorRob]

Who is the "he" you are talking about?

King, formerly of Dorchester Pacific fame.

More red flags than the Chinese communist party headquarters.