Which part of this report in particular do you consider to be "fiction"?
Anybody knows how the sales in the The BayView are going? Bit far away for me to pop around and check ...
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I didn’t say any particular part was fiction .....I was just recalling an old saying because the ‘words’ and the numbers don’t seem to match up to me .....all a bit obtuse.
Mind you I didn’t understand the last presentation CBL put out ....that appeared to be a pretty cool production....maybe not understanding it was a blessing
What I struggle with is this story (my translation) -
Everything’s going great and to plan (they used robust a few times). They sold an extra 42 new units (23 last year to 65 this year is an awesome effort) and the development margins remained very high. In addition resales were up by 10 (69 to 79 pretty good). They seemed pretty pleased at the prices they were getting (up on last year). All fantastic stuff, especially the extra 52 sales, but underlying earnings were only up $1m odd
All the lines and columns on the pretty charts show numbers much higher than last year .....except the profit ones.
Not really .....funny enough I fully understand Slide 26
Somebody as suggested that OCA produce a Profit Bridge like Air NZ do. A diagram showing the main components (plus and minuses) of how underlying earnings increased from $19.9m to $20.9m
The market per se maybe don’t get it (understand) and that is why the share price is where it is. A bridge might help more understand what’s going on.....if you, Maverick and Couts are the only people who ‘get it’ the share price is always going to be lower than what most think it should be.
My goodness OCA heading lower to $1.02 while ARV up today at $1.32...OCA was listed so dam cheap (as I mentioned at the time - to a very skeptical reception might I add...) it was always going to go up... ARV wasn't listed at such a bargain basement discount... Imagine if OCA had listed near the top of its range - say 95c like ARV was (still a whopping 10c lower than the highest indicated point), the share price would hardly be up... (95c to $1.03 with less dividends than ARV paid in 20 months)... for comparative sake, ARV 20 months after it was listed was at $1.15 and basically only went higher from there... so the argument "Sure ARV hasn't gone down as much but its woeful SP appreciation since OCA listed of just 3% speaks for itself in terms of its bottom of the pack ranking." is not great, in my view.
You are a mind reader mate. That's exactly what I have been thinking although AIR's profit bridge won't be looking so fancy this year but at least it will be crystal clear.
I might suggest exactly that to Earl and why I think its a good idea. He's a well qualified bean counter so I am sure he'll know where I'm coming from.
My sense is the grind is coming for some people and a test of $1 is imminent. Some weak hands are going to get shaken out.
This sort of fearmongering is not new and has been canvassed on here at length before.
I hope Cindy's Kindy try and get a comprehensive CGT through in the next election because this presents as the best chance to get rid of the present Government.
IRD's job is to interpret legislation and enforce it.
Sure, anything is possible including nuclear war in the next 1-5 years but I think one is best to concentrate on clear and present risks not on vague possibilities don't you ?
If you really thought this was a material risk to the sector you and your wife wouldn't be holding would you...