Great stuff, next time i snoop around the local Turners i may slap some stickers on all the cars in the back two rows
FREE THERAPEUTIC MASSAGE WITH EACH PURCHASE
Great stuff, next time i snoop around the local Turners i may slap some stickers on all the cars in the back two rows
FREE THERAPEUTIC MASSAGE WITH EACH PURCHASE
The graph on slide 7 is telling - a highly cyclical market (low annual overseas regos are 50% of peak) and we are just moving down from the peak in 2017 ... that's still a long way to come down.
Attachment 10390
And yes, I think they follow a good strategy supported by an unfortuntately not fully committed board. I don't see them crashing into the ground, but I would expect revenues and earnings to dip for some years to come. Will they be able to maintain the amazing dividends? Who knows?
No doubt, though - they might come out stronger at the other end of the dip ...
I though exactly the same thing ....hmmQuote:
BlackPeter ..
The graph on slide 7 is telling - a highly cyclical market (low annual overseas regos are 50% of peak) and we are just moving down from the peak in 2017 ... that's still a long way to come down.
The cause we know was MTF non-recourse loans.
Turners tightened their lending criteria [april last year],so we should see these MTF loan impairments reducing.
Car sales margins will remainunder pressure until BuyRight Cars old stock is completely cleared.
Maybe we will see tighter margins on car sales in future,however finance,insurance,end of life logistics, and property development margins should remain sound.
Interesting that with only 17 days left to go to year end, TRA is not prepared or able to give a trading update?
Also, while the presentation slides of the half year results (Nov 2018) and the Forsake (Oops - Forbar) are substantially the same, there is one very interesting (and telling?) difference :
1. Slide 4 of HY19 http://nzx-prod-s7fsd7f98s.s3-websit...417/291312.pdf
"Expecting consolidation in the used car industry'
Now turns to Slide 7 http://nzx-prod-s7fsd7f98s.s3-websit...936/296734.pdf
Now "Correction / consolidation occurring in the dealer markets which is good for Turners med/long term" :t_down:
Good med/long term?????
Clearly, TRA is being impacted short term then! :scared:
And why should TRA expect to be a beneficiary when barriers to entry in the used car industry is so low?