Thank you for the link,however the two major NZ brokers' research I have quoted ,I think would be more relevant to HBL's prospects.
They do come with a proven record of highest quality research.
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You actually have quoted zip , not even mentioned which brokers you refer to:) DYOR
Thanks percy.Just checked my broker Craigs latest research FWIW, they have a buy with the same target price of $1.34.
"Guidance range on track-4Q impairment to decide final outcome.
"Good core loan book growth of 9%
"The dairy slowdowndoes not appear to have a material impact on Rural’s impairment ratio at 0.1%. That said, weexpect a significant uplift in 4Q, hence we’re keeping our FY16 impairment expense unchangedat ~NZ$13m. "
When i get home i shall have a look:-) You really not very precise or generalities is you game to deflect what you don't like? Leading brokers defined as...define excellent results....if you do your own research why not share, we can all read broker reports:-) You will not even say who you quote from. Will also look at PT figure myself and see if i can agree and then come back with a query..seems a more honest approach.
I do have an excellent 7 year record of sharing my thoughts with others.
Reading this thread from the start will confirm this.
To other posters..Researching and posting was taking too much of my time,so I now post limited research and more generalities.Conculsions will remain spot on as per usual.
Percy, I am absolutely mortified that someone of your standing on this forum should even entertain the least glimmer of doubt as to my ability to copy and paste numbers.
I offer this image from the latest Disclosure Statement as proof of my accuracy:http://i7.photobucket.com/albums/y26...0-Evidence.png
My distress is deep and my partner is going to have cope with the ramifications of this when they get home tonight AND I will almost certainly exceed my weekly recommended alcohol consumption before the day is out.
I have half a mind to never here post ever again.
Exit stage left.
And too think I thought your post was because of excess alcohol consumption.
I will have to try to wade through figures when I have a lot clearer mind, as I am of the understanding impairments have not increased more than normal.I can not blame alcohol .
So I was on the way to the river (or Sungai as we say round here) to throw myself in and end it all, when I got sidetracked by a stall selling Burger Ramly Daging Spesial (where the pattie is wrapped in a fried egg), and by the time I had eaten a few I thought that maybe I should hang around a bit longer as you lot obviously need my help.
There seems to be some confusion between 'Impaired Assets', 'Provision For Impaired Assets' and 'Impaired Asset Expense'.
So go back to my farewell post and look at the numbers in the Rural Column.
Individually Impaired [Assets] ($23,489) is the total value of loans which are (almost certainly) behind in their repayments and for which Heartland is determining the amount of future expected loss individually for each loan.
Provision for Individually Impaired Assets ($1,180) is the total value that they do not currently expect to recover across all of those Individually Impaired Assets.
Individually Impaired Asset Expense ($1,021) is the net amount (there are complications) of new provisions [for individually impaired assets] in this financial year and this gets knocked off (or if negative, added on) the earnings before the tax is calculated.
To complicate the issue there are collectively impaired assets as well - which are the same but different.
As a light relief from going up and down the columns you can also move left and right across the rows and see that whilst Rural Individually Impaired Assets are $23,489 they are not the same thing as the Total Impaired Asset Expense of $8,652.
Best Wishes
Paper Tiger
PS I hope I have got this right
I ended up totally confused,so thank you [as always] for your clarity.
This now ties in with the brokers' research of between $12.9mil and $13.2 mil for Impaired "asset expenses" for FY16 and between $14.2 mil and $15mil for FY17.
So the comment "impairment ratio was surprisingly benign" is correct.
So we can look forward to target NPAT projections of between $52.1 mil and $54 mil for FY16, and between $55.6 mil and $57.4 mil for FY 17.
We remain "well positioned".