HGH - Heartland Group Holdings

[BlackPeter]

Surely Heartland must be inline for a rating agency downgrade soon

I suppose just baseless stirring?

Sometimes it helps to read their announcements ....

https://www.nzx.com/announcements/447501

‒Heartland remains well capitalised with strong liquidity and no changes to credit ratings.

[Basil]

‒Heartland remains well capitalised with strong liquidity and no changes to credit ratings.

I think the key word missing here is "yet"( remembering HGH are almost a masterclass in "corporate speak"  Credit rating agencies do regular reviews so it's anyone's guess what they might say when they next review Heartland. 

Funnily enough I was just at lunch with a former HGH investor, and he mentioned the exact same thing as Snapiti just did in almost the exact same words and almost at the exact same time, if I recall correctly at about 1.00 p.m..  That's a bit spooky eh. 

Some interesting chatter on the other channel today about HGH's loan quality and lack of provisioning for non-performing loans, only about half of nonperforming loans past due 90 days+ are provided for either with specific or general provisions.
Just as well the ratings agencies never look at this sort of asset quality thing, Opps, hang on a minute, they most certainly do !
https://bankdashboard.rbnz.govt.nz/asset-quality

[snapiti]

I suppose just baseless stirring?

Sometimes it helps to read their announcements ....

https://www.nzx.com/announcements/447501

certainly been reading HGH ann's, lots of smoke n mirrors being used IMO about their rapidly deteriorating loan book, looks like the rest of the market is wakening up and losing faith rather rapidly, shares down 30% in one month, BP have you taken notice of this, I can't see how they can keep the same rating based on this alone not to mention other deteriorating fundamentals so fully expect a downgrade

[Fiordland Moose]

Surely Heartland must be inline for a rating agency downgrade soon

That's what I'd imagine as well, however this is what Fitch had to say:
https://www.fitchratings.com/research/banks/heartland-bank-earnings-under-pressure-from-impairments-expenses-27-02-2025

Worth recalling Fitch's opinion is 'solicited'

[Waltzing]

think of it this way. If you have a country with low economic performance than that will determine the behavior of its citizens....

and if you pump money into in a pump it up scheme you will get behavioral variances on the bell curve.

Management will do what ever it can to get the salary and the performance pay up...

It becomes musical chairs...

And the wreckage is left for someone else to cope with after you have jumped ship....

This is a stock to stay away from...or be very careful of....

at least retail has a reason to sell off... or performance badly..
 

[Waltzing]

and we know there are no comprehensive systems in many places in the country tracking billions of dollars...

no no its all in excel spreadsheets from the reserve banks, to the retail banks... remember those errors in ANZ or WBC excel models...

and maybe this bank...

the Excel error prone worksheets runnning the country ..

simula was created by the Nordics in 1963 .... and here this dumb country uses EXCEL.. a terrible product for multi dimensional roll ups...

even back on DOS VP Planner had a multi dim total up...

https://www.nzherald.co.nz/nz/significant-concerns-health-nz-was-using-a-single-excel-spreadsheet-to-track-28-billion-of-public-money/WADIE2J26JEDVCLXYL7HKTMNDE/

there is the complete incompetence of the wellington mind set on display... and it will be all through the country right down to the councils not just the banks...

[BlackPeter]

and we know there are no comprehensive systems in many places in the country tracking billions of dollars...

no no its all in excel spreadsheets from the reserve banks, to the retail banks... remember those errors in ANZ or WBC excel models...

and maybe this bank...

the Excel error prone worksheets runnning the country ..

simula was created by the Nordics in 1963 .... and here this dumb country uses EXCEL.. a terrible product for multi dimensional roll ups...

even back on DOS VP Planner had a multi dim total up...

https://www.nzherald.co.nz/nz/significant-concerns-health-nz-was-using-a-single-excel-spreadsheet-to-track-28-billion-of-public-money/WADIE2J26JEDVCLXYL7HKTMNDE/

there is the complete incompetence of the wellington mind set on display... and it will be all through the country right down to the councils not just the banks...

Hmm - I guess clearly - our Health system is just spreading taxpayer dollars around, so - who cares and anyway not relevant to this thread. However, looking into Heartland - I doubt that they upgraded their core system in 2023 just to a new version of Excel ... :

https://www.heartlandgroup.info/newsroom/updates/accelerating-digitalisation

Sounds pretty flash for Excel. What do you think?

[Waltzing]

i doubt its flash... probably a whole lots of javascript python and csharp ...

old technology to replace even more ancient technology...

or they might have put some blockchain in place... some on line statements and letters is hardly flash....

bet they still have excel in the head office... ANZ and WBC did and the reserve bank found numerous errors in the models...it may national headlines ...

that before they got to 600 staff..

the point is its doubtful that head offices in this country run on anything but excel... and its an ancient  C API technology...

power is CUDA and the API is a shocker with its long names to implement and its doubtful they could afford it...

id they came and said they had trained a powerful AI model to implement CUDA then fine.. flash..

else NA... a page of nothing on there web site... what a joke of page ...

publish something that says something not that rubbish page of marketing nothing...

its not to say they havnt got something but that page does not say anything.

[winner (n)]

Always good sign when Directors buy

https://announcements.nzx.com/attachment/439259.pdf

[BlackPeter]

Always good sign when Directors buy

https://announcements.nzx.com/attachment/439259.pdf

Maybe he found some spare gold coins in his petty cash. I guess, what else can you buy these days with a bit of change?

[raW tent Buffer]

Maybe he found some spare gold coins in his petty cash. I guess, what else can you buy these days with a bit of change?

$50k aus is a bit of change to you BP? In that case well done with your 9 figure portfolio, very impressive.

[BlackPeter]

$50k aus is a bit of change to you BP? In that case well done with your 9 figure portfolio, very impressive.

Not sure you read the same announcement I did. The link is referring to two purchases with a total value of AUD 9720. Not quite relevant whether this is chump change for me, but it certainly doesn't looks like a high conviction purchase for a company director. Just put it into relation to his director fees ;

[raW tent Buffer]

Not sure you read the same announcement I did. The link is referring to two purchases with a total value of AUD 9720. Not quite relevant whether this is chump change for me, but it certainly doesn't looks like a high conviction purchase for a company director. Just put it into relation to his director fees ;

Perhaps you need to re-read the announcement in its entirety where you will find there are two separate purchasers. Hence the announcement entitled "various" (not singular).

[BlackPeter]

Perhaps you need to re-read the announcement in its entirety where you will find there are two separate purchasers. Hence the announcement entitled "various" (not singular).

OK - yes, Robert did spend $10k and Simon $50k. Good on Simon, and you are correct, I missed the attachment on him. But before smugness starts to impair your walking ... it appears you originally missed Roberts announcement, otherwise your original answer looks sort of incomplete as well. Didn't you ?

[Basil]

Interesting that Mr T with his vast fortune hasn't stepped up to the plate and bought more of this trading at a 13 year low or for that matter OCA either, both trading at what some see as incredibly deep value.  Maybe he has strict ROI criteria and thinks there's no point throwing good money after bad ?