Fisher & Paykel Turning Chinese: Not at the Current Offer

The bid from 20% holder of Fisher & Paykel Appliances, Haier, [FPA.NZ] looks to be just the start to me.

It is a low-ball bid from an opportunistic bidder in my view and even after all it has been through over the last couple of years still values the company at around $850 million.

The company is Haier and it is large Chinese white ware manufacturer worth around 20 times more than this so the buyout for the company must be put into scale - they can afford more.

Shareholders need to beware that the purchase price is well below the companies intrinsic value and does not place any value on the future prospects of this company and even though I have slagged it in the past, it is worth more. FPA is now running at surplus again and looks set to pay divided once more.

If shareholders recently come to registry want to sell it the fair enough, but if just 10% of sharehoders say no the Haier will have to go spin.

Too many companies have been sold too cheap to overseas buyers and im afraid pakels is another one of those.

Lets not make this another one.


Fisher & Paykel Appliances @ Share Investor

Share Investor's 2012 Stock Picks 
Fisher & Paykel Appliances: Worth a second look?
Long Term View: Fisher & Paykel Appliances
Stock of the Week: Fisher & Paykel Appliances
Fisher & Paykel Appliances future looking bleak
Fisher & Paykel downgrade continues fine tradition
Fisher & Paykel Appliances looking fair value
Fisher & Paykel: A Tale of Two Companies
Fisher & Paykel Appliances: In a spin over nothing

Discuss FPA @ Share Investor Forum
Download FPA Company Reports

Recommended Amazon Reading


The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) by Benjamin Graham
Buy new: $14.95 / Used from: $7.50
Usually ships in 24 hours

Buy The Intelligent Investor & more @ Fishpond.co.nz




c Share Investor 2012

A Tennis Partner Wanted

Just a note way off topic. I am looking for a tennis partner. You have to be interested is tennis (hmm mm) and have a reasonable grasp of the game. Only singles players need apply.

If your looking for a good hit out apply here, now,  Darren at shareinvestornz@gmail.com or try me on the bat-phone, 021 505 767, I am nice.

I have never belonged a club but if its good enough for Andy its good enough for me.

Love to hear from you no matter how good you are - I'm not perfect, definitely not.

In Auckland would be bonus, possibly on the shore.

On topic how about that Fisher & Paykel huh ?

Share Price Alert: Ryman Healthcare Ltd 2

When we last visited Ryman Healthcare Ltd [RYM.NZX] in April 2011 and back then I recommended a strong buy. I picked a strong buy at $2.51 and since its closing back then it has stacked on $1.45. Not bad for a retirement stock! All the 3 others listed in the NZX  have similar trajectories but Ryman is the strongest by far.

You would have to ask your yourself has this got further to go?

Probably you would have to answer but now would be good time to consider moving, lock in the profits and takes your business elsewhere. If you are like me, in for the long term, consider it once if you have and any profit you have now put it to the back of your mind and consider how much you will be getting for your shares in 5 years.

I bought a few years ago for $1.97 and own the shares for less than $1.50, so I am on to a good thing here and a dividend of above 5% make this a stock to keep - based on an average of about 20% growth pa - so you cant go wrong here.

Keep if you don't need to sell but sell if you want to lock in your profits, the only way is down.



Share Price Alert Series

Fisher & Paykel Healthcare Ltd 4
Fisher & Paykel Healthcare Ltd 3
Pumpkin Patch Ltd 5
Fisher & Paykel Healthcare Ltd
Contact Energy Ltd 6
Fletcher Building Ltd 5
Auckland International Airport Ltd
Kathmandu Holdings Ltd 2
Mainfreight Ltd 3
Fisher & Paykel Healthcare Ltd
Fletcher Building Ltd 4
Fletcher Building Ltd 3
Port of Tauranga Ltd 2
Contact Energy Ltd 5
Ecoya Ltd
Contact Energy Ltd 4
The Warehouse Group Ltd 2
Contact Energy Ltd 3
Contact Energy Ltd 2
Xero Ltd 2
Pumpkin Patch Ltd 4
Pumpkin Patch Ltd 3
Hallenstein Glasson Holdings Ltd
Telecom New Zealand Ltd 4
Telecom New Zealand Ltd 3
Port of Tauranga Ltd
Freightways Ltd 3
Goodman Fielder Ltd 2
Freightways Ltd 2
Telecom New Zealand Ltd 2
Ryman Healthcare Ltd
Charlies Group Ltd
Fletcher Building Ltd 2
Contact Energy Ltd
Steel & Tube Ltd
Telecom New Zealand Ltd
New Zealand Stock Exchange Ltd
Mainfreight Ltd 2
The Warehouse Group Ltd
Pumpkin Patch Ltd 2
Hallenstein Glasson Holdings Ltd 2
Fletcher Building Ltd
Restaurant Brands Ltd
Mainfreight Ltd
Tourism Holdings
Goodman Fielder Ltd
Pumpkin Patch Ltd
Hallenstein Glasson Holdings Ltd
NZ Refining Ltd
Freightways Ltd
Xero Ltd


Ryman Healthcare @ Share Investor

Ryman Healthcare Ltd: 2011 Half Year Profit Review
Gordon Macleod on Ryman Healthcare's Australian Expansion
Share Investor Q & A: Ryman Healthcare's CFO Gordon MacLeod
Ryman Healthcare: Interview sneak peak
Ryman Healthcare Ltd: Australian Expansion Needs Care
Share Investor Q & A: Reader Questions to Ryman CFO Gordon Macleod
Long Term View: Ryman Healthcare Ltd
Stock of the Week: Ryman Healthcare Ltd
Why did you buy that stock? [Ryman Healthcare]
Long VS Short: Ryman Healthcare Ltd
Time for retirement?

Discuss RYM @ Share Investor Forum



c Share Investor 2012

Is he really OK ?

Ive got a little time on my hands so let me begin with this, I wont be getting rid of my portfolio. I have gotten rid of 3 losers and am perhaps gonna jettison up to two more for the exact opposite reason - they have both returned more than 200% - so the portfolio is going to drop in value by less than $5,000.00. This is around 1% .

Ive got a $35,000.00 overdraft and $23,000.00 coming from dividends and so far in August got just over 1k in work, so should be right.

Just in case you don't know about me or my portfolio im 46, married with a 3 year old girl and had a stroke in February and have been recovering - fast - since. The bulk of the portfolio has been going since 2002 and has done well so far being up by over $100,000.00.

The bulk of the portfolio is up but there are a few losers but none of them long term, the Warehouse and Fisher and Paykel Healthcare, and I cant say more about the last one, $1.95 at time of writing and by my reckoning one the future leaders on the NZX. Well run and grows every year the only "holding it back" is the value of the kiwi / US. Its all been in the kiwis favour the last 4 years but that will not last for ever, until then buy if you have any spare shekels. On the first you have the last 2 leaders, I believe we now have a leader that can grow sales and profit and he is putting our money where is mouth is so he better be sure, he can do it.

I have spent much time arguing over the merits of each stock here and have been wrong 3 times (see above) and consider that a good sort of mark to start from. Of course if I change my mind on something you will be the first to know.

I haven't bought anything new, really solid company's with good earnings and potential to do better are order of the day and all of them are achieving that except for a couple that have been through a temporary lull Pumpkin Patch ,Steel & Tube and the Warehouse will once again be ripe with pickings.

You wont be surprised that I left off a couple of stars Mainfreight, Ryman but they have done well and do for the future and Hallensteins and Briscoe Group are two retailing delights.

The rest is really just time and of course love and having enough of each one to keep the other going.

Oh and the fact that you cheated death and lived to tell the tale!




Steve Jobs Biography - By Walter Isaacson

c Share Investor 2012