Captital Raising, page-4

Further thoughts: Also interesting that property values have gone up, with a fair val adj increase of 70.3m, while income from the stores has gone down. Could be relying on cap rate compression for that - not saying that it is wrong.

I'm surprised that HVN is taking a great fast lunge into Singapore and Malaysia, without the local currency comparable sales supporting such a move in half 2 IMO. Would it be better if they stuck to incremental growth, rather than a quite sudden 20% increase? Seems a bit out of character with how HVN has expanded in the past to me.

If you add retail and franchising segment earnings and profit together, half 1 was down about 1%, but half 2 is down 16% or so. Nck was down about 5% ish in half 2 from memory, jbh was up about 10% in half 2. I know that was a tough period, but HVN appears to have significantly underperformed in half 2.

I don't like this international expansion coming at a time when HVN appears to be severely underperforming. It seems like the psychology of risk taking when facing losses, to gamble their way out of it. Usually risks under such pressure turn out to be unjustifiable. It really looks to me like something is going wrong tbh. Not sure if there is a simple explanation that I haven't thought of. Wouldn't be the first time.

All IMO