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Speaker 2: Approaching the numbers and getting the results, reach with the business,

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Speaker 2: ower and mass insurance and investment and screw your wealth,

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Speaker 2: protect your future News.

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Speaker 1: Talks, b six twenty three on News Talks edb. Sam

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Speaker 1: Trithawi is with US, He's with Milford Asset Management.

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Speaker 3: Good evening, good ending Right.

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Speaker 1: Firstly, how would you summarize earning season? What companies were

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Speaker 1: you high as, what were your lowse.

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Speaker 3: I think that earning season overall really confirmed what was

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Speaker 3: not perhaps not a surprise for most at the second

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Speaker 3: half of last year was a very tough period for

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Speaker 3: New Zealand companies and within the results reported you could

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Speaker 3: see impacts of a weak consumer, not dramatically worse than prior,

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Speaker 3: but certainly not improving. And on the back of it

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Speaker 3: there was a big step up in corporates taking a

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Speaker 3: much more serious approach to cost cutting. Probably one of

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Speaker 3: the positives was really around the labor pressures that if

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Speaker 3: you went back to three years ago, a lot of

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Speaker 3: CEO is one of the top concerns was finding staff

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Speaker 3: or the availability of labor. That has now flipped the

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Speaker 3: other way. So overall, not dramatically worse than expected, but

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Speaker 3: definitely subdued in terms of highlights and lowlights. I think

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Speaker 3: what was former A two sorry, what was the former

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Speaker 3: market Darling A two of milk That was a clear

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Speaker 3: standout stock up thirty seven percent as the company really

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Speaker 3: got its mojo back, taking material share in the Chinese

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Speaker 3: and for forming the market, and lowlights Spark in Royman Healthcare. Really,

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Speaker 3: what's a soft trading update in a large one billion

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Speaker 3: dollar capital race?

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Speaker 1: Yeah? Which of those two things was more of a

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Speaker 1: surprise to you? Because we know that Spark's been in

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Speaker 1: trouble for a week while, so getting that news perhaps

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Speaker 1: wasn't It wasn't as surprising as the Ryman equity raise.

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Speaker 3: Yeah, No, I I agree. I think it's the Rhyman

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Speaker 3: rays that that would have surprised investors the most. The

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Speaker 3: Spark result well clearly not great, and you know there

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Speaker 3: were hens rounds. I guess loss of control of the

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Speaker 3: cost base from management. It follows several soft trading updates

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Speaker 3: from the company over the last year or so. But

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Speaker 3: for Ryman, I think that really surprised in two ways.

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Speaker 3: So firstly that trading update that they put out sales

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Speaker 3: of units within their villages. We're tracking at sixty percent

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Speaker 3: of the prior year over the last week so over

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Speaker 3: the last few weeks, so a big step down there.

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Speaker 3: And secondly, if you'd asked most investors who follow the

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Speaker 3: company closely, does Ryan Ryman need more cash? I think

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Speaker 3: the answer would have been something like potentially in the future,

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Speaker 3: but nothing is pressing at this stage after they did

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Speaker 3: step up and raise new equity in an emergency way

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Speaker 3: two years ago. So that means that the raising was

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Speaker 3: priced a heavy discount and had a pretty material fly

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Speaker 3: on impact to the wider market as investors look to

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Speaker 3: fund it.

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Speaker 1: Sam, this has obviously not been a great reporting season

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Speaker 1: for US for the half year. How far off peak

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Speaker 1: bad news do you think we are?

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Speaker 3: I think the fact that corporatings were subdued but not

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Speaker 3: maturely worse suggests that yes, we potentially are at peak

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Speaker 3: bad news or the trough of the economic cycle. The

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Speaker 3: real question facing investors is really down downto and has

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Speaker 3: been prolonged so far. And then secondly, what recovery path

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Speaker 3: will we follow? So management teams from large companies just

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Speaker 3: hope of or optimism of recovery in the second half

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Speaker 3: of the year. And yes they are taking cost out

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Speaker 3: much more seriously, but I'll be watching the consumer closely

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Speaker 3: for signs of that strong demand, to get an indication

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Speaker 3: of that pace of recovery. So, when will we actually

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Speaker 3: see lower mortgage rates start to lift consumer spending more

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Speaker 3: materially than what's happened so far.

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Speaker 1: Hopefully soon, Sam, Thank you for that Sam Truth. We

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Speaker 1: Milford Asset Management with the look back at reporting season.

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