Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hello, Very recently ING has taken a punch in the stomach with lower than expected results and not a great outlook for the future. Do you consider this a buying opportunity? If so why so. If not why not. SPK , too, has taken a hit. I would ask the same questions of this company. Thanks for your always superb analysis and wise counsel. Never let your high standards of quality and honesty drop. Paul
Hi Paul,
Two very different companies here, neither of which has enjoyed the last few years.
Inghams (ING) – shares plunged last week after the company reported full-year revenue that missed estimates amid softer demand and a higher percentage of sales of lower-margin goods as consumers cut back on spending. ING’s NPAT for FY25 came in $89.8mn, well below analyst estimates in excess of $100mn leading a stream of downgrades. Cost of living pressures weighed on ING even though chicken is a comparatively cheap source of protein.
Also, they said operating costs are set to rise and sales prices to fall in FY26, nothing reads well there. Lastly, the concerns are growing with millions of dollars being thrown at a biosecurity defence plan to prepare Australia for the H5 bird flu outbreak sweeping the globe, ING will obviously be vulnerable.
Spark New Zealand (SPK) – New Zealand’s largest telecommunications and digital services provider, serving a diverse range of customers—from households and small businesses to government agencies and large enterprises. This month’s FY25 report and FY26 estimates had little impact on the share price which has been falling for the last 18-months. Most investors are considering SPK for yield, but the picture has become clouded here:
The company is aiming to reduce interest costs, identify further cost-saving opportunities, and benefit from a modest economic recovery in New Zealand. At the same time, it sees potential to grow revenue per customer, which could help offset rising lease repayments and the decline in legacy private cloud and voice services—ultimately supporting fresh cash flow growth. All feasible but not inspiring.
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