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Strategies & Market Trends : Value Investing
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To: Spekulatius who wrote (38311)6/16/2010 10:07:48 PM
From: Dan Meleney  Read Replies (1) of 78710
 
HFBC...Selling so far below BV, although the stock offering/cash will dilute that...Where are the warts?...Goodwill was written off...are other assets impaired?...reserves look reasonable from a high level and portfolio quality doesn't look ready to implode, but without being inside its hard to really know...If they use some of this cash to decrease leverage for long term, I'm concerned that ROE will drop too much. Dilution is another concern...stock offering proceeds may be used for acquisitions & de novo expansion...will they be opportunistic in next purchases? Hopefully their purchases won't require goodwill...It looks like their CMOs, if fairly valued, are not a problem....so, why is P/BV so low? This looks like a good value to me.
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