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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » LFIN - Financial Highlights - it is a sleeping giant

LFIN - Financial Highlights - it is a sleeping giant

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opfdo

opfdo
Vice President - Equity Analytics
Vice President - Equity Analytics
FYI

---------------------------------------30/09/2011------------31/03/2011
EPS------------------------------------10.11-----------------14.73
NAVPS--------------------------------- 44.42-----------------37.73
PAT------------------------------------700,168,000-----------1,020,368,379
Deposit from non-bank customers--------22,452,668,000--------19,619,680,724
Lease Rentals Receivables --------------20,292,359,000--------16,332,007,003
Cash & Cash equivalent-----------------325,640,000-----------895,837,456
No.of shares----------------------------69,257,142------------69,257,142
Interest cover--------------------------1.63%-----------------1.69%


  • PAT increased by 74% while interest income increased by 38% when comparing the last year same qtr
  • PER as at today (02/01/2012) by considering the AEPS as 20.22(10.11*2) is around 6.82 bom

Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Thanks mate for your effort.
Keep it up.

opfdo

opfdo
Vice President - Equity Analytics
Vice President - Equity Analytics
some important indicators

------------------------------------------------30/09/2011---30/09/2010
Core Capital to risk weighted asset ratios---------9.30%---------10.59%
Total Capital to Risk Weighted asset ratio---------10%-----------12.39%
Capital funds to total deposit liabilities ratio-------12.57%--------13.68%
Return on equity---------------------------------49%-----------43%

LFIN - Financial Highlights - it is a sleeping giant HcT2XTLsc1QlgAAAABJRU5ErkJggg==



Last edited by osmand on Mon Jan 02, 2012 11:42 pm; edited 3 times in total

Rapaport

Rapaport
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Also top twenty share holders hold 92% of the shares making it less liquid. This gives a chance of a quicker upside and it is a better bet than VFIN.

However i am not happy about their exposure to Gold Pawning and the possibility of Gold crashing. Also slowing Motor Vehicle growth may impact their growth rate.

Also interesting to see how they have financed their 789 million head office building.

lately LFIN is actively advertising and trying to acquire a bigger market share.

Cheers!

Osmand good effort. Maybe we should analyse the other VONE entities SAMP and RCL. The individual companies are better valued than the holding company itself.

Some RCL Research for those who are interested: http://forum.srilankaequity.com/t10815-rcl-tile-sector-star?highlight=tile+star

SRIAS


Manager - Equity Analytics
Manager - Equity Analytics
LFIN - Financial Highlights - it is a sleeping giant Lfin10

kaka


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Same like Tilak K lol!

sriranga

sriranga
Co-Admin
Osmand really appreciate your effort, expecting more from you.
Keep it up.
Have a good trade.

http://sharemarket-srilanka.blogspot.co.uk/

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics


One of the most attractive shares in Bank/Fin sector.

soileconomy

soileconomy
Vice President - Equity Analytics
Vice President - Equity Analytics
Agreed with Rapaport on Gold pawning.Their exposure to pawning has to be calculated.They are offering advances for pawning above the industry average which is a high risk.
Most of the finance companies are making their profits from pawning activities ,which most of the customers use these funds for consumption not for investment purposes.

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
@Rapaport wrote:

However i am not happy about their exposure to Gold Pawning and the possibility of Gold crashing. Also slowing Motor Vehicle growth may impact their growth rate.



Their interest in Real estate has gone down while more concentration on Leases, Hire purchases and Gold loans is made.

Yes due to higher exposure to gold Loans, the risk management is a point LFIN needs to monitor. Good point.
But at least the collateral ( gold) is comparably lesser in risk to other items that can be used for pawning.

Leasing: they should be already locked in with leases with fixed rates for next few years. So the current revenue might not be effected for medium term. Even if there will be a drop in new leases due to slowing of Motor vehicle growth, there branch expansion might cover up for the lag.

What am looking out for is whether LFIN would venture to get more capital from abroad to make their capital adequecy ratios stronger.

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Rapaport wrote:

Also interesting to see how they have financed their 789 million head office building.


Was this good move ?... Since out of total equity 25% going to use for buying this property, which is not good in this stage ( growing stage) My feel is Rs.0.8Bn whould have been used for their operation for max return.

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
@seyon wrote:
@Rapaport wrote:

Also interesting to see how they have financed their 789 million head office building.


Was this good move ?... Since out of total equity 25% going to use for buying this property, which is not good in this stage ( growing stage) My feel is Rs.0.8Bn whould have been used for their operation for max return.

Yes, am not sure also whether this was a good move at this time. Fact that DP is the previous owner of building and also major holder of LFIN might have played some politics also. Would need to know the method they used to fund this property and assesed at the market rates.
I also feel this is the time they could have used that capital to expand further. Anyway guess it is not a complete waste as property values increase over the long term.

aj


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Investors should avoid companies driven by individuals and families like Harrys, Pereras, Lan kems. These companies are not concerned about the minority investors. The profits and the assets are purely used for their individual agendas. I think this is what's going to happen to Samapth too. It will be a tool to buy shares the owner wants for power or to take debt for their individual needs. As they say the owners always win. The minority investors lose.

Hawk Eye

Hawk Eye
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
For Pereras first come the personel interest, and then only Company interest. This building was originally built to run a Casino. Construction was getting dragged for a long time. Sun City Investments and other recent developments with rgd to gaming and gambling he knows this building is not going to serve is strategic purpose in the future. Therefore disposing to LFIN, who else will buy this building.

Hes simply depriving LFIN to grow with this funds

Cant blame him. This is SL, and his petty kade style only works

aero


Manager - Equity Analytics
Manager - Equity Analytics
@seyon wrote:
@Rapaport wrote:

Also interesting to see how they have financed their 789 million head office building.


Was this good move ?... Since out of total equity 25% going to use for buying this property, which is not good in this stage ( growing stage) My feel is Rs.0.8Bn whould have been used for their operation for max return.
i agree with u seyon...if u wanna bank and finance,go with CDB... very attractive now this QTR we expecting EPS>>4.5 b'cos rights.

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