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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » CDB Bull Run again???

CDB Bull Run again???

Go down  Message [Page 1 of 1]

1CDB Bull Run again??? Empty CDB Bull Run again??? Sun Jan 30, 2011 6:06 pm

MarketResearch

MarketResearch
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
CDB surpasses Rs.300 Mn net PAT
Continued improvements in key performance indicators in the third quarter of 2010 has enabled Citizens Development Business Finance Ltd (CDB) to record a noteworthy profit growth for the nine months ended 31 December 2010.

The Company’s pre-tax profit has gone up by 938% to record Rs. 331.7 Mn up from Rs. 31.9 Mn for the corresponding period last year, while revenue reached Rs. 1492 Mn projecting a growth of 35% over the corresponding period.

Commenting on the transformation of the CDB, Director/CEO Mahesh Nanayakkara said, “The first decade of the 21st century has witnessed remarkable transformation, establishing CDB as a formidable leading player within the financial services industry. As reflected in all key financial figures, CDB’s transformation from a small player in 2001 to a prominent dynamic player within the industry by 2010 has been remarkable. From 2001 to 2010, CDB’s total asset base has grown from mere Rs. 276Mn to Rs. 9Bn. The annual revenue has grown from mere Rs. 25Mn to around Rs.2 Bn. Net assets which recorded a negative figure in 2001 have been converted to a positive of Rs. 800Mn. From the loss making status in 2001, CDB has continuously recorded growth in profitability since 2004 and posted a net profit figure surpassing Rs.300Mn for the first nine months of the current financial year (2010/2011). CDB was recently assigned BBB-/P3 credit rating by RAM Rating(Lanka) Ltd. We are confident in concluding the current financial year (2010/2011) with the same momentum in bottom-line results”.

Among the principal contributors to the net profit after tax figure of Rs. 310.71 Mn recorded during the period under review, was an increase in net interest income by 79% to Rs. 583 Mn, an increase of Rs. 257 Mn over the preceding year. While the overall NPL ratio stood at 4.48% at 31 December 2010. The earnings per share recorded a figure of Rs. 7.83 for the period under review. Mark to market value adjustment of investment in listed shares amounting Rs.114 Mn also has contributed significantly to the bottom-line results.
LAKBIMA NEWS



Last edited by Quibit on Sun Jan 30, 2011 6:18 pm; edited 1 time in total (Reason for editing : format condensed)

2CDB Bull Run again??? Empty Re: CDB Bull Run again??? Mon Jan 31, 2011 11:10 am

planter


Stock Analytic
Stock Analytic
CDB seems to be gearing up but I don't think have a that big run.

3CDB Bull Run again??? Empty Re: CDB Bull Run again??? Mon Jan 31, 2011 11:35 pm

SilverHawk


Equity Analytic
Equity Analytic
We can see above avarage performance from CDB during last few quarters.

2008 Q4 to 2009 Q4 (Five Quarters)
NP: 80, 276 millions
Annualized EPS: 1.62 (80,276 X (4/5)/39,685)

2010 Q1
NP: 34,564
EPS: 0.87 and growth compared to previous quarter 7.21%


2010 Q2
NP: 65,497
EPS: 1.65 and growth compared to 2010 Q1 89.45%


2010 Q3
NP: 210,699 (include 114,975 million market to market adjustment)
EPS: 5.31 (with market to market adjustment)
EPS: 2.41 (without market to market adjustment) and growth compared to 2010 Q2 46.19%

Average growth rate for last 3 quarters: 47.61%

2010 – 2011 Q4 EPS estimate
1. AVG of last 3 quarters : 4.93/3 = 1.64 (*market to market adjustment amount has been removed)
Annualized EPS: 7.83 + 1.64 = 9.47
Therefore price should be: 9.47 x 21 = 199/=

2. If they able to produced same Q3 results in Q4
Annualized EPS: 7.83 + 2.41 = 10.24
Therefore price should be: 10.24 x 21 = 215/=

3. If they able end up Q4 with AVG growth rate of last 3 quarters
Annualized EPS: 7.83 + 2.41 x 1.476 = 11.39
Therefore price can pass: 11.39 x 21 = 239/=

Current price level: 77.20/= and it’s highly undervalue compared with other stocks. It has a steady growth during last few days even market was bleeding.

Please do not buy/sale stocks base on this post and do your own study.

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