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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Keells Food Products Plc's revenue growth been positive from 2002- 2012

Keells Food Products Plc's revenue growth been positive from 2002- 2012

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Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Jun 12, 2012 (LBT) - Keells Food Products PLC is presently Sri Lanka’s market leader in the processed meat industry and enjoys a market share of approximately 70%. A subsidiary company of John Keells Holdings, KFP PLC started its operations in the year 1983, and today takes pride in being solely responsible in developing the Sri Lankan Processed Meats industry to its current heights. From 2002 to 2012 revenue growth had been positive in the range of 2.26% to 19.80%. Overall average had been a positive growth rate of 10.86% from 2002 to 2012. In 2010 Revenue was Rs.1.83 Bn and this has increased by 19.80 % in 2011 to Rs.2.20 Bn and further increased by 6.04% from Rs.2.20 Bn in FY 2010/11 to Rs.2.33 Bn at the end of FY 2011/12. Main Revenue segment is from manufacturing which accounts for 93.73% and 6.27% is from trading segment.

Net profit has significantly increased by 326.96% from Rs.30.363 Mn in FY 2010/11 to Rs.129.64 Mn at the end of FY 2011/12. However 31st March 2012 Net Profits include other operating income of Rs.13.50 Mn. Net Profit Margin had increased by 4.18% YoY from 1.38% in FY 2010/11 to 5.57% at the end of FY 2011/12. The cash flow was negative at Rs.69.79 Mn as at of 31st March 2012.

ROE had increased by 23.53% from 9.91% in FY 2010/11 to 33.44% at the end of FY 2011/12. This suggests that the company’s performance is rewarding investors. The PE has decreased from 42.0 times on 31st March 2011 to 6.6 times as at 31st March 2012. The current PE of 5.6 times is lower than the industry average of 14.4 times. The stock is trading below its industry price and has a high potential to increase.

Net Asset per share has increased from Rs.38.00 on 31st March 2011 to Rs.53.23 at the end of 31st March 2012. The PBV has decreased from 3.9 times on 31st March 2011 to 1.9 times as at 31st March 2012. The current PBV of 1.6 times is lower than the industry average of 4.3 times. KFP’s share has decreased from Rs.150.00 on 31st March 2011 to Rs.100.00 as at 31st March 2012. This is mainly due to prevailing bearish market sentiments. The current price of the KFP share of Rs.74.30 is trading below both industry PE and PBV multiples. The share value based on company PE and PBV multiples using forecasted earnings for 2013 is Rs.91.63 and Rs.85.17 respectively. However the values based on industry discounted multiples of PE and PBV basis are Rs.196.35 and Rs.191.63 respectively. The share value based on industry multiples averages around Rs.193.99 in terms of 2013 forecasted earnings. Thus based on expected earnings and asset growth we are of the view that the share price will show growth in the medium to long term.
http://lbt.lk/corporate/results/2057-current-heights

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