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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » CFLB prospects

CFLB prospects

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1CFLB prospects  Empty CFLB prospects Fri Sep 07, 2012 1:40 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
CFLB has a big portfolio representing the market in it and representing index in its EPS. (approx)

If this trend continues they will get a nice increase in EPS in coming months.
Current value 36/- .
80% increase is possible during coming quarter. .

What are the other shares fall in to this category. ?

2CFLB prospects  Empty Re: CFLB prospects Fri Sep 07, 2012 1:51 pm

Antonym

Antonym
Vice President - Equity Analytics
Vice President - Equity Analytics
@Chinwi: I would like to also draw your attention to CIT & CFI, which own 13.77% and 10.84% respectively of CFLB. Both shares are trading at less than 50% of book value.

Caution: In CFI's case, there appears to be an over-supply... probably because of the recent rights issue?

3CFLB prospects  Empty Re: CFLB prospects Fri Sep 07, 2012 2:18 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Thank you. Antonym.

If I remember correctly, all behaved same way in the past. secondary bloomers.
I think they will give good returns for the late comers who miss the opportunity to buy already risen shares during last 2-3 months.
As you said CFI may rise after some time.

4CFLB prospects  Empty Re: CFLB prospects Fri Sep 07, 2012 4:14 pm

Antonym

Antonym
Vice President - Equity Analytics
Vice President - Equity Analytics
Check out these interesting facts about CIT:

CIT holds a big portfolio of shares, including nearly 24.9 million shares of CFLB. The CFLB shares in CIT's portfolio have a market value of Rs 959.5 million.

Based on CIT's issued shares (6.5 million), that works out to Rs 147.62 per CIT share... But CIT is trading at Rs 122.50!

Disclosure: I bought 200 CIT shares @ Rs 121.79 today.

5CFLB prospects  Empty Re: CFLB prospects Fri Sep 07, 2012 4:35 pm

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Antonym wrote:Check out these interesting facts about CIT:

CIT holds a big portfolio of shares, including nearly 24.9 million shares of CFLB. The CFLB shares in CIT's portfolio have a market value of Rs 959.5 million.

Based on CIT's issued shares (6.5 million), that works out to Rs 147.62 per CIT share... But CIT is trading at Rs 122.50!

Disclosure: I bought 200 CIT shares @ Rs 121.79 today.

Hi Antonym, also note that CFI owns further 19.8 million shares of CFLB and that CIT owns 35.74 % of CFI. Thus, technically CIT owns approx 32 million shares in CFLB directly and through its CFI holding. Therefore, CIT is approx Rs 190 worth if only CFLB in its portfolio ! CIT also has other good shares like EB CREASY, LANKEM, COMMERCIAL BANK, NESTLE, CINV etc

6CFLB prospects  Empty Re: CFLB prospects Sat Sep 08, 2012 10:40 am

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Thanks a lot for both of you.

I should pay my attention again to this group (as in 2010 ) .
Still not too late.

Good Luck

7CFLB prospects  Empty Re: CFLB prospects Sat Sep 08, 2012 3:20 pm

anu

anu
Manager - Equity Analytics
Manager - Equity Analytics
@Chinwi wrote:Thanks a lot for both of you.

I should pay my attention again to this group (as in 2010 ) .
Still not too late.

Good Luck

Innam used to be an expert on this group. Don't know whether he is around..!

8CFLB prospects  Empty Re: CFLB prospects Sun Sep 09, 2012 10:28 am

Monster

Monster
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@The Alchemist wrote:
@Antonym wrote:Check out these interesting facts about CIT:

CIT holds a big portfolio of shares, including nearly 24.9 million shares of CFLB. The CFLB shares in CIT's portfolio have a market value of Rs 959.5 million.

Based on CIT's issued shares (6.5 million), that works out to Rs 147.62 per CIT share... But CIT is trading at Rs 122.50!

Disclosure: I bought 200 CIT shares @ Rs 121.79 today.

Hi Antonym, also note that CFI owns further 19.8 million shares of CFLB and that CIT owns 35.74 % of CFI. Thus, technically CIT owns approx 32 million shares in CFLB directly and through its CFI holding. Therefore, CIT is approx Rs 190 worth if only CFLB in its portfolio ! CIT also has other good shares like EB CREASY, LANKEM, COMMERCIAL BANK, NESTLE, CINV etc
Thanks "The Alchemist" for highlighting the fact. There is an interest on CFLB in the recent past when you look at the volume and share price has appreciated to Rs 34/-. However, still it's investment arms CFI and CIT didn't appreciate accordingly.

9CFLB prospects  Empty Re: CFLB prospects Thu Jan 17, 2013 9:08 am

avatar


Equity Analytic
Equity Analytic
Smile

10CFLB prospects  Empty Re: CFLB prospects Fri May 17, 2013 11:40 pm

pathfinder

pathfinder
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Chinwi wrote:

I should pay my attention again to this group (as in 2010 ) .
Still not too late.

Good Luck
Are you the collector?

11CFLB prospects  Empty Re: CFLB prospects Sat May 18, 2013 6:29 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
No. I hold the qty i bought last year.

12CFLB prospects  Empty Re: CFLB prospects Sat May 18, 2013 7:07 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
CIT has not traded with big volume yet.


Just to think this was once Rs 700. Not sure how many more years it will take to get to that price but CFLB at Rs 38, CIT should be 190+ just on CFLB holding right now.

13CFLB prospects  Empty Re: CFLB prospects Sat May 18, 2013 7:28 pm

Monster

Monster
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@slstock wrote:CIT has not traded with big volume yet.


Just to think this was once Rs 700. Not sure how many more years it will take to get to that price but CFLB at Rs 38, CIT should be 190+ just on CFLB holding right now.
I still have hope on CIT. I hold few thousand shares including shares which I subscribed from right issue.

14CFLB prospects  Empty Re: CFLB prospects Sat May 18, 2013 7:48 pm

Antonym

Antonym
Vice President - Equity Analytics
Vice President - Equity Analytics
@Monster wrote:
@slstock wrote:CIT has not traded with big volume yet.

Just to think this was once Rs 700. Not sure how many more years it will take to get to that price but CFLB at Rs 38, CIT should be 190+ just on CFLB holding right now.
I still have hope on CIT. I hold few thousand shares including shares which I subscribed from right issue.
@Monster: Me too.
CIT's NAV per share (at market prices) would be approx Rs 250 now. So, what would be a fair price? 75% of NAV..?

15CFLB prospects  Empty Re: CFLB prospects Sat May 18, 2013 8:35 pm

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Antonym wrote:
@Monster wrote:
@slstock wrote:CIT has not traded with big volume yet.

Just to think this was once Rs 700. Not sure how many more years it will take to get to that price but CFLB at Rs 38, CIT should be 190+ just on CFLB holding right now.
I still have hope on CIT. I hold few thousand shares including shares which I subscribed from right issue.
@Monster: Me too.
CIT's NAV per share (at market prices) would be approx Rs 250 now. So, what would be a fair price? 75% of NAV..?

I would guess that CIT NAV is now close to Rs 300. Interesting if someone could do a analysis of their portfolio valuation also taking into consideration they own approx 41 % of CFI. I also believe component stocks such as CFLB and EB Creasy are seriously undervalued in current context. about 10 years back Al Naqib told me that he thought EB Creasy real asset value should be Rs 5000 / = per Share or total worth on 2.4 million shares around usd 96 mill ! (he had some issues with them in court. he was a large shareholder some time ago). In May 2011, Senthiverl bought parcel of 25,000 EBC at Rs 4000. CIT/CFI own 10 % of EBC directly and over 25% of CFLB which in turns owns 53 % of EBC directly.
CFLB for me, one of the most underrated medium sized conglomerates with attractively diversified businesses going cheap due to below par historical track record of corporate governance, transparency and disclosure. I hope the new young blood in the company changes the culture and unlocks some serious potential value for its shareholders.

16CFLB prospects  Empty Re: CFLB prospects Sat May 18, 2013 11:59 pm

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
The issue with this Group is too much cross holdings by the related parties. At the current prices i feel both CIT & CFI undervalued, which one is the better bet?

17CFLB prospects  Empty Re: CFLB prospects Sun May 19, 2013 3:52 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Usually CIT keeps about a 10-15% gap with CFI . NAV on paper wise CFI is higher after right issue, but holdings wise CIT is in a better position.

High time they combine both these companies. I do not see a clear reason to have them both.


@Gaja wrote:The issue with this Group is too much cross holdings by the related parties. At the current prices i feel both CIT & CFI undervalued, which one is the better bet?

18CFLB prospects  Empty Re: CFLB prospects Sun May 19, 2013 6:55 am

Jeremy

Jeremy
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Colombo Investment Trust PLC - The Crown jewel of CFLB

http://forum.srilankaequity.com/t612-colombo-investment-trust-plc-cit-the-crown-jewel-of-cflb?highlight=Crown+jewel

19CFLB prospects  Empty Re: CFLB prospects Sun May 19, 2013 5:05 pm

Bond


Manager - Equity Analytics
Manager - Equity Analytics
@Gaja wrote:The issue with this Group is too much cross holdings by the related parties. At the current prices i feel both CIT & CFI undervalued, which one is the better bet?

Yes this is true. They have minority interest in each other!
The effective voting power of Financial Trust Limited is very high

20CFLB prospects  Empty Re: CFLB prospects Sun May 19, 2013 10:50 pm

Jeremy

Jeremy
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Colombo Fort Land and Building Company PLC (CFLB) is a fully diversified conglomerate with interest in many sectors. The CFLB group through it complex structure own and control many companies including its flagship listed companies Lankem Ceylon PLC, EB Creasy and Company PLC, Muller & Phipps (Ceylon) PLC, Colonial Motors PLC, York Arcade Holdings PLC, Kotagala Plantations PLC, Agrapathana Planations PLC, Sigiri Village Hotels PLC, Maravilla Resorts PLC. Please read the report on CFLB & CIT.
http://www.srilankaequity.com/2010/02/colombo-fort-land-building-company-plc.html
http://www.srilankaequity.com/2010/03/colombo-investment-trust-cit-crown.html

Group Structure of CFLB & CIT



Shareholdings of CFLB
As per the shareholdings of CFLB the Colombo Investments Trust PLC (CIT) and Colombo Fort Investment PLC (CFI) owns 13.74% (4,947,517 shares) and 10.81% (3,890,076 shares) of CFLB respectively. Further in addition the above direct holdings in CFLB, there is a clear cross holdings between the two companies CIT and CFI. CIT owns 31.69% (1,584,571 shares) of CIT whereas CFI owns 12.95% (732,402 shares) of CIT.

Importance of CIT to CFLB Shareholders
Majority shareholdings in CFLB is vested between three unlisted companies namely Property Investments holdings Limited, Capital Investments Limited and Financial Trusts Limited. Jointly these three companies control approximately 33.10% and Mr Senthirajah the Chairman of CFLB directly owns approximately 6.22% shareholdings. The two Investment Trusts CFI and CIT approximately control 24.5% of CFLB and further 17.17% is held by the Public (Outside top 20 shareholders).

As seen from the shareholdings of CFLB it is crucial for the majority shareholders to be in firm control of CIT& CFI. The control CFI can be achieved with the control of CIT as the latter owns approximately 31.69% of CFI. Therefore control of CIT is the most significant to the control of CFLB.

Who Controls Colombo Investment Trust PLC (CIT) ?

It is important to disregard the CFLB's and CFI's shareholdings in CIT when considering the ownership of CIT as shareholders cannot control CFLB and CFI without the control of CIT.

Majority of shares of CIT are presently held by two unlisted companies namely Financial Trust Limited, Property and Investment Holdings Limited. Jointly theses two companies control approximately 49.87%. This was as result of Financial Trust Limited increasing its shareholdings from 32% to current 35% during latter part of FY 2009.

Therefore we could determine that the shareholdings of Financial Trust Limited is the key to the control of CFLB. Financial Trust Limited is an unlisted company and the shareholdings are not available to the public. In the event if the control of Financial Trust Limited becomes unclear due some unforeseen reason then most important company within the CFLB group undoubtedly is the CIT. Therefore one could consider Colombo Investment Trust PLC (CIT) to be the Crown Jewel of the CFLB group.

Courtesy- Sri Lanka Equity Analytics


Stock Pick said...
Very Interesting analysis.

after reading this article, you may wonder which company is the ultimate holding company of this large conglomerate. It is not incorrect to say CIT is the ultimate holding company of the group although CFLB look the most obvious on paper.

This seems the work of a genius like Mr Senathiraja, he deserves a honorary title like "Deshabandu" for this great piece of craftsmanship.

MARCH 14, 2010 7:25 PM
Jeewantha said...
CSE disclosure made by CIT secretaries indicates that some Directors have indirectly purchased shares of CIT at price above Rs 80/= per share.

APRIL 21, 2010 7:25 PM

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