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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » MPRH is it the most undervalued stock in plantation sector?

MPRH is it the most undervalued stock in plantation sector?

+17
Arena
Gaja
UKboy
K&M
Jiggysaurus
suja
NUINTH
Whitebull
prabath
rainmaker
smallville
Market.Player
The Alchemist
Slstock
Monster
Chinwi
Nigel.Machado
21 posters

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Slstock


Director - Equity Analytics
Director - Equity Analytics

My good so many share gave 50% run from bottom values. Some gave over 100%.


Nigel.Machado wrote:Some called it promotion. Yet MPRH gave a healthy return above 50% moving from 18-20 level to 28-30 level. Highest point being 33.

suja


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Nigel,
Do you think the share has no value now? I dont see your name in the list anymore? This is not a trick question just want to know your opinion

Nigel.Machado


Manager - Equity Analytics
Manager - Equity Analytics

I shed some of my holding before 31st March and the rest afterwards. Have to wait & see about the wage increment issue. Tea based plantations will be healthy till avg tea prices are above rs420. But increase in grativity has to be calculated. Also according to SLFRS acturial gain or loss on retirement benefit plan will have to be computed. This will vary from business to business as the discounting rate for this calculation will be based on companies cost of capital. Im still holding onto MASK though.

May be an expert can shed some info on this acturial gain loss calculation on retirement benefit plan according to SLFRS.

suja


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Thanks mate,

I saw some people mentioning about Horana. They even said that they will declare a devident this time. If I am not mistaken Their balance sheet is not great, they have a negative cash position and I do not know how they can pay a devident?

What are your views?

guys please comment?.

Nigel.Machado


Manager - Equity Analytics
Manager - Equity Analytics

HORA is a well managed company among plantation companies. For an instance we know that holding companies charge an Management fee from the plantation companies. Mangement fee for MASK is 184mn & for HORA its only 16mn. Even if mgt fee is calculated based on revenue still it isvery much lower than MASK.

HORA will be able to declare a dividend as they have made 300mn positive cash flow from operations. Also 88mn after investing & financing activities.

Nigel.Machado


Manager - Equity Analytics
Manager - Equity Analytics

But dividends is always a management decission.

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Thank you Nigel.Machado for opening this thread.

After you highlighted the stock I quickly studied and bought it around Rs. 23.

Unfortunately I managed to find funds for only 10,000 shares that time.
I hope it will go to next stages in due course .

Withing next 2-3 months we should take a firm decision on plantations. For that, deep studies needed. All are talking about wage issue; previous memories affect our thinking . Sometimes unexpected happens.

suja


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Hey I saw this late and hence kindly disregard my question on HOPL devident analyser what I mean is they have a negative working capital position CA-CL and hence if they a devident wont they be trouble in the medium term as it is a pure cash outflow.

Nigel.Machado


Manager - Equity Analytics
Manager - Equity Analytics

I prefer MASK from all tea based plantations. Its under the management of RICH. RPC plantation management company holds 83% of the company.

Annual eps of rs 7
Without time adjustment for rights annual eps of RS 5

short term investments of Rs 300mn

Net asset value of 29.

In 2011 when the wages were revised avg tea prices also dipped down to rs300 level. But now the tea prices are above 420. As i know avg cost per kg of tea was between 340 to 360 before wage revision. Now the cost per kg should be somwhere between 370 to 390.

Vptilak


Manager - Equity Analytics
Manager - Equity Analytics

Nigel.Machado wrote:Metropolitan Resource Holdings

9 months earnings RS 11.52

3 months earnings RS 6.19

Market Price 23.40

http://www.cse.lk/cmt/upload_report_file/724_1360580346484.pdf

2012-2013 financial year NAV is Rs. 45.02 and EPS Rs. 14.87 . Now trading at PE 2. Last year with EPS (10.78)Loss .Still they paid a dividend of Rs 1.25. How much this time ?

KDDND

KDDND
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Nigel.Machado wrote:I prefer MASK from all tea based plantations. Its under the management of RICH. RPC plantation management company holds 83% of the company.

Annual eps of rs 7
Without time adjustment for rights annual eps of RS 5

short term investments of Rs 300mn

Net asset value of 29.

In 2011 when the wages were revised avg tea prices also dipped down to rs300 level. But now the tea prices are above 420. As i know avg cost per kg of tea was between 340 to 360 before wage revision. Now the cost per kg should be somwhere between 370 to 390.

Me too prefer MASK in plantation.....
and this time MASK has everything to pay very good dividend.......
Rs. 2 to 3????? is this possible? practical??? scratch

Nigel.Machado


Manager - Equity Analytics
Manager - Equity Analytics

I dont think MASK will declare a dividend. Wise will not declare dividend till the wage impact set in. Still anything & everything is possible. Anyway why should mask declare dividend when the parent company has already charged 184MN as management fee.

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