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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » What about DFCC...

What about DFCC...

Go down  Message [Page 1 of 1]

1What about DFCC... Empty What about DFCC... Sun Mar 10, 2013 10:28 pm

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Hi Guys...

I had a look at the DFCC at the weekend and think it will do well in the coming months/years.They had a flat growth for the last couple of quarters. But with the given opportunity from budget 2012 to raise up to USD 250m as 10 year tenure long term loan , they'll have enough money to go ahead.
And also Rs 4-5 dividend also on the card in the next few months. Share price also somewhat around 112-118 for the last few months.
I know there are premier banks around. But I think the price of DFCC is ok to enter @ these levels. What u guys think??
Thanks

2What about DFCC... Empty Re: What about DFCC... Sun Mar 10, 2013 10:53 pm

hettdas

hettdas
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Leon wrote:Hi Guys...

I had a look at the DFCC at the weekend and think it will do well in the coming months/years.They had a flat growth for the last couple of quarters. But with the given opportunity from budget 2012 to raise up to USD 250m as 10 year tenure long term loan , they'll have enough money to go ahead.
And also Rs 4-5 dividend also on the card in the next few months. Share price also somewhat around 112-118 for the last few months.
I know there are premier banks around. But I think the price of DFCC is ok to enter @ these levels. What u guys think??
Thanks

DFCC is very good reliable bank and its NAVPS is around 85 and Earning per share for 9 months ended is more than 7. We can expect a good dividend this time. Very Happy

3What about DFCC... Empty Re: What about DFCC... Mon Mar 11, 2013 8:56 am

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@hettdas wrote:
@Leon wrote:Hi Guys...

I had a look at the DFCC at the weekend and think it will do well in the coming months/years.They had a flat growth for the last couple of quarters. But with the given opportunity from budget 2012 to raise up to USD 250m as 10 year tenure long term loan , they'll have enough money to go ahead.
And also Rs 4-5 dividend also on the card in the next few months. Share price also somewhat around 112-118 for the last few months.
I know there are premier banks around. But I think the price of DFCC is ok to enter @ these levels. What u guys think??
Thanks

DFCC is very good reliable bank and its NAVPS is around 85 and Earning per share for 9 months ended is more than 7. We can expect a good dividend this time. Very Happy

I feel due to the changes in the accounting policy they will report a one off gain of Approximately 10 Billion, but there will be no cash flow impact.

4What about DFCC... Empty Re: What about DFCC... Mon Mar 11, 2013 9:02 am

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
DFCC has a very lumpy loan portfolio. There equity portfolio is skewed towards other banks due to the Harry J attempts.

The Irish bank that sold those stakes must be cursing themselves. Razz
They also had the 10% stake in SAMP

5What about DFCC... Empty Re: What about DFCC... Mon Mar 11, 2013 1:50 pm

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
DFCC has not been doing well. They have lots of capital (core capital of 19%), high NPL ( higher than the industry, well above peers) and very low ROE.

Don't expect much to happen. True, budget relief are good, but their problem is not capital, they are not lending enough.

6What about DFCC... Empty Re: What about DFCC... Mon Mar 11, 2013 4:16 pm

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Dfcc should list the VB subsidiary and spin it off from the parent entity. There is no point in having two banking licences under one roof. It should then dispose all its equity stakes in other banks and focus on its main job. It was set up to finance factories to create jobs.....

7What about DFCC... Empty Re: What about DFCC... Tue Mar 12, 2013 11:09 pm

Liber Abaci


Senior Equity Analytic
Senior Equity Analytic
DFCC , is at a crossroad.
DFCC evolved as a Development Finance Institution ,and ventured into commercial banking lately (through Vardhana Bank ) but it is neither here nor there.
Their core strength is Development Banking ,but unlike those days, now they is no concessionary funding from World Bank /IDA/ADB. They they may be able to raise a foreign loan (Like COMB did recently),but it may me at market rates , so there won't be any advantage. Besides, there is not much demand for long term funding these days. Hardly any industrial projects are established and the demand for long term funding is only from hotel projects. Even in this area they have to compete with COMB /HNB, since they also venturing into long term financing.
With regard to commercial banking, still they have not developed infrastructure (branch network ) ,staff strength/expertise and a commercial banking culture. So ,they don't have stable deposit base, and a mature client base. In this respect they are behind SAMP/NTB , it's closest competitors. ( NDB is also in the same quandary as DFCC )

Thinking about next 3-5 years , DFCC might grow at the average industry pace, but doesn't possess any competitive advantage to make it exceptional , or to surpass it's closest competitors.

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