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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » PABC renewed interest?

PABC renewed interest?

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21PABC renewed interest? - Page 2 Empty Re: PABC renewed interest? Thu Mar 28, 2013 8:28 am

bullrun


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
If we consider recent past, ie. year 2012, 2011 and latter part of 2010 the bank shows a gradual improvement in NAV, EPS etc. NAV has been increased by 15% during the year ending 31/12/2012.

Their dividend policy is also appreciable. This year as well as last year they paid Rs. 1 each.

Branches too has increased by 9 (Total 73) and will contribute for earning in future. One can expect a progress in future. (Please note that I have about 60,000 of PABC so, don't take decision on my clarification and take your own decision looking at the facts.)
http://www.cse.lk/cmt/upload_report_file/388_1362134909290.pdf

22PABC renewed interest? - Page 2 Empty Re: PABC renewed interest? Thu Mar 28, 2013 9:49 am

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@bullrun wrote:Reserves has been increased by 25% as per interim accounts as at 31/12/2012. (Rs. 2,430,865,000 from Rs.1,937,934,000)
Reserves are well over the share capital. (Rs. 1,548,966,000)
EPS is Rs.2.75. Net Asset Value is Rs. 14.04
There is a possibility of a bonus. This may be the reason for interest

The Central requires licensed commercial banks to have capital reserves of Rs. 5 bn by 31 December 2015. According to above info they seems to be way below that.

23PABC renewed interest? - Page 2 Empty Re: PABC renewed interest? Thu Mar 28, 2013 1:31 pm

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@gamaya wrote:
@bullrun wrote:Reserves has been increased by 25% as per interim accounts as at 31/12/2012. (Rs. 2,430,865,000 from Rs.1,937,934,000)
Reserves are well over the share capital. (Rs. 1,548,966,000)
EPS is Rs.2.75. Net Asset Value is Rs. 14.04
There is a possibility of a bonus. This may be the reason for interest

The Central requires licensed commercial banks to have capital reserves of Rs. 5 bn by 31 December 2015. According to above info they seems to be way below that.

I think it is 2.5B from next year. DP should exit PABC now that he has SAMP.

24PABC renewed interest? - Page 2 Empty Re: PABC renewed interest? Thu Mar 28, 2013 3:59 pm

CSE.SAS


Global Moderator
@rainmaker wrote:
@gamaya wrote:
@bullrun wrote:Reserves has been increased by 25% as per interim accounts as at 31/12/2012. (Rs. 2,430,865,000 from Rs.1,937,934,000)
Reserves are well over the share capital. (Rs. 1,548,966,000)
EPS is Rs.2.75. Net Asset Value is Rs. 14.04
There is a possibility of a bonus. This may be the reason for interest

The Central requires licensed commercial banks to have capital reserves of Rs. 5 bn by 31 December 2015. According to above info they seems to be way below that.

I think it is 2.5B from next year. DP should exit PABC now that he has SAMP.


DP may be dump PABC shares soon...

25PABC renewed interest? - Page 2 Empty Re: PABC renewed interest? Thu Mar 28, 2013 4:11 pm

bullrun


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@gamaya wrote:

"The Central requires licensed commercial banks to have capital reserves of Rs. 5 bn by 31 December 2015. According to above info they seems to be way below that".

As per the Central Bank the bank has to increase capital as given below.

(a) Rs. 3 Billion by 31 December 2011
(b) Rs. 4 Billion by 31 December 2013
(c) Rs. 5 Billion by 31 December 2015

They have already complied for 2011 and for 2013 they have to maintained 4 Billion. As at 31/12/2012 Capital is Rs.3,979,831,000 (Equity - share capital + Reserves) So, it will not be a problem for 2013. By 2015 they have to earn only 1,000,000,000 as capital. There are many options to earn this. Definitely the bank will report a good profit and issuing of new shares to public or to existing share holders by way of a right issue.

Hence, I don't see a big risk over this compliance.

26PABC renewed interest? - Page 2 Empty Re: PABC renewed interest? Thu Mar 28, 2013 4:51 pm

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Isn't it supposed to be in stated capital not just capital?

I'm pretty sure the CB always refers to stated capital

27PABC renewed interest? - Page 2 Empty Re: PABC renewed interest? Sat Mar 30, 2013 10:46 pm

bullrun

bullrun
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
http://www.cbsl.gov.lk/pics_n_docs/09_lr/_docs/directions/bsd/BSD_2011/bsd_directions_oct2011_LCB.pdf

Please refer section 6.2 of the above circular.

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