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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » FLCH - March 2011 results on CSE website

FLCH - March 2011 results on CSE website

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1FLCH - March 2011 results on CSE website Empty FLCH - March 2011 results on CSE website Wed Apr 20, 2011 10:13 am

cse.alpha


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

FLCH - March 2011 results on CSE website

http://www.cse.lk/cmt/upload_report_file/1048_1303273612.pdf

FLCH is first to release March results
Rubber, timber and tea have boosted profits in FY11
Jan-Mar 2011 net profit of Rs 103 mn (vs Rs 36 mn in Jan-Mar 2010)

innam

innam
Manager - Equity Analytics
Manager - Equity Analytics

Dissapointing that they did not release the shareholding list as at the end of March 31st. What did they have to hide by not releasing it?
The SEC should insure that all interim statements include the shareholding list. Otherwise some of these nutjob management teams might decide to do away with the balance sheet or even the cash flow in the interim statements.

dhamm


Manager - Equity Analytics
Manager - Equity Analytics

yr end profit 1270m, share volume 1068m

seems its highly undervalued... what do you guys think?

innam

innam
Manager - Equity Analytics
Manager - Equity Analytics

dhamm wrote:yr end profit 1270m, share volume 1068m

seems its highly undervalued... what do you guys think?

yr end profit attributable to FLCH is 493 million NOT the figure you are quoting.

dhamm


Manager - Equity Analytics
Manager - Equity Analytics

innam wrote:
dhamm wrote:yr end profit 1270m, share volume 1068m

seems its highly undervalued... what do you guys think?

yr end profit attributable to FLCH is 493 million NOT the figure you are quoting.

ohh, i forgot minority interest. Thanks innam Smile

xmart

xmart
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Net profit= 102,768,000 Rs
Issued share= 300,000,000

Basic EPS for Year ended March 2011= 0.34
According to 15 PER, share price= 5.10
to PER 20, share price= 6.80

What do you think?

xmart

xmart
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

so far, 113,258,948 share traded, looks like retailers have sold their allotment. lets look at new drama.

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics

innam wrote:Dissapointing that they did not release the shareholding list as at the end of March 31st. What did they have to hide by not releasing it?
The SEC should insure that all interim statements include the shareholding list. Otherwise some of these nutjob management teams might decide to do away with the balance sheet or even the cash flow in the interim statements.

I also interested to see it, but interestingly it is missing

cse.alpha


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Yes, hope that CSE authorities will ask FLCH for shareholder list - IPO shares were allotted on 28th March, so 31st March list should show names of largest applicants, although pre-IPO pvt placement also released some shares previously at Rs 4-70 per share.

Annualising FLCH 4Q EPS of Rs0.10 gives Rs0.40 (compared with current price of Rs5.60) - but this is a company where profits are heavily dependent on plantation sector.

2 problems then arise:

1) Can we annualise EPS?
- Commodity prices are volatile and unpredictable, wage hike is also coming

2) What is a fair earnings multiple?
- Given commodity dependence in short term, even 15x PER may be too expensive
- Investments of IPO funds in tourism and real estate will take some time to deliver
- Applying conglomerate valuations for FLCH may not be correct

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics

http://www.lbo.lk/fullstory.php?nid=1386277978

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