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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » ANILANA HOTELS AND PROPERTIES PLC (ALHP.N0000)

ANILANA HOTELS AND PROPERTIES PLC (ALHP.N0000)

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MarketWitch


Stock Analytic
Stock Analytic

Chinwi wrote:Nicely printed Prospectus. Areal views of never seen beautiful lagoons , beaches and islets in our country .


Hey Chinwi...Your Analysis is good...but look at How A.C. Seneviratne - a common director had authorised to pull out money from Anilana to other entities...Page 85- 87..Related party Transactions.Anilana group yet to receive Rs.287.3 million and Anilana company alone yet to receive Rs.581.5 million from others in big time.

Sampath Bank had lend over Rs.531 million on two Mortgage Bonds for Nilaweli land and Passikuda land of Anilana.

Page 83. Entire investments made in subsidiary companies that own lands is only little over Rs.148.59 million as at 31 March 2012 but Directors valuation is Rs.1,263.37 million (1.26 billion)


Page 81-82 Freehold Land of the of the company had been revalued on 11 August 2011,12 August 2011,23 December 2011,23 December 2011, and 20 March 2012 by Ariyathilake & Company - Chartered Valuer.

-Although the war was ended in 2009 with Ceylinco crisis that had over 100 realestate companies Sri Lanka's land sector didn't appreciate much, 2008 at the peak of Primary Mortgage Crisis a perch at Kollpity-Collpity was Rs.7.5 million then in 2009 it came down to Rs.3.2 to Rs.3.6 million but now again at the Rs.7 million rate.-

Average Sri Lanka's Land appreciation value is considered to be only a 20% increase after the war...ask from Overseas Realty and Havelock City and Prime Lands.

So Rs.148,591,240/- (148.5 million) will only increase upto a maximum of Rs.324,356,041.85 (324.35 million) from May 2009 (May 19 End of War) to May 2013 (Four Year Period).

On the other hand East Coast still doesn't even have elctricity completely only some main areas have road access and not many amneties...I have personally visited.

Beauty is... former Ceylinco Group owned Ceylinco Investments Corporation Ltd - a company that accepted fixed deposits from High Net-worths without a finance license for real estate projects of Ceylinco is now under Asanga!

Some insiders from Nation Lanka says he (Asanga) has unethically transfered the ownership of Millenium City (Millenium Developers) one of the biggest real estate projects of Ceylinco (owned by former Ceylinco Finance now Nation Lanka) to himself.




Last edited by MarketWitch on Sat Jun 08, 2013 1:09 pm; edited 1 time in total

Chinwi


Associate Director - Equity Analytics
Associate Director - Equity Analytics

@ marketwitch,

My intention was not to whitewash any person or the issue itself.
I wanted to give different point of view and to show the over valuation of lands is not affecting in the mammoth way we think due to issuing of 100 million shares later.

Yes, the land prices valued at exorbitant rates are not realistic. I have no updated info but when we tried to buy beachfront lands at Kalpitiya they asked us many laks per perch. The same land was offered @ 30,000 before 2009. Now I think the prices have come down sharply to original level.

By the way, there are other hotel stock with partly built buildings trading below asset value and at 50 % discount to IPO value at the moment. ( CITW)
Even CITK is more attractive to me .

Their valuation of kalpitiya land is much better. They bought 35 acres for 169 million. 4.8 million per Acre. Even now this is the rate. 30,000 pp.

Comparison: Vakarai Anilana bear land 21 acres = 313 Million. 14 milion per Acre.

Arena


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

Very correct Chinwi.

One article said Mr. AS bought some of the lands in 2005 where people sold lands for bananas. So the revaluation will be much higher than we expect. No point of blaming him that is his talent and the visionary thinking.

As per the article Mr. AS and his daughter was the first to visit these was affected areas after 18th may 2009 with the intention of buying beach lands. Any way now they reap the benifit and sooner will become the major shareholders of a reputed hotel chain.

But business is not beautiful as we think. Lets wait and see......................

Burpy


Senior Equity Analytic
Senior Equity Analytic

• According to the Anilana Prospects, in February 2011 they have issued 100,000,000 shares and raised one billion rupees (at Rs 10/- per share). The total number of shares outstanding after this issue was 247,005,825. Investors of this private placement was given 40.48% stake. The implied post private placement equity valuation of the company was Rs 2,470,058,250.

• Subsequently there has been a share split and the number of shares of the company has been increased to 329,341,100.

• In September 2012, company has again issued 13,142,500 shares amounting to 3.8% stake for Rs 10/- per share. The implied equity valuation of this share issue is Rs 3,424,836,000. An increase of 38% in one and half years.

• In May 2013 company announces issuance of 80,000,000 shares at Rs 12 per share. The implied valuation of this share issue amounts to Rs 5,069,803,200. Which is a 48% increase in just nine months!

The problem is under new companies law you can manipulate price. and number of shares and make it lok as as you are issueing at the same price as there is no par value per share.

confused

kukumarx


Manager - Equity Analytics
Manager - Equity Analytics

The discussions going on prove the value of this forum for "analytic" investors. After the ACAP IPO these discussions took place as "post mortem" discussions. By which it was too late.

Am really happy to see these facts come out before the IPO.

However lots of investors will be seduced by the big talk and the attractive prospectus (emotional investors) and give the IPO an over subscription.

K.Haputantri

K.Haputantri
Co-Admin

?What would be the fate of IPO buyers when cost of pre-IPO share is Rs:4/= , 1/3 of IPO price. May be one can buy the same below IPO price later.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Did we take count of the debts to be paid to the banks?

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

Where were you all this time?

I hope you will contribute more with likewise analysis for other shares.

Burpy wrote:• According to the Anilana Prospects, in February 2011 they have issued 100,000,000 shares and raised one billion rupees (at Rs 10/- per share). The total number of shares outstanding after this issue was 247,005,825. Investors of this private placement was given 40.48% stake. The implied post private placement equity valuation of the company was Rs 2,470,058,250.

• Subsequently there has been a share split and the number of shares of the company has been increased to 329,341,100.

• In September 2012, company has again issued 13,142,500 shares amounting to 3.8% stake for Rs 10/- per share. The implied equity valuation of this share issue is Rs 3,424,836,000. An increase of 38% in one and half years.

• In May 2013 company announces issuance of 80,000,000 shares at Rs 12 per share. The implied valuation of this share issue amounts to Rs 5,069,803,200. Which is a 48% increase in just nine months!

The problem is under new companies law you can manipulate price. and number of shares and make it lok as as you are issueing at the same price as there is no par value per share.

confused

Burpy


Senior Equity Analytic
Senior Equity Analytic

It is surprising that the privte placement investors have not monitored how the proceeds were used. It looks like a large share of the private placement monies were routed to other group companies. can we expect the proceeds of the IPO to be used in same manner ?



Last edited by Burpy on Sat Jun 08, 2013 2:20 pm; edited 1 time in total

MarketWitch

MarketWitch
Stock Analytic
Stock Analytic

By the way no matter how many shares any company issues...the owners of a company don't have to personally put them.They only have to pay the Stamp Duty for Inland Revenue and relevant charges for company registrar.

2006 Amendment to Stamp Duty act notes that for every Issue,Transfer or assignment of any
shares of a company the owners have to pay only Rs. 5/- for every Rs. 1000/- or part
thereof.

That means for an one billion worth of shares Assanga had to pay only Rs.5 million as stamp duty and charges for secretaries to raise capital.So for Rs.2.5 billion it will only be Rs.12.5 million stamp duty.

He can continue to issue more shares even Rs.100,000,000 (100 million) more Rs.500,000 of stamp duty and issue shares and raise free capital to the company by selling them.

Link for stamp duty details http://www.ird.gov.lk/taxtypes/SD%20guide.pdf

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

I’m not interested with this IPO only because of short to medium term earning potentials.

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

I am skeptical about those " දෙන්නම් කජු " kind of share offers. Very Happy

celtic tiger


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

This is a investment take at least 5 years to bear fruit. If you are bullish on hotel stocks, there are plenty of hotel chains with open doors than bare lands.
If you take KHL and value their land,building,brand name they built over the years,KHL worth much more than Rs 13. why do you buy anilana??just because of land value!

Burpy


Senior Equity Analytic
Senior Equity Analytic

I wonder whether what is the rationale for Anilana to give the shareholder list as at some date in February, when financials are given for March 31 and the Prospectus is dated June 2013.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Burpy wrote:I wonder whether what is the rationale for Anilana to give the shareholder list as at some date in February, when financials are given for March 31 and the Prospectus is dated June 2013.

In few years time whether we can expect like another PCHouse chain stories?

rainmaker


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

It's is an IPO for larger investors who want a stake in a firm that caters for Eastern coast properties.

The increase in shares would have been a mechanism to reward initial shareholders without paying out dividends.

I would see it as a good trading opportunity in the first year since majority of the shares are locked up... hence wouldn't be like SEXPO ... sorry EXPO Wink

Burpy


Senior Equity Analytic
Senior Equity Analytic

yes. do we have another Dilith Jayaweera ? rabbit

gamaya


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

Marketwitch,
Thanks for the valuable info.
Seems like the IPO was rejected by previous SEC management.

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics

gamaya wrote:Marketwitch,
Thanks for the valuable info.
Seems like the IPO was rejected by previous SEC management.


Gamaya,

Do you know who is this witch ?

KDDND

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

I have some reason [personal reasons & lack of confidence of the information of this IPO] to stay away from this IPO!
GL! for all who will subscribes!



Last edited by KDDND on Sun Jun 09, 2013 4:24 pm; edited 1 time in total (Reason for editing : meaning improvement)

anges


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

well analised guys ! gud to see the forum wrking together to educate the rest on the matter ! better put the word out there so the poor investers will not burn their fingers ! great job guys ! i will buy the share when it comes to the market when its around rs 2/= may be below rs 2/= !

gamaya


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

Chinwi wrote:
gamaya wrote:Marketwitch,
Thanks for the valuable info.
Seems like the IPO was rejected by previous SEC management.


Gamaya,

Do you know who is this witch ?

No idea Chinwi, Do you?

73ANILANA HOTELS AND PROPERTIES PLC (ALHP.N0000) - Page 3 Empty Future of ANILANA shares Fri Jun 21, 2013 6:31 pm

dahamnilaksha.rathnayake

dahamnilaksha.rathnayake
Stock Analytic
Stock Analytic

ANILANA shares කොයිබටද​????



Last edited by dahamnilaksha.rathnayake on Sat Jun 22, 2013 1:01 am; edited 1 time in total

marusira


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

dahamnilaksha.rathnayake wrote:ANILANA shares කොයිබටද​????
 
s-lone bata

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

marusira wrote:
dahamnilaksha.rathnayake wrote:ANILANA shares කොයිබටද​????
 
s-lone bata
Better to wait for some time...with all IPOs, you dont want get stuck on the TOP know.
Patience is the KEY.
Etakan UNA Bata
TAH

anges


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

As i said before share is worth rs2/= wait for your price ! you may be able to buy it below as well.

sandunj


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Agreed Its not worth but in first trading day or early morning on that day it will run. May be 14  I guess and Im not subscribed...

78ANILANA HOTELS AND PROPERTIES PLC (ALHP.N0000) - Page 3 Empty Today is Anilana day Wed Jul 17, 2013 9:04 am

ddindika

ddindika
Manager - Equity Analytics
Manager - Equity Analytics

Are we Ready for the tourism boost!!!!!

sandunj


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

I feel it will go up and in such a scenario, retailers didn't buy this from IPO don't buy at higher price now... Be careful

bullrun

bullrun
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

What is the IPO price?

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