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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Missed the bus – CFVF?

Missed the bus – CFVF?

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1Missed the bus – CFVF? Empty Missed the bus – CFVF? Mon Jun 03, 2013 10:17 am

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
I cannot ask you to get in, as I got a more comfortable seat long time ago and published few threads when this was trading at 12 and 16.

But there is another bus, not yet moved, CSEC . Doesn’t have very powerful engine like CFVF, but can follow its child.

2Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 10:43 am

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Those who did not touch it @ 12 bought it @ 13.50
Those who did not buy it @ 13.50 bought it @ 15-16
Those who did not buy it @ 15-16 buying it @ 18 after the reports.
Those who did not buy it @ 18 will buy it @ ???? after the next reports.

Same story for its parent CSEC.


Note : I do not say ???? > 18 or ????< 18
--

Hi seek,
mama baluwa kawuda me eha paththe seat eke sapata wadi wela inne kiyala.

3Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 11:09 am

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Ohh Chinwi,

Enjoy the journey, elder brother. We have long way to go.

Where is TheAlchemist?

If I am not mistaken, WildBear and econ are also in the bus.

Our lady taniya, got off when it stopped at 16th mile post.

4Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 11:25 am

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@ chinwi
On page 7 of the interim statement, it is as folls -

7. There have been no material events subsequent to the balance sheet date which require disclosures/ adjustments in the interim financial statements other than those disclosed below.

7.1. In May 2013 an entity controlled by First Capital Holdings PLC acquired 100% of DNH Financials (Private) Limited, a stock broking company at a cost of Rs. 185 Mn. The effective shareholding of First Capital Holdings PLC is 70% of DNH Financials (Private) Limited.

7.2. First Capital Treasuries Limited, A subsidiary of First Capital Holdings PLC declared an interim dividend of Rs. 19/- per share totaling Rs. 292.4 Mn for the financial year 2013/14.

Can you please clarrify whether note 7.2, the dividend of Rs 292.4 Million should be taken as included in consolidated profits as at 31st March 2013 or it will appear as new earnings in first quarter 2013/2014 ? This dividend amounts to approx Rs 3 EPS for CFVF

I am a little confused on this.

5Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 11:28 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
I am in the bus from Rs 11-12. But sold part at Rs 15-16 to realise profit. Couldn't buy back below Rs 16 .Might be a mistake. But atleast I still have 70% of what I held..

Oh well . Am holding few other "busses" which I hope will run with time.


@seek wrote:Ohh Chinwi,

Enjoy the journey, elder brother. We have long way to go.

Where is TheAlchemist?

If I am not mistaken, WildBear and econ are also in the bus.

Our lady taniya, got off when it stopped at 16th mile post.

6Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 11:38 am

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Sorry slstock, I missed you.

7Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 11:40 am

Backstage

Backstage
Moderator
Moderator
Got in at 13 and hanging on the foot board, Chin and et al have taken all the seats. Their is still room on the footboard, nice with the wind in your face. flower
If Alchy 's figure is correct the dividend might be yummy.

8Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 11:42 am

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@TheAlchemist

What do you think about below statement of their press release?

While active trading strategies in the Government securities market generated a gain of Rs. 300 million in the review period, net interest income of Rs. 295 million and fee income of Rs. 40 million enabled the group to quadruple net operating income (before expenses) to Rs. 638 million.

http://forum.srilankaequity.com/t28925-first-capital-posts-net-profit-of-rs-5209-m-in-fy13

9Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 11:53 am

Takecharge


Manager - Equity Analytics
Manager - Equity Analytics
@Chinwi wrote:Those who did not touch it @ 12 bought it @ 13.50
Those who did not buy it @ 13.50 bought it @ 15-16
Those who did not buy it @ 15-16 buying it @ 18 after the reports.
Those who did not buy it @ 18 will buy it @ ???? after the next reports.

Same story for its parent CSEC.


Note : I do not say ???? > 18 or ????< 18
--

Hi seek,
mama baluwa kawuda me eha paththe seat eke sapata wadi wela inne kiyala.
Chinwi,
Is it worth getting in at this price, possible movement upwards ?

10Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 11:56 am

hariesha


Vice President - Equity Analytics
Vice President - Equity Analytics
@The Alchemist wrote:@ chinwi
On page 7 of the interim statement, it is as folls -

7. There have been no material events subsequent to the balance sheet date which require disclosures/ adjustments in the interim financial statements other than those disclosed below.

7.1. In May 2013 an entity controlled by First Capital Holdings PLC acquired 100% of DNH Financials (Private) Limited, a stock broking company at a cost of Rs. 185 Mn. The effective shareholding of First Capital Holdings PLC is 70% of DNH Financials (Private) Limited.

7.2. First Capital Treasuries Limited, A subsidiary of First Capital Holdings PLC declared an interim dividend of Rs. 19/- per share totaling Rs. 292.4 Mn for the financial year 2013/14.

Can you please clarrify whether note 7.2, the dividend of Rs 292.4 Million should be taken as included in consolidated profits as at 31st March 2013 or it will appear as new earnings in first quarter 2013/2014 ? This dividend amounts to approx Rs 3 EPS for CFVF

I am a little confused on this.

These profits are included in P & L as it's the procedure of booking profits. Parent company have to account the profit/(loss) of the subsidiary based on ownership percentage.

Dividend declared by the subsidiary is not a profit, as it’s already booked. But this improves the cash position of the company.


11Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 12:01 pm

taniya1111


Manager - Equity Analytics
Manager - Equity Analytics
I bought at right point but sold at wrong point. But i bought 5000 LLUB after selling CFVF, LLUB buying cost 1262000, now market value is 1679800, This came with in 2 months.

12Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 12:08 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@The Alchemist wrote:@ chinwi
On page 7 of the interim statement, it is as folls -

7.2. First Capital Treasuries Limited, A subsidiary of First Capital Holdings PLC declared an interim dividend of Rs. 19/- per share totaling Rs. 292.4 Mn for the financial year 2013/14.

Can you please clarrify whether note 7.2, the dividend of Rs 292.4 Million should be taken as included in consolidated profits as at 31st March 2013 or it will appear as new earnings in first quarter 2013/2014 ? This dividend amounts to approx Rs 3 EPS for CFVF

I am a little confused on this.


As per their claim I think it is not included in the latest report. That means it will come next !
But I am also not sure because that profit may already included in consolidated accounts.
An expert on corporate accounting should help us. BTW , you have noticed a very important fact.

13Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 12:10 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Thanks hariesha.

14Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 12:13 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@Backstage wrote:Got in at 13 and hanging on the foot board, Chin and et al have taken all the seats. Their is still room on the footboard, nice with the wind in your face. flower
If Alchy 's figure is correct the dividend might be yummy.

No No.

The Bus will become an AirBus - A380 - with lot of seats if they perform as we expect. Next few seasons will decide it.

15Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 12:41 pm

Backstage

Backstage
Moderator
Moderator
@Chinwi wrote:
@Backstage wrote:Got in at 13 and hanging on the foot board, Chin and et al have taken all the seats. Their is still room on the footboard, nice with the wind in your face. flower
If Alchy 's figure is correct the dividend might be yummy.

No No.

The Bus will become an AirBus - A380 - with lot of seats if they perform as we expect. Next few seasons will decide it.

Wouldn't next quarter be the stellar one ?

I was thinking of getting off at the 22nd milepost when they stop for breakfast. But you think it will head to the airport instead ........? Rolling Eyes

16Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 12:46 pm

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Let your profits grow and cut your losses early.

But most cut their profits early and let the losses to grow Very Happy

17Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 1:03 pm

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
[quote="hariesha"]
@The Alchemist wrote:@ chinwi
On page 7 of the interim statement, it is as folls -

7. There have been no material events subsequent to the balance sheet date which require disclosures/ adjustments in the interim financial statements other than those disclosed below.

7.1. In May 2013 an entity controlled by First Capital Holdings PLC acquired 100% of DNH Financials (Private) Limited, a stock broking company at a cost of Rs. 185 Mn. The effective shareholding of First Capital Holdings PLC is 70% of DNH Financials (Private) Limited.

7.2. First Capital Treasuries Limited, A subsidiary of First Capital Holdings PLC declared an interim dividend of Rs. 19/- per share totaling Rs. 292.4 Mn for the financial year 2013/14.

Can you please clarrify whether note 7.2, the dividend of Rs 292.4 Million should be taken as included in consolidated profits as at 31st March 2013 or it will appear as new earnings in first quarter 2013/2014 ? This dividend amounts to approx Rs 3 EPS for CFVF

I am a little confused on this.

These profits are included in P & L as it's the procedure of booking profits. Parent company have to account the profit/(loss) of the subsidiary based on ownership percentage.

Dividend declared by the subsidiary is not a profit, as it’s already booked. But this improves the cash position of the company.
@chinwi wrote:
As per their claim I think it is not included in the latest report. That means it will come next !
But I am also not sure because that profit may already included in consolidated accounts.
An expert on corporate accounting should help us. BTW , you have noticed a very important fact.


Thanks Hariesha & Chinwi for your inputs.

This is a slightly confusing matter when you compare 31st Dec 2012 & 31st March 2013 Accounts / Notes and the most important fact is that they changed their Accounting Standard only as at 31st March re classification of assets etc.

What Hariesha says is logical and is what i thought at first. However, on closer look at their statements, i find that Cash was only Rs 18 Mill as at 31st March. So, in order to declare a dividend of Rs 292 Mill between 31st March and 31st May 2013, some of their trading assets will have to be sold in order to pay it. This may not be captured as at 31st March 2013 balance sheet date. furthermore the 50 basis points drop in Repo Rate happened on 10th May.

So all things considered, the First Quarter is looking good.
Anybody expect further rate cuts ?

18Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 1:07 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Yes. But in short term is might not be healthy . Best CB monitors further before the next one. Also will keep IMf happy.

@The Alchemist wrote:
Anybody expect further rate cuts ?

19Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 1:12 pm

Harry82

Harry82
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
It is a private hair bus.
Next bus is ready to come wait?

20Missed the bus – CFVF? Empty Re: Missed the bus – CFVF? Mon Jun 03, 2013 2:34 pm

glad


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Hope the next bus is a 'standie' so that more can get in!!!!

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