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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Why does BUKI and its family trade at such a high P/E value?

Why does BUKI and its family trade at such a high P/E value?

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ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics
why does BUKI and its family trade at such a high P/E value?

Buki's eps is some where around 4-5, but they have been trading around 600-700. for more than  a year now it has been trading at a P/E of 100 or so.

jonta999

jonta999
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
http://forum.srilankaequity.com/t17510-please-avoid-buki-cars-extremely-overvalued?highlight=buki

See comments from alchemist

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@ccsentha wrote:why does BUKI and its family trade at such a high P/E value?

Buki's eps is some where around 4-5, but they have been trading around 600-700. for more than  a year now it has been trading at a P/E of 100 or so.

just fyi, For FY 2012/2013 as at 31st March 2013, Buki reported EPS was Rs 40.

Currently, Buki at Rs 600 is trading at approx 12 times FY 2013/2014 (adjusted) earnings and Price to Revalued NAV of O.60 (i.e. EPS Rs 50 and NAV Rs 1000)

adjusted earnings are -

1. for First Three quarters of 2013/2014, add Foreign exchange Loss of Rs Rs 4.6 Billion which is non cash notional book loss due to translation of entire U.S. Dollar debt into approx 27 % devaluation of Indonesian Rupiah in Calender year 2013.

2. Adjust Profit to Equity Holders of Buki as at least 57.5  % of that total profit for first 9 months of Rs approx 6.6 Bill. (i.e. although Buki owns approx 46 % of Carsons, it owns just over 60 % of GHAHL, the main profit earner from which Rs 4.9 Bill of the Rs 6.6. Bill in total in profits acccrued). Thus Buki 9 months adjusted EPS Should be Rs 37.  (If you check Buki 9 months interim account, you will note that they have booked only 18.78 % as Profit Attributable to owners of the Company (i.e. 376 Mill out of Rs 2 Bill), although they own 46 % of Carsons & 60 % of GHAHL for an weighted average by profit contribution basis of 57.5 % which can be verified through the segmental accounts).

3. 4th Quarter underway will be best, due to peak season output, Palm oil hitting over one year high of RM 2700 / ton today and up average 10 % so far from last quarter prices and Indonesian Rupiah strengthening by 5 % since 31st December 2013 balance sheet date i.e. then Forex Gain.

dhanurrox


Vice President - Equity Analytics
Vice President - Equity Analytics
@ccsentha wrote:why does BUKI and its family trade at such a high P/E value?

Buki's eps is some where around 4-5, but they have been trading around 600-700. for more than  a year now it has been trading at a P/E of 100 or so.
I guess it's still recovering from 2011 massive manipulation. Very Happy ( Index to 7500)

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