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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Sampath takes heavy blow from sharp fall in gold prices

Sampath takes heavy blow from sharp fall in gold prices

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Pethi

Pethi
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=101513
April 11, 2014, 4:23 pm

The Sampath Bank has taken a blow from the sharp decline in gold prices on account of its substantial pawning portfolio with profit after-tax for the year ended December 31, 2013 down to Rs.3.43 billion from Rs.5.23 billion earned a year earlier.

The Bank’s Managing Director, Mr. Aravinda Perera, has told shareholders in the company’s recently released annual report that the impairment charge for loans and other losses was Rs.3.5 billion.

"As all adjustments required to present the impact of the losses on the pawning portfolio in a true and fair manner had been made as our intention had been to recognize all losses relating to pawning this year," he has said.

Consequently, net operating income had declined by 10% from Rs.17.8 billion in 2012 to Rs.16 billion in 2013 ``moderating and otherwise strong performance for 2013.’’

Analysts explained that advances drawn against gold pawned at a time the gold price was high made redeeming such articles uneconomic in the context of present gold prices.

He reported that the impairment charge on the pawning portfolio had impacted the pre-tax operating profit and the profit for the year declining by 39.3% and 34.4% respectively..............................................................................................................

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I understand that pawning portfolio has come down from 28% to below 20% during the year 2013

I think it will not effect much in 2014



Last edited by D.G.Dayaratne on Sat Apr 12, 2014 2:06 pm; edited 1 time in total (Reason for editing : correction)

Pethi

Pethi
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
if you take Near future ( next 2-3 months)....my question is would SAMP go 250 level again?
or would it stop close to 200?

I have a feeling that this rally will not make SAMP to its past glory.!

Ideas welcome....!

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
It will go over 200 in near future

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
IT will be a slow movement with dips at intervals having the advantage of grabbing shares at low prices. Gold market will not be in down trend for a long time. Once demand is higher such provisions made could be reversed. Whatever comes up, it is a good share for long term investors. I am pretty much sure they have implemented a strategy in gold pawning business to minimise the losses in the future. I have seen some banks display a notice, pawning at 30% of current market value minimising the risk element.

gagamini


Manager - Equity Analytics
Manager - Equity Analytics
This is a good lesson for Banks and Finance companies who went behind gold pawning business without analyzing risk situation involved in it . One time it was a competition among those financial institution to give higher amount to attract customers . My feeling is Sampath Bank too went beyond its limits . This has to be compared with Commercial Bank Plc. They manged it very well and they had good analysis of risk factor.

SHARK aka TAH

SHARK aka TAH
Expert
Expert
SAMP will shine and you will not see 160 again in the near term for some time long ....

Keep dreaming it will fall  Shocked 

shadow walker

shadow walker
Vice President - Equity Analytics
Vice President - Equity Analytics
remember dammika p own samp .. it's never go down.. last 150..

SHARK aka TAH

SHARK aka TAH
Expert
Expert
In my opinion the price has discounted all these factors.
so going down below last would be only possible if a huge selling takes , but i cant rule out such Price Action on SAMP as of this moment.
Why would it have to be ?

If you have bought @180 hold on to them do not sell for fear

VALUEPICK

VALUEPICK
Expert
Expert
As I said before I am not a technical analyst. Samp too is trying to build some type of different pattern in my vocabulary it is a kind of base building. We will wait and see!

SHARK aka TAH

SHARK aka TAH
Expert
Expert
VP
SAMP will appreciate towards 203Rs

Good Luck

SHARK aka TAH

SHARK aka TAH
Expert
Expert
This is the initial Target. Please bear in mind Smile

SHARK aka TAH

SHARK aka TAH
Expert
Expert
Sampath takes heavy blow from sharp fall in gold prices Samp10

SHARK aka TAH

SHARK aka TAH
Expert
Expert
The chart with more specifics on Supports & Resistances on SAMP

Happy New Year

Sampath takes heavy blow from sharp fall in gold prices Samp11

SHARK aka TAH

SHARK aka TAH
Expert
Expert
SHARK wrote:SAMP will shine and you will not see 160 again in the near term for some time long ....

Keep dreaming it will fall  Shocked 
Thank for the NEG rep  Twisted Evil 

VALUEPICK

VALUEPICK
Expert
Expert
Banking and Finance sector is one of the value sectors in the CSE. It is better to follow this sector as well.

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