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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Renuka Holdings (RHL) Net Asset Value per Share Rs.58.90, Still Trading below Net Asset Value

Renuka Holdings (RHL) Net Asset Value per Share Rs.58.90, Still Trading below Net Asset Value

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StockGuru

StockGuru
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Renuka Holdings PLC embarks on iconic real estate development

Nov. 11, 2014 (LBT) - Sri Lankan conglomerate Renuka Holdings PLC received shareholder approval at the EGM held on 11th November 2014 to proceed with the group’s ambitious project to date – The Renuka Tower - at Galle Face Terrace.

The Renuka Tower will be a modern 28 storey tower providing ‘A’ grade office facilities built on company owned land at Galle Face Terrace and Uttrananda Mawatha, Colombo 03. Once completed, the tower will have 200,000 sq. ft. of rentable office space and parking for more than 200 cars. The tower will also have corporate entertainment areas, conference facilities, dining, recreation and all the modern necessities required to create a pleasant and safe working environment.

Renuka Holdings PLC is a diversified conglomerate listed on the Colombo Stock Exchange (CSE) and is the holding company for subsidiaries engaged in Agri Food Exports (Plantations, Manufacturing, Global Marketing), Dairy, FMCG, Automotive plus Investment and Services. Property development has been a long term vision of the company as it has land parcels in key locations around the commercial zone and the central business district of Colombo.

Adding further insights into the project Executive Director, Shamindra Rajiyah said “We believe the time is right for us to develop our land bank and create a new revenue stream for the company from these resources. The group already has in operation the Renuka Building in Colombo 08, an eight storey 66,000 sq ft office complex housing group subsidiaries and many reputed tenants. Using our past experience, we aim to make the Renuka Tower a preferred business address in the city”.

The circular sent to shareholders further stated, “The project will be carried out in two stages and currently planning and conceptualising of the development have been completed. Renuka believes that the expected growth trajectory of Sri Lanka’s economy, and its increasing integration with the rest of the world via its hub status will result in a lack of high quality office space within the central business district over the next three to five years, as such, the construction of class ‘A’ office spaces is expected to generate an attractive rental yield for the company”.

The total project cost of the two stage development is estimated at Rs 3.2 Bn which will be partly financed by the ongoing rights issue of Rs 1.03 Bn. The company is offering a total of 44,517,313 ordinary voting shares at Rs. 21 each and 6,428,415 million non-voting shares at Rs. 15 each to be issued. The project is expected to begin in the year 2015 and is planned for completion in the year 2018.

Renuka Holdings PLCs’ recently released six months results reported a turnover of Rs 3.85 Bn and a Gross profit of Rs 899.5 million, an increase of 21% over the corresponding period last year. The group recorded a profit for the period of Rs. 315.8 million for the six months and profit growth was seen across all six sectors the group operates in. Total assets as at 30 September 2014 stood at Rs 5.3 Bn and attributable to shareholders at Rs 3.0 Bn. Net asset value per share was Rs. 58.90.

http://lbt.lk/news/business/7933-renuka-holdings-plc-embarks-on-iconic-real-estate-development

Jana

Jana
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
even after rights RHL NAV close to 40/= but trading today 31/=
still buyers are there strongly for RHL.N :@ 3.50 for RHL.X @ 23.20
not much selling pressure it will boom next week
may be before Christmas holiday RHL tocuh 40/= and RHL.X touch 30/= so RHL.X is good small price more qty then more profit

Jana

Jana
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
RHL.X pass 26/= tomorrow

OneYear


Manager - Equity Analytics
Manager - Equity Analytics
Jana, if it's naps before right issue was 58, then why it traded around 30s. Do you think, will this break 35?

Jana

Jana
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@OneYear wrote:Jana, if it's naps before right issue was 58, then why it traded around 30s. Do you think, will this break 35?

Of course RHL.N will pass 35/= soon.... not surprised even if touched 40/= within week ,
RHL.X also will move close to RHL.N , I think X is much better then N to make more profit but X also move when the N move.

SHARK aka TAH

SHARK aka TAH
Expert
Expert
Have you considered after Rights Issue, most will book in profits.... Rights were offered @21Rs so they have an opportunity to convert.
My thinking is that some will want to take out profits before the holiday season and elections.

This is a prudent approach is not it, that is not to keep unrealized gains and see them vanish closer to election day.

what ever push now in my opinion would be short/limited run, in order to book profits.

I don't find fault in this btw.

New entries be cautious with your approach although valuations may seem attractive.

also don't forget after rights is EPS and NAVPS would have got diluted too.

do your own due diligence....

good luck
shark

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