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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » SDB quarterly reports not reliable (Manipulated??)

SDB quarterly reports not reliable (Manipulated??)

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OneYear


Manager - Equity Analytics
Manager - Equity Analytics
Hi,

Though it is not a big issue, in my opinion they have done few manipulations over the years in the quarterly reports.

1. 2013 quarterly profits are as follows

Q1 - 5.51
Q2 - 2.81
Q3 - 2.88
Q4 - 0.15 (Mainly this reduction due to increase of depreciation. As per my analysis they have no charged depreciation correctly in the initial 3 quarters and finally they have put everything to the last Q)

2. Though addition of above 4 quarters of 2013 comes 11.35 at the audited accounts in has seen a drastic drop to 9.86. Yes, understood quarterly figures are not audited but still can there be this much deviations of a company which should have implemented proper accounting systems.

3. 2014 quartery reults are as follows.

Q1 - 2.44
Q2 - 6.58
Q3 - 5.49
Q4 - ?

Addition of the 3 quarters should be 14.51 but instead September accounts given as 12.50. And I expect a reduction of profits of 4th quarter due to some adjustments and might have to expect further reductions at the audited accounts.

So, my conclusion on the reliability of quarterly accounts of SDB is little bit towards the lower side.

Anyway, as most of you mentioned this has plenty of positive sides which compel us to invest.

1. Dividend payout ratio for the 2012 & 2013 were 73% and 71% respectively. So, though profits level reduced at the audits, we may expect 8+ dividend

2. Assuming audited EPS would be 12.00, PER of SDB is around 8 times as of today. So, we can expect a positive trend

3. Growth of loan portfolio and deposit base

All these based on my understanding about this share. I presently own SDB R bought from the right trading hoping to convert part of it to SDB N @ 80/-.

Experts/Friends your opinions on this highly appreciable.

OneYear


Manager - Equity Analytics
Manager - Equity Analytics
Hey,

Should we post only positive things in this forum. Cant we point out a genuine error (deliberate or accidental) done by a company.

I got a negative point for this post.Sad Embarassed silent

OneYear


Manager - Equity Analytics
Manager - Equity Analytics
I told this in December. No one care. Same they have done this time as well. EPS is wrong.....

Harry82

Harry82
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
OneYear,

Are you like to buy PCH ,GREG,CIFL,......?

SDB is very very good share at the present market condition.

OneYear


Manager - Equity Analytics
Manager - Equity Analytics
No I am holding this from right issue time. But what I am telling is they have frequent errors in the financial. So we need to be careful.

Teller

Teller
Moderator
Moderator
Im not afraid to tell this. They dont have business ethics. Sucking blood from their customers . Lot of hidden charges on loans. If you are a customer you will come to know this. Even ask from 10 customers . At least 7 will be dissatisfied. I know personally . They are good in profit, good in paying dividends. This time may be 7/- but they have to do lot of works to become world class bank. Transparency of their financials are questionable??


_________________




Teller said is said..

sikka89


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Teller wrote:Im not afraid to tell this. They dont have business ethics. Sucking blood from their customers . Lot of hidden charges on loans. If you are a customer you will come to know this. Even ask from 10 customers . At least 7 will be dissatisfied. I know personally . They are good in profit, good in paying dividends. This time may be 7/- but they have to do lot of works to become world class bank. Transparency of their financials are questionable??
their customer base is the most uneducated

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Who carries out the external audit? If the financial report prepared by the SDB management is erratic external auditors should disclose their findings (if any error) into the notes to financial statements in complying with standard auditing standards. But not the qualitative factors like poor customer service, customer loyalty & dissatisfaction etc...

fireshelter

fireshelter
Associate Director - Equity Analytics
Associate Director - Equity Analytics
i don't think  Smile

slmarket2


Manager - Equity Analytics
Manager - Equity Analytics
@OneYear wrote:I told this in December. No one care. Same they have done this time as well. EPS  is wrong.....

what wrong this time?

kumarweerarathne

kumarweerarathne
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@slmarket2 wrote:
@OneYear wrote:I told this in December. No one care. Same they have done this time as well. EPS  is wrong.....

what wrong this time?

he he what to care price increased by 30-35 rupees frm dec Very Happy

MLCR80


Equity Analytic
Equity Analytic
SDB 122.00 This price Level
Sell or Hold?

fireshelter

fireshelter
Associate Director - Equity Analytics
Associate Director - Equity Analytics
not sure can see in audited one

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