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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Bimputh Finance gets ‘BB lka’ rating: Fitch

Bimputh Finance gets ‘BB lka’ rating: Fitch

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BvsB

BvsB
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Fitch Assigns ‘BB(lka)’ Rating to Bimputh Finance; Outlook Stable 

Fitch Ratings Lanka has assigned Sri Lanka-based Bimputh Finance PLC (Bimputh) a National Long-Term Rating of ‘BB(lka)’ with a Stable Outlook.

KEY RATING DRIVERS
Bimputh’s rating reflects its developing franchise and limited track record as a recent entrant to the non-bank financial institution sector in Sri Lanka. The rating also captures its relatively high risk appetite, which is evident from the dominance of micro-financing in its exposures; limited funding diversity with high dependency on wholesale funding; and pressure on capitalisation through above-average loan growth.
These are counterbalanced by wide net interest margins (NIMs). About 78% of Bimputh’s loan book is from the microfinance segment, which is seen by Fitch as riskier in nature due to the greater susceptibility of this segment to economic cycles. The company’s gross NPL ratio for loans that are six or more months past due stood at 0.96% at endJune 2015.


Fitch believes that the ratio is higher at 3.2% if a facility to Sevanagala Sugar Industries Limited (an entity within the Daya Group, which was expropriated by the government in November 2011) is included, but the ratio is in line with similarly rated peers. The company has adequate risk controls in place, including through product structuring, regular collections of dues and close interaction with the borrowers.

However, Fitch believes that the aggressive expansion of the company’s loan book raises the likelihood of asset-quality deterioration, particularly if the related risks are not well managed. The company’s deposit franchise remains weaker than that of its peers and remains highly concentrated.

Bimputh’s loan-to-deposit ratio increased sharply on account of rapid loan growth to 289% at end-June 2015 from 184% at end-March 2014 with the company’s loan book being increasingly funded by borrowings. The company’s loan book expanded by 31% in April-June 2015 from the same period a year earlier and 213% in the financial year ended March 2015 (FY15), Bimputh’s Tier 1 regulatory capital ratio declined to 21.6% at end-June 2015 from 23.8% at endMarch 2015 due to the expansion of the loan book.
Fitch believes that continued high capital consumption could lead to further deterioration in capital ratios, if internal capital generation proves insufficient or if there is no capital injection. The company’s ROA is better than that for similarly rated peers at 9.8% (annualised) in 1QFY16 (FY15: 4.7%), driven by wider NIMs through its focus on micro-lending.


However, Fitch believes higher operating costs due to branch expansion and a potential increase in credit costs could hamper profitability. Bimputh is 94% held by its founders, the Gamage family. The company started operations in 2007, and in 2012 acquired the micro-finance portfolio of Lisvin Investments.


Since then assets have increased over seven times to LKR6.3bn at end-June 2015. Bimputh accounted for just 0.96% of total assets for the licensed finance companies (LFC) sector at end-June 2015 (March 2015: 0.74%).


RATING SENSITIVITIES
The strengthening of Bimputh’s franchise, while sustaining credit metrics similar to higher rated peers and moderating its risk appetite could be positive for its rating. Higher risk appetite, indicated through aggressive loan growth that could increase capital impairment risks, either through greater unprovided NPLs and/or a continued deterioration in capitalisation, could lead to a downgrade of Bimputh’s ratings.

http://www.lankabusinessonline.com/bimputh-finance-gets-bb-lka-rating-fitch/

BvsB

BvsB
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
01-BB (lka) rating -Fitch
02-Sound quarterly financials
03-Sub division dates nearing
04-300,000 + shares in the market...
05-Sound political Backup .....

What else... Wink

troy

troy
Moderator
Moderator
lets see tomorrow, how the market going to react on this

BvsB

BvsB
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@troy wrote:lets see tomorrow, how the market going to react on this

Troy ..

Did you see today...

Somebody has grabbed  18000+ shares at Rs 131 at one shot...

Good days ahead of BLI before Sub division dates ,I recon.

GL

SUSPENS

SUSPENS
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Tomorrow BLI will fly like a rocket......... Very Happy Very Happy Very Happy Very Happy

Teller

Teller
Moderator
Moderator
Yes, people should understand the scenarios,now.
First day ahnounced BLI Split. Later they took long time to split. Now they have published rating upgrade.  Next may be SFL ahnouncement, .
Also fitch report says that 78% loans from micro finance segment.They have granted loans around 4,000mn at the moment .  Then it means over 3000 mn interest income will genarate from micro finance. Micro finance effective lending interest rate is 28% . so it means BLI can post Rs.7.50 eps in this quarter.
IN THAT CASE BLI can trade above 220 /- levels.
.................A Grate company...........



Last edited by Teller on Thu Oct 15, 2015 2:06 am; edited 1 time in total (Reason for editing : Teller by more info added)

Teller

Teller
Moderator
Moderator
SC securitied recommended to buy BLI and their fair value above 150+ at the moment. But it will touch 220-240 levels.


_________________




Teller said is said..

BvsB

BvsB
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Teller,

Can you please publish Sampath Securitie's report here...

Thanks Lot.. Very Happy

fireshelter

fireshelter
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Can't attached Big PDF

fireshelter

fireshelter
Associate Director - Equity Analytics
Associate Director - Equity Analytics
BVPS Go to that link which i sent by message

BvsB

BvsB
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@fireshelter wrote:BVPS Go to that link which i sent by message

Thanks Buddy...

We will win for sure with BLI...

I am also loaded with a big quantity...

Planning to dispose some other shares in my PF & buy BLI some more....

Hope BLI will wait till I finish my collection.... Wink

fireshelter

fireshelter
Associate Director - Equity Analytics
Associate Director - Equity Analytics
cheers cheers

Teller

Teller
Moderator
Moderator
Gents send me the link too.


_________________




Teller said is said..

fireshelter

fireshelter
Associate Director - Equity Analytics
Associate Director - Equity Analytics
active your PRIVATE MESSAGE Otherwise not allow me to send

Teller

Teller
Moderator
Moderator
:-)


_________________




Teller said is said..

agpremnath


Stock Trader
@fireshelter wrote:Can't attached Big PDF
Dear fireshelter,

Could you inbox me the link as well.

thanks.

SUSPENS

SUSPENS
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
I'M HAPPY....... Very Happy Very Happy Very Happy Very Happy No need any quick run .but I HAVE GOOD QUANTITY RIGHT NOW.....

Thanks all who given this opportunity to collect @ 125- 130 - 140 AGAIN & AGAIN

Now wait & see....MY EXIT 200+

pjrngroup


Senior Equity Analytic
Senior Equity Analytic
@BvsB wrote:Teller,

Can you please publish Sampath Securitie's report here...

Thanks Lot.. Very Happy
BvsB,Teller, Fireshelter,

Could anyone please inbox me the link, I am a new comer.

thanks.

fireshelter

fireshelter
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Teller why you not like Private message

fireshelter

fireshelter
Associate Director - Equity Analytics
Associate Director - Equity Analytics
i tried can't send the link

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