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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » My pick 1-LFIN

My pick 1-LFIN

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1My pick 1-LFIN Empty My pick 1-LFIN Sun Jun 12, 2011 8:01 pm

mark

mark
Expert
Expert
*Price-185
*FY12E-EPS-20
*FY12E-Earnings=1.4Bn
*PE-185/20=9.25

Facts to consider.........
*LFIN registered an exceptional 83.2% YoY earnings growth for 4QFY11 surpassing
Rs. 1bn in earnings for FY11. 60% YoY growth recorded in net interest income on the
back of strong volume growth posted in the leasing, hire purchase and gold loans
segments drove earnings higher. This led the company to achieve an ROE and ROA of
39% and 3.6% for FY11 compared to 32.2% and 3.2% in the last year respectively.

*leasing and hire purchases
-Total advances doubled during the year to reach Rs.24bn dominated by leasing and
hire purchases. The leasing and hiring segment’s performance was promising during
FY11 with the portfolio growing by 56% YoY exceeding Rs. 16bn, mainly due to
increased demand for vehicles following the duty reduction coupled with lower interest
rates that increased affordability of vehicle financing products.

*pawning
-The gold loan segment’s performance was also outstanding during the year registering
a loan book growth of 81% compared to the FY10 figure, given the appreciation of gold prices along with the expansion of pawning centres, targeting especially the untapped markets in the Northern and Eastern provinces. Over Rs.2.5bn gold loans were advanced during the year. This resulted in an increase in revenue from gold loans of 60%YoY, which contributed 22.4% of the company revenue for FY11 and 29.6% of operating profits.

*loans and advances
-which are mostly comprised of term loans and mortgage loans, showed a strong 89% YoY growth.The loan book growth was primarily funded by borrowings and deposits which grew by 231% and 57% respectively from FY10 figures. The company raised over Rs.1.9bn in borrowings and mobilised over Rs. 7.1 deposits during the year. A major portion of the borrowings were in the form of bank borrowings and deposits were mainly comprised of fixed deposits. Renewal rates of deposits remained over 80% during FY11. Interest expense grew by only 7% YoY due to lower rates despite a sharp increase in interest bearing liabilities during FY11.

*Other operational income
-doubled during the year mainly due to fee based activities as a result of increased lending operations. Capital gains from investments accounted for Rs.63.5m of operating income.

Developments

*Given the strong demand for vehicles and stable interest rates, the demand for vehicle financing products will remain robust for the coming year as well. Gold loans should continue to grow given lower interest rates and due to an anticipated appreciation of gold prices. In addition, the company expects to broaden its product portfolio by introducing ‘factoring’ during FY12.

*The company is expecting to add 50 centres (including branches and pawning centres) during FY12, especially in rural areas (as currently branches are concentrated around Colombo) with which its network will be extended to 140. This should lead to higher operating expenses during FY12.

*Deposits are expected to post a considerable growth due to increased reach and high
renewal rates and will be the major source of funding going forward.

from a well reputed firm.....
no buy,sell or hold implications,think before jump...


2My pick 1-LFIN Empty Re: My pick 1-LFIN Sun Jun 12, 2011 8:24 pm

jaya


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
i totaly agreed, last year they gave 5/= div. this year 3.5 X 2 = 7/= very impressive.

3My pick 1-LFIN Empty Re: My pick 1-LFIN Sun Jun 12, 2011 8:36 pm

FXX

FXX
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
i collected some shares when it was trading around 183

4My pick 1-LFIN Empty Re: My pick 1-LFIN Sun Jun 12, 2011 9:23 pm

dineshfernando


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
LFIN has been growing so fast. It is one of my favourites at present because this has been undervalued and has so much room for growth. They opened many branches all over the island recently and the results of which can be seen in the coming quarters.

Before Vallibel one issue, the price of LFIN may go up.

Unfortunately, the present trend of CSE is that the traders only go behind shares which have no fundamentals and overvalued.

However, soon investors will recognise good fundamental undervalued shares such as LFIN, DOCK, DIMO and ALLI.

This is my personal opinion and should not be considered as buy, sell and hold recommendations.

5My pick 1-LFIN Empty Re: My pick 1-LFIN Mon Oct 17, 2011 11:58 pm

mark

mark
Expert
Expert
today possible buy price(135-145)
*suppose we take 140Rs
*FY12E-EPS-20

*PE=(140/20)= 7 times Very Happy

6My pick 1-LFIN Empty Re: My pick 1-LFIN Tue Oct 18, 2011 8:39 am

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Well the leasing sector could get a hit with the proposed increase of vehicle tax, other than that I see some value in LFIN..
Now the counters fallen to grounds, most probably VONE, LFIN could bounce back.. so better watch out..

7My pick 1-LFIN Empty Re: My pick 1-LFIN Tue Oct 18, 2011 5:32 pm

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics
is there going to be another increase in vehicle tax. Sad i was going to buy a new car Sad

Where did you hear about this?

8My pick 1-LFIN Empty Re: My pick 1-LFIN Tue Oct 18, 2011 6:01 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@mono wrote:is there going to be another increase in vehicle tax. Sad i was going to buy a new car Sad

Where did you hear about this?

It was posted in the forum even I think... Just buy before next month where the budget speech will be given..

9My pick 1-LFIN Empty Re: My pick 1-LFIN Tue Oct 18, 2011 6:18 pm

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics
@smallville wrote:
@mono wrote:is there going to be another increase in vehicle tax. Sad i was going to buy a new car Sad

Where did you hear about this?

It was posted in the forum even I think... Just buy before next month where the budget speech will be given..

That was just heresay. I don't believe it. in either case, that budget looked pretty good for vehicle importers, except for this bit:
9.ලංකාවට ආනයනය කරන මෝටර් රථවල වලංගු භාවිත කල කාලය වසරකට සීමා වේ.(Importing won't be allowed for used vehicles over 1 year.) That just seems absurd

10My pick 1-LFIN Empty Re: My pick 1-LFIN Tue Oct 18, 2011 6:30 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@mono wrote:
That was just heresay. I don't believe it. in either case, that budget looked pretty good for vehicle importers, except for this bit:
9.ලංකාවට ආනයනය කරන මෝටර් රථවල වලංගු භාවිත කල කාලය වසරකට සීමා වේ.(Importing won't be allowed for used vehicles over 1 year.) That just seems absurd

The problem is there were so much of vehicles brought down.. still the infrastructure is getting developed.. And the govt has its target filled I believe so they maybe looking for this..
However not sure still these are hearsays..

11My pick 1-LFIN Empty Re: My pick 1-LFIN Tue Oct 18, 2011 6:35 pm

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics
@smallville wrote:
@mono wrote:
That was just heresay. I don't believe it. in either case, that budget looked pretty good for vehicle importers, except for this bit:
9.ලංකාවට ආනයනය කරන මෝටර් රථවල වලංගු භාවිත කල කාලය වසරකට සීමා වේ.(Importing won't be allowed for used vehicles over 1 year.) That just seems absurd

The problem is there were so much of vehicles brought down.. still the infrastructure is getting developed.. And the govt has its target filled I believe so they maybe looking for this..
However not sure still these are hearsays..

You are wrong there. There maybe too many vehicles in colombo but the rural masses have only started buying vehicles. Besides the government is desperate for mare revenue and they can only do this by setting up conditions for a larger volume of vehicles to be imported.

12My pick 1-LFIN Empty Re: My pick 1-LFIN Tue Oct 18, 2011 7:41 pm

mark

mark
Expert
Expert
oh shit,no one selling Sad

13My pick 1-LFIN Empty Re: My pick 1-LFIN Wed Oct 19, 2011 12:13 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
You have a good point mono abt rural areas..

Why I think of they increase is this;

1) Our roads are getting more and more congested with traffic due to increased number of vehicles but SL have no policy over old vehicles to be removed after a certain time frame has reached where as in Singapore they discourage vehicles after 4 years with high taxes.

2) There are no high traffic zones where you have to pay a certain fee to enter to the area, so again the traffice situation is not improving which needs a control..

3) The increase no of vehicles may mean to the environment and power (Fuel) as we're chargin a considerably low price on Fuel. If import tax for electrical goods such as LCD, LED are removed it makes sense as its energy efficiency we're dealing with which is good for the country's energy crisis when the water is at drastic low levels. But vehicles?

So in my context, either they have to impose control mechanisms or increase tax to streamline the process..

However despite all these, LFIN is a good pic and u need to find the real bottom to collect..
Some say there wont be any increase and some say there will be to the vehicle tax.. who knows wat?

14My pick 1-LFIN Empty Re: My pick 1-LFIN Fri Oct 21, 2011 11:50 pm

CSE.SAS

CSE.SAS
Global Moderator
LFIN Price(21-10-2011) : 139.90

EPS as of 2011-03-31: 14.73

Current P/E

Company : 9.4976

Sector : 9.5856

Source:-http://www.bloomberg.com/quote/LFIN:SL

15My pick 1-LFIN Empty Re: My pick 1-LFIN Sat Oct 22, 2011 3:27 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
@CSE.SAS wrote:LFIN Price(21-10-2011) : 139.90

EPS as of 2011-03-31: 14.73

Current P/E

Company : 9.4976

Sector : 9.5856

Source:-http://www.bloomberg.com/quote/LFIN:SL

Am not sure Sector PE is that low. Where was this figure from.

The forward PE is expected to higher . Last 2 quarters they reported Eps of 5+. It is expected that they maintain the same this quarter if no surprises. LFIN is a share to look out for.

16My pick 1-LFIN Empty Re: My pick 1-LFIN Sat Oct 22, 2011 3:38 am

CSE.SAS

CSE.SAS
Global Moderator
@slstock wrote:

Am not sure Sector PE is that low. Where was this figure from.

The forward PE is expected to higher . Last 2 quarters they reported Eps of 5+. It is expected that they maintain the same this quarter if no surprises. LFIN is a share to look out for.

http://www.bloomberg.com/quote/LFIN:SL

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