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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » COMMERCIAL BANK OF CEYLON PLC (COMB.N0000)

COMMERCIAL BANK OF CEYLON PLC (COMB.N0000)

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Teller


Moderator
Moderator

can we predict directors insider dealing when we do a prediction. Up from higher level to the lowest are engaging with frauds. We were too late to understand about these fraudsters.
ABANS GROUP SELLS FINANCE COMPANY TO LAUNDRY OPERATOR , LOSSES CONTROL & CAPITAL INFUSION FAILS TO SAVE ABANS FINANCE -

Abans Finance PLC profit declines to 55Mn From 78 Mn , after being downgraded to associate status -

Worse ever performance by a Company with Equity base of Rs 1.1 Bn.

-Non performing assets increased from 534 Mn to 805 Mn.

-Interest margin declined from 13.5 % to 11.2 %.
-Return on average assets declined from 3.4 % to 2.0%.
-Return on average Equity declined from 20.5 % to 8.0%.


CENTRAL BANK FINDS MAJOR MANIPULATIONS AND NON COMPLIANCE WITH DIRECTIVES TO REPORT FALSE PROFITS.


CEO is only a puppet and does not get involved in any business promotion and always on the computer preparing his assignments for studies.

Two staff members of Ironwood Investments , one of the major share holder works as full time employees and runs the business and gives directions to staff.


COO who knows nothing other than recoveries has also messed up and the Non performing assets increased from 534 Mn to 805 Mn. COO is also not allowing the recovery staff to check the payments on new loans which are in arrears.

Both are planning to collect some fictitious cheques from customers and manipulate the profits for December 2017.

The Chief Internal Auditor is also assisting the management to manipulate the profits.

The Chief Financial Officer has quit his job and the head of risk also has submitted his resignation after the CBSL Audit.

Small number of shares are traded at high prices to manipulate the market price.


Be cautious and don't get carried away and looses your money.




Abans Finance PLC share which was trading at Rs 69.90 has dropped after decline in profits. Independent Director Himubuldeniya's paper Company bought money from Cayman Island and bought at Rs 25.00 defrauding minority share holders

Trades are presently at Rs 22.00 levels but small quantities of 2 to 20 shares are trading at higher prices due to manipulation. Don't get cought to - "Pumping and Dumping".

“Ironwood Investment” , Abans group and proxies are manipulating the share price of Abans Finance PLC by “Pump and dump" (P&D) which is a form of microcap stock fraud that involves artificially inflating the price of an owned share through false and misleading trades. They undertook to reduce their holding to satisfy minimum float requirements.

SEC and CSE should investigate the trades of small number of shares traded at artificially high prices to mislead investors.

Teller


Moderator
Moderator

@Sangeetha, Ironwood ate Abans, some auditors supported . We were helpless

ThilinaM


Vice President - Equity Analytics
Vice President - Equity Analytics

@Teller - explain what is PV inner bulish analysis????

KavinduTM


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Teller wrote:Refer my Feb 08  related to COMB target in this article. i cleary told some guys last week to yesturday,Exit bank finance,plantation and hotel  and STRICLY ENTER TO EXPORT ORIENTED COMPANIES. I SEE 3 OPPORTUNITIES WHICH WILL GET A REAL BENIFITS.  ESPECIALLY Rexp,hexp,BPpl,hcab... even down market Those shares are very strong. With out having much effort, Investors realize the potential ,then REXP to 320, HEXP to 160,  teller said is said. Still you are not late to decide
You have good analyses + strong targets but sometimes you include some viruses among them. Example is COMB. Maybe with the idea of collecting @84 levels.But it deserves 100+ levels. 

Even i will love to buy COMB @84 coz it is so much worthy for that price but it is not acceptable spreading bad viruses to people's mind.

Teller


Moderator
Moderator

Once you learned ratios ,contact me. Other wise its also just like a bullshit like EPS and NAVPS. Remember take fundementals plus technical together , then only you can do it.

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics

@Teller - After tellers explanation i have analysied cash flows of vfin. but we cant say - cash flows are bad since when loans given cash flows will be minus in a finance company. so tellers argument is wrong regarding VFIN z bad due to minus cash flows. any comments

Teller

Teller
Moderator
Moderator

@kavidu, in this world there are 2 things. One is deserve , other one is desire.
We desire to buy a car, but due to poor financials we deserve for a bycycle.
So desires will not work always . Im in office bro. Busy..

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics

@Teller - Im a finance graduate and CA finalist and i know ratios . what is your PV inner analysis ???
misss sangeetha says its a fake name. pplease explain???

Teller

Teller
Moderator
Moderator

@Thili, understand and study ratios under retail banking

KavinduTM

KavinduTM
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Teller wrote:Once you learned ratios ,contact me. Other wise its also just like a bullshit like EPS and NAVPS. Remember take fundementals plus technical together , then only you can do it.

Bro i don't care NAV or EPS much when taking decisions.However i don't ignore them at all. I care about financial ratios you posted few days ago. And yes after ratios, cash flow and the growth of a company , then i study charts.

KavinduTM

KavinduTM
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Teller wrote:@kavidu, in this world there are 2 things. One is deserve , other one is desire.
We desire to buy a car, but due to poor financials we deserve for a bycycle.
So desires will not work always . Im in office bro. Busy..

Yes that's correct but how does that applies to the Commercial Bank's situation.
Oh it's okay reply after the work. Focus on it Smile 

And please call me @kavindu. You always missing "n"  Crying or Very sad 😂

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics

Commercial bank 12% Return on net assets. only good for trading now.

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics

that mean com bank can only generate 12% on new funds say a right issue.
earnings on price z 17% . less risky low growth stock. now less risky to buy and trade in like another 6 months

Teller

Teller
Moderator
Moderator

"And please call me @kavindu. You always missing "n" Crying or Very sad 😂"

Ok .ok, today also 1 rupee down,

KavinduTM

KavinduTM
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Teller wrote:"And please call me @kavindu. You always missing "n"  Crying or Very sad 😂"

Ok .ok, today also 1 rupee down,

Haha i was crying  Razz

Yes but not 84/= huh. Downtrend will be ended soon Smile

Teller

Teller
Moderator
Moderator

But i predicted this from 94-98 levels

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics

coma will bump back now like privious time

KavinduTM

KavinduTM
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Teller wrote:But i predicted this from 94-98 levels
Oh did u?

But i saw it when it was 92/=

If you predicted when it was 98/= . Good prediction bro Smile

ColomboCSE


Manager - Equity Analytics
Manager - Equity Analytics

@Teller this come to 85 level man... to be honest i'm also calculated it will be come 87 max B'cos in APR/2019 also this survive same difficult stats.

need to re think about my forecasting algorithms  Surprised Surprised Surprised Surprised

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics

COMMERCIAL BANK OF CEYLON PLC (COMB.N0000) - Page 4 To_for11

What do u think . will PAB goto right issue???

Teller

Teller
Moderator
Moderator

Teller said is said. I had 12 hours continues sleep.ohhh when i check COMB , ill tell you the secret but again i want to sleep ......

NiroR


Stock Trader

COMB.N  ??? 🤔

Ekanayake90

Ekanayake90
Manager - Equity Analytics
Manager - Equity Analytics

ECONOMYNEXT- Domestic commercial banks which held dollar denominated bonds issued by the government of Sri Lanka will see higher profits after a tax treatment suddenly changed by a tax-oriented International Monetary Fund program, reverted to old practice.

Banks, who were among the top holders of so-called Sri Lanka Development Bonds (SLDBs) had to provide for taxes after the previously tax-free bonds were made taxable as part of the ‘revenue based fiscal consolidation’ strategy in the last IMF program with the island.

Exempted

However, there had been reduced demand for new bond issues in recent months after the tax treatment was changed to make SLDBs tax liable.

Uncertainty remained over whether the tax free status only applied to sovereign bonds issued mainly outside Sri Lanka or the SLDBs which are mostly sold to resident customers who are allowed to have forex assets.

Confusion had arisen over the broader exemptions in the Sinhalese interpretation of the act, which usually takes precedence over English.

On February 12 this year Sri Lanka’s Inland Revenue Department had issued a circular, interpreting that the tax-free status applied to SLDBs with effect from April 2018.

Sampath Bank Plc was the first among banks to report their fourth quarter earnings, recording a tax reversal of over 500 million rupees on SLDB holdings of 60 billion rupees at end-2019 following the new interpretation.

SLDBs had been exempted from tax prior to April 1, 2018, Inland Revenue Department Deputy Commissioner R. M. Jayasinghe told EconomyNext.

As the government wanted to broad-base taxation, SLDBs were removed from the exempt list under the Inland Revenue Act No. 24 of 2017, he said.

“Once we made SLDBs liable to tax, as time went on, we felt that it was difficult to find investors,” he said.


DEMAND DROP: Since the new Inland Revenue Act was announced in October 2017, there has been lower demand for SLDBs, with three issuances being undersubscribed.
On three SLDB auctions in 2018 and 2019, bids were less than the announced value of bonds.

From 2016 to end 2017, there was only one auction which was not oversubscribed. During the earlier period, auctions were oversubscribed by larger margins.

Windfall for Banks

While listed banks will benefit from the tax reversal, state banks will also gain, First Capital Research Assistant Manager Atchuthan Srirangan told EconomyNext.

“Sri Lankan banks hold over 80 percent of the issued SLDBs,” he said.

At the moment, there are 3.1 billion US dollars in issued SLDBs.

Banks which have large foreign currency accounts, mainly for worker remittances, subscribe to SLDBs, Srirangan added.

Some banks also borrowed abroad, on their balance sheet at rates lower than the sovereign to invest in SLDBs.

However, with the new tax coming in, their margins reduced, leaving less on an incentive to buy SLDBs.

Bank of Ceylon, which is the largest bank in Sri Lanka, held 195 billion rupees in SLDBs at end-2018, and the bank’s annual report said said its profits fell during the year due to SLDBs coming under taxation.

Among listed private banks, Hatton National Bank Plc had invested the highest in SLDBs at end-2018 at 123 billion rupees, twice that of Sampath Bank, annual reports showed.

Commercial Bank of Ceylon Plc grew their investment to 59 billion rupees in 2018 from 40 billion rupees in 2017.



National Development Bank Plc, DFCC Bank Plc and Pan Asia Banking Corporation Plc rounded up the top six SLDB holders at end-2018, holding between 10-20 billion rupees each.

Any bank that retains the tax reversals would be able to boost their Tier I capital, analysts said. (Colombo/Feb14/2020)

Ekanayake90

Ekanayake90
Manager - Equity Analytics
Manager - Equity Analytics

COMMERCIAL BANK OF CEYLON PLC (COMB.N0000) - Page 4 F1104e10

Promoney


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

COMMERCIAL BANK OF CEYLON PLC (COMB.N0000) - Page 4 Screen90

https://economynext.com/sri-lanka-bank-profits-to-lift-on-sldb-tax-relief-50526/

Teller

Teller
Moderator
Moderator

As i Said COMB came to near my 84 target. Exactly its rebounding as expected . Thats why you should study secret things in analysis .

KavinduTM

KavinduTM
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Teller wrote:As i Said COMB came to near my 84 target. Exactly its rebounding as expected . Thats why you should study secret things in analysis .

Yeah that was a good prediction. Now it will touch 100 without a break i guess.

AsithaDe


Equity Analytic
Equity Analytic

Is foreign selling over now. how much selling is Remaining as at now. ?

Teller

Teller
Moderator
Moderator

Who ever sells below 84 , they are fools.. i calculated once,twice,thrice before putting my 84 target. Its a support and buyers will enter @84 at any cost , because 97.8854 % pshychological factors are gearing up 84 levels . So 84 is strongly recommended.

KavinduTM

KavinduTM
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Teller wrote:Who ever sells below 84 , they are fools.. i calculated once,twice,thrice before putting my 84 target. Its a support and  buyers will enter @84 at any cost , because 97.8854 % pshychological factors are gearing up 84 levels . So 84 is strongly recommended.

Yeah even i preferred to enter @90.
84/= is far better. 

@Teller, however what is the reason for massive foreign selling?

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