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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » WASKADUWA BEACH RESORT PLC (CITW.N0000)

WASKADUWA BEACH RESORT PLC (CITW.N0000)

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1WASKADUWA BEACH RESORT PLC (CITW.N0000) Empty WASKADUWA BEACH RESORT PLC (CITW.N0000) Thu May 02, 2013 9:28 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@nirowat wrote:Anybody know the progress of Citrus Waskaduwa ?


Since many of our members were interested about the progress of Waskaduwa Beach Resort of Citrus (CITW - REEF ) I write few lines here.:

The site clearing and foundation excavation work started in January last year . 2012.
The construction is handled by George Stuart Engineering.  Concrete is made in site in their batching and mixing plant.

Most  of the superstructure (reinforce concreting ) is completed now.  It has a very long and wide unpolluted nice beach front.
There are no much local beach users.
Many have sold their lands to hotels.

Boys, that hotel is much bigger than I thought. !
WASKADUWA BEACH RESORT PLC (CITW.N0000) Waskad10

As per my little experience in Middle East Hotel construction, their progress in 15 months is quite satisfactory.

WASKADUWA BEACH RESORT PLC (CITW.N0000) Waskad11


Interior cladding and walls in progress in Ground and 1st floors.


WASKADUWA BEACH RESORT PLC (CITW.N0000) Waskad12

WASKADUWA BEACH RESORT PLC (CITW.N0000) Waskad13
The area has clean and wide beach front



WASKADUWA BEACH RESORT PLC (CITW.N0000) Waskad14


WASKADUWA BEACH RESORT PLC (CITW.N0000) Waskad15
Location: The Citrus Waskaduwa is next to Aitken Spence "Sands"  and Sands is also under expansion, building a new wing in adjoining land.



Last edited by Chinwi on Fri May 03, 2013 10:23 am; edited 1 time in total

NUINTH


Senior Equity Analytic
Senior Equity Analytic
Hi Chinwi, thank you very much for the update about CITW. Cleared all hassle. I have few thousand shares of CITK, CITW & Reef. W19 as a investment bought good price. Will see what's happening next 2-3 years. No need to hurry.

sanju351

sanju351
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@NUINTH wrote:Hi Chinwi, thank you very much for the update about CITW. Cleared all hassle. I have few thousand shares of CITK, CITW & Reef. W19 as a investment bought good price. Will see what's happening next 2-3 years. No need to hurry.

Thank you for the great post

kalum


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Hi Chinwi. Thanks for these information. im really interest in CIT_ shares. Smile

KDDND

KDDND
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Thx Chiniwi! thats cool help! happy see the photos...... CITW like moving well! cheers

ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics
in CSE only, stocks are bought and sold of a hotel, even before the hotel is in operation. Currently CITW doesn't do any other business.

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Thanks Chinwi, for the commitment. Did u visit the site?

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@seek wrote:Thanks Chinwi, for the commitment. Did u visit the site?

As usual. I always try to get first hand info before investing in large quantities.
You should go around the area talk with locals , chat workers at lower levels to get a clear picture of the company you are going to buy.

Sorry I published only the images that anyone can take.



WASKADUWA BEACH RESORT PLC (CITW.N0000) Citw_m10
This is the location in Google.
- Google is not updated to show the buildings. -

WASKADUWA BEACH RESORT PLC (CITW.N0000) Citw_a10
After the completion of Airport Link and Outer Colombo Circular roads this location will get quick access from the Airport along E1 Highway via Bandaragama .


The famous train station "Train Halt No.1 " is close by.

කාලයකට ඉහත අතීතයේ මෙතන දුම්රිය නැවතුම් පලක් හදල එම ස්ටේෂන් එකට පොතුපිටිය ලෙස නම තිබ්බම වස්කඩුවේ මිනිස්සු විරෝධය පෑවා . වස්කඩුව ලෙස නම් කරන්න ගියාම පොතුපිටියේ අය සන්ඩු කලා . ස්ටේෂන් එකේ නමට පොතුපිටියේ හා වස්කඩුවේ මිනිස්සු සැහෙන කාලයක් ගහ ගත්ත .
අන්තිමේදී "නොම්මර එකේ දුම්රිය පොළ" කියල නිල වශයෙන් නම තිබ්බ !



Last edited by Chinwi on Fri May 03, 2013 11:20 am; edited 2 times in total

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Wow, thanks Chinwi, cleared a lot of doubts.

10WASKADUWA BEACH RESORT PLC (CITW.N0000) Empty Re: WASKADUWA BEACH RESORT PLC (CITW.N0000) Fri May 03, 2013 11:34 am

kalum


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@ccsentha wrote:in CSE only, stocks are bought and sold of a hotel, even before the hotel is in operation. Currently CITW doesn't do any other business.

true but i dont think it's a problem. As far as i see, it's better to be first than last if there is a opportunity. but if you are unlucky become first will be unprofitable. "issella uyapu batha mulin ma pilinu una wage'.. but that is the risk we are taking no?

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@ccsentha wrote:in CSE only, stocks are bought and sold of a hotel, even before the hotel is in operation. Currently CITW doesn't do any other business.

Do not worry.
You can buy running hotels like AHUN, RENU, HUNA, TAJ if you do not like bear lands.

They were trading at introductory prices decades ago , we were not in a position to buy shares those days. Now we do not have enough money to buy them at current rates.

Hence , we buy bear lands at 50% discount.

CITW owners paid 10/- per share 2 1/2 years ago and public paid 12/- one and half year ago. Now the hotel is in construction level we buy at 50% discount.
No offense. Just a different view. Smile

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
In CSE bear lands trade without hotels but at least with CITW, we see a hotel being built now..
When the hotel started its operations, hype will take it to the levels that we cant buy it shares.. So better late than worry know?

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
did any1 notice the 5-0 pattern that triggered the entry around 6.9.

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
for CITK the price must fall to 7rs to trigger BUY Very Happy

i am seeing big BUY order @ 8rs. silent

Jana1


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Chinwi wrote:
@ccsentha wrote:in CSE only, stocks are bought and sold of a hotel, even before the hotel is in operation. Currently CITW doesn't do any other business.

Do not worry.
You can buy running hotels like AHUN, RENU, HUNA, TAJ if you do not like bear lands.

They were trading at introductory prices decades ago , we were not in a position to buy shares those days. Now we do not have enough money to buy them at current rates.

Hence , we buy bear lands at 50% discount.

CITW owners paid 10/- per share 2 1/2 years ago and public paid 12/- one and half year ago. Now the hotel is in construction level we buy at 50% discount.
No offense. Just a different view. Smile

Thanks for your post.. Just I wanna clarify 1 thing,

Ididn't go more depth with CITK and CITW ipo prospectus. Why CITK's introductory price was 17 and CITW was 12 whilst both has same asset value? And y do u prefer CITW over CITK as both expected dates are by 2015 (according to prospectus)

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Jana1 wrote:
@Chinwi wrote:
@ccsentha wrote:in CSE only, stocks are bought and sold of a hotel, even before the hotel is in operation. Currently CITW doesn't do any other business.

Do not worry.
You can buy running hotels like AHUN, RENU, HUNA, TAJ if you do not like bear lands.

They were trading at introductory prices decades ago , we were not in a position to buy shares those days. Now we do not have enough money to buy them at current rates.

Hence , we buy bear lands at 50% discount.

CITW owners paid 10/- per share 2 1/2 years ago and public paid 12/- one and half year ago. Now the hotel is in construction level we buy at 50% discount.
No offense. Just a different view. Smile

Thanks for your post.. Just I wanna clarify 1 thing,

Ididn't go more depth with CITK and CITW ipo prospectus. Why CITK's introductory price was 17 and CITW was 12 whilst both has same asset value? And y do u prefer CITW over CITK as both expected dates are by 2015 (according to prospectus)

Although I don't have any of CIT* shares in my PF, I think CITK has the unique value due to the location. There are plenty of beach hotels but how many in Kalpitty with Villas.

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@Jana1 wrote:
Thanks for your post.. Just I wanna clarify 1 thing,

Ididn't go more depth with CITK and CITW ipo prospectus. Why CITK's introductory price was 17 and CITW was 12 whilst both has same asset value? And y do u prefer CITW over CITK as both expected dates are by 2015 (according to prospectus)

You are correct, in both, promoters paid 10/- per share.
Without going into specific details we can see Kalpitiya is a huge project compared to Waskaduwa, although their estimated costs are same.

At the time of IPOs CITK had more interest & value than CITW..They showed a good u/r capital gain from CLND investment for CITK. CITW had nothing like that.

I think the real value is in the extent of the land, costs of lands and different in their long term prospects.

CITW build on 8 acres, CITK has 80 Acres. It is very difficult to find that much of land in a beachfront anywhere in the region.

At Waskaduwa they paid approx. 300,000 per perch. For Kalpitiya the land was bought @ 30,000 per perch.

I think if you revalue 80 acres in Kalpitiya after they developed it into a star class hotel area you get higher value addition. They have the land to build and sell 50 villas in addition to 150 room hotel in CITK.

And y do u prefer CITW over CITK as both expected dates are by 2015


Although they planned that way, now we know Waskaduwa will be in operation about 2 years before Kalpitiya.

Hence, -if not CLND factor- we can forget CITK and buy CITW expecting a fair return in about 1 year and then go to CITK when they start clearing the jungle and removing the cow-dung in that marshy land.

Due this unusual CLND investment, people expect a sudden impact on CITK even before they start construction.
Because of that, now I want to hold both in equal quantities.

Personal answer to the same question is , I got unrealized return from CITK due to recent price appreciation, I sold part of that and settled the broker credit I utilized to buy CITW last month.


---

NOTE:
Due to the circumstances I talked much about this REEF group here and there. Please note my main interests are with some other stocks and I do not allocate over 15% of my funds for any particular group of companies.

Jana1


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Chinwi wrote:
@Jana1 wrote:
Thanks for your post.. Just I wanna clarify 1 thing,

Ididn't go more depth with CITK and CITW ipo prospectus. Why CITK's introductory price was 17 and CITW was 12 whilst both has same asset value? And y do u prefer CITW over CITK as both expected dates are by 2015 (according to prospectus)

You are correct, in both, promoters paid 10/- per share.
Without going into specific details we can see Kalpitiya is a huge project compared to Waskaduwa, although their estimated costs are same.

At the time of IPOs CITK had more interest & value than CITW..They showed a good u/r capital gain from CLND investment for CITK. CITW had nothing like that.

I think the real value is in the extent of the land, costs of lands and different in their long term prospects.

CITW build on 8 acres, CITK has 80 Acres. It is very difficult to find that much of land in a beachfront anywhere in the region.

At Waskaduwa they paid approx. 300,000 per perch. For Kalpitiya the land was bought @ 30,000 per perch.

I think if you revalue 80 acres in Kalpitiya after they developed it into a star class hotel area you get higher value addition. They have the land to build and sell 50 villas in addition to 150 room hotel in CITK.

And y do u prefer CITW over CITK as both expected dates are by 2015


Although they planned that way, now we know Waskaduwa will be in operation about 2 years before Kalpitiya.

Hence, -if not CLND factor- we can forget CITK and buy CITW expecting a fair return in about 1 year and then go to CITK when they start clearing the jungle and removing the cow-dung in that marshy land.

Due this unusual CLND investment, people expect a sudden impact on CITK even before they start construction.
Because of that, now I want to hold both in equal quantities.

Personal answer to the same question is , I got unrealized return from CITK due to recent price appreciation, I sold part of that and settled the broker credit I utilized to buy CITW last month.


---

NOTE:
Due to the circumstances I talked much about this REEF group here and there. Please note my main interests are with some other stocks and I do not allocate over 15% of my funds for any particular group of companies.

Thank you so much... Very useful review.. According to u, CITK still haven't started its project..I got to put these companies in my visual to grab some quantities....

cseguide

cseguide
Vice President - Equity Analytics
Vice President - Equity Analytics
tnks chinwi

20WASKADUWA BEACH RESORT PLC (CITW.N0000) Empty Re: WASKADUWA BEACH RESORT PLC (CITW.N0000) Sat May 04, 2013 12:16 am

KDDND

KDDND
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Thx guys n gals ... giving good discussions n information, some investing strategies too.... Smile Im learning from your point of views n analytical strategies....... cheers

21WASKADUWA BEACH RESORT PLC (CITW.N0000) Empty Re: WASKADUWA BEACH RESORT PLC (CITW.N0000) Sat May 04, 2013 12:26 am

ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics
@kalum wrote:
@ccsentha wrote:in CSE only, stocks are bought and sold of a hotel, even before the hotel is in operation. Currently CITW doesn't do any other business.

true but i dont think it's a problem. As far as i see, it's better to be first than last if there is a opportunity. but if you are unlucky become first will be unprofitable. "issella uyapu batha mulin ma pilinu una wage'.. but that is the risk we are taking no?

building a hotel is one thing, efficiently managing it to generate profits is another. Ideally Profits should be increasing with time, even if the micro economics are not in favor of the business, still making profits is talent(by reducing cost, etc...) this is what we find with good companies. Identifying such companies is very difficult. Identifying it before it has even started it's business is close to impossible.

22WASKADUWA BEACH RESORT PLC (CITW.N0000) Empty Re: WASKADUWA BEACH RESORT PLC (CITW.N0000) Sat May 04, 2013 12:28 am

ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics
@Chinwi wrote:
@ccsentha wrote:in CSE only, stocks are bought and sold of a hotel, even before the hotel is in operation. Currently CITW doesn't do any other business.

Do not worry.
You can buy running hotels like AHUN, RENU, HUNA, TAJ if you do not like bear lands.

They were trading at introductory prices decades ago , we were not in a position to buy shares those days. Now we do not have enough money to buy them at current rates.

Hence , we buy bear lands at 50% discount.

CITW owners paid 10/- per share 2 1/2 years ago and public paid 12/- one and half year ago. Now the hotel is in construction level we buy at 50% discount.
No offense. Just a different view. Smile

if the company makes a loss in 1 year will is still be 50% discount?
once the hotel is in operation and if it doesn't make profits, the price of stock would come down even further...??

23WASKADUWA BEACH RESORT PLC (CITW.N0000) Empty Re: WASKADUWA BEACH RESORT PLC (CITW.N0000) Sat May 04, 2013 12:31 am

ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics
@smallville wrote:In CSE bear lands trade without hotels but at least with CITW, we see a hotel being built now..
When the hotel started its operations, hype will take it to the levels that we cant buy it shares.. So better late than worry know?

generally hotels don't make profits in their early days, do they? it takes some time/years for their occupancy rate to go up, isn't it? during this period share price can come further down ne?

24WASKADUWA BEACH RESORT PLC (CITW.N0000) Empty Re: WASKADUWA BEACH RESORT PLC (CITW.N0000) Sat May 04, 2013 10:11 am

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@ccsentha wrote:
generally hotels don't make profits in their early days, do they? it takes some time/years for their occupancy rate to go up, isn't it? during this period share price can come further down ne?

You are very correct. You cannot expect good profits in first few years.
That risk is there for the people who buy at IPO or even now. See their cashflow plan, they have shown it in writing. Actually the biggest risk is for the promoters.* ( *- see note)

But, we are not relying on EPS only - for this kind of medium and long term investments.
When a marshy land is converted into a star class functioning hotel there can be many interested parties , funds, big tour operators etc. coming in and they look in long term prospective. Even many times of Current Price could become attractive for them , compared to other similar hotels in the region. ( Ceylon - Goa - Thai - Bali ... )

I am talking about long term. There can be short term opportunities as well.
Somehow, those who invest in this kind of stocks should know they are targeting long range.

-----

* Note:

In many cases we see the promoters issue bonus shares, revalue badly, do many 'jil-mart' to increase their holding free of cost and lower their cost per share to few Rupees before issuing shares to public at higher prices.

( Eg.DIAL . Malaysian Owners issued millions of bonus shares to themselves and then they sold those zero cost shares to us @ 12/- in the IPO . - a daylight robbery. How foolish we were , the issue was oversubscribed within hours. I did not buy a single DIAL IPO share in protest. )

w.r.t. CITW they did not do such a thing. Promoters paid 10/- and year later they issued IPO @ 12/- . Very reasonable.



25WASKADUWA BEACH RESORT PLC (CITW.N0000) Empty Re: WASKADUWA BEACH RESORT PLC (CITW.N0000) Sat May 04, 2013 10:44 am

ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics
@Chinwi wrote:
@ccsentha wrote:
generally hotels don't make profits in their early days, do they? it takes some time/years for their occupancy rate to go up, isn't it? during this period share price can come further down ne?

You are very correct. You cannot expect good profits in first few years.
That risk is there for the people who buy at IPO or even now. See their cashflow plan, they have shown it in writing. Actually the biggest risk is for the promoters.* ( *- see note)

But, we are not relying on EPS only - for this kind of medium and long term investments.
When a marshy land is converted into a star class functioning hotel there can be many interested parties , funds, big tour operators etc. coming in and they look in long term prospective. Even many times of Current Price could become attractive for them , compared to other similar hotels in the region. ( Ceylon - Goa - Thai - Bali ... )

I am talking about long term. There can be short term opportunities as well.
Somehow, those who invest in this kind of stocks should know they are targeting long range.

-----

* Note:

In many cases we see the promoters issue bonus shares, revalue badly, do many 'jil-mart' to increase their holding free of cost and lower their cost per share to few Rupees before issuing shares to public at higher prices.

( Eg.DIAL . Malaysian Owners issued millions of bonus shares to themselves and then they sold those zero cost shares to us @ 12/- in the IPO . - a daylight robbery. How foolish we were , the issue was oversubscribed within hours. I did not buy a single DIAL IPO share in protest. )

w.r.t. CITW they did not do such a thing. Promoters paid 10/- and year later they issued IPO @ 12/- . Very reasonable.


mmm....

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