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

WASKADUWA BEACH RESORT PLC (CITW.N0000)

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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


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


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

25WASKADUWA BEACH RESORT PLC (CITW.N0000) - Page 2 Empty Re: WASKADUWA BEACH RESORT PLC (CITW.N0000) Sat May 04, 2013 12:16 am

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

26WASKADUWA BEACH RESORT PLC (CITW.N0000) - Page 2 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.

27WASKADUWA BEACH RESORT PLC (CITW.N0000) - Page 2 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...??

28WASKADUWA BEACH RESORT PLC (CITW.N0000) - Page 2 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?

29WASKADUWA BEACH RESORT PLC (CITW.N0000) - Page 2 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.



30WASKADUWA BEACH RESORT PLC (CITW.N0000) - Page 2 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....

31WASKADUWA BEACH RESORT PLC (CITW.N0000) - Page 2 Empty WASKADUWA BEACH RESORT PLC(CITW.N0000) Tue Aug 26, 2014 9:26 am

Invest_Wisely


Manager - Equity Analytics
Manager - Equity Analytics
A good share to have in your portfolio. Current trading price is Rs:7.10

* Top 20 share holders hold 95.46%
* NAV more than 10
* The hotel is now operational and as the tourism season is around the corner a definite buy.
* IPO was priced at 12.50
* The last couple of days the share was trading with high volumes

Happy Trading

Market R

Market R
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Thanks for highlighting this share

33WASKADUWA BEACH RESORT PLC (CITW.N0000) - Page 2 Empty Re: WASKADUWA BEACH RESORT PLC (CITW.N0000) Tue Aug 26, 2014 11:03 pm

Invest_Wisely


Manager - Equity Analytics
Manager - Equity Analytics
ur welcome...Do keep an eye on ASIR.N0000 as well...

Happy Trading

34WASKADUWA BEACH RESORT PLC (CITW.N0000) - Page 2 Empty Re: WASKADUWA BEACH RESORT PLC (CITW.N0000) Tue Aug 26, 2014 11:56 pm

SM2014

SM2014
Manager - Equity Analytics
Manager - Equity Analytics
@Invest_Wisely wrote:A good share to have in your portfolio. Current trading price is Rs:7.10

* Top 20 share holders hold 95.46%
* NAV more than 10
* The hotel is now operational and as the tourism season is around the corner a definite buy.
* IPO was priced at 12.50
* The last couple of days the share was trading with high volumes

Happy Trading

Accept all the points but i prefer to invest for 2 years rather trading.

35WASKADUWA BEACH RESORT PLC (CITW.N0000) - Page 2 Empty Re: WASKADUWA BEACH RESORT PLC (CITW.N0000) Wed Aug 27, 2014 12:08 am

Dr Stock

Dr Stock
Co-Admin
Investing or trading ?
My personnel view is current market conditions are better for trading day or swing.
At present most of stocks have reached 52wk high.
Better to wait until a dip comes for collection and longterm investments.


36WASKADUWA BEACH RESORT PLC (CITW.N0000) - Page 2 Empty Re: WASKADUWA BEACH RESORT PLC (CITW.N0000) Wed Aug 27, 2014 12:15 am

Eng Krishantha

Eng Krishantha
Expert
Expert
bounce bounce bounce

37WASKADUWA BEACH RESORT PLC (CITW.N0000) - Page 2 Empty Re: WASKADUWA BEACH RESORT PLC (CITW.N0000) Wed Aug 27, 2014 12:46 am

Dr Stock

Dr Stock
Co-Admin
If the hotel is fucntioning why they havent mention in revenue
in the Q report.
It has mention NAV is 10.27
why no revenue?

Invest_Wisely


Manager - Equity Analytics
Manager - Equity Analytics
September Quarter they should show results....

Happy Trading

39WASKADUWA BEACH RESORT PLC (CITW.N0000) - Page 2 Empty Re: WASKADUWA BEACH RESORT PLC (CITW.N0000) Wed Aug 27, 2014 10:18 am

AAABoy

AAABoy
Moderator
Moderator
@Invest_Wisely wrote:A good share to have in your portfolio. Current trading price is Rs:7.10

* Top 20 share holders hold 95.46%
* NAV more than 10
* The hotel is now operational and as the tourism season is around the corner a definite buy.
* IPO was priced at 12.50
* The last couple of days the share was trading with high volumes

Happy Trading

This will be a good pick for long term. Nice hotel. Worth to buy at these levels


_________________




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Invest_Wisely


Manager - Equity Analytics
Manager - Equity Analytics
Agreed 100%....Collection going on, this share will definitely give you a very good ROI....

Invest_Wisely


Manager - Equity Analytics
Manager - Equity Analytics
Today 8.50. Will definitely break 10......

troy

troy
Moderator
Moderator
this will trigger a move on in Reef also. (Reef holds 59.31%) from this quarter on wards we might see operational profits... good times ahead for Reef family.

wonder any one knows about CITK progress...

Aubrey Perera


Vice President - Equity Analytics
Vice President - Equity Analytics
Yes even I'm waiting for CITk to join the run !

Invest-Wise

Invest-Wise
Manager - Equity Analytics
Manager - Equity Analytics
CITW definitely a very good buy. The hotel just started functioning in June. I have visited the hotel also a few times. Its the largest one in that area and definitely will do full well in the season starting November. So I think 6-9 months the return will be great. This has not appreciated much either.

CITK will be the next one. IPO was at 17.50. NAV again at 10/- Colombo land holds a big chunk of CITW so generally the patter is that it moves with CLND in the past and also with the REEF group. The herd mentality movement!!

Both undervalued shares.

Happy trading....

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
But its financials look strange. Someone had alsready pointed out that in the forum.

They do not have a income of cent from operational activities and other income is consisted only with dividends.

It's gearing ratio is 0.8 which means its total external liabilities exceeds the sum of equity. But not bad.

Cannot expect a dividend for more than 5 years.

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