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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » hasi84 where are you???

hasi84 where are you???

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1hasi84 where are you??? Empty hasi84 where are you??? Wed Feb 09, 2011 8:27 pm

CSE_Times


Stock Trader
Hasi84,
Can you please give your thoughts on CFIN? i've been following your posts for a while and would appreciate your take on this?
Thanks much!



Last edited by Quibit on Thu Feb 10, 2011 10:54 am; edited 1 time in total (Reason for editing : format condensed)

2hasi84 where are you??? Empty Re: hasi84 where are you??? Wed Feb 09, 2011 10:39 pm

hasi84

hasi84
Moderator
Moderator
@CSE_Times wrote:Hasi84,

Can you please give your thoughts on CFIN? i've been following your posts for a while and would appreciate your take on this?

Thanks much!

Had a brief look at the results: they look good to me… “Operating profit before VAT on financial services and income tax” has increased by 19.8% and PBT has increased 14.3% QoQ so it has performed well in the last Q in my opinion.

Points to note:

Income increased by 3% while operating expenses have decreased by 0.3% shows positive cost control measures.
There is a 30.3mn reversal of bad loans which I suspect is the loans written off to Hedges court last year (haven’t had time to look at the cashflow statement in detail yet so cannot confirm)

Share of associates profits have decreased by 32% (what associate(s) caused negative growth? need to study results in more detail)

Income tax expense has increased by 29.6% (any reason for such an increase? Effective income tax rate has increased from 39.5% to 44.4% in Q3: i think it may be a one off)

Looking at the last 2 quarters we can expect a income tax and Vat saving of around 407mn in FY12 (all else equal) which is approximately 20 rupees a share:

I expect the leasing and micro finance sector to perform much better next year due to expected growth in Lending (since they have to utilise the tax savings that go in to the investment fund).

Considering all of these points I still think CFIN is a good share for the medium term since we can expect an EPS close to 100 in FY12 thus trading at a forward earnings multiple of less than 10.

I will study the Balance sheet and the Cashflow Statement in more detail and post a follow up later this evening.

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