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FINANCIAL CHRONICLE™ » EXPERT CHRONICLE™ » Exciting RICH

Exciting RICH

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20110630

Exciting RICH - Page 2 Empty Exciting RICH

Chinwi


Associate Director - Equity Analytics
Associate Director - Equity Analytics
Exciting RICH - Page 2 D3037110

Dr Sena Yaddehige made an exciting speech at RICH AGM today.

RICH is getting into Palm oil business, overseas.  

He reviled that they have already acquired 150,000 Acres of land in some other country and finalizing for getting another 40,000 Acres (16,000 Ha) in Indonesia. Very recently, another country has come forward to offer lands for the company and they are considering it too.  All are for palm oil cultivation.

They are also to develop 1000 Acres of land in Sri Lanka, leisure and agriculture related business. They hope state of the art vegetable cultivation will be a good venture for the future.

As announced earlier, 15 Acre Navinna land will be converted into a top class International University affiliated to best Universities in UK to produce real graduates suited for the modern world. They have already started the initial work.

He also disclosed that - They are in the middle of acquiring an Insurance company, a Finance company and with their already functioning stock broker firm they are going to offer whole set of services under one roof at all the Arpico Super Centers in near future.

He invited honest, energetic, capable, initiative people to join the Group in the process of building international RICH.

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Post Fri Jul 01, 2011 11:37 pm by nkalansu

@Chinwi wrote:
@ssb wrote:is this mean RICH go UP Smile

No dear !

I wrote the comments just to update those who did not get a chance to go there.

I do not expect the share going up just because of this news as this story is about a long process expanding over many years .

I do not like it going up now because with my future cash flow I expect to collect this share. :-) - just teasing.

If lot of long term investors decide to collect RICH at the current prices then it may go up.

Actually, I am shifting from 'buying shares' to 'investing in businesses'. Hence I select RICH as a business I should buy. When you think this way you do not bother much about short term fluctuations , up or down.

Thanks




Hi there Chinwi,

I am too interested in investing in RICH as a long term investment and like you investing in businesses rather than buying shares. Since you have attended the AGM I would like to know whether they have disclosed any information about expanding the retail segment ( Arpico Super Centers).

Please share your thoughts.

Thanks

Post Sat Jul 02, 2011 3:04 am by econ

I think Dr yaddehige is true model for Sri Lankans. Unlike other Sri Lankan investors who earned money from many unethical business, He earned his money using his technology innovations and come back to his home country and invest in local business.



Last edited by econ on Sat Jul 02, 2011 3:05 am; edited 1 time in total

Post Sat Jul 02, 2011 3:04 am by Slstock

@Chinwi wrote:
@slstock wrote:

Many Thanks for the Update Chinwi. Was awaitign your update after the last thread discussion. Appreciate it.

I can remember you wanted me to go there.

BTW, There were less attended this time - because of their ' NO Gifts ' announcement. :-). The management appreciated the people who came there and the Chairman delivered a good speech. ( Last time it was very different due to huge crowd )




Yes Chinwi. Thanks again for the update. I am glad this Gift Issue is out of the way so only real investors come to the meeting and the Management can focuses more on real business views. I recall Chairman admitted MASK being more exposed to Wage issues but I think KGAL and NAMU might be able to offset any imbalance in the medium term as they did in the past.

Now at CSE ( going by this forum responses also) many seems to be only interested in Short term due to Market conditions.

But for those of us who is interested into "investing in Businesses", I see RICH also as a good long term play. RICH will be good for those who does not have to worry about loosing sleep over it and can hold and forget about it.

Post Sat Jul 02, 2011 6:21 am by Aamiable

RICH depreciation was small compared to some other shares . hope this returns to normal soon.

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Post Sat Jul 02, 2011 6:46 am by tubal

@Aamiable wrote:RICH depreciation was small compared to some other shares . hope this returns to normal soon.

Thanks MarketWatch for reminding everyone that this has dropped much less than many of the others. So the implication is that the worst is yet to come.

MoneyLover

Post Sat Jul 02, 2011 4:00 pm by MoneyLover

@nkalansu wrote:
@Quibit wrote:
@innam wrote:thank you for this very useful post AGM update
if what he disclosed is 100% truthful the statement "They are in the middle of acquiring an Insurance company", it would explain the sudden jump in ACAP and the staggering around of AAIC (RICH seems to own 25% of it already).
lets see how exactly this scenario turns out

Richard Pieris is in trouble after major wage rise in the Maskeliya plantation. Group is struggling to raise finance to fund working capital for plantation companies. It is very unlikely that Richard Pieris would be able to raise Rs 4bn to fund the acquisition of Asian Allinace. Only Time will tell us...

Can you please give detailed explanation as to how you arrived at following conclusions..with facts and figures please...

1. "Richard Pieris is in trouble after major wage rise in the Maskeliya plantation. Group is struggling to raise
finance to fund working capital for plantation companies."

2. "It is very unlikely that Richard Pieris would be able to raise Rs 4bn to fund the acquisition of Asian
Allinace."

@Quibit wrote:No chairman is going to let his company down.. Especially the chairman of Richard Pieris. We all know about him little too well. Just talk to few of your friends at the Maskeliya Plantation, talk to company Bankers and to the stock brokers. They will tell you a story very differently to what few of you guys heard today.

Research and analysis of a company cannot be done by just going through statement of accounts or reading or listening to the chairmans statement in an annual report. It involves lot more hard work and effort much similar to inventing the pedal mechanism for automobile accelaration.

Only time will tell you the truth. Just like a palm tree which takes 6 year to give it's harvest!!!

It appears that there are lot of facts avalable with, but it had not been established by tabling the evidence. Hence, "Only time will tell you the truth" became a insufficient answer for the time for both questions asked (by nkalansu), as any one can give such an answer with or without facts.

True, TEA sector is affect the most by recent wage hike. But as we know RICH's plantation sector consist of KGAL (Rubber), NAMU (Oil palm), apart from MASK (Tea) and became the largest in all three planation crops. Wage-hike/Seasonality & fluctuation of revenue (prices and harvest) are common in plantation companies throughout.

Re-calling the last TEA rally, companies highly exposed to tea (Bagawanthalawa, Maskeliya) were on the top (if you can recall Stock prices - MASK/BOPL were on the top too)., while Rubber heavy Kegalle, Agalawatte were not much performed at that time, one time rupper prices was as low as LKR 60-75/Kg (compare it with last year prices). Then RUBBER rally started and companies haveyly exposed to Rubber (Kegalle, Kotagala, Kelaniyvelly) came on top in the list. May be RICH want to expose little bit more to Oilpalm as well.
Therefore it is good to maintain product mix like what RICH maintains. Therefore RICH is in a far better possition than peer plantation holding companies.

Apart from plantation RICH is in cach-rich Distribution/Supermarket business which is in aggressive expantion with unique SuperCenter concept. If you go any, you may see lot of private label (aprico) products which gives higher margins. Banks also has impressed by its way http://www.ft.lk/2011/01/21/ndb-inv-bank-strikes-first-ever-credit-card-receivables-securitisation-deal/

Their plastic sector gain decent return, though rubber/tyre sector affect by increased rubber prices. If rubber prices are gradually decreses loss of revenue in KGAL will be compansated by this sector. Also RICH have prime real estate properties in HydePark and Nawinna.

RICH entered to Stockbrokeing and (group) already has 25% stake in Asian Allance Insurance Co (AAIC). If RICH need take the control of AAIC has to buy at least another 25% (on current price of 138.90, it will cost at least 1,301 million) Why RICH want 4B for this ?? If they want to gain controlling of AAIC, it won't be soo difficult to find about 1.5 B., as Dr.Y and ARPICO have maintained their own respect.

avatar

Post Sat Jul 02, 2011 9:01 pm by Aamiable

Generally, in a diversified group time to time one or two subsidiaries can have issues .....that alone cannot determine every thing as long as overall prospects are satisfactory they continue to perform well. ....It is not possible to ignore all other positive aspects and discuss only a single issue. ..thereare so many good things..

Smile

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Post Sat Jul 02, 2011 9:55 pm by Rajaraam

Rather than PE and most other indicators, anticipated future prospects of diversified group has more value to assess its present share value.Question is various external factors too have significant impact on the future growth of such Companies. Inflation,GDP and per capita growth , unemployment ,income distribution etc.would be very much effevtive for the success of such ventures. However if we consider all these factors would be better in the coming years, all divesified groups will perform better porvided that they maintain a good management system.

Marketinvest

Post Sat Jul 02, 2011 10:00 pm by Marketinvest

Dint he say how they going finance for all these. A future rights?

Chinwi

Post Sat Jul 02, 2011 11:43 pm by Chinwi

@nkalansu wrote:

Hi there Chinwi,

I am too interested in investing in RICH as a long term investment and like you investing in businesses rather than buying shares. Since you have attended the AGM I would like to know whether they have disclosed any information about expanding the retail segment ( Arpico Super Centers).

Please share your thoughts.

Thanks

Yes, He talk about expanding and value addition to the current places; Developing a new island wide distribution system.
Without telling about the competition, he explained that they are going to add many other services in those places. (see my original post)
I felt that is an strategy to face competition from Keels and Cargils, even now SuperCenters are Superior than others, serving high end customer base.

Today I saw their big Supercenter near Wattala, It is better than some malls in Dubai.


@marketinvest wrote:
Dint he say how they going finance for all these. A future rights?

No.
But, he mentioned the financial cost may will go up.


thanks

avatar

Post Sun Jul 03, 2011 7:15 am by Aamiable

Medium term RICH seem to be attractive.

investor1984

Post Sun Jul 03, 2011 8:13 pm by investor1984

@Quibit wrote:
@innam wrote:thank you for this very useful post AGM update
if what he disclosed is 100% truthful the statement "They are in the middle of acquiring an Insurance company", it would explain the sudden jump in ACAP and the staggering around of AAIC (RICH seems to own 25% of it already).
lets see how exactly this scenario turns out

Richard Pieris is in trouble after major wage rise in the Maskeliya plantation. Group is struggling to raise finance to fund working capital for plantation companies. It is very unlikely that Richard Pieris would be able to raise Rs 4bn to fund the acquisition of Asian Allinace. Only Time will tell us...


Well every Tom & Dick is issuing Warrants & rights these days, so i don't think it will be a hard task for a strong company like RICH to issue rights if its in great need of cash to acquire some other company or to expand its currents business.

mark

Post Sun Jul 03, 2011 8:28 pm by mark

the worst thing they did is SPLIT 1 to 15..... Evil or Very Mad
btw thanks very much chinwi,your knowledge and experience is a bless for our forum,anticipating to read your experiences further.. Very Happy

avatar

Post Sun Jul 03, 2011 8:47 pm by nkalansu

@mark wrote:the worst thing they did is SPLIT 1 to 15..... Evil or Very Mad
btw thanks very much chinwi,your knowledge and experience is a bless for our forum,anticipating to read your experiences further.. Very Happy


Well i too think that number of shares in the market is too much. However there is an advantage that is since there are large number of shares manipulation is difficult with RICH.

Well i really can't understand why they split it 1 to 15. At the time of the split the share was not an illiquid share.

However i have a funny feeling. That is, to may knowledge they haven't done any equity raising in the CSE recently. So what happens if they go for say...... 10 to 1 consolidation and then say 4 for 1 or 5 for 1 rights?? They could generate some cash. Mind you there are rumors spreading regarding acquisition of AAIC... also they have already announced that they are going to expand ARPICO SUPER CENTERS to 35 within the next 2 years. So they need funds.

May be the split is a blessing................. Remember REEF?

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Post Sun Jul 03, 2011 9:34 pm by Rstock

I will buy when it reaches Rs. 10

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Post Sun Jul 03, 2011 10:20 pm by tubal

Rolling on the floor laughing at the negative rep that someone has given me for RICH. I advocated getting out of RICH when the last quarter results came out. Give negative reps to your hearts content but it will not wipe out your loss :-)

And as for marketwatch, he forgot to mention what the positives are:
amiable wrote:Generally, in a diversified group time to time one or two subsidiaries can have issues .....that alone cannot determine every thing as long as overall prospects are satisfactory they continue to perform well. ....It is not possible to ignore all other positive aspects and discuss only a single issue. ..thereare so many good things..

He also forgot to mention why exactly RICH is attractive in the medium term. But then that's marketwatchs style. Positive reinforcement through cut and paste.

avatar

Post Sun Jul 03, 2011 11:20 pm by nkalansu

@tubal wrote:Rolling on the floor laughing at the negative rep that someone has given me for RICH. I advocated getting out of RICH when the last quarter results came out. Give negative reps to your hearts content but it will not wipe out your loss :-)

And as for marketwatch, he forgot to mention what the positives are:
amiable wrote:Generally, in a diversified group time to time one or two subsidiaries can have issues .....that alone cannot determine every thing as long as overall prospects are satisfactory they continue to perform well. ....It is not possible to ignore all other positive aspects and discuss only a single issue. ..thereare so many good things..

He also forgot to mention why exactly RICH is attractive in the medium term. But then that's marketwatchs style. Positive reinforcement through cut and paste.

To : Tubal

Overall performance of RICH is much better than what has been happening in the past. So why are you giving negative comments on RICH and advising to get rid of RICH?. Please let us know why... anything that we don't know ??... that you know..?? Please share your thoughts.

Also please account that from 1st April 2011 tax rate applicable to Corporations is 28%. So RICH and other companies getting tax reduction of 7%. RICH's performance can be enhanced by that tax savings too. And I really don't know whether plantation companies are getting even reduced tax rate than 28%. If its the case RICh is benefited from that too.

gann

Post Sun Jul 03, 2011 11:23 pm by gann

Going by the conversations it seems many are holding RICH. Hope you guys strike it RICH soon. my profile footer may be of some consolations till then Smile

Antonym

Post Sun Jul 03, 2011 11:37 pm by Antonym

@gann wrote:Going by the conversations it seems many are holding RICH. Hope you guys strike it RICH soon Smile Read my profile footer for any consolations till then.
@gann: Buying this share quickly is the easiest way to get RICH quick.
I would imagine that it's exciting to be RICH. But Exiting from RICH is an entirely different matter! Wink

avatar

Post Mon Jul 04, 2011 6:23 am by tubal

@nkalansu wrote:
@tubal wrote:Rolling on the floor laughing at the negative rep that someone has given me for RICH. I advocated getting out of RICH when the last quarter results came out. Give negative reps to your hearts content but it will not wipe out your loss :-)

And as for marketwatch, he forgot to mention what the positives are:
amiable wrote:Generally, in a diversified group time to time one or two subsidiaries can have issues .....that alone cannot determine every thing as long as overall prospects are satisfactory they continue to perform well. ....It is not possible to ignore all other positive aspects and discuss only a single issue. ..thereare so many good things..

He also forgot to mention why exactly RICH is attractive in the medium term. But then that's marketwatchs style. Positive reinforcement through cut and paste.

To : Tubal

Overall performance of RICH is much better than what has been happening in the past. So why are you giving negative comments on RICH and advising to get rid of RICH?. Please let us know why... anything that we don't know ??... that you know..?? Please share your thoughts.

Also please account that from 1st April 2011 tax rate applicable to Corporations is 28%. So RICH and other companies getting tax reduction of 7%. RICH's performance can be enhanced by that tax savings too. And I really don't know whether plantation companies are getting even reduced tax rate than 28%. If its the case RICh is benefited from that too.

Who is asking anyone to sell now? I said you should have sold this about a month ago. Now you have automatically become a long term investor. You guys expected RICH to produce miracles but it didn't. That means the high PE you guys have allocated to it was unjustified. Additionally, RICH shot up like that because EPF bought in heavily and their execution was simply horrible.

As for tax rate, why should anyone by RICH just because the corporate tax rate has been reduced? It applies to all the companies (that do not happen to enjoy a tax holiday)

investor1984

Post Mon Jul 04, 2011 9:14 pm by investor1984

@tubal wrote:
@nkalansu wrote:
@tubal wrote:Rolling on the floor laughing at the negative rep that someone has given me for RICH. I advocated getting out of RICH when the last quarter results came out. Give negative reps to your hearts content but it will not wipe out your loss :-)

And as for marketwatch, he forgot to mention what the positives are:
amiable wrote:Generally, in a diversified group time to time one or two subsidiaries can have issues .....that alone cannot determine every thing as long as overall prospects are satisfactory they continue to perform well. ....It is not possible to ignore all other positive aspects and discuss only a single issue. ..thereare so many good things..

He also forgot to mention why exactly RICH is attractive in the medium term. But then that's marketwatchs style. Positive reinforcement through cut and paste.

To : Tubal

Overall performance of RICH is much better than what has been happening in the past. So why are you giving negative comments on RICH and advising to get rid of RICH?. Please let us know why... anything that we don't know ??... that you know..?? Please share your thoughts.

Also please account that from 1st April 2011 tax rate applicable to Corporations is 28%. So RICH and other companies getting tax reduction of 7%. RICH's performance can be enhanced by that tax savings too. And I really don't know whether plantation companies are getting even reduced tax rate than 28%. If its the case RICh is benefited from that too.

Who is asking anyone to sell now? I said you should have sold this about a month ago. Now you have automatically become a long term investor. You guys expected RICH to produce miracles but it didn't. That means the high PE you guys have allocated to it was unjustified. Additionally, RICH shot up like that because EPF bought in heavily and their execution was simply horrible.

As for tax rate, why should anyone by RICH just because the corporate tax rate has been reduced? It applies to all the companies (that do not happen to enjoy a tax holiday)


Aggressive & Accurate Tubal... That's why i love this forum... We got so many people who are masters in the Investment field. Lets keep this goin on and on and on... lets make productive arguments like this... Lets make this forum better and better.. About RICH ... I think its a real BLUE CHIP.. A counter worth holding for long time, I think its a counter more suitable for a investment portfolio rather than trading portfolio... Diversified.. Controlled by a real good business men ( Dr Yaddehige ) , who is reputed , respected & visionary..

Rajitha

Post Mon Jul 04, 2011 10:59 pm by Rajitha

@Aamiable wrote:Medium term RICH seem to be attractive.

Medium term I would exit this share from what I have read from here if I have RICH! Then enter after few years time when their expansions are not putting a huge financial burdern on the Quarterly reports!

Lets face it no one is CSE going to appreciate a company that's going to produce weak quarterly reports in exchange for future RICHers!
From my small experience so far its better to buy the shares just before these future projects start making money! Until then there is a huge chance the share price might stagnate or g down because of the weak quarterly reports!

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Post Tue Jul 05, 2011 10:04 pm by Quibit

Chinwi, I am sure you will be very happy to read one of tomorrows newspaper articles (read daily news) but likewise you will be surprised and shocked in 2 weeks as to what you said!! Only time will tell you the truth!!!

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Post Tue Jul 05, 2011 10:28 pm by antxster

Just wondering. To hold or not to hold this share? I bought this share @ Rs 13.80

mark

Post Tue Jul 05, 2011 10:41 pm by mark

@Quibit wrote:Chinwi, I am sure you will be very happy to read one of tomorrows newspaper articles (read daily news) but likewise you will be surprised and shocked in 2 weeks as to what you said!! Only time will tell you the truth!!!

Suspect Suspect
news paper isn't printed yet ne scratch

econ

Post Wed Jul 06, 2011 4:01 am by econ

herewe go.. news has printed.

http://www.dailynews.lk/2011/07/06/bus01.asp


Richard Pieris to invest US$ 80 m

On Indonesian palm oil plantation:

Ravi LADDUWAHETTY

Diversified blue chip Richard Pieris and Company will shortly invest US$ 80 million on a 16,000 hectare palm oil plantation in Indonesia.

“We are in the process of serious negotiations to take over 16,500 hectares of land in Indonesia, Richard Pieris Group Chairman Dr. Sena Yaddehige told Daily News Business.

Dr Sena Yaddehige

He said the company was in an advanced stage of negotiations because the initial commitment to the land is around US$15 million and that he was trying to risk manage this investment which will be invested by the Group. “The company will be getting effectively only 11,000 acres and the remainder will go in for land settlements,” he said.

“Richard Pieris has always been in plantations and palm oil has been an industry which we have always been passionate about. We have even over 2,500 hectares of palm oil plantations in Sri Lanka. We will add a further 1,000 hectares to this,” he said.

“We would like to increase it further but Sri Lanka does not have that volume of land.

He said that had the land been available in Sri Lanka, he would have opted to have the palm oil plantation expanded in Sri Lanka. “I would love to do another 5000 hectares of palm oil in Sri Lanka. I have also been offered another 65,000 hectares of land for palm oil cultivation in another country, he said. He was tightlipped with the destination of investment.

“I have a Memorandum of Understanding (MOU) for the 65,000 hectares but initial work will be the Indonesian operation, he said.

The principal aim of this palm oil plantation would be for export as palm oil is a unique dual use product. It can be converted into bio-diesel profitably with the price going upto US$80 per barrel and the market is extremely good with the number of mouths to be fed arising daily especially in India and China. After all this is the poor man’s ghee while it is also an important food product,” he said.

It is going to be really hard work with a US$700 million investment for the 100,000 hectares plantation and it is bound to take around 10 years. But that investment does not have to go in full time cash for a start. The project will start generating funds for reinvestment for the third year onwards and we will be doing 100,000 hectares annually for ten years, he said.

He also said that his dream was to make Richard Pieris, a billion dollar company but that would be a long term vision over the next five to ten year period. “We are at US$ 300 million now and the next target will be to make Richard Pieris a US$ 500 million group within the next two years,” he said.

The targeted US $ 1 billion for the group will comprise US$ 500 million locally and the second US$ 500 million from overseas. “I have an excellent team with me and I expect them to take the Group forward to reach these elusive targets,” he said.

econ

Post Wed Jul 06, 2011 4:05 am by econ

I hope this may end carsons monopoly in palm oil business.

econ

Post Wed Jul 06, 2011 4:09 am by econ

Yesterday massive foriegn buiyng was witnessed in JKH.. I think RICH may also be a target of foreign funds as RICH is highly liquid share.
foreign funds usually buy liquid counters with a good brand name.
comapre to JKH or carson, RICH is undervalued if you comapare PER values for all three counters.
RICH : 13.5 , JKH : 21.6 , CARS: 24.5


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Post Wed Jul 06, 2011 5:51 am by ShareShares

It was due to force selling RICH came down, now there is no evidence of selling, like all other stacks RICH can recover slowly. After the subdivision many have collected at affordable levels on credit. Subdividing in to ten to to fifteen shares is also risky. In the past foreign buying was evident on this share. Broker firms also recommend large cap shares these days, RICH may take some time to recover. I am just holding . One day this might start moving. With new IPOs coming to CSE investors might concentrate on RCL SAMP this week. RICH may recover slowly.

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Post Wed Jul 06, 2011 6:31 am by Quibit

@Chinwi wrote:Dr Sena Yaddehige made an exciting speech at RICH AGM today.

RICH is getting into Palm oil business, overseas.

He reviled that they have already acquired 150,000 Acres of land in some other country and finalizing for getting another 40,000 Acres (16,000 Ha) in Indonesia. Very recently, another country has come forward to offer lands for the company and they are considering it too. All are for palm oil cultivation.

Read Dr Yaddehiges's interview. Looks like he had forgotten about the 150,000 Acres he said to have already acquired for Palm planantion. Will he forget about the Insurance and Finance company he is going to buy or the university he is expected to setup?? When you lie, often you get caught in your own web of lies...

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