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I had a look at the profit trends of Commercial Bank(COMB) from 2009 onwards and observed the following:
-For the first quater of 2009, COMB earned net profit of 866.2Mn which was a reduction of 13.41% over the corresponding period previous year, but the year end net profit was 4.304Bn which was an increase of 0.86% over the previous year.
-For the first quater of 2010, COMB earned net profit of 1104.4Mn which was an increase of 27.15% over the corresponding period previous year, and the year end net profit was 5.523Bn, which was an increase of 28.3% over the previous year.
-For the first quater of 2011, COMB earned net profit of 2060.50Mn which was an increase of 87.08% over the corresponding period previous year.
These figures reflect that since 2009, the percentage growth in the year end net profits is higher than the percentage growth in the ist quater profits. Based on these facts I feel it would be safe to assume that the year end net profits for 2011, should be at least 90% more than the previous year. As the year end Earnings Per Share(EPS) was 14.56, with the projected increase in profits, the EPS should increase to 27.66 making it a very undervalued share, trading at a projected year-end Market Price to Earnings Ratio(MPER) of about 9.4 times.
Also COMB has announced a Rights Issue of 1:14 (Ex rights 26/07/11) and a Sub-Division of shares of 2:1 thereafter, making it even more attractive. Also the Dividend record of COMB is very good.
I feel COMB has very good future potential and a realy good bargain at the present price.
THESE ARE MY VIEWS ONLY AND NOT A BUY RECOMMENDATION.
-For the first quater of 2009, COMB earned net profit of 866.2Mn which was a reduction of 13.41% over the corresponding period previous year, but the year end net profit was 4.304Bn which was an increase of 0.86% over the previous year.
-For the first quater of 2010, COMB earned net profit of 1104.4Mn which was an increase of 27.15% over the corresponding period previous year, and the year end net profit was 5.523Bn, which was an increase of 28.3% over the previous year.
-For the first quater of 2011, COMB earned net profit of 2060.50Mn which was an increase of 87.08% over the corresponding period previous year.
These figures reflect that since 2009, the percentage growth in the year end net profits is higher than the percentage growth in the ist quater profits. Based on these facts I feel it would be safe to assume that the year end net profits for 2011, should be at least 90% more than the previous year. As the year end Earnings Per Share(EPS) was 14.56, with the projected increase in profits, the EPS should increase to 27.66 making it a very undervalued share, trading at a projected year-end Market Price to Earnings Ratio(MPER) of about 9.4 times.
Also COMB has announced a Rights Issue of 1:14 (Ex rights 26/07/11) and a Sub-Division of shares of 2:1 thereafter, making it even more attractive. Also the Dividend record of COMB is very good.
I feel COMB has very good future potential and a realy good bargain at the present price.
THESE ARE MY VIEWS ONLY AND NOT A BUY RECOMMENDATION.
