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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » REEF - valuation

REEF - valuation

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1REEF - valuation  Empty REEF - valuation Mon Aug 29, 2011 7:38 pm

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics
ATM REEF not looks like a company doing only hotel business. It is hotel + investment trust
NAV = 30

CLND price = 62
Unrealized gain from CLND = 40*30 Mn =1.2Bn
gain to the REEF = 1.2Bn*.72 = 864Mn
gain to a reef share = 864/47 = 18
Dilith will sell CLND shares within this year. In a separate interview he has told he is going to start construction work during this year. He will pull back his money during this year.

Gains from other investments (Waskaduwa ) - LHCL and VONE - don't know whether Dilith sold stakes owned by Waskaduwa

After listing in CSE NAV will be jumped above 60 .Hope listing will do during 2011

Now you can see REEF share is really worth to buy bellow 65. This could be a very good medium term investment.
If you bought REEF w17 you only has to pay 61 rupees for a share at Oct 1st
If you bought REEF w18 you only has to pay 53 rupees for a share at 2012/6/1. But the share value will depreciate to some value due to new shares added by first warrant conversion.
Most important thing is Top shareholders hold more percentage of warrant 17 than the normal share. Dropping price after the conversion is very much improbable.

Hope w17 is a very solid investment ATM for a short term period

How to valuate REEF using future projects ?
* 45 new rooms to the Hikkaduwa hotel - Funds already allocated
* Waskaduwa hotel with 150 rooms -Funds already allocated
* Kalpitiya hotel with 150 rooms

2REEF - valuation  Empty Re: REEF - valuation Mon Aug 29, 2011 7:50 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
If we buy REEF cuz of the capital gains we can expect with selling off LHCL, PMB, CLND we're buying for a short term gain..
For an investor, the real value would be the expexted growth of REEF as well as their holdings..

With the expansion of hotel line up, additional revenue could be expected. The avg occupency rate could be multiplied by the hotel room rates to find out the approximate expected retuns..

How were these investments were funded? Rights? Retained earnings?

3REEF - valuation  Empty Re: REEF - valuation Mon Aug 29, 2011 10:35 pm

thambi

thambi
Manager - Equity Analytics
Manager - Equity Analytics
good short term investment bounce

4REEF - valuation  Empty Re: REEF - valuation Tue Aug 30, 2011 9:53 am

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics
@smallville wrote:If we buy REEF cuz of the capital gains we can expect with selling off LHCL, PMB, CLND we're buying for a short term gain..
For an investor, the real value would be the expexted growth of REEF as well as their holdings..

With the expansion of hotel line up, additional revenue could be expected. The avg occupency rate could be multiplied by the hotel room rates to find out the approximate expected retuns..

How were these investments were funded? Rights? Retained earnings?

They are funded through money raised from right issue + bank loans by Pan Asia banking corporation - NP funding required money.
Capital gains will be used to reduce the loans (ATM Group 1.5Bn) and for further expansion.

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