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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » CFVF AND CSEC why not moving up

CFVF AND CSEC why not moving up

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1CFVF AND CSEC why not moving up Empty CFVF AND CSEC why not moving up Sun Sep 11, 2011 5:29 pm

pathfinder

pathfinder
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Last couple of weeks I have seen several post regarding CSEC and CFVF.Despite the fact with high EPS,it is stagnating for long time.Why it is not moving up?
Let's look at CFVF first,
Annual report 2010/11
EPS=9.23
NAVPS=14.97
If you carefully analized the income statement the tax was taken as positive contribution to 2010/11, In 2009/10,it was negative. Here is the explanation from the annual report.

"First Capital Treasuries Limited (subsidiary company) is a primary dealer licensed by the Central Bank of Sri Lanka whose interest income derived in primary market transactions does not form as a part of receipt on trade or business for the purpose of computing statutory income of the company in accordance with the section 32 of Inland Revenue Act No. 10 of 2006.
In a decision made by the Board of Review of Department of Inland Revenue in respect of income tax for the year 2003/04 acknowledged the above position in July 2010. The Board of Directors of First Capital Treasuries Limited, based on advice received from their tax consultants, have made a decision to reverse tax provisions for year 2003/04 - 2009/10 amounting to Rs 412.8 million in the Financial Statements for the year ended 31 March 2011. No tax provisions have been made in the financial year 2010/11. However this judgment does not preclude the Inland Revenue from issuing assessments in the future. Further, details relating to current assessments have been disclosed in Note 31(e) to the Financial Statements (Contingent liabilities).
Notes to the Financial Statements Contd."

Let's assume there is no tax at all for the year 2010/11,then EPS will be 5.6
if tax plus the EPS might go down to 3-4.

Income reduction is 38% for the year 2010/11
More importantly cash flow is negative.
All these factors contribute to the stagnating of share price.
In case of CSEC explanation is same.

Experts please correct me if I'm wrong.

2CFVF AND CSEC why not moving up Empty Re: CFVF AND CSEC why not moving up Sun Sep 11, 2011 8:53 pm

maddu

maddu
Manager - Equity Analytics
Manager - Equity Analytics
They will have to announce final dividend in coming weeks. Look to me this is a fundamentally strong share. this will appreciate much more. They gave interim dividend & waiting for final also... Cool Cool Cool

I'm also holding this share. Wait & see...

Happy trading...!!

3CFVF AND CSEC why not moving up Empty Re: CFVF AND CSEC why not moving up Sun Sep 11, 2011 9:39 pm

windi5

windi5
Moderator
Moderator
Who is going to declare a final dividend, CFVF or CSEC?

4CFVF AND CSEC why not moving up Empty Re: CFVF AND CSEC why not moving up Sun Sep 11, 2011 10:50 pm

ROHAN

ROHAN
Manager - Equity Analytics
Manager - Equity Analytics
i think CFVF,,may be up to Rs.5/-

http://lk.duinvest.com/portal/LKCSE/homePage.html

5CFVF AND CSEC why not moving up Empty Re: CFVF AND CSEC why not moving up Sun Sep 11, 2011 11:16 pm

windi5

windi5
Moderator
Moderator
Rohan you are taking about a dividend or CFVFs gain next week??. Last interim dividend was given in July. If a final dividend is given, it should come beginning of the next year, i think.

6CFVF AND CSEC why not moving up Empty Re: CFVF AND CSEC why not moving up Sun Sep 11, 2011 11:17 pm

windi5

windi5
Moderator
Moderator
In the history ,they have never given a final dividend

7CFVF AND CSEC why not moving up Empty Re: CFVF AND CSEC why not moving up Mon Sep 12, 2011 11:59 am

Jana1


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@windi5 wrote:In the history ,they have never given a final dividend
You are right. I dont think they will declare any dividend here after. It should be next April or June. Let c

8CFVF AND CSEC why not moving up Empty Re: CFVF AND CSEC why not moving up Tue Sep 27, 2011 5:13 pm

sawdanjema


Equity Analytic
Equity Analytic
watch dog wrote:Last couple of weeks I have seen several post regarding CSEC and CFVF.Despite the fact with high EPS,it is stagnating for long time.Why it is not moving up?
Let's look at CFVF first,
Annual report 2010/11
EPS=9.23
NAVPS=14.97
If you carefully analized the income statement the tax was taken as positive contribution to 2010/11, In 2009/10,it was negative. Here is the explanation from the annual report.

"First Capital Treasuries Limited (subsidiary company) is a primary dealer licensed by the Central Bank of Sri Lanka whose interest income derived in primary market transactions does not form as a part of receipt on trade or business for the purpose of computing statutory income of the company in accordance with the section 32 of Inland Revenue Act No. 10 of 2006.
In a decision made by the Board of Review of Department of Inland Revenue in respect of income tax for the year 2003/04 acknowledged the above position in July 2010. The Board of Directors of First Capital Treasuries Limited, based on advice received from their tax consultants, have made a decision to reverse tax provisions for year 2003/04 - 2009/10 amounting to Rs 412.8 million in the Financial Statements for the year ended 31 March 2011. No tax provisions have been made in the financial year 2010/11. However this judgment does not preclude the Inland Revenue from issuing assessments in the future. Further, details relating to current assessments have been disclosed in Note 31(e) to the Financial Statements (Contingent liabilities).
Notes to the Financial Statements Contd."

Let's assume there is no tax at all for the year 2010/11,then EPS will be 5.6
if tax plus the EPS might go down to 3-4.

Income reduction is 38% for the year 2010/11
More importantly cash flow is negative.
All these factors contribute to the stagnating of share price.
In case of CSEC explanation is same.

Experts please correct me if I'm wrong.

good one +rep

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