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Sri Lanka Equity Forum » Stock Market Talk » KAPI-THE SICK GIANT

KAPI-THE SICK GIANT

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1 KAPI-THE SICK GIANT on Thu Feb 16, 2017 11:53 am

lokka1


Manager - Equity Analytics
Manager - Equity Analytics
The latest financials of KAPI released yesterday are indeed disappointing. By manipulating the numbers they show a profit of just seven cents per share. So as shareholders we will not receive a dividend for the second year in a row. We bought these shares at prices well above Rs. 50 a share. The net asset value now is hovering around Rs. 45. It is selling below this price now. This is a company that had extensive real estate holdings in major cities like Colombo, Galle, Matara, Kandy etc. When we were children this was a premier brand in Sri Lanka. The construction industry is supposed to be booming in Sri Lanka. But as shareholders we have got nothing. The management has squandered the company assets value and has not enhanced the revenue stream. They are borrowing money at very high interest and only paying themselves high salaries and other fringe benefits. Look at the amount of money borrowed!.They have not done anything to enhance the shareholder value or reward them. So it is time they did somethings to reward the share holders. I suggest these things:
1. Buy back some shares 
2. Bring in a person like Dammika Perera or Asohk Pathirage to shake the management from its current slumber
3. Amalgamate with Access or another firm like them.
4. Sell some of the real estate and down size the firm and pass on the savings to the share holders
lokka1

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