Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
Sri Lanka Equity Forum
Poll

SLEF Market Sentiment Indicator

 
 

View results

Responsible Care



Latest topics
» GRAN LEADING THE CHICKEN RALLY....
by stockback Today at 2:06 pm

» BINARY OPTION TRADING OPEN A DEMO ACCOUNT
by ramankumara Today at 2:00 pm

» jkh.w23 MARA UGULEN GALAWENE KESEDA ?
by nimantha80 Today at 12:53 pm

» Adda CGT gahanna yanawa.
by nimantha80 Today at 12:38 pm

» BINARY OPTION TRADING AND FOREX TRADING
by Park Road Today at 12:38 pm

» Sanga made history
by Park Road Today at 12:21 pm

» Mega Bull JKH.N and JKH.W23 coming tomorrow for Mega Bull Run
by charith666lk Today at 11:51 am

» Karuna what is the thread we discussed about ACAP
by stockback Today at 11:01 am

» do proper investment
by sanjulanka Today at 10:57 am

» SFS or CSF ? both 1.30 which is better ?
by sanjulanka Today at 10:36 am

» HOPE TO MARKET RECOVER SOON.
by EquityChamp Today at 10:19 am

» Market must recover today
by anjelo Today at 8:29 am

» Listen to this if you want to learn and think about your future
by Chinwi Today at 6:58 am

» CITK & CLND Dividend
by Yahapalanaya Today at 4:38 am

» HEXP STRONG BUY , Why?
by stockback Today at 2:51 am

» යහපාලනයට කඩේ ගිය උන්ට දැන් සතුටුද ?
by ranferdi Yesterday at 11:27 pm

» who are we in the world
by Gaudente Yesterday at 9:36 pm

» CGT on stocks reality
by Suranga malli Yesterday at 9:22 pm

» BROKERS & CGT
by crs Yesterday at 8:54 pm

» Sri Lanka President says will appoint new central bank governor in hours
by Suranga malli Yesterday at 8:43 pm

» Sri Lanka to impose capital gains tax on stocks – minister
by samaritan Yesterday at 8:01 pm

» VAT TO UNDERGO HUMANISTIC AMENDMENTS
by Suranga malli Yesterday at 7:29 pm

» CGT ON CSE - CART BEFORE THE HORSE
by cseguide Yesterday at 6:37 pm

» We should Respond about CGT
by cseguide Yesterday at 6:21 pm

» CIND split next SLND
by crs Yesterday at 6:02 pm

» Expert Option easier than forex trading
by ramankumara Yesterday at 5:50 pm

» A Face lift for the Forum
by 123longway Yesterday at 4:47 pm

» CGT latest Updates
by stockback Yesterday at 4:26 pm

» World Stock Markets Moving Up
by stockback Yesterday at 2:50 pm

» Asia shares continue global rebound
by CSE VIJAY Yesterday at 12:53 pm

» Today is the Last Opportunities for Buy
by neomal70g Yesterday at 12:51 pm

» hot news....
by nigma Yesterday at 12:34 pm

» Economy Growth
by EquityChamp Yesterday at 11:29 am

» ASPI Update as at 16th June 16
by devinda Yesterday at 11:03 am

» Good sign: Asian Stocks Advance Amid Global Rebound on Stimulus Speculation Jonathan Burgos joubertburgos
by kcrRanz Yesterday at 10:25 am

» FREE THE INNOCENT AT THE DEHIWALA ZOO
by samaritan Yesterday at 9:56 am

» looks like CGT charge who earn morethan 2 Millions Rupees as a capital gain for year
by EquityChamp Yesterday at 8:04 am

» Heta iwarai bung
by Pac-man Yesterday at 7:50 am

» market should recover as soon as possible
by Pac-man Yesterday at 7:02 am

» Other Stock Markets
by sanjulanka Yesterday at 6:59 am

» This politicians are dreaming
by Suranga malli Tue Jun 28, 2016 9:45 pm

» We need to form a union or welfare commity for cse investors
by nimantha80 Tue Jun 28, 2016 9:34 pm

» today market drop bcz of CTC not CGT
by cseguide Tue Jun 28, 2016 9:09 pm

» Will new younger generation want to invest in stock market?
by Pac-man Tue Jun 28, 2016 9:02 pm

» DON'T BUY DON'T SELL JUST HOLD
by Pac-man Tue Jun 28, 2016 8:59 pm

» Intelligent investors sell
by Mubin Mustafa Tue Jun 28, 2016 7:54 pm

» We need capital loss compensation...
by Mubin Mustafa Tue Jun 28, 2016 7:48 pm

» currently like sandstorm
by Jaya sri Tue Jun 28, 2016 7:41 pm

» Heta GREEN GREEN
by ShaneMc Tue Jun 28, 2016 7:25 pm

» If there is a capital gain tax, why not capital loss tax (government pays tax/compensation to sellers?)?
by ccsentha Tue Jun 28, 2016 6:12 pm

» Market pressure eases after Brexit rout
by CSE VIJAY Tue Jun 28, 2016 4:45 pm

» Amana Takaful Life announces Rs. 75 m IPO
by fireshelter Tue Jun 28, 2016 3:50 pm

» BFL.......WHAT .....
by hiransilva23 Tue Jun 28, 2016 3:46 pm

» Rosa marila..!!
by Mubin Mustafa Tue Jun 28, 2016 1:14 pm

» Everyone saw the chicken instability
by Mubin Mustafa Tue Jun 28, 2016 1:05 pm

» Chicken death
by EquityChamp Tue Jun 28, 2016 12:34 pm

» Credit Clearence End of June Quarter
by Mr. Belfort Tue Jun 28, 2016 11:54 am

» The Divided Announcement of GLas
by Miss-Sangeetha Tue Jun 28, 2016 9:25 am

» ASI Chart with MACD
by charith666lk Tue Jun 28, 2016 9:25 am

» KCAB Future GEM
by kasun333 Tue Jun 28, 2016 7:14 am

» cprt no way wholesale
by man123 Tue Jun 28, 2016 1:07 am

» Br Exit and
by Mubin Mustafa Mon Jun 27, 2016 11:43 pm

» Tommorow market is green
by Mubin Mustafa Mon Jun 27, 2016 11:41 pm

» Local Government Election on this year November or Next year March
by stockback Mon Jun 27, 2016 11:25 pm

» The United Kingdom's Electoral Commission told, the petition to have a re-run of the referendum on Britain's membership of the EU has no legal authority.
by CSE VIJAY Mon Jun 27, 2016 10:41 pm

» MGT,TJL,HEXP likely to fall Today, due to BRexit
by chamith Mon Jun 27, 2016 10:38 pm

» After the UK voted to leave EU, Racism rampant in UK ?
by CSE VIJAY Mon Jun 27, 2016 10:32 pm

» Ambanis robbing our money - SEC CSE sleeping MPRH scandal
by man123 Mon Jun 27, 2016 9:53 pm

» Breaking News
by samaritan Mon Jun 27, 2016 9:25 pm

» Today Treasury Bond AUction
by Antonym Mon Jun 27, 2016 9:11 pm

» right now exam paper from the maths
by Bullrunner7 Mon Jun 27, 2016 9:09 pm

» British example and the leeches of Sri Lanka
by samaritan Mon Jun 27, 2016 8:50 pm

» Good news for everyone...!!!!
by samaritan Mon Jun 27, 2016 8:45 pm

» CGT on market
by Suranga malli Mon Jun 27, 2016 7:59 pm

» TAFL A SILENT GIANT !!!!
by Suranga malli Mon Jun 27, 2016 7:28 pm

» Tomorrow GREEEN ??
by Suranga malli Mon Jun 27, 2016 7:07 pm

» HELP !!!!!!!!!!!!!!!
by trader7 Mon Jun 27, 2016 7:03 pm

» CGT NEW UPDATION -RANIL STILL NOT GIVEUP
by Suranga malli Mon Jun 27, 2016 7:03 pm

» Force selling
by Suranga malli Mon Jun 27, 2016 6:59 pm

» Intelligent people in the forum please answer it...
by stockback Mon Jun 27, 2016 5:21 pm

» UK shares and pound continue to fall
by DeanPeacock Mon Jun 27, 2016 5:16 pm

» Brexit petition passes 2.5 million as demand for second EU referendum grows
by man123 Mon Jun 27, 2016 2:46 pm

» අමාත්‍ය මංගල සමරවීර බ්‍රිතාන්‍ය සංචාරයක
by Chinwi Mon Jun 27, 2016 1:51 pm

» Brexit's 'Black Friday' selloff was the worst ever at $2 trillion
by CSE VIJAY Mon Jun 27, 2016 12:29 pm

» Britix and CSE blind selling
by nimantha80 Mon Jun 27, 2016 12:08 pm

» Pimco, JPMorgan See Asian Bond Stability Appealing After Brexit
by VALUEPICK Mon Jun 27, 2016 11:53 am

» After the Brexit turmoil, expect a stock-market rebound
by VALUEPICK Mon Jun 27, 2016 11:47 am

» NO Capital gain tax !!!! Happy
by sheildskye Mon Jun 27, 2016 11:44 am

» China could be the biggest winner from Brexit
by VALUEPICK Mon Jun 27, 2016 11:39 am

» Jim Rogers Picks Dollar Over Gold as Haven in Post-Brexit Tumult
by VALUEPICK Mon Jun 27, 2016 11:37 am

» Soros Was `Long' the Pound Before Brexit Vote, Spokesman Says
by VALUEPICK Mon Jun 27, 2016 11:36 am

» Japan shares recover after Friday's post-Brexit bout
by VALUEPICK Mon Jun 27, 2016 11:32 am

» AFSL -next BLI
by sheildskye Mon Jun 27, 2016 11:23 am

» Aiooooo magae portfolio eka
by Pac-man Mon Jun 27, 2016 11:09 am

» YAHAPALANA IN ACTION
by Chinwi Mon Jun 27, 2016 10:44 am

» BINARY OPTION TRADING
by ramankumara Mon Jun 27, 2016 10:34 am

» BREXIT ON REVERSE GEAR?
by Chinwi Mon Jun 27, 2016 9:36 am

» ජුනි මාසයේදී රුපියල අතිප්‍රමාණය වීමක්
by fireshelter Mon Jun 27, 2016 9:14 am

» This forum dead
by Yahapalanaya Mon Jun 27, 2016 7:32 am


"CIFL" IPO

Page 1 of 2 1, 2  Next

View previous topic View next topic Go down

"CIFL" IPO

Post by wgsaman on Mon Jun 27, 2011 7:47 pm

What do you think about CIFL

wgsaman
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Posts : 314
Equity Stars : 2331
Reputation : 48
Join date : 2011-05-20

Back to top Go down

Re: "CIFL" IPO

Post by mark on Mon Jun 27, 2011 8:30 pm

why so hurry.....wait wait........
as i know still prospectus is pending,good that you interested in IPO's,but nowadays most are slops bcoz of unethical practices in PP....

mark
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Posts : 2632
Equity Stars : 6829
Reputation : 418
Join date : 2011-02-04
Age : 25
Location : Hell....

Back to top Go down

Re: "CIFL" IPO

Post by hettdas on Mon Jun 27, 2011 11:23 pm

I don't think CIFL is a good company. I had a fixed deposit with them.They couldn't repay it even after March 2011. I could withdraw it after the central bank involvement .

hettdas
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Posts : 549
Equity Stars : 3702
Reputation : 31
Join date : 2011-02-01

Back to top Go down

Re: "CIFL" IPO

Post by mark on Mon Jun 27, 2011 11:56 pm

@hettdas wrote:I don't think CIFL is a good company. I had a fixed deposit with them.They couldn't repay it even after March 2011. I could withdraw it after the central bank involvement .

oh.oh... thanks mate for your info,seems we have to analyse it to depth....will see their prospectus Suspect

mark
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Posts : 2632
Equity Stars : 6829
Reputation : 418
Join date : 2011-02-04
Age : 25
Location : Hell....

Back to top Go down

Re: "CIFL" IPO

Post by rijayasooriya on Tue Jun 28, 2011 12:06 am

@hettdas wrote:I don't think CIFL is a good company. I had a fixed deposit with them.They couldn't repay it even after March 2011. I could withdraw it after the central bank involvement .
Thanks and +rep from me.

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Posts : 1827
Equity Stars : 3942
Reputation : 134
Join date : 2011-05-25
Location : Matara

Back to top Go down

Re: "CIFL" IPO

Post by tkc on Tue Jun 28, 2011 6:01 am

@hettdas wrote:I don't think CIFL is a good company. I had a fixed deposit with them.They couldn't repay it even after March 2011. I could withdraw it after the central bank involvement .

Interesting! Have to study prospectus closely. And we should keep your experience in our minds.

tkc
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Posts : 552
Equity Stars : 2953
Reputation : 125
Join date : 2011-01-24

Back to top Go down

Re: "CIFL" IPO

Post by widanage on Tue Jun 28, 2011 6:41 am

@tkc wrote:
@hettdas wrote:I don't think CIFL is a good company. I had a fixed deposit with them.They couldn't repay it even after March 2011. I could withdraw it after the central bank involvement .

Interesting! Have to study prospectus closely. And we should keep your experience in our minds.


One of my relatives had a Rs 2.5 Mn FD with them it took almost three years after maturity to get it back in around 15 installments (Appa Kewa Wage). I also went once with my Uncle to their Bagatalle Rd Office (Now closed). I requested their financials and had a glance at it.

1. They have invested some real estate project in Homagama (as I remember) and got stuck with it.
2. It created a asset liability mismatch so they can not meet the obligations of maturing deposits
3. Further to that they have made avoidance tactics when we call or call over. But this was different when its about a new investment.

Whatever it is, its board and the management responsibility be prudent in their investments. They just followed the real estate bubble and got almost busted. In my opinion now they have a chance to raise the money form public behind the central bank regulations.

Its upto the investors (retail like us) to be prudent because its our blood and sweat.

For me it is CRAP and they are to be SCRAPPED.


widanage
Senior Equity Analytic
Senior Equity Analytic

Posts : 60
Equity Stars : 2024
Reputation : 29
Join date : 2011-03-19
Location : Timbuktu

Back to top Go down

Re: "CIFL" IPO

Post by mark_fernando on Tue Jun 28, 2011 2:10 pm

I got a recommendation about this company through a friend....every company has positives & negatives..awaiting for their prospectus..


Last edited by mark on Wed Jun 29, 2011 10:40 am; edited 1 time in total (Reason for editing : edited accordingly)

mark_fernando
Stock Trader

Posts : 7
Equity Stars : 1837
Reputation : 1
Join date : 2011-06-28
Location : Bangladesh

Back to top Go down

Re: "CIFL" IPO

Post by alexd on Tue Jun 28, 2011 7:47 pm

Based on CIFL's Annual report for the year 2009/10 (http://www.cifl.lk/downloads/ann_rep.html - page 2) EPS was Rs. 0.79 and NAPS was Rs.13.07 these figures seem better than the previous year which was Rs 0.13 and Rs 14.92 respectively (obtained from the same report). Performance figures seems promising together with their offer price of 10/- per share. Awaiting the issue of their prospectus.


Last edited by mark on Wed Jun 29, 2011 10:37 am; edited 1 time in total (Reason for editing : edited accordingly)

alexd
Stock Analytic
Stock Analytic

Posts : 11
Equity Stars : 1846
Reputation : 3
Join date : 2011-06-25

Back to top Go down

Re: "CIFL" IPO

Post by widanage on Tue Jun 28, 2011 9:38 pm

@Financeguy wrote:Hey Guys there are many finance companies didnt pay their Depositers and had worst situations and larger portfolios came to Market and Become Sucessfull right, And guys made good money in Stocks like Nations Lanka isnt it? Why dont we wait for the Prospectus with out jumping the Gun...Hold Your Horses Guys...Smile

@mark_fernando wrote:I got a good recommendation about this company through a friend....every company has positives & negatives..awaiting for their prospectus..

@alexd wrote:Based on CIFL's Annual report for the year 2009/10 (http://www.cifl.lk/downloads/ann_rep.html - page 2) EPS was Rs. 0.79 and NAPS was Rs.13.07 these figures seem better than the previous year which was Rs 0.13 and Rs 14.92 respectively (obtained from the same report). Performance figures seem promising together with their offer price of 10/- per share. Awaiting the issue of their prospectus. I think it would be a good buy in terms of investment from the way the other finance companies have gained in share value upon their IPOs and listings.

Dear Friends

When you have first hand experience it supersedes perception, hunch, EPS, NAV and simply everything. I respect all three views above and any other future views on this. But when you know the smell of S*** you don't need to see it.

All my comments are based on their financials of 2008/09 & 2009/10 and not the latest. I may be wrong if the company had made a complete restructuring to their balance sheet.




1. There main source of funding is public deposits.(Note 17 - Let us see where they have put all these money)

2. Liquid assets has come down from 272Mn to 90Mn (Note 3,4,5)

3. Loan book (Leasing, HP & Loans) shrunk to 309 Mn from 490 Mn. (Note 7 & 8 - There are a finance company. There core business is lending but the loan book is mere 14% of there total shareholders funds and liabilities)
How do you justify the above actions. It is good for a real estate company not for a finance company. Directors should act prudently since they are playing with public money.

4. Investment in JV Company is 776 Mn (Note 14), which can go up to 800Mn. At the same time the interest receivable from JV is 418 Mn (Note 9). Just look at the ROI but not realized yet.

5. With all difficulties they have invested 190Mn (Note 13) Rajagiriya Project and the interest receivable from this included in Note 6 amounting to 22Mn.

I doubt that the balance sheet of the company belongs to finance company but investment or real estate company.

Finally this is CSE which has the real potential for CRAP, GARBAGE and S***. This will be oversubscribe for sure and I will not be surprised if this shoot up to Rs 107.60. As tubal says they are in search for dumb money. They need you....

If the BS of the company has a restructuring during the recent financial year I will hide my tail between the legs and subscribe.

-----------------------

widanage
Senior Equity Analytic
Senior Equity Analytic

Posts : 60
Equity Stars : 2024
Reputation : 29
Join date : 2011-03-19
Location : Timbuktu

Back to top Go down

Re: "CIFL" IPO

Post by Financeguy on Tue Jun 28, 2011 10:30 pm

I somewhat agree with the comments of the real estate investment, But can't clearly see what are the assets belongs to this, realizability depends quality of the asset and the returns can be more than HP and leasing. And unlike the lease assets the capital gains are always there in trading real estate stock. But you are very right if the stock quality is bad, on another note the maturity mismatch can be higher if the real-estate asset is not moving in the market, how ever I would love to see the assets of this project so we can ascertain the realizability of their real estate portfolio.

Financeguy
Stock Trader

Posts : 2
Equity Stars : 1833
Reputation : 0
Join date : 2011-06-28

Back to top Go down

Re: "CIFL" IPO

Post by widanage on Wed Jun 29, 2011 6:16 am

@ Jason

Please read my second comment on the same thread and come up with the counter arguments for the assets on the balance sheet. It shows the BS of the company for 2008/09 and 2009/10. The major argument here based on the ASSET - LIABILITY mismatch which is the responsibility of the directors ultimately deprived poor depositors.

I have no personal issues with the company.In the last sentence of my statement I have a provision to hide my tail between my legs. So you have the opportunity to initiate it. Let's talk numbers.

Link to CIFL annual report

http://www.cifl.lk/downloads/applications/An_rp_1.pdf


Last edited by widanage on Wed Jun 29, 2011 6:47 am; edited 1 time in total (Reason for editing : Link included)

widanage
Senior Equity Analytic
Senior Equity Analytic

Posts : 60
Equity Stars : 2024
Reputation : 29
Join date : 2011-03-19
Location : Timbuktu

Back to top Go down

Re: "CIFL" IPO

Post by Financeguy on Wed Jun 29, 2011 8:51 am

Hey Guys,

Is there a real asst liability mismatch? I really dont see it in the Balance sheet, In your 2nd comment you state that that Liquidity has comedown, but also you can notice for the entire year the companies total liability has increased only from 60 Million Rupees, this shows their public liability has not gone up for the year,

How ever can you explain how there is an asset Liability Mismatch??

Financeguy
Stock Trader

Posts : 2
Equity Stars : 1833
Reputation : 0
Join date : 2011-06-28

Back to top Go down

Re: "CIFL" IPO

Post by StocksWatch on Wed Jun 29, 2011 9:25 am

This thread and all comments look very strange to me. Few members who have joined the forum either today or yesterday are vigorously trying to defend a company which is going for an IPO shortly. Similar situation was there with Expo Lanka as well. We don’t see those who promoted Expo Lanka IPO anymore in this forum.

My advice to all readers, don’t repeat the mistakes you have done in the past, analyze the prospectus and all other available information about the company before you apply. Mainly do a valuation and see if the price of the IPO is attractive compared to other shares in the same sector, trading in the secondary market. It is your money, choose the right option carefully.

StocksWatch
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Posts : 720
Equity Stars : 2951
Reputation : 186
Join date : 2011-02-12

Back to top Go down

Re: "CIFL" IPO

Post by mark_fernando on Wed Jun 29, 2011 12:45 pm

To Stock Watch,

Yes I agree with you 100%, But on a another view do you expect people to stay silent, when a person comments, to scrap a registerd finance companny with baseless aligations just before it's IPO, its good to analyse and educate and comment on a IPO but sad to see people vigorously trying to tarnish a companies image for their personal openion on a respected blog like this.


mark_fernando
Stock Trader

Posts : 7
Equity Stars : 1837
Reputation : 1
Join date : 2011-06-28
Location : Bangladesh

Back to top Go down

Re: "CIFL" IPO

Post by alexd on Tue Jul 05, 2011 12:58 pm

With reference to

@mark wrote:why so hurry.....wait wait........
as i know still prospectus is pending,good that you interested in IPO's,but nowadays most are slops bcoz of unethical practices in PP....

@mark_fernando wrote:I got a recommendation about this company through a friend....every company has positives & negatives..awaiting for their prospectus..

and my earlier comment

@alexd wrote:Based on CIFL's Annual report for the year 2009/10 (http://www.cifl.lk/downloads/ann_rep.html - page 2) EPS was Rs. 0.79 and NAPS was Rs.13.07 these figures seem better than the previous year which was Rs 0.13 and Rs 14.92 respectively (obtained from the same report). Performance figures seems promising together with their offer price of 10/- per share. Awaiting the issue of their prospectus.

CIFL prospectus is available on the CSE website as of today (refer - www.cse.lk) - FYI

The EPS and NAPS for 9 months ending 31st Dec 2010 has been included in the prospectus and is Rs 0.99 and Rs 14.86 respectively. Would appreciate some expert comments on CIFL's IPO.

alexd
Stock Analytic
Stock Analytic

Posts : 11
Equity Stars : 1846
Reputation : 3
Join date : 2011-06-25

Back to top Go down

Be aware-CIFL split before IPO

Post by PGCR on Tue Jul 05, 2011 5:00 pm

CIFL Audited financial statement shows EPS of 0.99 for the year ended 31st December 2010. As at 31st December 2010, there were only 19,739,424 shares outstanding as at that date. Subsequently CIFL Has done a Split (11 for 5 ) on 9th May 2011 & the new share capital represents 43,426,733. Then the EPS figure get diluted up to Rs 0.45.

Further, prospectus pages No 11 states that “If IPO fully subscribed, the offered Shares will amount to 47.95 % of the Issued Ordinary Shares of the Company subsequent to the Offering.”

Then, After IPO, No of shares issued will be 83,420,229. After IPO EPS (based on current audited accounts) will be only Rs 0.23. Which is at 43 X (times) P/E to its IPO price.

Over to you my friends…


Last edited by mark on Tue Jul 05, 2011 6:16 pm; edited 1 time in total (Reason for editing : topic changed)

PGCR
Equity Analytic
Equity Analytic

Posts : 46
Equity Stars : 2010
Reputation : 9
Join date : 2011-03-10

Back to top Go down

Re: "CIFL" IPO

Post by ruwan49 on Tue Jul 05, 2011 9:06 pm

Thanks PGCR,,Valuable Advice

ruwan49
Equity Analytic
Equity Analytic

Posts : 24
Equity Stars : 1882
Reputation : 1
Join date : 2011-06-04

Back to top Go down

Re: "CIFL" IPO

Post by Chinwi on Wed Jul 06, 2011 9:45 pm

Thanks for alarming us.

Now, I want to know about the Shareholders list published in the prospectus.

There are 220 pre -IPO shareholders in Annexure F.

The number of shares each of them hold are very unusual.
396, 1558, 1041, 176, 5852 , 14555, ..... ???

Why is this. ?
I heard some badly managed finance companies converted their debt to shares and forcefully gave them to the depositors.

If any of our members know any of these shareholders please find out and let us know. The names and addresses are given in pages 138 to 141







Chinwi
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Posts : 2395
Equity Stars : 5242
Reputation : 357
Join date : 2010-06-08
Location : Asia

Back to top Go down

Re: "CIFL" IPO

Post by Slstock on Thu Jul 07, 2011 2:27 am

@PGCR wrote:CIFL Audited financial statement shows EPS of 0.99 for the year ended 31st December 2010. As at 31st December 2010, there were only 19,739,424 shares outstanding as at that date. Subsequently CIFL Has done a Split (11 for 5 ) on 9th May 2011 & the new share capital represents 43,426,733. Then the EPS figure get diluted up to Rs 0.45.

Further, prospectus pages No 11 states that “If IPO fully subscribed, the offered Shares will amount to 47.95 % of the Issued Ordinary Shares of the Company subsequent to the Offering.”

Then, After IPO, No of shares issued will be 83,420,229. After IPO EPS (based on current audited accounts) will be only Rs 0.23. Which is at 43 X (times) P/E to its IPO price.

Over to you my friends…


THanks for uncovering the hidden numbers. We need to be careful before buying with all these new companies getting listed one after the other.

Slstock
Director - Equity Analytics
Director - Equity Analytics

Posts : 6630
Equity Stars : 10534
Reputation : 1157
Join date : 2011-01-22

Back to top Go down

Re: "CIFL" IPO

Post by wgsaman on Thu Jul 07, 2011 7:53 am

thanx for your ideas

wgsaman
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Posts : 314
Equity Stars : 2331
Reputation : 48
Join date : 2011-05-20

Back to top Go down

Re: "CIFL" IPO

Post by Chinwi on Thu Jul 07, 2011 8:17 am

Sorry I posted this in other thread , re-post here.


As per the prospectus, there are 220 pre -IPO shareholders in Annexure F.

The number of shares each of them hold are very unusual.
396, 1558, 1041, 176, 5852 , 14555, ..... ???

Why is this. ?
I heard some badly managed finance companies converted their debt to shares and forcefully gave them to the depositors.

If any of our members know any of these shareholders please find out and let us know. The names and addresses are given in pages 138 to 141


Chinwi
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Posts : 2395
Equity Stars : 5242
Reputation : 357
Join date : 2010-06-08
Location : Asia

Back to top Go down

Re: "CIFL" IPO

Post by mark_fernando on Thu Jul 07, 2011 3:16 pm

I think there is a mistake in the way PGCR has calculated PE
Ratio.According to my knowledge we have to take the IPO proceeds to
calculate forward PE.

Let me explain you how to derive PE based on my knowledge :-).There
are two types of PE ratios.Lets look at Trailing PE based on the past
data.First we should divide last year net profit by No of shares
issued before the IPO.In this case its (26,087,554 / 43,426,733)
=Rs.0.60.So the trailing PE is (10/0.60) =16.65x .The net profit
figure i have taken is for the Financial year ended 31st March 2011
out of which nine months are Audited.

To calculate future EPS we should search for their FY12 bottom line
and divide it by Post IPO no of shares issued (83,426,733).I think we
cannot use post IPO shares issued without considering the IPO proceeds
to the calculation.

Anyway I do not know much about the Company, want more time to go
through figures and prospectus.But i can clearly see some people
trying to mislead investors by putting wrong calculation and giving
wrong picture about the Company.After going through this calculation
I realized it.Dear investors pls do your calculations properly then
decide what to do!!!

mark_fernando
Stock Trader

Posts : 7
Equity Stars : 1837
Reputation : 1
Join date : 2011-06-28
Location : Bangladesh

Back to top Go down

Re: "CIFL" IPO

Post by factFINDER on Thu Jul 07, 2011 7:55 pm

@Chinwi wrote:Thanks for alarming us.

Now, I want to know about the Shareholders list published in the prospectus.

There are 220 pre -IPO shareholders in Annexure F.

The number of shares each of them hold are very unusual.
396, 1558, 1041, 176, 5852 , 14555, ..... ???

Why is this. ?
I heard some badly managed finance companies converted their debt to shares and forcefully gave them to the depositors.

If any of our members know any of these shareholders please find out and let us know. The names and addresses are given in pages 138 to 141


I guess these odd numbers came becouse of their share split of 5 in to 11 done in May 2011!!
e.g.
If there was 1000 shares prior to the splitting it becomes 2200.
If it was 100 > 220., ...440, 660, 880 ... 5500.. like wise.

Also ... what you said may be correct as odd number of shares has been issued far before the splitting (specially in November 2006). But even that year the company has made a profit and hardly assumed that they have forcefully converted debt/deposits in to shares.

But, shares issued in 2008/2009 are result of Bonus issue (page 49)



factFINDER
Manager - Equity Analytics
Manager - Equity Analytics

Posts : 154
Equity Stars : 2470
Reputation : 41
Join date : 2010-05-27
Age : 37
Location : Colombo

Back to top Go down

Re: "CIFL" IPO

Post by MoneyLover on Thu Jul 07, 2011 10:47 pm

@alexd wrote:With reference to

@mark wrote:why so hurry.....wait wait........
as i know still prospectus is pending,good that you interested in IPO's,but nowadays most are slops bcoz of unethical practices in PP....

@mark_fernando wrote:I got a recommendation about this company through a friend....every company has positives & negatives..awaiting for their prospectus..

and my earlier comment

@alexd wrote:Based on CIFL's Annual report for the year 2009/10 (http://www.cifl.lk/downloads/ann_rep.html - page 2) EPS was Rs. 0.79 and NAPS was Rs.13.07 these figures seem better than the previous year which was Rs 0.13 and Rs 14.92 respectively (obtained from the same report). Performance figures seems promising together with their offer price of 10/- per share. Awaiting the issue of their prospectus.

CIFL prospectus is available on the CSE website as of today (refer - www.cse.lk) - FYI

The EPS and NAPS for 9 months ending 31st Dec 2010 has been included in the prospectus and is Rs 0.99 and Rs 14.86 respectively. Would appreciate some expert comments on CIFL's IPO.

Dear alexd,

Appriciate if you would show us the NAPS and EPS after 5 to 11 splitting done in May 2011?? Without showing the adjusted statistics your attempt to paint CIFL is incomplete and misleading .....

Before 5 to 11 splitting NAPS (as at 31/12/2010) was 14.86
After 5 to 11 splitting = 14.86 X 5 / 11 = NAPS only 6.75 and P/BV = 1.48

Before 5 to 11 splitting ESP (9 month up to 31/12/2010) is 0.99
After 5 to 11 splitting ESP?? .......



MoneyLover
Senior Equity Analytic
Senior Equity Analytic

Posts : 58
Equity Stars : 1935
Reputation : 27
Join date : 2011-06-19

Back to top Go down

Re: "CIFL" IPO

Post by Sponsored content Today at 2:10 pm


Sponsored content


Back to top Go down

Page 1 of 2 1, 2  Next

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum
Who is online?
In total there are 211 users online :: 25 Registered, 3 Hidden and 183 Guests

ANDROXX, Beta1, dineshdp, dow, hariesha, hettdas, jaya, Jaya sri, kumarweerarathne, lasinee, nigma, nimantha80, Novice Learner, pure equity, ramankumara, RANGANA PERERA, reader, roshana7549, sampath.anuradha, sanjulanka, Senath, stockback, Suranga malli, Vidiview, worthiness

Most users ever online was 541 on Mon Sep 19, 2011 11:29 am
Statistics
We have 14463 registered users
The newest registered user is Park Road

Our users have posted a total of 306625 messages in 47539 subjects
Forum Rules & Guidelines
Sri Lanka Equity Analytic
Disclaimer

The information contained in this forum have been submitted by third parties directly without any verification by us. The information available in this forum is not researched or purported to be complete description of the subject matter referred to herein. We do not under any circumstances whatsoever guarantee the accuracy and completeness information contained herein.

www.srilankaequity.com its blogs, forums, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not in any way be responsible or liable for loss or damage which any person or party may sustain or incur by relying on the contents of this report and acting directly or indirectly in any manner whatsoever.

Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility, www.srilankaequity.com its blogs, forums, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. The information on this website is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. The writers may or may not be trading in the securities mentioned.