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Topic: Equity-hfck train. - jammo  [376 views | 4 replies]
Wednesday, March 12, 2008 11:56
There's been lots said on this stock..n not nuff done..
Comment on the following commentaries...
by aly khan satchu...host Money matters on NTV wednesday jioni,Skip the boring parts. But am thinking..i'd rather listen to Mr Satchu than some dude on the street.

1. Equity Bank Full Year Results 2007 Versus 2006
Africa
read more
Total Interest income 3.254b versus 1.634b = +99.213%
Fees and Commissions 883.253m versus 366.12m =+141.24%
Other Fees and commissions 1.948b versus 1.430b = +36.266%
Foreign Exchange Trading 147.376m versus 23.294m = +532%
Total Operating income 5.822b versus 3.371b = +72.70%

Staff costs 1.453b versus 0.942b = +54.13%
Other Operating Expenses 1.409b versus 0.794b = +77.38%
PAT 1.89b versus 0.753b [NB There was a sharp drop in tax rates post NSE listing] = +150.911%
EPS 6.88 versus 2.77 = +148.375%
2/= Dividend as per last time.

Balance sheet
Government Securities 13.542b versus 1.65b last [The Bank has a lot of GOK Paper and is liquid. Returns will be enhanced as Equity lends the excess cash to Customers].
Loans and Advances to Customers net 21.836b versus 10.929b = +99.79%

2.Equity To Invest Excess Cash In Low End Housing
Africa
Equity with too much idle cash that it now plans to pump into Housing Finance (HF) — a home loans financier where it holds a 25 per cent stake — targeting the low income mortgage market.

The huge capital injections last year have however put Equity in a unique position leaving with excess money for short term lending. This aspect of a bank's business is measured by the liquidity ratio — which for Equity has risen to 77 per cent from 38 per cent in 2006.

Conclusions;

This remains my first pick at the NSE. The Helios investment is a transformative event. I believe we remain on a supernormal growth curve. Foreign Investors have understood this. Local Investors bought the propaganda,for a very long time ..Aly k.

3.nse today(11th)
Equity Bank traded 580,000 shares worth 87.99m Kenya shillings and ranked 1st today.
There is good two action as a Foreign Investor has been selling good size at the 150 area.
The days range was 150-154 and we closed unchanged at 151.00. Its displaying basing patterns.
HFCK is a Mortgage Bank which had one fatal flaw in its business plan. It had no capital. It does now. Today we traded just 70,500 shares,the range was 43-44.5 and we softened to close at 43.50 just over 2% lower…rich.co.ke on market on 11th march





jammo-stocksfreak@kenyahiohio!!
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Equity-hfck train. [Mwenyekiti]
Thursday, March 13, 2008 09:43

I also do think that HFCK is overpriced. It is currently trading on a P/E of over 50!. Even companies with phenomenon growth such as Equity itself (116%) and Access Kenya ( 300%) are at a P/E of 22 and 31 respectively. Even with expected injection of capital,  dont expect supernormal  growth until may be after 2years considering the motgage industry is slow as the growth rate is also controlled by availability of the so called lower end market houses,whic will not be build overnight. But then this is my view...

 



The right time to buy a share is when nobody wants it.
fundamentals v/s speculation [jammo]
Thursday, March 13, 2008 09:25

@tmatekwa @sober HFCK has been largely in a holding pattern as it was starved of Capital for expansion. Equity Britak et al have taken a stake and are looking to put capital to work through HFCK into the mortgage market. There is plenty of scope and Investors are getting in now at the ground floor....plus equity's already pointed whea they r directin bulk of the money arsenal they have n HFCK guys can't stop smilling Bdaily today...equity is eyeing nyaga.. Rather than speculate on rights or no rights...fundamentally..with the relationship between the two..is HFCK healthier now or not?..do prices reflect these?

jammo-stocksfreak@kenyahiohio!!
Equity-hfck train. [Sober]
Thursday, March 13, 2008 09:08

on HFCK it was because of the rumoured rights issue.

not the equity thing.



A ship in harbour is safe,but that is not what ships are built for. St. Bede
Equity-hfck train. [tmatekwa]
Wednesday, March 12, 2008 15:10

This hfck shares seem to be over priced for nothing.

die trying
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