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Centum 2010 AR disappoints on many levels
sparkly
#11 Posted : Saturday, September 11, 2010 10:20:29 AM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
All very interesting, kwani how many versions are out there?
Life is short. Live passionately.
sparkly
#12 Posted : Saturday, September 11, 2010 10:23:02 AM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
youcan'tstopusnow wrote:
Laughing out loudly bolingowarrior Laughing out loudly What a name!

@y 1300 posts already! Have you been posting in your sleep lol i bet we can't stop you now
Life is short. Live passionately.
Scubidu
#13 Posted : Saturday, September 11, 2010 10:35:20 PM
Rank: Veteran

Joined: 9/4/2009
Posts: 700
Location: Nairobi
@sparkly. The power of wazua...they'll keep churning out different versions until we're satisfied :) Maybe wazua is the official complaints desk for minority shareholders.
“We are the middle children of history man, no purpose or place. We have no great war, no great depression. Our great war is a spiritual war, our great depression is our lives!" – Tyler Durden
youcan'tstopusnow
#14 Posted : Saturday, September 11, 2010 11:00:39 PM
Rank: Chief

Joined: 3/24/2010
Posts: 6,779
Location: Black Africa
sparkly wrote:
youcan'tstopusnow wrote:
Laughing out loudly bolingowarrior Laughing out loudly What a name!

@y 1300 posts already! Have you been posting in your sleep lol i bet we can't stop you now
smile
GOD BLESS YOUR LIFE
Jaro
#15 Posted : Monday, September 13, 2010 12:48:13 PM
Rank: Member

Joined: 8/6/2008
Posts: 13
The updated version is available on the homepage(www.centum.co.ke), it is also on the Investor Relation Section.
bolingowarrior
#16 Posted : Thursday, September 16, 2010 3:15:28 PM
Rank: Hello

Joined: 9/10/2010
Posts: 3
Location: Nairobi, Kenya
@Scubidu: You may be on to something! Centum's just put up a Frequently Asked Questions section on their Investor Relation(s?) Portal. Does this mean they read this chat forum? Hmmm....the link is:

http://www.centum.co.ke/...p;id=207&Itemid=114

Scubidu wrote:
@sparkly. The power of wazua...they'll keep churning out different versions until we're satisfied :) Maybe wazua is the official complaints desk for minority shareholders.

Scubidu
#17 Posted : Thursday, September 16, 2010 8:51:30 PM
Rank: Veteran

Joined: 9/4/2009
Posts: 700
Location: Nairobi
@bolingowarrior. I wouldn't be surprised if they do sneek a peak occasionally. There's so much one can learn from wazua on investor perception, confidence as well as other leaked info, hehehe.
“We are the middle children of history man, no purpose or place. We have no great war, no great depression. Our great war is a spiritual war, our great depression is our lives!" – Tyler Durden
CapitalMarketsGeek
#18 Posted : Friday, September 17, 2010 8:42:50 PM
Rank: New-farer

Joined: 9/11/2010
Posts: 36
I want to register my doubt about Centun, last year a friend of mine itroduce me to Centun, he was very excited about the company so I decided to check it's website, then they had "our portfolio" where you could see how they have invested, what got my eyes was how bogus their valuation was, for instance, and get these right, last year inspite recording profit... ALL THIER POSITIONS in listed stocks were in RED( the value of their investment in publicly trader companies were negative), whereas, the value of thier holdings in closed companies, companies that is hard to value was most of them 200% to 300% their cost. These is a RED FLAG!!!!! Earning manipulation. I know so loyalt investors wouldn't like this but if a company claim its profitability from only closed companies then its rises questions. So telling me that they have now open a vehicle in Virgin highlands even add more doubt, I am a trained analyst, I have worked for both public trade companies and Hedge funds, The biggest reason why companies open investment vehicles off-shore is to manange their earnings, British virgin island is popular for accounting malpratices, off-balance arrangements, accrual reportings... name them all thats where all these bogus Hedge funds tranfer their liabilities, finance their payables, capitalize their expenses instead of expensing.... I am not saying Centun is a fraud but don't close your eyes!
Scubidu
#19 Posted : Saturday, September 18, 2010 12:52:40 PM
Rank: Veteran

Joined: 9/4/2009
Posts: 700
Location: Nairobi
CapitalMarketsGeek wrote:
Quote:
I want to register my doubt about Centun, last year a friend of mine itroduce me to Centun, he was very excited about the company so I decided to check it's website, then they had "our portfolio" where you could see how they have invested, what got my eyes was how bogus their valuation was, for instance, and get these right, last year inspite recording profit... ALL THIER POSITIONS in listed stocks were in RED( the value of their investment in publicly trader companies were negative), whereas, the value of thier holdings in closed companies, companies that is hard to value was most of them 200% to 300% their cost. These is a RED FLAG!!!!! Earning manipulation. I know so loyalt investors wouldn't like this but if a company claim its profitability from only closed companies then its rises questions.


Interesting analysis. The subsidiary issue reminds me of Sir Allen Standford or the wall street hedge fund guys...or Helios. They've committed fund to the Helios 2 Fund something? What's the Helios 2 Fund do? The balance sheet shows excellent valuation in the last year, everything was up (expected as the stock market rose). But looking at the income statement it paints a different portrait. Dividend income down. Admin expenses up massively. Finance costs up a lot. Associate profit down. The only good thing that happened was selling KCB, but they can't disclose changes in their portfolio. Do we judge their performance based on the balance sheet or the P&L?
“We are the middle children of history man, no purpose or place. We have no great war, no great depression. Our great war is a spiritual war, our great depression is our lives!" – Tyler Durden
mv_ufanisi
#20 Posted : Saturday, September 18, 2010 1:05:56 PM
Rank: Member

Joined: 1/15/2010
Posts: 625
CapitalMarketsGeek wrote:
I want to register my doubt about Centun, last year a friend of mine itroduce me to Centun, he was very excited about the company so I decided to check it's website, then they had "our portfolio" where you could see how they have invested, what got my eyes was how bogus their valuation was, for instance, and get these right, last year inspite recording profit... ALL THIER POSITIONS in listed stocks were in RED( the value of their investment in publicly trader companies were negative), whereas, the value of thier holdings in closed companies, companies that is hard to value was most of them 200% to 300% their cost. These is a RED FLAG!!!!! Earning manipulation. I know so loyalt investors wouldn't like this but if a company claim its profitability from only closed companies then its rises questions. So telling me that they have now open a vehicle in Virgin highlands even add more doubt, I am a trained analyst, I have worked for both public trade companies and Hedge funds, The biggest reason why companies open investment vehicles off-shore is to manange their earnings, British virgin island is popular for accounting malpratices, off-balance arrangements, accrual reportings... name them all thats where all these bogus Hedge funds tranfer their liabilities, finance their payables, capitalize their expenses instead of expensing.... I am not saying Centun is a fraud but don't close your eyes!



You need to check when the unlisted investments were made. Most of them are quite old. Listed equities on the other hand are short term. So there's no red flag there CapitalMarketGreek
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