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Family Bank listing by introduction soon!
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mwanahisa
#11 Posted : Wednesday, July 13, 2011 10:48:25 AM
Rank: Elder

Joined: 6/2/2008
Posts: 1,438
In my view Family Bank's performance over the last 5 years has been lousy.

Look at this statistics:

For 2006 PAT for these 3 banks were as follows:

Family Bank - Kshs 184 million
Cooperative - Kshs 887 million
Equity Bank - Kshs 753 million

Fast forward to 2011

Family Bank - Kshs 391 million
Cooperative - Kshs 4,581 million
Equity Bank - Kshs 7,131 million

Until I see a serious change change in their strategy, I would be wary of this bank which which has just doubled profits over the last 5 years when others have quintupled (CoopBank) or increased by a factor of 10+ (in the case of Equity).
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  | | Edit by user: Wednesday, July 13, 2011 12:32 PM | Reason: Sp. & 2011 PAT figures
FUNKY
#12 Posted : Wednesday, July 13, 2011 11:02:20 AM
Rank: Veteran

Joined: 4/30/2010
Posts: 1,635
@ mwanahisa - You can't compare Family Bank with huge banks like CO-OP and Equity. These banks will always be ahead of Family bank. Also note Family bank is not regional even so PAT will obviously differ. let's hope the new CEO become's the JAMES MWANGI of Family Bank.
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jerry
#13 Posted : Wednesday, July 13, 2011 11:10:21 AM
Rank: Elder

Joined: 9/29/2006
Posts: 2,570
FUNKY wrote:
I will be waiting for your report on Family Bank. If building society converts into a fully fledged bank,take the eg of equity bank its share value shoots up a lot,but didn't happen with Family Bank.

=> Initial share price was 60/= I think? What was the split ratio and what's the current price(OTC) ex-split?
The opposite of courage is not cowardice, it's conformity.
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Hunderwear
#14 Posted : Wednesday, July 13, 2011 11:35:35 AM
Rank: Member

Joined: 4/14/2011
Posts: 639
jerry wrote:
FUNKY wrote:
I will be waiting for your report on Family Bank. If building society converts into a fully fledged bank,take the eg of equity bank its share value shoots up a lot,but didn't happen with Family Bank.

=> Initial share price was 60/= I think? What was the split ratio and what's the current price(OTC) ex-split?

>was selling at around 26(65 presplit) in april.dont know now
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Lek
#15 Posted : Wednesday, July 13, 2011 11:37:17 AM
Rank: New-farer

Joined: 7/6/2010
Posts: 25
OTC price is now @ 26-27
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mwanahisa
#16 Posted : Wednesday, July 13, 2011 11:38:47 AM
Rank: Elder

Joined: 6/2/2008
Posts: 1,438
FUNKY wrote:
@ mwanahisa - You can't compare Family Bank with huge banks like CO-OP and Equity. These banks will always be ahead of Family bank. Also note Family bank is not regional even so PAT will obviously differ. let's hope the new CEO become's the JAMES MWANGI of Family Bank.


Why not?

Family Bank boasts of having a very huge client base (I think close to a million accounts), so no reason why we can't compare with CoopBank which almost has a similar no. of accounts.

A few years ago, Equity Bank was a smaller bank in comparison to the likes of KCB and Barclays. That was of course not a reason for not comparing it to them. It is certainly possible for Family Bank to aspire to be bigger than the likes of Equity. But I am not not seeing any roadmap for it.

East African operations (outside Kenya) are not the only reason for a divergence in the PAT for banks or other companies.
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Mpenzi
#17 Posted : Wednesday, July 13, 2011 11:46:09 AM
Rank: Veteran

Joined: 10/17/2008
Posts: 1,234
Mainat wrote:
Interesting...

Timing again is questionable.

Hunderwear-its an advert in the Daily Nation.
Btw, an introduction is cheaper to do than an IPO and can get you gains if well priced.



I just dont understand the so-called investors in Wazua. What is the "unquestionable" time for listing on the exchange???? And particularly in the case of a listing by way of introduction - there is a presumption that whoever will buy has an idea of what the exchange is all about!
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Cde Monomotapa
#18 Posted : Wednesday, July 13, 2011 11:59:47 AM
Rank: Chief

Joined: 1/13/2011
Posts: 5,964
Let it come so we can shark it to 12 bob like Uchumi.
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mwanahisa
#19 Posted : Wednesday, July 13, 2011 12:20:15 PM
Rank: Elder

Joined: 6/2/2008
Posts: 1,438
Lek wrote:
OTC price is now @ 26-27


I love the way guys are suckered into buying high priced shares on the OTC expecting an Equity like performance upon listing without first comparing with shares that are already listed.

Family Bank's 2010 EPS and DPS were Kshs 1.62 and 0.40 respectively with NBV at Kshs 12.92.

At the price of 27 you can therefore see the share is expensive with a PE of 16.7 and a Dividend yield of 1.5%. The PBV is about average at 2.09.

Now tell me where is the upside UNLESS you can show me the GROWTH.
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mwanahisa
#20 Posted : Wednesday, July 13, 2011 12:22:12 PM
Rank: Elder

Joined: 6/2/2008
Posts: 1,438
Cde Monomotapa wrote:
Let it come so we can shark it to 12 bob like Uchumi.

Don't be too hard on this share. It is not that bad...
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