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VituVingiSana
#21 Posted : Thursday, February 04, 2010 8:05:17 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,349
Location: Nairobi
gathinga wrote:
Anyone with details on the impact on KPLC income statements from the deals signed for lease of their terestial fibre cables. Perhaps these could have significant impact on their results in the second half of 2010. Good prospects on this counter


LOL... the fibre deals are mchuzi tu... Installing 24 pairs costs little more than 6 pairs (which KPLC uses/needs) so they installed 24 pairs & want to lease the other 18...

The income from fibre is welcome but insignificant to KPLC...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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mufasa
#22 Posted : Thursday, February 04, 2010 8:24:17 AM
Rank: Member

Joined: 4/15/2008
Posts: 238
mukiha wrote:
Lest we lose sight of the forest for the trees:

Highest gainers in the year so far are:

Mumias Sugar Co. +47.45%

Kenya Airways +44.06%

KenolKobil Co +32.00%

Eveready East Africa +22.41%

Sameer Africa +21.00%

Jubilee Insurance Co. +20.00%

Safaricom Limited +17.58%

E.A.Cables +16.05%

NIC Bank +12.00%

Express +11.80%


How many of them are in your portfolio?


Got two in my profile but I think I also have the "STAR LOOSERS". smile In your Analysis, who are the star looser (That might also help Alot)
Do it today! Tomorrow is promise to no-one.
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mukiha
#23 Posted : Thursday, February 04, 2010 9:06:04 AM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
Here are the laggards......




CFC Stanbic Holdings 0.00%

Unilever Tea Kenya 0.00%

Marshalls (E.A.) 0.00%

Nation Media Group 0.00%

National Bank of Kenya 0.00%

Total Kenya 0.00%

E.A.Portland Cement 0.00%

Kenya Orchards 0.00%

Limuru Tea Co. 0.00%

Standard Group 0.00%

British American Tobacco Kenya -0.56%

B.O.C Kenya -0.67%

Car & General (K) -2.86%

Carbacid Investments -2.91%

City Trust -9.52%

Williamson Tea Kenya -12.75%
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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  | | Edit by user: Thursday, February 04, 2010 9:07 AM | Reason: Not specified
VituVingiSana
#24 Posted : Thursday, February 04, 2010 9:26:31 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,349
Location: Nairobi
@mukiha - I think the lack of liquidity has hurt the bottom 4.

BTW, unfair on Carbacid considering the real price jump was huge in 2009 (2:1 bonus as well...)

Williamson Tea is one of my picks for 2010. The results will be out in 6 months (or sooner). I expect hefty profits.

City Trust is a laggard on paper but based on I&M Bank's performance & recent rash of announcements:
- KShs 1.3bn investment by DEG & Proparco
- Purchase of a Tanzanian bank
- New products including the e-commerce plunge
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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mukiha
#25 Posted : Thursday, February 04, 2010 9:52:53 AM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
@VVS;

About City Trust: apart from their "small" holding in I&M [10% or thereabouts], what else do they own? Or is this their biggest investment?
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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VituVingiSana
#26 Posted : Thursday, February 04, 2010 10:00:41 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,349
Location: Nairobi
I&M would be the major investment. The rest is insignificant. To the best of my knowledge.

Used to be 8.93% but probably diluted with the DEG & Proparco investments.

I&M Bank was rumored to be going public but with the 1.3bn from DEG/Proparco... perhaps they do not need our money! I am sure there is more cash where that came from!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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guru267
#27 Posted : Thursday, February 04, 2010 11:11:58 AM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
[quote=VituVingiSana]Preference Shares are equity not liabilities. The bulk of these on KPLC Balance Sheet are accounted for as Equity. Ignore the 4% & 7% for now!

I beg to differ on this.. isnt it ordinary shares that appear as equity on the bs.. i'm saying this because KPLC had to pay 1.2billion last year to GOK because of these pref shares...

after the conversion total ordinary shares will be 180-195million shares which will then have a P/E of about 8 or 9 basing on current price and earnings and that would still be cheap
Mark 12:29
Deuteronomy 4:16
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VituVingiSana
#28 Posted : Thursday, February 04, 2010 11:21:39 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,349
Location: Nairobi
@guru - Accounting 101:

Preferred/Preference Shares are in the Equity section of the Balance Sheet. They are superior to Ordinary Shares in the event of a liquidation.

The dividend of 1.2bn is paid since that was the agreed rate...
Ordinary Shares also receive dividends but we don't consider them debt...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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mukiha
#29 Posted : Thursday, February 04, 2010 12:19:22 PM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
...to add to that....Preference shares are almost like Bonds in that they have a pre-agreed dividend rate [calculated on a par value]. In the case of KPLC one was 4% and the other was 7%. This is why it is treated as debt - because it must be paid.

This dividend may or may not be Cumulative. If it is, then it will be carried over in the event that there is no money to pay in a particular year.
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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guru267
#30 Posted : Thursday, February 04, 2010 12:46:15 PM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
@mukiha and @VVS thanx for the educ. looks like i need to get back to my books..
so basically these pref shares are a liability without actually being included in liabilities on the bs... but still... wont it still be better for the company when these shares are off the balance sheet???
Mark 12:29
Deuteronomy 4:16
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