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TP Serena EA Ltd HY17
Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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sparkly wrote:@Pesa nane please post the balance sheet. Will be intetesting to see the level of loans Scanty in details...  Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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Pesa Nane wrote:sparkly wrote:@Pesa nane please post the balance sheet. Will be intetesting to see the level of loans Scanty in details... @Pesa nane thanks. I can see they borrowed 1.8B in long term funds, used 0.7B to finance assets/ renovations, 0.4B to plug operations gaps and are holding on to 0.7B. My observations from the scanty BS... Financial situation is precarious and just from a top level look, they will be offering a rights issue within 2 years. Life is short. Live passionately.
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Rank: Chief Joined: 1/3/2007 Posts: 18,349 Location: Nairobi
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The expansion would have necessitated the increase in debt but the debt load isn't onerous vs the potential benefits. Of course, a PEV like 2007-8 [seems the 2017 results will be fought in court and not in the streets] or a GFC [Global Financial Crisis] or some other event [terrorist attack] can disrupt their business. @Sparkly - Aga Khan firms [DTB, TPSEA] are known for Rights Issues as they expand. TPSEA has Jubilee as a shareholder and can always tap into the larger AKFED network to cover any shortfall from "other" investors. Whereas one cannot ascertain the operating future, the past has been a good indicator of the Management's strength and weaknesses. I believe TPSEA should judiciously pick up more properties, at a fair price, in other African countries from AKFED using shares as currency. There is Serena Kigali, Serena Polana (Maputo), etc. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 6/23/2009 Posts: 14,220 Location: nairobi
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VituVingiSana wrote:The expansion would have necessitated the increase in debt but the debt load isn't onerous vs the potential benefits. Of course, a PEV like 2007-8 [seems the 2017 results will be fought in court and not in the streets] or a GFC [Global Financial Crisis] or some other event [terrorist attack] can disrupt their business.
@Sparkly - Aga Khan firms [DTB, TPSEA] are known for Rights Issues as they expand. TPSEA has Jubilee as a shareholder and can always tap into the larger AKFED network to cover any shortfall from "other" investors.
Whereas one cannot ascertain the operating future, the past has been a good indicator of the Management's strength and weaknesses. I believe TPSEA should judiciously pick up more properties, at a fair price, in other African countries from AKFED using shares as currency. There is Serena Kigali, Serena Polana (Maputo), etc. One should read this if interested in TPSEA http://www.businessdaily...64776-lirkn4z/index.html
KQ ABP 4.26
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Rank: Elder Joined: 12/4/2009 Posts: 10,808 Location: NAIROBI
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obiero wrote:[quote=VituVingiSana]The expansion would have necessitated the increase in debt but the debt load isn't onerous vs the potential benefits. Of course, a PEV like 2007-8 [seems the 2017 results will be fought in court and not in the streets] or a GFC [Global Financial Crisis] or some other event [terrorist attack] can disrupt their business.
@Sparkly - Aga Khan firms [DTB, TPSEA] are known for Rights Issues as they expand. TPSEA has Jubilee as a shareholder and can always tap into the larger AKFED network to cover any shortfall from "other" investors.
Whereas one cannot ascertain the operating future, the past has been a good indicator of the Management's strength and weaknesses. I believe TPSEA should judiciously pick up more properties, at a fair price, in other African countries from AKFED using shares as currency. There is Serena Kigali, Serena Polana (Maputo), etc. One should read this if interested in TPSEA http://www.businessdaily...4776-lirkn4z/index.html[/quote] woiii kwisha hao. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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Ericsson wrote:obiero wrote:[quote=VituVingiSana]The expansion would have necessitated the increase in debt but the debt load isn't onerous vs the potential benefits. Of course, a PEV like 2007-8 [seems the 2017 results will be fought in court and not in the streets] or a GFC [Global Financial Crisis] or some other event [terrorist attack] can disrupt their business.
@Sparkly - Aga Khan firms [DTB, TPSEA] are known for Rights Issues as they expand. TPSEA has Jubilee as a shareholder and can always tap into the larger AKFED network to cover any shortfall from "other" investors.
Whereas one cannot ascertain the operating future, the past has been a good indicator of the Management's strength and weaknesses. I believe TPSEA should judiciously pick up more properties, at a fair price, in other African countries from AKFED using shares as currency. There is Serena Kigali, Serena Polana (Maputo), etc. One should read this if interested in TPSEA http://www.businessdaily...4776-lirkn4z/index.html[/quote] woiii kwisha hao. TPS is reducing exposure to Kenya by going into Tanzania, Uganda, Rwanda, Mozambique and Burundi. Kenya has the lowest margins at 6% while Uganda and Rwanda are as high as 12%. Nevertheless is is impressive that TPS is able to return a profit with average occupancy of 40% (see the FY 2016 Financials). The only blot is the spike in debts in 1H2017 which i hope is lower priced than the 23% corporate bond, now retired. Life is short. Live passionately.
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Rank: Member Joined: 5/26/2009 Posts: 326 Location: Nairobi
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Airbnb is a fat elephant in the room here
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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wa P wrote:Airbnb is a fat elephant in the room here I have waited for someone to say this. Right on point. As long as they do not render Airbnb irrelevant then the results will keep stinking. "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Elder Joined: 6/23/2009 Posts: 14,220 Location: nairobi
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murchr wrote:wa P wrote:Airbnb is a fat elephant in the room here I have waited for someone to say this. Right on point. As long as they do not render Airbnb irrelevant then the results will keep stinking. And there is no way that Airbnb shall be irrelevant when you see what is happening in the estates bordering JKIA. Plus the two men have allowed two hotels right inside JKIA plus Hilton Garden Inn right at the exit of JKIA.. TPSEA should better adopt to changing times
KQ ABP 4.26
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Rank: Chief Joined: 1/3/2007 Posts: 18,349 Location: Nairobi
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TPSEA has only one "city hotel" in Nairobi i.e. Nairobi Serena so the fortunes of the entire group including multiple lodges doesn't depend on Nairobi Serena. That said, there is competition and Serena needs to look at lower cost options that provide a good hotel without "frills" for business folk. These budget hotels have no need for a pool, maisha club, etc but put in a decent restaurant, nightclub, conferencing facilities and a business center. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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