@thedeal - CFCStanbic has underperformed vs other banks. Compare against NIC, I&M, DTB with 1/2 the assets yet similar PAT. The lower PER is deserved. As for Ethiopia, no foreign banks allowed to collect deposits so makes no sense. Buying Birr (by selling USD) to lend is a losing proposition with the depreciating Birr. The Birr is managed so the real value is lower than the CB rate.

Knock the goodwill off & the P/B jumps ;-) ... Anyway, these prices for many shares are scaring me!

After cashing out into a large cash positions unexpectedly, I have been looking for bargains. And there are few left nowadays. I have identified the following four, that i would be comfortable to invest in. 2 are set to announce losses this FY, while the other 2 are set to announce almost half the profits they made last year.

TOTAL- Undervalued, having a bad year this year. things should turn around next year. Hidden potential due to oil find. buying target. 12.00-14.00.

KENOL- Still up for sale, a buyer will come. If not. Top management, so a turn around will come through in due time. Hope i can get at 9.00

TPSE- Undervalued on a P/B basis. P/B around 0.9. This years profits may not be as good as last years. However form here on out i expect it to maintain the growth trajectory in profits it has been accumulating since 2007. Buying Target 45-55.

NBK- I expect a turnaround this year. purely Speculative though. Buying target 18.50. if she goes, let her go

Most of the good chips have been taken away from the floor. These are the ones I've identified. LETS GO.

Total- Here im banking on the turn around next year, and what TOTAL outre mer may do with TOTAL KE, they've already shown commitment with the company by increasing their stake thro' bail out last year. The preference shares is a bitter pill to swallow.

KK- agreed 2014 play

TPSEA- They should have a good H2(which is when they make most of their profits with the election cloud going away. On Europe im optimistic in the long term, effects may still be there this year and short term.

NBK- agreed. Don't try this at home

@VVS are they any bargains to be had that you can see with experienced eyes?

I've had a hard time picking out companies since January. Maybe instead of forcing issues i should divert some of the cash to bonds as Graham recommends in such times.