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KCB buy buy buy
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gesowan
#1 Posted : Thursday, May 16, 2013 5:10:43 AM
Rank: Member

Joined: 11/6/2010
Posts: 289
Reiterate BUY — new TP Ksh51.00: our forecast trim is more than compensated by changes in macro related valuation assumptions as we cut our risk-free rate by 50bps to 9.25%, which leaves us with a new target price of Ksh51.00 (Ksh41.00 previously). At FY13E P/E of c.9.5x and P/B of c2.1x, we could accept some room for debate on KCB’s multiples, which we believe our conservative estimates should help set aside. We continue to see value in the stock at these levels and reiterate our BUY recommendation.


AS advised by the experts
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Cde Monomotapa
#2 Posted : Thursday, May 16, 2013 7:28:05 AM
Rank: Chief

Joined: 1/13/2011
Posts: 5,964
gesowan wrote:
Reiterate BUY — new TP Ksh51.00: our forecast trim is more than compensated by changes in macro related valuation assumptions as we cut our risk-free rate by 50bps to 9.25%, which leaves us with a new target price of Ksh51.00 (Ksh41.00 previously). At FY13E P/E of c.9.5x and P/B of c2.1x, we could accept some room for debate on KCB’s multiples, which we believe our conservative estimates should help set aside. We continue to see value in the stock at these levels and reiterate our BUY recommendation.


AS advised by the experts

Interesting. In total agreement on the 'macro related valuation' bit as it is only fair to say that work in KE fully* kicked off post-April. Banking & the general econ. will be best measured after Q3, 2013.
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  | | Edit by user: Thursday, May 16, 2013 7:31 AM | Reason: Rooarr!!
Cde Monomotapa
#3 Posted : Thursday, May 16, 2013 7:34:55 AM
Rank: Chief

Joined: 1/13/2011
Posts: 5,964
Btw, KCB is set to recieve a further $150M from IFC for on-lending if I recall well. Combine that resource boost with ongoing 'lean-mean' initiatives &...#static#
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  | | Edit by user: Thursday, May 16, 2013 7:36 AM | Reason: Rooarr!!
Mukiri
#4 Posted : Thursday, May 16, 2013 10:21:17 AM
Rank: Elder

Joined: 7/11/2012
Posts: 5,222
@Hisah said something about Equity being a better bargain?d'oh!

Proverbs 19:21
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Ericsson
#5 Posted : Thursday, May 16, 2013 6:57:40 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
KCB has also made it big in the real estate sector with this deal as the project financier;
http://www.nation.co.ke/...50/-/lowrwf/-/index.html
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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mwekez@ji
#6 Posted : Friday, May 17, 2013 9:11:26 AM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
Mukiri wrote:
@Hisah said something about Equity being a better bargain?d'oh!


From a traders perspective, @hisah has it
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Ericsson
#7 Posted : Friday, May 17, 2013 9:25:22 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
In FY2013 KCB will trump Equity in terms of profitability.
Hstorically equity beats KCB in the Q1 but in the remaining quarters KCB takes the mantle.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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hisah
#8 Posted : Friday, May 17, 2013 10:06:48 AM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
mwekez@ji wrote:
Mukiri wrote:
@Hisah said something about Equity being a better bargain?d'oh!


From a traders perspective, @hisah has it

Boarded @28.50 after dumping KCB @38.50 on result release. I expected at least a 2/- div pay and 1.95 was not a good sign. I expect member to pay more div than simba plus outperform it as the most profitable bank. That should see member's share price post higher capital gains than simba. Then add the div pay. Already simba has stated no more fat div pays.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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  | | Edit by user: Friday, May 17, 2013 10:08 AM | Reason: Not specified
mwekez@ji
#9 Posted : Friday, May 17, 2013 10:08:17 AM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
Ericsson wrote:
In FY2013 KCB will trump Equity in terms of profitability.
Hstorically equity beats KCB in the Q1 but in the remaining quarters KCB takes the mantle.


@Ericsson, in that history, KCB only beat Equity in Q2 and Q3, .... Equity beat KCB in Q1, Q4 and FY2012. .... So, using your logic, in FY2013, just like in FY12, EQUITY should trump KCB in terms of profitability.
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KulaRaha
#10 Posted : Friday, May 17, 2013 10:18:30 AM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
I understand the new MD spends his time walking around threatening to fire everyone...there's even grafitti in the loos saying "you're fired".

I wonder how this new style of management will affect results...
Business opportunities are like buses,there's always another one coming
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kizee1
#11 Posted : Friday, May 17, 2013 10:19:34 AM
Rank: Member

Joined: 9/29/2010
Posts: 679
Location: nairobi
KulaRaha wrote:
I understand the new MD spends his time walking around threatening to fire everyone...there's even grafitti in the loos saying "you're fired".

I wonder how this new style of management will affect results...



peter principle in action
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Ericsson
#12 Posted : Friday, May 17, 2013 10:33:30 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
mwekez@ji;In FY2011,2010,2009 KCB trumped up Equity.
Lets wait for the numbers and then analyse.Figures don't lie.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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mwekez@ji
#13 Posted : Friday, May 17, 2013 10:58:47 AM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
Ericsson wrote:
mwekez@ji;In FY2011,2010,2009 KCB trumped up Equity.
Lets wait for the numbers and then analyse.Figures don't lie.


And you have now deliberately ignored FY 2012. ... Q1 2013 numbers are already out. Numbers don't lie
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Ericsson
#14 Posted : Friday, May 17, 2013 11:08:55 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
FY2013 numbers will tell the truth
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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mwekez@ji
#15 Posted : Friday, May 17, 2013 11:20:01 AM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
Ericsson wrote:
FY2013 numbers will tell the truth


Cool. Will continue to follow the money #MakingMoney2013
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