Wazua
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Unga HY 2016-2017 over 59% drop in profits
Rank: Chief Joined: 1/3/2007 Posts: 18,057 Location: Nairobi
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Spikes wrote:obiero wrote:VituVingiSana wrote:Ebenyo wrote:Some of the raw materials could be sourced
locally.This will help bring down operation cost.
I hope that seaboard corporation does not wish
the situation to remain like this just because they
benefit from supply of some of the raw materials.
Operation costs consumed 98% of the hy earnings
i.e out of the total hy income of kshs 10,295,142000 operation costs consumed kshs 10,073,920.This left a profit margin of 1%.This must improve going forward for the company to be healthy.
Wheat - Very little is grown locally vs (growing) demand. Plus local wheat tends to be pricier than imports. Maize - You know the story. Local production < Demand Soybeans - Same as wheat. Most local soybeans are of poor quality. Cheaper to import from India. Seaboard supplies raw materials but Unga says they get a good deal coz of Seaboard's buying power as well as good credit terms. Yes, those margins are low but there isn't much pricing power for a politically sensitive FMCG. 2016-17 will be awful with the drought, elections, high interest costs and broke retailers e.g. Nakumatt, Uchumi, etc. Ennsvalley has closed stores (in Nakumatt) and there may be write-offs of fixtures & equipment plus costs of layoffs. @vvs @guru used to worship this share "worship"  At least they had a starting point of analysing stocks. 😂😂😂 @Spikes - I don't really bother with you-know-who coz he pumps and dumps as well as gets paid to pump. Some of us buy value, are patient, realize investing isn't a straight line and even make mistakes but sleep at night. No negative equity firms in my portfolio. No continuously loss-making firms. Speed bumps have slowed some down. Election anxiety, interest caps, crazy GoK borrowing, etc. I have TPSEA which has made losses in the recent past but it will probably be fine after it completes the expansion of Nairobi Serena. Unga: 2016-17 is going to be awful. 2017 may be little better if we don't have rain & elections aren't peaceful. Williamson/Kapchorua: Tough times. I expect a loss for 2016-17 but if it rains a-plenty (& no PEV) then a profit for 2017-18. I&M: 2017 is going to be challenging but good management has a plan for 2017 to stay profitable. Equity: A drop in 2016 profits but measures are in place to grow/maintain profits. At some point I realized that I should start with quality management. Or don't even bother. I wish I had realized that sooner in KQ or when Segman gambled with hedges. Next time, a sniff & I bail. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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VituVingiSana wrote:Spikes wrote:obiero wrote:VituVingiSana wrote:Ebenyo wrote:Some of the raw materials could be sourced
locally.This will help bring down operation cost.
I hope that seaboard corporation does not wish
the situation to remain like this just because they
benefit from supply of some of the raw materials.
Operation costs consumed 98% of the hy earnings
i.e out of the total hy income of kshs 10,295,142000 operation costs consumed kshs 10,073,920.This left a profit margin of 1%.This must improve going forward for the company to be healthy.
Wheat - Very little is grown locally vs (growing) demand. Plus local wheat tends to be pricier than imports. Maize - You know the story. Local production < Demand Soybeans - Same as wheat. Most local soybeans are of poor quality. Cheaper to import from India. Seaboard supplies raw materials but Unga says they get a good deal coz of Seaboard's buying power as well as good credit terms. Yes, those margins are low but there isn't much pricing power for a politically sensitive FMCG. 2016-17 will be awful with the drought, elections, high interest costs and broke retailers e.g. Nakumatt, Uchumi, etc. Ennsvalley has closed stores (in Nakumatt) and there may be write-offs of fixtures & equipment plus costs of layoffs. @vvs @guru used to worship this share "worship" At least they had a starting point of analysing stocks. 😂😂😂 @Spikes - I don't really bother with you-know-who coz he pumps and dumps as well as gets paid to pump. Some of us buy value, are patient, realize investing isn't a straight line and even make mistakes but sleep at night. No negative equity firms in my portfolio. No continuously loss-making firms. Speed bumps have slowed some down. Election anxiety, interest caps, crazy GoK borrowing, etc. I have TPSEA which has made losses in the recent past but it will probably be fine after it completes the expansion of Nairobi Serena. Unga: 2016-17 is going to be awful. 2017 may be little better if we don't have rain & elections aren't peaceful. Williamson/Kapchorua: Tough times. I expect a loss for 2016-17 but if it rains a-plenty (& no PEV) then a profit for 2017-18. I&M: 2017 is going to be challenging but good management has a plan for 2017 to stay profitable. Equity: A drop in 2016 profits but measures are in place to grow/maintain profits. At some point I realized that I should start with quality management. Or don't even bother. I wish I had realized that sooner in KQ or when Segman gambled with hedges. Next time, a sniff & I bail. @VVS Unga is a well managed firm but I feel the company is trading way above its intrinsic value. Life is short. Live passionately.
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Rank: Elder Joined: 6/23/2009 Posts: 13,475 Location: nairobi
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sparkly wrote:VituVingiSana wrote:Spikes wrote:obiero wrote:VituVingiSana wrote:Ebenyo wrote:Some of the raw materials could be sourced
locally.This will help bring down operation cost.
I hope that seaboard corporation does not wish
the situation to remain like this just because they
benefit from supply of some of the raw materials.
Operation costs consumed 98% of the hy earnings
i.e out of the total hy income of kshs 10,295,142000 operation costs consumed kshs 10,073,920.This left a profit margin of 1%.This must improve going forward for the company to be healthy.
Wheat - Very little is grown locally vs (growing) demand. Plus local wheat tends to be pricier than imports. Maize - You know the story. Local production < Demand Soybeans - Same as wheat. Most local soybeans are of poor quality. Cheaper to import from India. Seaboard supplies raw materials but Unga says they get a good deal coz of Seaboard's buying power as well as good credit terms. Yes, those margins are low but there isn't much pricing power for a politically sensitive FMCG. 2016-17 will be awful with the drought, elections, high interest costs and broke retailers e.g. Nakumatt, Uchumi, etc. Ennsvalley has closed stores (in Nakumatt) and there may be write-offs of fixtures & equipment plus costs of layoffs. @vvs @guru used to worship this share "worship" At least they had a starting point of analysing stocks. 😂😂😂 @Spikes - I don't really bother with you-know-who coz he pumps and dumps as well as gets paid to pump. Some of us buy value, are patient, realize investing isn't a straight line and even make mistakes but sleep at night. No negative equity firms in my portfolio. No continuously loss-making firms. Speed bumps have slowed some down. Election anxiety, interest caps, crazy GoK borrowing, etc. I have TPSEA which has made losses in the recent past but it will probably be fine after it completes the expansion of Nairobi Serena. Unga: 2016-17 is going to be awful. 2017 may be little better if we don't have rain & elections aren't peaceful. Williamson/Kapchorua: Tough times. I expect a loss for 2016-17 but if it rains a-plenty (& no PEV) then a profit for 2017-18. I&M: 2017 is going to be challenging but good management has a plan for 2017 to stay profitable. Equity: A drop in 2016 profits but measures are in place to grow/maintain profits. At some point I realized that I should start with quality management. Or don't even bother. I wish I had realized that sooner in KQ or when Segman gambled with hedges. Next time, a sniff & I bail. @VVS Unga is a well managed firm but I feel the company is trading way above its intrinsic value. @sparkly soo true.. KQ in its current form has excellent management!!
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Chief Joined: 1/3/2007 Posts: 18,057 Location: Nairobi
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@Sparkly - I disagree but that's what makes a market! The 2016-18 period will be tough. I have more than doubled my money in Unga since 2009 but that's not relevant. Today and going forward is. I have made mistakes by not bailing out when circumstances changed e.g. KK and KQ. I don't want to make the same mistake in any of the others. Please tell me why you think it trades above intrinsic value? What do you think the intrinsic value is? A friend and analyst warned me about KQ and I didn't listen coz I was "blind" and I don't want my hubris to be a cause of consternation later on! Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Veteran Joined: 11/13/2015 Posts: 1,569
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sparkly wrote:VituVingiSana wrote:Spikes wrote:obiero wrote:VituVingiSana wrote:Ebenyo wrote:Some of the raw materials could be sourced
locally.This will help bring down operation cost.
I hope that seaboard corporation does not wish
the situation to remain like this just because they
benefit from supply of some of the raw materials.
Operation costs consumed 98% of the hy earnings
i.e out of the total hy income of kshs 10,295,142000 operation costs consumed kshs 10,073,920.This left a profit margin of 1%.This must improve going forward for the company to be healthy.
Wheat - Very little is grown locally vs (growing) demand. Plus local wheat tends to be pricier than imports. Maize - You know the story. Local production < Demand Soybeans - Same as wheat. Most local soybeans are of poor quality. Cheaper to import from India. Seaboard supplies raw materials but Unga says they get a good deal coz of Seaboard's buying power as well as good credit terms. Yes, those margins are low but there isn't much pricing power for a politically sensitive FMCG. 2016-17 will be awful with the drought, elections, high interest costs and broke retailers e.g. Nakumatt, Uchumi, etc. Ennsvalley has closed stores (in Nakumatt) and there may be write-offs of fixtures & equipment plus costs of layoffs. @vvs @guru used to worship this share "worship" At least they had a starting point of analysing stocks. 😂😂😂 @Spikes - I don't really bother with you-know-who coz he pumps and dumps as well as gets paid to pump. Some of us buy value, are patient, realize investing isn't a straight line and even make mistakes but sleep at night. No negative equity firms in my portfolio. No continuously loss-making firms. Speed bumps have slowed some down. Election anxiety, interest caps, crazy GoK borrowing, etc. I have TPSEA which has made losses in the recent past but it will probably be fine after it completes the expansion of Nairobi Serena. Unga: 2016-17 is going to be awful. 2017 may be little better if we don't have rain & elections aren't peaceful. Williamson/Kapchorua: Tough times. I expect a loss for 2016-17 but if it rains a-plenty (& no PEV) then a profit for 2017-18. I&M: 2017 is going to be challenging but good management has a plan for 2017 to stay profitable. Equity: A drop in 2016 profits but measures are in place to grow/maintain profits. At some point I realized that I should start with quality management. Or don't even bother. I wish I had realized that sooner in KQ or when Segman gambled with hedges. Next time, a sniff & I bail. @VVS Unga is a well managed firm but I feel the company is trading way above its intrinsic value. The premium above intrinsic value is for the quality management. It's a rare commodity in this market.
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Rank: Veteran Joined: 4/4/2016 Posts: 1,996 Location: Kitale
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wukan wrote:sparkly wrote:VituVingiSana wrote:Spikes wrote:obiero wrote:VituVingiSana wrote:Ebenyo wrote:Some of the raw materials could be sourced
locally.This will help bring down operation cost.
I hope that seaboard corporation does not wish
the situation to remain like this just because they
benefit from supply of some of the raw materials.
Operation costs consumed 98% of the hy earnings
i.e out of the total hy income of kshs 10,295,142000 operation costs consumed kshs 10,073,920.This left a profit margin of 1%.This must improve going forward for the company to be healthy.
Wheat - Very little is grown locally vs (growing) demand. Plus local wheat tends to be pricier than imports. Maize - You know the story. Local production < Demand Soybeans - Same as wheat. Most local soybeans are of poor quality. Cheaper to import from India. Seaboard supplies raw materials but Unga says they get a good deal coz of Seaboard's buying power as well as good credit terms. Yes, those margins are low but there isn't much pricing power for a politically sensitive FMCG. 2016-17 will be awful with the drought, elections, high interest costs and broke retailers e.g. Nakumatt, Uchumi, etc. Ennsvalley has closed stores (in Nakumatt) and there may be write-offs of fixtures & equipment plus costs of layoffs. @vvs @guru used to worship this share "worship" At least they had a starting point of analysing stocks. 😂😂😂 @Spikes - I don't really bother with you-know-who coz he pumps and dumps as well as gets paid to pump. Some of us buy value, are patient, realize investing isn't a straight line and even make mistakes but sleep at night. No negative equity firms in my portfolio. No continuously loss-making firms. Speed bumps have slowed some down. Election anxiety, interest caps, crazy GoK borrowing, etc. I have TPSEA which has made losses in the recent past but it will probably be fine after it completes the expansion of Nairobi Serena. Unga: 2016-17 is going to be awful. 2017 may be little better if we don't have rain & elections aren't peaceful. Williamson/Kapchorua: Tough times. I expect a loss for 2016-17 but if it rains a-plenty (& no PEV) then a profit for 2017-18. I&M: 2017 is going to be challenging but good management has a plan for 2017 to stay profitable. Equity: A drop in 2016 profits but measures are in place to grow/maintain profits. At some point I realized that I should start with quality management. Or don't even bother. I wish I had realized that sooner in KQ or when Segman gambled with hedges. Next time, a sniff & I bail. @VVS Unga is a well managed firm but I feel the company is trading way above its intrinsic value. The premium above intrinsic value is for the quality management. It's a rare commodity in this market. KQ was doing well untill the fatal decision to bring KLM on board.Then things started going down.KLM benefited greatly while KQ bled.Even now when KQ is at its deathbed,KLM is benefiting. Seaboard Corporation helped turn unga into profitability in early 2000s.But i hope they dont turn into parasites which will suck Unga into its deathbed. Towards the goal of financial freedom
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Rank: Chief Joined: 1/3/2007 Posts: 18,057 Location: Nairobi
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Ebenyo wrote:wukan wrote:sparkly wrote:VituVingiSana wrote:Spikes wrote:obiero wrote:VituVingiSana wrote:Ebenyo wrote:Some of the raw materials could be sourced
locally.This will help bring down operation cost.
I hope that seaboard corporation does not wish
the situation to remain like this just because they
benefit from supply of some of the raw materials.
Operation costs consumed 98% of the hy earnings
i.e out of the total hy income of kshs 10,295,142000 operation costs consumed kshs 10,073,920.This left a profit margin of 1%.This must improve going forward for the company to be healthy.
Wheat - Very little is grown locally vs (growing) demand. Plus local wheat tends to be pricier than imports. Maize - You know the story. Local production < Demand Soybeans - Same as wheat. Most local soybeans are of poor quality. Cheaper to import from India. Seaboard supplies raw materials but Unga says they get a good deal coz of Seaboard's buying power as well as good credit terms. Yes, those margins are low but there isn't much pricing power for a politically sensitive FMCG. 2016-17 will be awful with the drought, elections, high interest costs and broke retailers e.g. Nakumatt, Uchumi, etc. Ennsvalley has closed stores (in Nakumatt) and there may be write-offs of fixtures & equipment plus costs of layoffs. @vvs @guru used to worship this share "worship" At least they had a starting point of analysing stocks. 😂😂😂 @Spikes - I don't really bother with you-know-who coz he pumps and dumps as well as gets paid to pump. Some of us buy value, are patient, realize investing isn't a straight line and even make mistakes but sleep at night. No negative equity firms in my portfolio. No continuously loss-making firms. Speed bumps have slowed some down. Election anxiety, interest caps, crazy GoK borrowing, etc. I have TPSEA which has made losses in the recent past but it will probably be fine after it completes the expansion of Nairobi Serena. Unga: 2016-17 is going to be awful. 2017 may be little better if we don't have rain & elections aren't peaceful. Williamson/Kapchorua: Tough times. I expect a loss for 2016-17 but if it rains a-plenty (& no PEV) then a profit for 2017-18. I&M: 2017 is going to be challenging but good management has a plan for 2017 to stay profitable. Equity: A drop in 2016 profits but measures are in place to grow/maintain profits. At some point I realized that I should start with quality management. Or don't even bother. I wish I had realized that sooner in KQ or when Segman gambled with hedges. Next time, a sniff & I bail. @VVS Unga is a well managed firm but I feel the company is trading way above its intrinsic value. The premium above intrinsic value is for the quality management. It's a rare commodity in this market. KQ was doing well untill the fatal decision to bring KLM on board.Then things started going down.KLM benefited greatly while KQ bled.Even now when KQ is at its deathbed,KLM is benefiting. Seaboard Corporation helped turn unga into profitability in early 2000s.But i hope they dont turn into parasites which will suck Unga into its deathbed. 😂😂😂 You need to research KQ. It was "dead" until Speedwing came in. KLM was great for KQ. It's the crooks like Naikuni, Mbugua and friends who killed KQ. 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: 13,475 Location: nairobi
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VituVingiSana wrote:Ebenyo wrote:wukan wrote:sparkly wrote:VituVingiSana wrote:Spikes wrote:obiero wrote:VituVingiSana wrote:Ebenyo wrote:Some of the raw materials could be sourced
locally.This will help bring down operation cost.
I hope that seaboard corporation does not wish
the situation to remain like this just because they
benefit from supply of some of the raw materials.
Operation costs consumed 98% of the hy earnings
i.e out of the total hy income of kshs 10,295,142000 operation costs consumed kshs 10,073,920.This left a profit margin of 1%.This must improve going forward for the company to be healthy.
Wheat - Very little is grown locally vs (growing) demand. Plus local wheat tends to be pricier than imports. Maize - You know the story. Local production < Demand Soybeans - Same as wheat. Most local soybeans are of poor quality. Cheaper to import from India. Seaboard supplies raw materials but Unga says they get a good deal coz of Seaboard's buying power as well as good credit terms. Yes, those margins are low but there isn't much pricing power for a politically sensitive FMCG. 2016-17 will be awful with the drought, elections, high interest costs and broke retailers e.g. Nakumatt, Uchumi, etc. Ennsvalley has closed stores (in Nakumatt) and there may be write-offs of fixtures & equipment plus costs of layoffs. @vvs @guru used to worship this share "worship" At least they had a starting point of analysing stocks. 😂😂😂 @Spikes - I don't really bother with you-know-who coz he pumps and dumps as well as gets paid to pump. Some of us buy value, are patient, realize investing isn't a straight line and even make mistakes but sleep at night. No negative equity firms in my portfolio. No continuously loss-making firms. Speed bumps have slowed some down. Election anxiety, interest caps, crazy GoK borrowing, etc. I have TPSEA which has made losses in the recent past but it will probably be fine after it completes the expansion of Nairobi Serena. Unga: 2016-17 is going to be awful. 2017 may be little better if we don't have rain & elections aren't peaceful. Williamson/Kapchorua: Tough times. I expect a loss for 2016-17 but if it rains a-plenty (& no PEV) then a profit for 2017-18. I&M: 2017 is going to be challenging but good management has a plan for 2017 to stay profitable. Equity: A drop in 2016 profits but measures are in place to grow/maintain profits. At some point I realized that I should start with quality management. Or don't even bother. I wish I had realized that sooner in KQ or when Segman gambled with hedges. Next time, a sniff & I bail. @VVS Unga is a well managed firm but I feel the company is trading way above its intrinsic value. The premium above intrinsic value is for the quality management. It's a rare commodity in this market. KQ was doing well untill the fatal decision to bring KLM on board.Then things started going down.KLM benefited greatly while KQ bled.Even now when KQ is at its deathbed,KLM is benefiting. Seaboard Corporation helped turn unga into profitability in early 2000s.But i hope they dont turn into parasites which will suck Unga into its deathbed. 😂😂😂 You need to research KQ. It was "dead" until Speedwing came in. KLM was great for KQ. It's the crooks like Naikuni, Mbugua and friends who killed KQ. KQ has only been ill but was never dead.. On May 5th and the period preceeding, traders will note the same. Thank me later.
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Veteran Joined: 4/4/2016 Posts: 1,996 Location: Kitale
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obiero wrote:VituVingiSana wrote:Ebenyo wrote:wukan wrote:sparkly wrote:VituVingiSana wrote:Spikes wrote:obiero wrote:VituVingiSana wrote:Ebenyo wrote:Some of the raw materials could be sourced
locally.This will help bring down operation cost.
I hope that seaboard corporation does not wish
the situation to remain like this just because they
benefit from supply of some of the raw materials.
Operation costs consumed 98% of the hy earnings
i.e out of the total hy income of kshs 10,295,142000 operation costs consumed kshs 10,073,920.This left a profit margin of 1%.This must improve going forward for the company to be healthy.
Wheat - Very little is grown locally vs (growing) demand. Plus local wheat tends to be pricier than imports. Maize - You know the story. Local production < Demand Soybeans - Same as wheat. Most local soybeans are of poor quality. Cheaper to import from India. Seaboard supplies raw materials but Unga says they get a good deal coz of Seaboard's buying power as well as good credit terms. Yes, those margins are low but there isn't much pricing power for a politically sensitive FMCG. 2016-17 will be awful with the drought, elections, high interest costs and broke retailers e.g. Nakumatt, Uchumi, etc. Ennsvalley has closed stores (in Nakumatt) and there may be write-offs of fixtures & equipment plus costs of layoffs. @vvs @guru used to worship this share "worship" At least they had a starting point of analysing stocks. 😂😂😂 @Spikes - I don't really bother with you-know-who coz he pumps and dumps as well as gets paid to pump. Some of us buy value, are patient, realize investing isn't a straight line and even make mistakes but sleep at night. No negative equity firms in my portfolio. No continuously loss-making firms. Speed bumps have slowed some down. Election anxiety, interest caps, crazy GoK borrowing, etc. I have TPSEA which has made losses in the recent past but it will probably be fine after it completes the expansion of Nairobi Serena. Unga: 2016-17 is going to be awful. 2017 may be little better if we don't have rain & elections aren't peaceful. Williamson/Kapchorua: Tough times. I expect a loss for 2016-17 but if it rains a-plenty (& no PEV) then a profit for 2017-18. I&M: 2017 is going to be challenging but good management has a plan for 2017 to stay profitable. Equity: A drop in 2016 profits but measures are in place to grow/maintain profits. At some point I realized that I should start with quality management. Or don't even bother. I wish I had realized that sooner in KQ or when Segman gambled with hedges. Next time, a sniff & I bail. @VVS Unga is a well managed firm but I feel the company is trading way above its intrinsic value. The premium above intrinsic value is for the quality management. It's a rare commodity in this market. KQ was doing well untill the fatal decision to bring KLM on board.Then things started going down.KLM benefited greatly while KQ bled.Even now when KQ is at its deathbed,KLM is benefiting. Seaboard Corporation helped turn unga into profitability in early 2000s.But i hope they dont turn into parasites which will suck Unga into its deathbed. 😂😂😂 You need to research KQ. It was "dead" until Speedwing came in. KLM was great for KQ. It's the crooks like Naikuni, Mbugua and friends who killed KQ. KQ has only been ill but was never dead.. On May 5th and the period preceeding, traders will note the same. Thank me later. Towards the goal of financial freedom
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Rank: Veteran Joined: 4/4/2016 Posts: 1,996 Location: Kitale
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The company is good at preserving cash.This is seen in the cash at the beginning of the period vs cash at the end of the period. They managed to make a positive position from their operations but made negative from their investing activities.Net increase in cash and cash equivalent at negative 8,769,000 is not bad which is then positively balanced by a good cash reserve. Going to the fy results in october,based on the hy results,i dont see a loss.Net increase in cash and cash equivalent will negatively increase but the cashflow will remain positive. Towards the goal of financial freedom
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Rank: Chief Joined: 1/3/2007 Posts: 18,057 Location: Nairobi
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Ebenyo wrote:The company is good at preserving cash.This is seen in the cash at the beginning of the period vs cash at the end of the period.
They managed to make a positive position from their operations but made negative from their investing activities.Net increase in cash and cash equivalent at negative 8,769,000 is not bad which is then positively balanced by a good cash reserve.
Going to the fy results in october,based on the hy results,i dont see a loss.Net increase in cash and cash equivalent will negatively increase but the cashflow will remain positive. There's a good chance of a loss (or significantly reduced PAT) for FY 2016-17 due to the various challenges eg maize shortage, Nakumatt/Uchumi non-payments and write-offs at Ennsvalley. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Unga HY 2016-2017 over 59% drop in profits
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