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» ඩොලරයේ විකුණුම් මිල රු. 164 ඉක්මවයි
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CFIN N0000 (Central Finance Company)

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CFIN N0000 (Central Finance Company)

Post by yellow knife on Fri Aug 28, 2015 10:01 am

We often evaluate companies using financial ratios and decide certain as under valued.
When PE ratio is below 10 and when Market value to Net Asset value is less than 1.5 we identify them as attractive.

But if a good company's statistics are such that for a longer period if its Market Value to Net Asset Value is kept below 1.5 and PE ratio below 10 our share picking strategy has to be re-considered.

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Re: CFIN N0000 (Central Finance Company)

Post by yellow knife on Fri Aug 28, 2015 10:04 am

Since Central Finance had a split in 2011 of five shares to one above chart include normalized market value to get a clear picture.

2011 was a bubble for many companies in CSE

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Re: CFIN N0000 (Central Finance Company)

Post by yellow knife on Fri Aug 28, 2015 10:05 am

If we remove this bubble of 2011 the rest shows PE below 10

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Re: CFIN N0000 (Central Finance Company)

Post by slstock on Fri Aug 28, 2015 10:06 am

Their dividend yield is very low. This is still attractive on fundamentals.

Also best you recheck you values on NAV vs Market price in 2011 in the table.

But as you said "But if a good company's statistics are such that for a longer period if its Market Value to Net Asset Value is kept below 1.5 and PE ratio below 10 our share picking strategy has to be re-considered."




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Re: CFIN N0000 (Central Finance Company)

Post by yellow knife on Fri Aug 28, 2015 10:09 am

Dividends are paid in a predictable pattern of three . First and Second interim payments are low and almost equal. Final dividend is a big one compared to previous two but not as per EPS

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Re: CFIN N0000 (Central Finance Company)

Post by yellow knife on Fri Aug 28, 2015 10:10 am

slstock wrote:Their dividend yield is very low.  This is still attractive on fundamentals.

Also best you recheck you values on NAV vs Market price  in 2011 in the table.

But as you said "But if a good company's statistics are such that for a longer period if its Market Value to Net Asset Value is kept below 1.5 and PE ratio below 10 our share picking strategy has to be re-considered."




Yes I may revalue 2011 as a split and capitalization took place in that year making calculations a little bit complex

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Re: CFIN N0000 (Central Finance Company)

Post by yellow knife on Fri Aug 28, 2015 10:11 am

Revenue has been growing in a predictable manner

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Re: CFIN N0000 (Central Finance Company)

Post by yellow knife on Fri Aug 28, 2015 10:15 am

Revenue growth of equal competitor People's Leasing shows a slow steady one for CFIN where PLC is aggressive

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Re: CFIN N0000 (Central Finance Company)

Post by slstock on Fri Aug 28, 2015 10:17 am

Actually looking at the normalized market price in your table may solve the problem.
( there was Bonus issue also 1 for 30 shares if I recall in 2011) . I remember disposing 100 shares before split around Rs 1400 or 1500 .




yellow knife wrote:
slstock wrote:Their dividend yield is very low.  This is still attractive on fundamentals.

Also best you recheck you values on NAV vs Market price  in 2011 in the table.

But as you said "But if a good company's statistics are such that for a longer period if its Market Value to Net Asset Value is kept below 1.5 and PE ratio below 10 our share picking strategy has to be re-considered."




Yes I may revalue 2011 as a split and capitalization took place in that year making calculations a little bit complex


Last edited by slstock on Fri Aug 28, 2015 10:22 am; edited 1 time in total

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Re: CFIN N0000 (Central Finance Company)

Post by yellow knife on Fri Aug 28, 2015 10:20 am

Yes your decision to sell in 2011 was the best to do..

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Re: CFIN N0000 (Central Finance Company)

Post by yellow knife on Fri Aug 28, 2015 10:24 am

Ratings of Non Bank Finance Institutes (NBFIs) are factor to be considered for a long term investor.

CFIN has obtained A+(lka) fort the 9th consecutive year.

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Re: CFIN N0000 (Central Finance Company)

Post by yellow knife on Fri Aug 28, 2015 10:28 am

Subsidiaries of CFIN

    Central Industries
    Mark Maritime Services (Pvt) LTd
    CF Insurance Brokers (Pvt) Ltd
    Dehigama Hotel Company (pvt) ltd
    Kandy Private Hospitals Ltd

Associates of CFIN

    Nations Trust Bank
    Tea Small Holders Factories PLC

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Re: CFIN N0000 (Central Finance Company)

Post by slstock on Fri Aug 28, 2015 10:46 am

You gave me an idea YK.

I take 1 hour or more sometimes to write 2 page long posts. No one reads here or I get 1 or 2 reps. haha

I should split it and do like " Thela Bedanawa" Razz Razz Razz


Btw keep them coming. These are very good stat posts.

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Re: CFIN N0000 (Central Finance Company)

Post by yellow knife on Fri Aug 28, 2015 10:51 am

i too learned hard way... remember I started my first thread Book Summary.. I read entire book.. take notes.. and then write a lengthy one which I called summary and I am sure no one read them.. Have you?

But I keep on reading and adding summary there...

But the format for share analysis I keep them short..

Anyway my consideration is whether anyone read it or not I keep them for my own references... if anyone gets a benefit out of them thats a by-product..

Its easy to keep them in skies ( in this forum) then keeping a stock of past annual reports.. After reading annual reports I give them for a A'L boy who make paper bags out of them and make his pocket money..If it is a social service that is also a by-product

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Re: CFIN N0000 (Central Finance Company)

Post by slstock on Fri Aug 28, 2015 10:55 am

Have you thought about the other side ? ( the damage you are doing. Hint food poisoning) ?

Btw,forget long posts , even my short notes on "CSE l Where are we heading ?" am not sure who reads to acknowledge anymore ( except external guests).

I think I need to move to another forum or form a closed group which give more recognition for efforts hehe

You see, I noticed a social issue ( a reality ) : when people are new comers or wanting something they are very nice, they comment and are polite , but with time once they learn and find their feet , many forget to even comment/appreciate.
Sad but true fact.

I hope you efforts on these posts are acknowledged by more. Atleast as you said you have self notes to fall onto else .


yellow knife wrote:

After reading annual reports I give them for a A'L boy who make paper bags out of them and make his pocket money..If it is a social service that is also a by-product


Last edited by slstock on Fri Aug 28, 2015 11:10 am; edited 2 times in total

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Re: CFIN N0000 (Central Finance Company)

Post by yellow knife on Fri Aug 28, 2015 11:05 am

When your intention is to serve others you get hurt when you understand that others are not getting the intended benefit.

When your intention is to serve yourself you never get hurt.. (whether someone else get the benefit or not I get the benefit.)

SO i am happy with the space I get here....

Sunil Madawa once said he will write not only in a paper owned by a "gambler" but even in Assa Race Kole if he gets what he write published....

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Re: CFIN N0000 (Central Finance Company)

Post by Lalinda on Fri Aug 28, 2015 12:07 pm

What I feel on this is, even though people didn't comment to appreciate your valuable analysis and findings, surely they will be thanking you from their hearts (the problem is other can't see it). Some may not fully understand all the facts mentioned and not willing to bother you with silly questions.

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Re: CFIN N0000 (Central Finance Company)

Post by Market lover on Fri Aug 28, 2015 1:26 pm

I love giving Likes Smile 

Don't know whether posters know who is giving likes to them Wink

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Re: CFIN N0000 (Central Finance Company)

Post by serene on Fri Aug 28, 2015 2:13 pm

Thanks YK and SLS.
Informative.

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Re: CFIN N0000 (Central Finance Company)

Post by Backstage on Fri Aug 28, 2015 3:24 pm

Market lover wrote:I love giving Likes Smile 

Don't know whether posters know who is giving likes to them Wink

Yes , its so convenient and doesn't clog up the thread with "thanks" posts. YK ' s multiple post analysis gives me the opportunity to give multiple likes to him without any fuss. Any one who likes their "likes" should do the same, I will give multiple likes (Of course I have to like the post)
ML, Maybe you should change your name to "Like Lover"
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Re: CFIN N0000 (Central Finance Company)

Post by HUNTER on Fri Aug 28, 2015 8:00 pm

Aha..
Now I understand the meaning of yellow Knife.

He cuts the posts (using knife) in to slices and posts.


Anyway, I am at the moment positive on CFIN.

Technically speaking.
If you compare CFIN price pattern with ASI, they go hand in hand.

CFIN have completed two waves in the medium term uptrend just like ASI.

So, if ASI touches 8000, CFIN will most probably be in the range of 330~350/-.
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Re: CFIN N0000 (Central Finance Company)

Post by කිත්සිරි ද සිල්වා on Fri Aug 28, 2015 9:06 pm

Interesting question is as to Why do we write?
As for me, I write (mostly in my blog) to get things out of my system .
If I disturb a hornets nest, so let it be.
Like someone said here, I too is lavish in giving Likes (no more -ves are permitted here).
As someone who has not much technical knowledge (except my gut feelings) to support my survival in CSE, I enjoy most of the analytically written posts.
Keep writing (even if not many LIKEs you have expected not come). Very Happy
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Re: CFIN N0000 (Central Finance Company)

Post by First Guy on Sat Aug 29, 2015 10:51 am

I'm not going to take this thread off-topic. Why people write, post useful information, reply and acknowledge are a totally different topic. Smile

I may not be commenting and acknowledging all of YK's topic as I am inot very few stocks but whenever I can I try to contribute. I'm not going to sell one share to buy another just because I saw an attractive post on it Wink

CFIN seems to be giving stable returns with steady growth and looking solid. But is the growth enough? Is it that they are too large to grow as high as others? Will the likes of COCR and VFIN trade similar to CFIN on P/B basis in the distant future or will CFIN move up soon to similar levels?

This was posted some time back (maybe on March results) but it shows why CFIN is trading lower - lowest ROE out of the lot. (only 4 likes btw and I'm sure that more than 4 found it useful and appreciate it)
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I will try to do another one soon.
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Re: CFIN N0000 (Central Finance Company)

Post by slstock on Sat Aug 29, 2015 2:37 pm

YK,

1) YK,

You said " After reading annual reports I give them for a A'L boy who make paper bags out of them and make his pocket money..If it is a social service that is also a by-product"


The question I raised "Have you thought about the other side ? ( the damage you are doing. Hint food poisoning) ?"

Answer : We ( in SL and Aaia) have a dangerous environmental/health/hygiene issue trend that formed over the years. Using printed material to make paper bags , wade bags, kadala gotu etc.

Why? The ink used in the printed material and mixing them with food can be poisonous or even cancerous .

Also watching travels programs I noticed,
Plastic bags are used as common mediums to pour take away food ( that are soupy and very hot) in some South Asiam countries ( LAOS,Thailand , Vietnam etc). This is very dangerous.

Also in SL , don't they do that sometimes for piping hot curries?


2) Back to CFIN :

Yes, FG raised a good point .

There was reason I talked about LFIN instead of CFIN though CFIN was trading at better Asset value Wink But CFIN will run with index movement.

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Re: CFIN N0000 (Central Finance Company)

Post by yellow knife on Sat Aug 29, 2015 10:19 pm

first i am very happy that i am one  of four who admired FGs chart...Yes those charts are very useful

Analyzing NBFIs is very difficult from what appears as data...CFIN has high liquidity and less granting/ loan disbursements may be they look for quality credit..Quality of credit is not shown in numbers but by NPL values... I may study the NBFI sector slowly and write covering the industry... This is why I even asked from FG to separate the thread into banks, nbfis and insurance
So analysing NBFI is not confined to financial data...Sometimes quick growth means next disaster in that sector.. CFIN being a long standing family business moves slowly but steadily... Some others move with micro credit..or NINA loans.. that is giving loans for No Income No Asset category..


SLS

I have not even though of food safety and sorry for that..but we Sri Lankans enjoy unnecessary risks.. I ordered Hula Hoop from e-bay and cost was about 6000 and immediately after receiving that I saw another nice hula hoop in a super market of SL at 600 and I purchased that... next day found 600 sl one is weighted with cement and sand inside and a rusted metal ring inside ...We are too far away from quality...

We drink plain tea carried in polythene shopping bags..In prison cells we boil water in plastic mega coke bottles..

Anyway thank for making me to reconsider the paper bag issue


Last edited by yellow knife on Sat Aug 29, 2015 10:51 pm; edited 1 time in total (Reason for editing : granting for gratings)

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