Thanks @BGL for the report.

I notice Unaitas is a Tier 1 SACCO. The following is notable as at December 2011

*Had 86,301 members
*share capital KES 236,376,000
*Deposits KES 2,317,496,000
*Turnover KES 410,198,000
*Loans and Advances KES 1,509,606,000
*Total Assets KES 3,170,683,000
*Position in industry in terms of total assets: Ranks 13th out of a total 215 SACCOS in the country

@BGL why dont you guys fix the link we look at their financials?

Thanks BGL, Hunderwear na mwekez@ji. Now the numbers are there and one can gauge if it is or isn't a wise investment for them.

Thanks again.

A snapshot of the IM and 2011 Annual Report

No of shares
2006 9,668,421
2007 9,934,679
2008 10,203,815
2009 10,722,308
2010 17,647,543
2011 23,308,059

Net Assets
2006 145,201,448
2007 185,263,872
2008 216,866,760
2009 226,857,261
2010 336,090,699
2011 430,621,703

NBV
2006 15
2007 19
2008 21
2009 21
2010 19
2011 18

EPS
2006 1.12
2007 6.40
2008 3.18
2009 0.59
2010 0.93
2011 3.43

DPS
2006 0.90
2007 1.00
2008 0.90
2009 0.80
2010 0.80
2011 0.90

Observations
NBV stands at an average of KES 19, Earnings are quite volatile, Dividends stand between KES 0.80 – 1.00 (Dividend Yield of 8%-10%). (Shares are selling at KES 10 and have the same par value)

Loan book and deposit book is notably growing. Same thing with share capital.

The greatest downside is that Unaitas is a sacco and will keep selling the KES 10 shares day in day out. People have bought this share in the past at KES 10, @BGL and others bought it at KES 10 in year 2010, today if I walk to any Unaitas branch they will sell me the share at KES 10 and if I do it again sometime down the line they will still sell it to me at KES 10. That mean shareholders should expect zero capital gain and dilution of earnings & book value from the shares issued daily. However, the share is a dividend stock. Expect a stable dividend yield of 8-10% p.a.


By The Way Statement; getting information on Unaitas does not come easily and they tend to limit the information they give. An evidence to this is that its time shareholders are getting 2011 annual reports yet shareholders in other companies are talking of H1 2012 results. Also, I fail to understand why they dint give the income statement in the 2011 annual report but opted to only state the top line and bottom line.

Also, thanks all. Ditto, gauge the numbers and make informed investment. Happy hunting

@Mwekezaji, thanks for the analysis. Supposing they list in the Growth Enterprise Market Segment once it becomes operational as the CEO mentioned, what will be the implication to the, register, share value? And, would they still remain a sacco?

Indeed.

SACCOS are not able to list because they have unlimited shares that are open to all at all time. They rely on this to grow their capital. Should they opt to lock the share register and do financial intermediation like banks, then they ceaze being SACCOS and regulation changes. @eco, read more here Link

That is the magic of the new Mwangi

Announcement of results of the recent contentious share offer was scheduled for August 31, 2012 while Refunds for renounced shares is scheduled for tomorrow. Anybody with the August 31st announcement? BTW, if one put KES 1M in this, it’ll match top 2 shareholders

Just as Kenyans witnessed the transition from MURAMATI to UNAITAS, In exactly the same way Kenyans will witness UNAITAS transit from a SACCO to a something else. It is not if but when this will happen.

Meanwhile, as CMA drags its feet on creation of the GEMS segment, UNAITAS strategy going forward is to build a strong CAPITAL & CUSTOMER base in readiness for the transition. For now i am comfortable with the UNAITAS logo all over Kenya.