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Uchumi PBT down 35% in HY to Dec 2012
Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Local retail chain Uchumi released its 1H13 performance figures posting a 35% y/y drop in PBT. Sales remained flat at KES 7.6bn, though GP margin improved slightly to 19% vs. 18% 1H12. Operating expenses climbed 18% y/y driven largely by expansion projects the supermarket is undertaking (1H13 capex at KES 224m). Two new stores in Kenya are to be operational in a month’s time while the company is planning on opening two other stores in Uganda and Tanzania by the end of the year. The company plans on raising capital in the market this year by way of rights issue to enable it fund its expansion projects. (Standard Investment Bank)
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Rank: Elder Joined: 12/7/2012 Posts: 11,908
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mwekez@ji wrote:Sales; down 0.1%
Cost of sales; flat
Gross profit; down 0.4%
Other incomes; up 289.5%
Operating expenses; up 29.4%
Finance cost; up 29.2%
Gross profit; up 30.8%
Gross profit repeated. i will assume the last one is net profit (PAT) In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Angelica _ann wrote:mwekez@ji wrote:Sales; down 0.1%
Cost of sales; flat
Gross profit; down 0.4%
Other incomes; up 289.5%
Operating expenses; up 29.4%
Finance cost; up 29.2%
Gross profit; up 30.8%
Gross profit repeated. i will assume the last one is net profit (PAT) That last line is Profit Before Tax for the month of Dec 2012. The figures are a performance comparison of Dec 2012 (the 1 month festal period) Vs the 1 month - Dec 2011
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Rank: Veteran Joined: 4/30/2010 Posts: 1,635
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What will be the other incomes ? Sales of assets??
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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FUNKY wrote:What will be the other incomes ? Sales of assets?? Thinking like me. I know royalties from safaricom m-pesa and similar things, but an asset or two can be a suspect, enron style. Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Member Joined: 3/17/2009 Posts: 201
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FUNKY wrote:What will be the other incomes ? Sales of assets?? MPESA Income,Royalty points redeemed
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Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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Uchumi H1 2013 PBT down 35% to KES131Mn Vs KES204Mn. You can download the results here http://www.contrarianinvestingkenya.info/
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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@mwekez@ji, was it deliberate or an oversight to also indicate that EPS was down 35 percent (KES.50 vs KES.77) Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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dunkang wrote:@mwekez@ji, was it deliberate or an oversight to also indicate that EPS was down 35 percent (KES.50 vs KES.77) My bad. The financial statements have a "Month" column that i fell for. I still dont understand they put it there. For analysis, "YTD" column it should be
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Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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mwekez@ji wrote:dunkang wrote:@mwekez@ji, was it deliberate or an oversight to also indicate that EPS was down 35 percent (KES.50 vs KES.77) My bad. The financial statements have a "Month" column that i fell for. I still dont understand they put it there. For analysis, "YTD" column it should be To show sales for December....Festive season...sales are suppose to shoot up during this month....
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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the deal wrote:mwekez@ji wrote:dunkang wrote:@mwekez@ji, was it deliberate or an oversight to also indicate that EPS was down 35 percent (KES.50 vs KES.77) My bad. The financial statements have a "Month" column that i fell for. I still dont understand they put it there. For analysis, "YTD" column it should be To show sales for December....Festive season...sales are suppose to shoot up during this month.... Sales were down 0.1% in Dec 2012. .... Performed poorly in this festive season. .... Talk of a company displaying its dirty linen in public
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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"Other income", which is the only income line that displayed growth includes the following items:
1. promotion income
2. profit on disposal of property, plant and equipment
3. speciality shop income
4. decrease in allowance for credit loss
5. miscellaneous income
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Interesting Sector Comparables
Africa
Company | P/E(x) | P/B (x) | ROE(%)
Uchumi| 23.1 | 1.3 | 8.0
Shoprite Holdings Ltd | 27.9 | 7.2 | 30.9
Choppies enterprises Ltd | 20.3 | 4.4 | 26.0
Pick n Pay Stores Ltd | 32 | 10.1 | 55.1
Middle East
Shufersal Ltd | 11.2 | 2.2 | 21.9
Rami Levi Chain Stores | 18.3 | 7.8 | 46.3
Tiv Taam Holdings Ltd | 11.9 | 1.7 | 15.3
Mean | 20.7 | 5.0 | 29.1
Median | 20.3 | 4.4 | 26.0
Uchumi is trading at much higher multiples compared to its African and Middle East peers, with its trailing P/E and ROE at 23.1x and 8.0% compared to the sector average of 20.7x and 29.1% respectively. Its trailing P/B of 1.3x, is at a 74.0% discount to the sector’s average 5.0x.
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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mwekez@ji wrote:Interesting Sector Comparables
Africa
Company | P/E(x) | P/B (x) | ROE(%)
Uchumi| 23.1 | 1.3 | 8.0
Shoprite Holdings Ltd | 27.9 | 7.2 | 30.9
Choppies enterprises Ltd | 20.3 | 4.4 | 26.0
Pick n Pay Stores Ltd | 32 | 10.1 | 55.1
Middle East
Shufersal Ltd | 11.2 | 2.2 | 21.9
Rami Levi Chain Stores | 18.3 | 7.8 | 46.3
Tiv Taam Holdings Ltd | 11.9 | 1.7 | 15.3
Mean | 20.7 | 5.0 | 29.1
Median | 20.3 | 4.4 | 26.0
Uchumi is trading at much higher multiples compared to its African and Middle East peers, with its trailing P/E and ROE at 23.1x and 8.0% compared to the sector average of 20.7x and 29.1% respectively. Its trailing P/B of 1.3x, is at a 74.0% discount to the sector’s average 5.0x.
Too many stores not yet contributing to the bottomline i suppose! Life is short. Live passionately.
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Rank: Member Joined: 2/18/2011 Posts: 448
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having been a loyal Uchumi customer since 1990,i can say they still haven't learnt from their down fall in 2006 and stock variety is not one of their strongest points. Whats been giving them net profits are the m-pesa royalties as they are the largest dealer by volume in Kenya;most branches lack stock variety in comparison to nakumatt and tuskys;allow me to use the langata hyper.they stock poor choices of ice cream and their magazine stocks run low by mid month and do not replenish yet they have a very good location in comparison to rivals yet after numerous complains nothing is happening;remember nakumatt galleria,mega and cross roads,T-mall are in the neighbourhood. I think they need to poach a manager from the other establishments so as to inject some fresh ideas as they work on phase 2 of their growth just as Safaricom did with bob and NBK recently did with exit of Marambi.
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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@mwekez@ji & all might find this & esp. the 8th para. interesting too http://www.fanews.co.za/...hares_are_too_dear~12504
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Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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[quote=Cde Monomotapa]@mwekez@ji & all might find this & esp. the 8th para. interesting too http://www.fanews.co.za/...ares_are_too_dear~12504[/quote] Alot of good news has been coming out of the JSE than the NSE offlate...Nedbank...First Rand stellar numbers yesterday...even Shoprite is growing at double digits...you compare Shoprites numbers to these pathetic Uchumi numbers...look at the PE's of EABL...ARM...SCOM...its getting crazy!
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Rank: Veteran Joined: 2/10/2010 Posts: 1,001 Location: River Road
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You gotta know when to hold them, know when to walk away, know when to run...
Sales are actually down at the peak retail period...
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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 Money flowing to NSE¿ ... 9th para indicates they are shopping for P/E of <13. Uchumi haiwesmake. Over to other counters
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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@sparkly #post 14, Uchumi sets goal of c30% y/y increase in sales to Sh18bn by FY ending June 2013. ... Uchumi says the growth of the 7 new branches it has opened across Kenya, Uganda and Tanzania in the last 18 months will help grow turnover by a third from last year’s Sh13.9bn. “The outlets are fast-maturing and we expect impressive growth in business by end of this financial year,” said Jonathan Ciano, the CEO of Uchumi. “Outlook into the second half is bright as plans to open at least two additional branches before June 30, 2013 in Kenya are on course,” said Mr Ciano in a statement. http://www.businessdailyafrica....34/-/cc7avq/-/index.html
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Uchumi PBT down 35% in HY to Dec 2012
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