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Kenya Re FY 2012 Results
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Ericsson
#21 Posted : Wednesday, April 24, 2013 12:48:31 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,810
Location: NAIROBI
Quoted equity instruments they have stated in the cash flow activities there was no diposal.
The huge increase in the valuation was due to the appreciation of KCB share price where they have a significant holding
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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mwekez@ji
#22 Posted : Wednesday, April 24, 2013 12:53:25 PM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
mwekez@ji wrote:
mwekez@ji wrote:
Drat!!! Why refer us to notes that they havent provided!!!


Am upset coz we can see the growth is majorly from investment income line (up 86.73% y/y) yet the note 7 we are being referred to is not available. we now cant tell precisely the composition of this investment income and how sustainable it is. i recall they sold a sports centre during the financial year and they also sold quoted equity instruments but we now cant tell the contribution of this two to this growth


If the investment income line had remained flat this year, Kenya Re would have recorded 17.98% decline in PAT. Damn!!! .... Over to 2013, political risk cover fortunes could be saviour. H1 2013 results will tell more now given that no insurance company will deliver Q1 2013 results
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mwekez@ji
#23 Posted : Wednesday, April 24, 2013 12:58:16 PM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
Ericsson wrote:
Quoted equity instruments they have stated in the cash flow activities there was no diposal.
The huge increase in the valuation was due to the appreciation of KCB share price where they have a significant holding


Mate, the current cashflow statement is very condensed. Cant tell much from that. Check H1 2012 financials and notice they did dispose quoted equity instruments. .... did kenya re take this long to release results so as to cook and condense them and hide info from investors
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guru267
#24 Posted : Wednesday, April 24, 2013 1:02:49 PM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
mwekez@ji wrote:
mwekez@ji wrote:
mwekez@ji wrote:
Drat!!! Why refer us to notes that they havent provided!!!


Am upset coz we can see the growth is majorly from investment income line (up 86.73% y/y) yet the note 7 we are being referred to is not available. we now cant tell precisely the composition of this investment income and how sustainable it is. i recall they sold a sports centre during the financial year and they also sold quoted equity instruments but we now cant tell the contribution of this two to this growth


If the investment income line had remained flat this year, Kenya Re would have recorded 17.98% decline in PAT. Damn!!! .... Over to 2013, political risk cover fortunes could be saviour. H1 2013 results will tell more now given that no insurance company will deliver Q1 2013 results


@Mwekez@ji isnt investment part of insurance business??
Mark 12:29
Deuteronomy 4:16
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mwekez@ji
#25 Posted : Wednesday, April 24, 2013 1:14:00 PM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
guru267 wrote:
mwekez@ji wrote:
mwekez@ji wrote:
mwekez@ji wrote:
Drat!!! Why refer us to notes that they havent provided!!!


Am upset coz we can see the growth is majorly from investment income line (up 86.73% y/y) yet the note 7 we are being referred to is not available. we now cant tell precisely the composition of this investment income and how sustainable it is. i recall they sold a sports centre during the financial year and they also sold quoted equity instruments but we now cant tell the contribution of this two to this growth


If the investment income line had remained flat this year, Kenya Re would have recorded 17.98% decline in PAT. Damn!!! .... Over to 2013, political risk cover fortunes could be saviour. H1 2013 results will tell more now given that no insurance company will deliver Q1 2013 results


@Mwekez@ji isnt investment part of insurance business??


Do they have other "sports centres" "non current assets" to sell in 2013? .... Now that you've asked me a Q, i should add that, over to 2013, better performance of the stock, property and money markets would also be a saviour to this counter. BTW, I pray good for the counter for many reasons
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mwekez@ji
#26 Posted : Wednesday, April 24, 2013 1:39:57 PM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
guru267 wrote:
NAV has risen to 20.9!!!Applause


Applause + at the current VWAP of KES 17.95, P/E = 4.48x. .... ROE has increased to 19.17% (from 16.61% in 2011) and ROA has increased to 11.78 (from 10.03% in 2011) Applause
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mwekez@ji
#27 Posted : Wednesday, April 24, 2013 1:50:56 PM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
mwekez@ji wrote:
guru267 wrote:
NAV has risen to 20.9!!!Applause


Applause + at the current VWAP of KES 17.95, P/E = 4.48x. .... ROE has increased to 19.17% (from 16.61% in 2011) and ROA has increased to 11.78 (from 10.03% in 2011) Applause


Notice:

>sector average P/E is 7.23x (Kenya RE: 4.48x)
>sector avereage P/B is 1.74x (Kenya Re: 0.86x)

The discount *applause*
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FUNKY
#28 Posted : Wednesday, April 24, 2013 3:26:20 PM
Rank: Veteran

Joined: 4/30/2010
Posts: 1,635
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guru267
#29 Posted : Wednesday, April 24, 2013 3:56:36 PM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
KCB and Kenya re officially have an equal eps of 4bob..

One wonders why the huge price differential...Sad Sad
Mark 12:29
Deuteronomy 4:16
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murchr
#30 Posted : Wednesday, April 24, 2013 4:05:45 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
guru267 wrote:
I got in at 13 and I hope 2012 results meet the expectations below!

EPS = 3.3
DPS = 0.5-0.75
NAV = 20.5
Bonus shares = 1:7


Did you hit the nail on the head or missed?
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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