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KCB buy buy buy
Rank: Member Joined: 11/6/2010 Posts: 289
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Reiterate BUY — new TP Ksh51.00: our forecast trim is more than compensated by changes in macro related valuation assumptions as we cut our risk-free rate by 50bps to 9.25%, which leaves us with a new target price of Ksh51.00 (Ksh41.00 previously). At FY13E P/E of c.9.5x and P/B of c2.1x, we could accept some room for debate on KCB’s multiples, which we believe our conservative estimates should help set aside. We continue to see value in the stock at these levels and reiterate our BUY recommendation.
AS advised by the experts
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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gesowan wrote:Reiterate BUY — new TP Ksh51.00: our forecast trim is more than compensated by changes in macro related valuation assumptions as we cut our risk-free rate by 50bps to 9.25%, which leaves us with a new target price of Ksh51.00 (Ksh41.00 previously). At FY13E P/E of c.9.5x and P/B of c2.1x, we could accept some room for debate on KCB’s multiples, which we believe our conservative estimates should help set aside. We continue to see value in the stock at these levels and reiterate our BUY recommendation.
AS advised by the experts Interesting. In total agreement on the 'macro related valuation' bit as it is only fair to say that work in KE fully* kicked off post-April. Banking & the general econ. will be best measured after Q3, 2013.
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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Btw, KCB is set to recieve a further $150M from IFC for on-lending if I recall well. Combine that resource boost with ongoing 'lean-mean' initiatives &...#static#
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Rank: Elder Joined: 7/11/2012 Posts: 5,222
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@Hisah said something about Equity being a better bargain? 
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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KCB has also made it big in the real estate sector with this deal as the project financier; http://www.nation.co.ke/...50/-/lowrwf/-/index.htmlWealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Mukiri wrote:@Hisah said something about Equity being a better bargain? From a traders perspective, @hisah has it
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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In FY2013 KCB will trump Equity in terms of profitability. Hstorically equity beats KCB in the Q1 but in the remaining quarters KCB takes the mantle. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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mwekez@ji wrote:Mukiri wrote:@Hisah said something about Equity being a better bargain? From a traders perspective, @hisah has it Boarded @28.50 after dumping KCB @38.50 on result release. I expected at least a 2/- div pay and 1.95 was not a good sign. I expect member to pay more div than simba plus outperform it as the most profitable bank. That should see member's share price post higher capital gains than simba. Then add the div pay. Already simba has stated no more fat div pays.$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Ericsson wrote:In FY2013 KCB will trump Equity in terms of profitability.
Hstorically equity beats KCB in the Q1 but in the remaining quarters KCB takes the mantle. @Ericsson, in that history, KCB only beat Equity in Q2 and Q3, .... Equity beat KCB in Q1, Q4 and FY2012. .... So, using your logic, in FY2013, just like in FY12, EQUITY should trump KCB in terms of profitability.
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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I understand the new MD spends his time walking around threatening to fire everyone...there's even grafitti in the loos saying "you're fired". I wonder how this new style of management will affect results... Business opportunities are like buses,there's always another one coming
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Rank: Member Joined: 9/29/2010 Posts: 679 Location: nairobi
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KulaRaha wrote:I understand the new MD spends his time walking around threatening to fire everyone...there's even grafitti in the loos saying "you're fired".
I wonder how this new style of management will affect results... peter principle in action
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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mwekez@ji;In FY2011,2010,2009 KCB trumped up Equity. Lets wait for the numbers and then analyse.Figures don't lie. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Ericsson wrote:mwekez@ji;In FY2011,2010,2009 KCB trumped up Equity.
Lets wait for the numbers and then analyse.Figures don't lie. And you have now deliberately ignored FY 2012. ... Q1 2013 numbers are already out. Numbers don't lie
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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FY2013 numbers will tell the truth Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Ericsson wrote:FY2013 numbers will tell the truth Cool. Will continue to follow the money #MakingMoney2013
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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KulaRaha wrote:I understand the new MD spends his time walking around threatening to fire everyone...there's even grafitti in the loos saying "you're fired".
I wonder how this new style of management will affect results... true... possunt quia posse videntur
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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kizee1 wrote:KulaRaha wrote:I understand the new MD spends his time walking around threatening to fire everyone...there's even grafitti in the loos saying "you're fired".
I wonder how this new style of management will affect results... peter principle in action Same case at NBK. I hear munir the new ceo keeps asking the employees "give me 3 reasons why i should not fire you right now¿!¿"
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Rank: Elder Joined: 6/21/2008 Posts: 2,490
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KulaRaha wrote:I understand the new MD spends his time walking around threatening to fire everyone...there's even grafitti in the loos saying "you're fired".
I wonder how this new style of management will affect results... I sat in a social forum with him and he said in one year the oldest manager at KCB will be 40yrs old. The man who marries a beautiful woman, and the farmer who grows corn by the roadside have the same problem
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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mwekez@ji wrote:Ericsson wrote:mwekez@ji;In FY2011,2010,2009 KCB trumped up Equity.
Lets wait for the numbers and then analyse.Figures don't lie. And you have now deliberately ignored FY 2012. ... Q1 2013 numbers are already out. Numbers don't lie also to note is that all those past years (2011 kurudi nyuma), KCB was making more money than Equity. 2012 was a turnaround for Equity and Q1 2013 has kept the pace .... now waiting for Q2 2013
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Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
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mwekez@ji wrote:kizee1 wrote:KulaRaha wrote:I understand the new MD spends his time walking around threatening to fire everyone...there's even grafitti in the loos saying "you're fired".
I wonder how this new style of management will affect results... peter principle in action Same case at NBK. I hear munir the new ceo keeps asking the employees "give me 3 reasons why i should not fire you right now¿!¿" Say what?  GOD BLESS YOUR LIFE
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