2014 will not be anything to write home about. Perhaps a decent return/EPS coz of property sales & OPEX profits due to lower interest costs.
2015
1) Can KK invest in its UGLY/OLD/DILAPIDATED stations?
2) What's the CAPEX required?
3) Who/what will finance the CAPEX?
4) Financing costs?
In 2015, as long as the KES behaves and oil prices remain below $50, KK will do OK but the margins will be under pressure from ERC...
Rents are increasing, costs are increasing... At some point stations that make only 3/- per liter will have a tough time competing in the market with other users e.g. offices, apartments.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett