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411 on dividend and AGM
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Ericsson
#1251 Posted : Tuesday, July 26, 2022 8:38:13 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
VituVingiSana wrote:
watesh wrote:
VituVingiSana wrote:
watesh wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
FY 2022 Dividend Estimates
Some eg Centum (YE Mar 22) will likely be paid in 2022.
Some eg C&G (YE Sep 22) may pay in late 2022 or early 2023
Others eg SCBK and BAT (YE Dec 22) will pay an interim in 2022 and the final in 2023.

BAT 55 (5+50)
SCBK 20 (5+15)
C&G 2 (post-bonus)
CARB 1.50 (incl Special Dividend)
Longhorn 0.25
Centum 1.20
ABSA 1.25 (0.25+1)
Equity 5
KenyaRe 0.20
I&M 1.75
DTB 5

I will update the above as results are released.

Centum by 31 July
1H for banks + BAT by 31 Aug
Carbacid by 31 Oct
C&G by 31 Dec
KenyaRe 1H by 30 Sep
Longhorn by 30 Sep

Please add to this list dates of results release and estimates of dividends for other firms.
Also if you think my estimates are off, please indicate why and what.


Centum I don't see them paying dividend this year.The Sidian sale transaction happened after close of FY22.
The full year results to be released in July will be a widened loss compared to HY.

Equity at best ksh.3.50-4,working with 30% dividend payout.
On Centum, I disagree, the blowback will be huge if they do not pay a dividend for FY22. The DPP is at least 1.20 and they didn't follow through last year. The share price touched 9.40 today.

On Equity, they will want to beat FY21 but I agree there is a lot of pressure on retaining funds. That said DRC is mostly a $ market and that will translate well into KES profits. Will they have leeway to distribute is another matter.



Centum giving dividend of ksh.1.2 when they release Full year results later this month is over ambitious.Ksh.1.2 translates to ksh.800mn.
I don't see where Centum will get this money.
If there will be any dividend at best it will be ksh.0.3
Let's wait. Less than 20 days left before results are out.


For Centum it's 30% of investment income. As at half-year investment income was at Ksh1 bn so dividend allocation is Ksh300m. So far roughly we are at 0.45 per share. Centum Re will be the big determinant if we get past that 1 bob mark.
I know they didn't come through with 1.20 last year but paid 0.30 though not bad given many firms didn't pay at all!

There's more to the Dividend Policy than what you quoted.


Its just a simple as that. Things like capital gains, shareholder loan repayments and proceeds from disposal are not put into consideration in the dividend pot.


I was wrong.

Under Centum 4.0, the Board's policy communicated to shareholders was a "dividend pay-out to the higher of 30% of cash annuity income (excluding capital gains) and the previous year’s dividend pay-out" therefore I expected at least KES 1.20/share given 1.20 was what was paid for FY20 but instead FY21 was 0.30 now 0.578


Fiti now let's soldier on as we sharpen each other
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Ericsson
#1252 Posted : Tuesday, July 26, 2022 8:42:40 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
My 2 cents wrote:
Was Centum's pivot away from the cooling real estate sector too late? Will they be kicking themselves for not being more stock aggressive during the NSE bear market 2015 - 20??


They shouldn't have bought Rea Vipingo land,they should have focused on Two Rivers development and then put up a commercial building and lease out office space
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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  | | Edit by user: Tuesday, July 26, 2022 8:44 PM | Reason: Not specified
VituVingiSana
#1253 Posted : Wednesday, July 27, 2022 2:27:42 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,347
Location: Nairobi
My 2 cents wrote:
Was Centum's pivot away from the cooling real estate sector too late? Will they be kicking themselves for not being more stock aggressive during the NSE bear market 2015 - 20??
I would say they were smart in avoiding the NSE from 2015-2022 (July).

What will they do from July 2022 remains to be seen. The CEO said they are buying Eurobonds.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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VituVingiSana
#1254 Posted : Wednesday, July 27, 2022 2:36:31 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,347
Location: Nairobi
Ericsson wrote:
My 2 cents wrote:
Was Centum's pivot away from the cooling real estate sector too late? Will they be kicking themselves for not being more stock aggressive during the NSE bear market 2015 - 20??


They shouldn't have bought Rea Vipingo land, they should have focused on Two Rivers development and then put up a commercial building and lease out office space

Vipingo is saving their bum at the moment.
Losses are from TRDC.

They over-priced the land which scared away buyers except VCB and hotel. Both are not doing well.

They have 2 office blocks and occupancy is less than 45% so banish the thought of office space.

The Mall is so-so and COVID really hurt it.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ericsson
#1255 Posted : Wednesday, July 27, 2022 9:42:47 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
EABL
Final dividend ksh.7.25
Book closure 16 September
Payment date 30 October
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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  | | Edit by user: Thursday, July 28, 2022 3:42 PM | Reason: Not specified
Monk
#1256 Posted : Monday, August 01, 2022 9:44:30 AM
Rank: Member

Joined: 7/1/2009
Posts: 272
When is WTK going ex-Div?
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VituVingiSana
#1257 Posted : Monday, August 01, 2022 9:53:18 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,347
Location: Nairobi
Kenya Re: Ndani
DTB: Ndani

Really late paying lousy FY21 dividends vs peers.
Lousy dividends paid very late.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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My 2 cents
#1258 Posted : Monday, August 01, 2022 10:43:13 AM
Rank: Veteran

Joined: 6/2/2010
Posts: 1,089
VituVingiSana wrote:
Kenya Re: Ndani
DTB: Ndani

Really late paying lousy FY21 dividends vs peers.
Lousy dividends paid very late.


The size and speed of dividends are good indicators of which companies are shareholder value oriented. Neither of these two companies consider shareholders a key stakeholder.
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cyruskulei
#1259 Posted : Monday, August 01, 2022 11:17:52 AM
Rank: Member

Joined: 3/9/2010
Posts: 320
Location: kenya
Monk wrote:
When is WTK going ex-Div?



20 per share to be paid out of the retained earnings. The recommended final dividend, subject to approval, will accrue to the members on the register at the close of business on 29 July 2022. Thereafter, the register will remain closed from 1st August to 2nd August 2022, both days inclusive.

Someone expound on register will remain closed both days......
Work hard at your job and you can make a living. Work hard on yourself and you can make a fortune.
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Monk
#1260 Posted : Monday, August 01, 2022 3:06:41 PM
Rank: Member

Joined: 7/1/2009
Posts: 272
cyruskulei wrote:
Monk wrote:
When is WTK going ex-Div?



20 per share to be paid out of the retained earnings. The recommended final dividend, subject to approval, will accrue to the members on the register at the close of business on 29 July 2022. Thereafter, the register will remain closed from 1st August to 2nd August 2022, both days inclusive.

Someone expound on register will remain closed both days......


Thanks @cyruskulei. You wouldn't know it from watching the price today, though I noticed demand was down.
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