@ Fisher,CO-OP of course:


Greatly underpriced
Strong consistent growth
Niche market - Co-op movement
New products - Mortgages
New markets - South sudan
Not as liquid as might appear - the co-op movement holds 65% or so of the shares which are not regularly traded. Share will be much sought after once the IPO speculators exit (every time the share touches 10.50)

KENGEN's PE is low for but forgeting all the media hype generated by PIBO,KENGEN cannot match the opportunities offered by CO-OP.

You really do not have to worry about the 65% being offloaded if you plan to hold for under 4 years... So dont stress yourself now unless of course you are such a long term investor.

@Evolve,Co-op Holdings Co-operative Society Limited which holds the 65% of the shares consists of 3,805 members.

The top 10 shareholders of the Co-op Holdings are the following:

1. Harambee Cooperative Savings & Credit Society Ltd - 83,374,900 - 3.70%

2. Telepost Co-operative Savings & Credit Society Ltd - 66,853,800 - 2.97%

3. Afya Cooperative Savings & Credit Society Ltd - 66,306,900 - 2.94%

4. Masaku Teachers Coop Savings & Credit Society Ltd - 65,314,900 - 2.90%

5. Kipsigis Teachers Coop Savings & Credit Society Ltd - 55,414,000 - 2.46%

6. Kenya Police Sacco Society Ltd - 52,539,200 - 2.33%

7. Kiambu Unity Finance Co-operative Union Ltd - 51,205,700 - 2.27%

8. Nandi Teachers Coop Savings & Credit Society Ltd - 40,161,800 - 1.78%

9. Aembu FCS Ltd - 40,005,000 - 1.77%

10. Mungania Tea Growers Coop Savings & Credit Society Ltd - 35,453,200 - 1.57%



In my opinion,chances that the co-operatives will liquidate their shares or make them available for active trading in the very near future are quite remote.



You do not need to be overly worried of excess liquidity caused by trading of the Co-op Movement shares.

@eddy... bwana... @sparkly was very clear... TOP 10... so no wonder it does not add up to 65%... u can see the holding by individual co-ops are less than 3% so there many more names...

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB

@Eddy

Kengen listed approx 2 years ago and the price has moved lower each time... They chose to raise money through the bond market and will keep about 25 Billion of the bond debt collected,meaning with 12.5% interest they have to pay out,they will be paying out 3.125 Billion in the 1st few years to bond holders before they pay shareholders like you. Note that these payments will happen before the actual infrastructure investments are put in place (could take years). I also wonder how much profit they made last year? They may afford to pay the bondholders without any issue,but you can bet the dividend will be reduced or stagnant for a long while for common stock holders... This market is still largely driven by dividends and growth perceptions... so are you willing to look as far foward as 15 the years you need with Kengen?

@ Mainat,

Interesting,and what of KP & LC?

The thicker the thigh the sweeter the pie.

@ Mainat,

I am one of the idiots,lets see how it plays out.

The thicker the thigh the sweeter the pie.