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Sri Lanka Equity Forum » Stock Market Talk » Expert Chamber » REEF and VFIN- Accountants who can't calculate

REEF and VFIN- Accountants who can't calculate

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innam

innam
Manager - Equity Analytics
Manager - Equity Analytics
First topic message reminder :

REEF results are out and i'm sure we'll get multiple posts about the magical EPS figure of 7 for the March quarter that they have reported.

http://www.cse.lk/cmt/upload_report_file/568_1306907002379.pdf

But it seems that some of the accountants working for CSE listed companies don't seem to know how to use a calculator.

REEF profit after tax for the March quarter 2011 is 14 million and with 47 million shares outstanding my excel gives a figure of 30 cents but REEF is showing an EPS figure of 7.27
Profit after tax March quarter 2010 is 9 million and with 47 million shares outstanding my excel gives a figure of 20 cents but REEF is showing an EPS figure of 4.93
i have left out the dilution from the warrants to keep it simple for the moment

The same thing happened with VFIN yesterday and with two DONKEY LEVEL mistakes in two days, the troubling question to ask is, is this a deliberate attempt to mislead retailers by manufacturing incorrect EPS numbers or aren't they bothered about accuracy?
http://forum.srilankaequity.com/t4305-vfin-good-results-will-it-shoot-up-soon#29045

Don't the CEOs/CFOs/Finance Managers of these companies take look at what they file?


Chinwi


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@kiwi wrote:REEF have corrected the EPS figure now. I am not sure if there was any explanation given. http://www.cse.lk/cmt/upload_report_file/568_1307353270.pdf



Can anyone tell me who is the ultimate owner of REEF ?

Is that still Mr. KDD (PABC) or Mr. DJ (Imagewise)

(Pl. Refer above report )

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics
@Chinwi wrote:
@kiwi wrote:REEF have corrected the EPS figure now. I am not sure if there was any explanation given. http://www.cse.lk/cmt/upload_report_file/568_1307353270.pdf



Can anyone tell me who is the ultimate owner of REEF ?

Is that still Mr. KDD (PABC) or Mr. DJ (Imagewise)

(Pl. Refer above report )

Currently it is DJ. PABC is the credit provider. Tomorrow it may be differ

hariesha


Vice President - Equity Analytics
Vice President - Equity Analytics
In VFIN its anualised EPS, not for the qtr. Correctly all companies should show their EPS in anualised format. So in VFIN EPS of 4.64 is correct and it trades @ PER of 9.2 which is atractive.

greedy


Manager - Equity Analytics
Manager - Equity Analytics
@hariesha wrote:In VFIN its anualised EPS, not for the qtr. Correctly all companies should show their EPS in anualised format. So in VFIN EPS of 4.64 is correct and it trades @ PER of 9.2 which is atractive.


Companies should disclose only their quarterly & year to date EPS in the quarterly accounts. Because, that would be the actual number based on actual results. When Quarterly EPS is annualised, it implies that company management tells us that the company is going to make profits similar to the current period in the remaining quarters which is totally inaccurate!

Therefore, EPS, should never be annualised in the Quarterly accounts/prospectus. It's up to the investors to predict what will be results for the coming periods.

reyaz


Manager - Equity Analytics
Manager - Equity Analytics
@sapumal wrote:I don't have any disagree with your point innam. They can't show a EPS using this statement. It is a magic figure
My point is they had a EPS of Rs 7 during last quarter due to the land revaluation and it is in the balance sheet.

Eps = Earnings for the reporing period
           No. Of shares (cumulative)

deli

deli
Senior Equity Analytic
Senior Equity Analytic
Its more complicated than that- it has to be annualized, hariesha is correct.

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