Audited Financial Accounts -Browns Investments Ltd

ABEST · 1 Audited Financial Accounts -Browns Investments Ltd Mon Jul 25, 2011 5:40 pm

ABEST

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profit for the year (m) 2 103 425
eps 3.14
navps 4.47
dividend __

RIO

RIO

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ABEST wrote:
profit for the year (m) 2 103 425
eps 3.14
navps 4.47
dividend __

eps 3.14

Brother is that after the Issue or before the issue ...?

sajeethk

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[by ABEST Today at 7:10 pm
+
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-

profit for the year (m) 2 103 425
eps 3.14
navps 4.47
dividend __]

any sub division of shares after that... or any false information... scratch

xhora

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not false information this is true as at 31-03-2011. way before IPO..
so if we edit taking the effect of the IPO then it would be updated as below,

Number of Shares = 1,860,000,000
Profit attributable for equity holders = 1,894,445,000
EPS = 1,894,445,000/1,860,000,000 = Rs. 1.02

Equity attributable to Equity Holders = 8,097,252,000
NAVPS = 8,097,252,000/1,860,000,000 = Rs. 4.35

So at IPO price of 5/= it have only a PE of 4.9 way under valued for a diversified holding. if we take a fair sector PE of 11.4 ( current RICH PE because similar number of shares) then this worth at least Rs. 11.60.

Don't forget the huge cash pile from IPO they are sitting on and their recent acquisition of the "Excel World" where they owned a 920 perch land in the heart of Colombo for a way cheaper price. So let's see what happens tomorrow.

cse.alpha

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BIL had 98 mn shares @ 31/3/10

It had a 1 into 10 split on 16/11/10 => 980 mn shares in total

New issue of 830 mn shares on 3/2/11 @ Rs 5 => 1,810 mn shares in total

New issue of 50 mn shares on 23/6/11 @ Rs 5 => 1,860 mn shares in total

As per note 10.1.1 in BIL accounts, the FY11 EPS of Rs3.1 is based on 608.833 mn shares - rather puzzling. I would have expected FY11 EPS to be based on a value greater than 980 mn shares.

Anyhow, investors should focus on fact that bulk of BIL's FY11 profit was from share trading capital gains and disposals (over Rs 1.5 bn)

xhora

xhora

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Other income was only 531 Mn
where did you get the figure of 1.5 Bn?

cse.alpha

cse.alpha

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xhora wrote:Other income was only 531 Mn
where did you get the figure of 1.5 Bn?

See the cash flow statement

Rs 736 mn profit on disposal of short term investments
Rs 745 mn profit on disposal of shares in joint venture
Rs 127 mn profit on market value adjustment for short term investments

Also see breakdown of other income under note 6 and 6.1 - Rs 327 mn profit on deemed disposal of interest in joint venture

sanjeewa88

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cse.alpha wrote:

See the cash flow statement

Rs 736 mn profit on disposal of short term investments
Rs 745 mn profit on disposal of shares in joint venture
Rs 127 mn profit on market value adjustment for short term investments

Also see breakdown of other income under note 6 and 6.1 - Rs 327 mn profit on deemed disposal of interest in joint venture

As the new share issue of FLCH, BINV's share holding was diluted. So the profit of 745Mn comes from that effect. 76% net profit comes from short term investments, joint venture disposal and market value adjustment.

So the extra-ordinary items has created this much of profit and we do not need to panic with these figures.

mono

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What would anyone buy shares like BIL. If you like thier bussiness practices, why don't you buy the shares in their portfolio so that yours will look like thier's.

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Audited Financial Accounts -Browns Investments Ltd

1 Audited Financial Accounts -Browns Investments Ltd Mon Jul 25, 2011 5:40 pm

ABEST

2 Re: Audited Financial Accounts -Browns Investments Ltd Mon Jul 25, 2011 6:00 pm

RIO

3 Re: Audited Financial Accounts -Browns Investments Ltd Mon Jul 25, 2011 6:26 pm

sajeethk

4 Re: Audited Financial Accounts -Browns Investments Ltd Mon Jul 25, 2011 7:38 pm

xhora

5 Re: Audited Financial Accounts -Browns Investments Ltd Mon Jul 25, 2011 8:13 pm

cse.alpha

6 Re: Audited Financial Accounts -Browns Investments Ltd Mon Jul 25, 2011 8:37 pm

xhora

7 Re: Audited Financial Accounts -Browns Investments Ltd Mon Jul 25, 2011 8:44 pm

cse.alpha

8 Re: Audited Financial Accounts -Browns Investments Ltd Mon Jul 25, 2011 10:55 pm

sanjeewa88

9 Re: Audited Financial Accounts -Browns Investments Ltd Mon Jul 25, 2011 11:17 pm

mono

10 Re: Audited Financial Accounts -Browns Investments Ltd

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