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Housing Finance: HFCK a diamond in the rough
obiero
#1 Posted : Tuesday, April 03, 2012 7:19:04 PM
Rank: Elder


Joined: 6/23/2009
Posts: 10,937
Location: nairobi
With a dividend yield of over 8% @ KES 1.20. Increased demand for quality housing by a rising middle class. And finally, the launch of their current account as a source of cheap deposits in addition to their successful bond issue.. This is the only stock worth looking at right now in terms of upside potential
DISCLAIMER: @obiero, MBA-MIS, CISA. Opinionated, owner of www.winda.co.ke. Aims to be factual
jerry
#2 Posted : Tuesday, April 03, 2012 9:13:39 PM
Rank: Elder


Joined: 9/29/2006
Posts: 2,568
I was also wondering how far it'll go by books closer for the 0.70/= div. What do the other experts say?
The opposite of courage is not cowardice, it's conformity.
FUNKY
#3 Posted : Wednesday, April 04, 2012 8:40:28 AM
Rank: Veteran


Joined: 4/30/2010
Posts: 1,352
a4architect.com
#4 Posted : Wednesday, April 04, 2012 9:29:47 AM
Rank: Veteran


Joined: 1/4/2010
Posts: 1,668
Location: nairobi
Good idea for them to enter into JV with land owners. This will clearly set them far apart from their competitors.
As Iron Sharpens Iron, So one Man Sharpens Another.
QD
#5 Posted : Wednesday, April 04, 2012 10:40:53 AM
Rank: Member


Joined: 8/5/2009
Posts: 597
a4architect.com wrote:
Good idea for them to enter into JV with land owners. This will clearly set them far apart from their competitors.


Knowing that you ar knowledgeable about this issues, how much has Suraya eaten into this business model of joint venture with land owners given the prime locations they are already holding.

This bearing in mind that HFCK has the financial muscle to compleet their projects faster than Suraya who will source for funds at higher rates to execute the joint ventures.
The problem with the world is that the intelligent people are full of doubts while the stupid ones are full of confidence
a4architect.com
#6 Posted : Wednesday, April 04, 2012 10:52:51 AM
Rank: Veteran


Joined: 1/4/2010
Posts: 1,668
Location: nairobi
@ QD..Suraya is still a small player compared to market demand and HF Capacity.
Suraya has moulded himself from an architect to a developer. He can rival HF if he continues this process and moulds himself into a Mortgage bank. If he does that, he will give HF and other banks a run for their money owing to his ingenious solutions and ease of experimenting new ideas.
As Iron Sharpens Iron, So one Man Sharpens Another.
mwekez@ji
#7 Posted : Wednesday, April 25, 2012 9:01:52 AM
Rank: Chief


Joined: 5/31/2011
Posts: 5,056
HFCK QoQ

Loans and Advances are up 30% (20,365,783 to 26,460,052)
Interest income on Loans and Advances is up 46% (651,441 to 951,504)
Interest income on loans to other banks is up 107% (95,917 to 198,275)

But f*** the interest expenses,
Interest expense on customer deposits is up 245% (150,158 to 518,558)

However,
Profit before tax is up 11% (171,578 to 190,935)
Profit after tax is up 11% (120,124 to 133,376)

Good results. …and things will certainly get healthier when interest rates go down smile

Conclusion: HFCK remains a diamond in the rough

Numbers are in KES '000'
mwekez@ji
#8 Posted : Wednesday, April 25, 2012 7:50:14 PM
Rank: Chief


Joined: 5/31/2011
Posts: 5,056
Housing Finance turns focus to long term affordable funding

Housing Finance has now turned its focus to long term affordable funding to deliver affordable solutions for its middle to lower income target market. The firm recently launched its Current Account which is expected to broaden the firm’s funding base and reduce funding costs.

The firm also recently signed an international financing agreement for Kshs 2.2 billion with the European Investment Bank (EIB), for funding eligible SMEs in the construction industry. The firm is in addition in talks with other financiers for funding lines for the business, which should help it reduce reliance on short term deposits.
mwekez@ji
#9 Posted : Wednesday, April 25, 2012 7:52:10 PM
Rank: Chief


Joined: 5/31/2011
Posts: 5,056
... and HFCK is the Best Bank in Mortgage Finance at the Banking Awards 2012
mwekez@ji
#10 Posted : Thursday, April 26, 2012 9:25:36 AM
Rank: Chief


Joined: 5/31/2011
Posts: 5,056
mwekez@ji wrote:
... and HFCK is the Best Bank in Mortgage Finance at the Banking Awards 2012


http://twitter.com/#!/search?q=%23BankingAwards2012
Simplified
#11 Posted : Friday, June 15, 2012 6:07:21 PM
Rank: Member


Joined: 11/26/2009
Posts: 67
Location: Pare pare
Applause a high of 16.50 today... and the trek up has just started...I wonder if 19 will print.Got 85% of my portfolio on this one
Hug the bear....ride the bull.....di$mount!!!
mwekez@ji
#12 Posted : Friday, June 15, 2012 10:48:05 PM
Rank: Chief


Joined: 5/31/2011
Posts: 5,056
Simplified wrote:
Applause a high of 16.50 today... and the trek up has just started...I wonder if 19 will print.Got 85% of my portfolio on this one


Drool This counter traded at 30 bob last year. Its highly undervalued and full of potential
VituVingiSana
#13 Posted : Saturday, June 16, 2012 12:57:43 AM
Rank: Chief


Joined: 1/3/2007
Posts: 15,061
Location: Nairobi
mwekez@ji wrote:
Simplified wrote:
Applause a high of 16.50 today... and the trek up has just started...I wonder if 19 will print.Got 85% of my portfolio on this one

Drool This counter traded at 30 bob last year. Its highly undervalued and full of potential
It might have been over-valued at 30/- but what is the 2012 EPS if 1Q 2012 is the basis for a forecast?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
guru267
#14 Posted : Saturday, June 16, 2012 8:42:05 AM
Rank: Elder


Joined: 1/21/2010
Posts: 6,610
Location: Nairobi
mwekez@ji wrote:
This counter traded at 30 bob last year.


And so... How does it trading at 30bob last year affect the price today or tomorrow or next year??
Mark 12:29
Deuteronomy 4:16
Aguytrying
#15 Posted : Saturday, June 16, 2012 5:04:12 PM
Rank: Elder


Joined: 7/11/2010
Posts: 5,015
guru267 wrote:
mwekez@ji wrote:
This counter traded at 30 bob last year.


And so... How does it trading at 30bob last year affect the price today or tomorrow or next year??


It shouldn't be a basis of valuing the stock, just a reflection of how mr market once valued it.
The investor's chief problem - and even his worst enemy - is likely to be himself
QW25091985
#16 Posted : Saturday, June 16, 2012 5:41:09 PM
Rank: User


Joined: 1/24/2012
Posts: 1,675
Location: In Da Hood
All stocks in a bull market thats just starting up are "diamond in the rough" lol. Yep that includes olympia and ak
mwekez@ji
#17 Posted : Saturday, June 16, 2012 8:34:20 PM
Rank: Chief


Joined: 5/31/2011
Posts: 5,056
Aguytrying wrote:
guru267 wrote:
mwekez@ji wrote:
This counter traded at 30 bob last year.


And so... How does it trading at 30bob last year affect the price today or tomorrow or next year??


It shouldn't be a basis of valuing the stock, just a reflection of how mr market once valued it.
mwekez@ji
#18 Posted : Saturday, June 16, 2012 8:45:53 PM
Rank: Chief


Joined: 5/31/2011
Posts: 5,056
VituVingiSana wrote:
mwekez@ji wrote:
Simplified wrote:
Applause a high of 16.50 today... and the trek up has just started...I wonder if 19 will print.Got 85% of my portfolio on this one

Drool This counter traded at 30 bob last year. Its highly undervalued and full of potential
It might have been over-valued at 30/- but what is the 2012 EPS if 1Q 2012 is the basis for a forecast?


in FY 2011, EPS growth was 64%. This year, interest rates have screwed banks so let us project a modest 40% growth. That will give us:

Forward EPS 3.78
Forward P/E at the price of 16.50; 4.36

At KES 30, we will still be talking of single digit P/E of 7.93
QW25091985
#19 Posted : Saturday, June 16, 2012 9:21:17 PM
Rank: User


Joined: 1/24/2012
Posts: 1,675
Location: In Da Hood
mwekez@ji wrote:
VituVingiSana wrote:
mwekez@ji wrote:
Simplified wrote:
Applause a high of 16.50 today... and the trek up has just started...I wonder if 19 will print.Got 85% of my portfolio on this one

Drool This counter traded at 30 bob last year. Its highly undervalued and full of potential
It might have been over-valued at 30/- but what is the 2012 EPS if 1Q 2012 is the basis for a forecast?


in FY 2011, EPS growth was 64%. This year, interest rates have screwed banks so let us project a modest 40% growth. That will give us:

Forward EPS 3.78
Forward P/E at the price of 16.50; 4.36

At KES 30, we will still be talking of single digit P/E of 7.93



Ohhhh. Crap all this fundamental analysis Laughing out loudly Laughing out loudly . index will soon be making new highs soon . so 30 bob is on deck !
PKoli
#20 Posted : Saturday, June 16, 2012 10:28:12 PM
Rank: Elder


Joined: 2/10/2007
Posts: 1,587
Some time back, any bank with p/e of 10 was considered very cheap, we are now having p/e of 5 and growth of 40% yet shying away. I think HF is cheap, Equity/KCB are cheap at current prices..
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