Sunday, September 10, 2006


Finally, 'a la bankelele and others here is my NSE porfolio:

Sold in last 6 months
-HFCK(regret selling it)

Additions by year end
-Jubilee Holdings


coldtusker said...

HFCK is at a crazy multiple! I think Barclays is far better BUT hey, the market speaks!

BAT - Well run firms thus you should be OK but anti-smoking efforts will be a problem! They have started exporting to Africa & Mid-East.

KENOL - Well-run regional firm suffering from KPC's inefficiencies & "favouritism" for certain players. The capacity "shortage" will remain for another 2 years! The KRA is also dragging their feet on issuing refunds. Huge cost to KENOL.

TOTAL - Whacked by both competition, KPC shortages & no timely refunds! Not too hot in my book at the moment.

SALES - Good call though HFCK's rise is not easily explicable!

Jubilee - Well-run. See my blog on Aga Khan firms.
Equity - Price just went UP... I hope it falls coz I like it at LOWER prices!
Standard - I don't agree i.e. TOO EXPENSIVE at current prices!

coldtusker said...
This comment has been removed by a blog administrator.
coldtusker said...
This comment has been removed by a blog administrator.
pesa tu said...

Hi ColdTusker!
BAT: Well run ,stable Earnings.Remember BAT PLc(UK) in the 90s same thing here

KENOL: Earnings grow at 20% annually, Will be over Ksh 40Billion this year.Great Takeover candidate for Downstream Oil Co.s in the Central and Eastern African Regions.

TOTAL: I get 6% on my funds annually, better than most Bank Accounts.TOTAL S.A.(parent Co.) will keep it afloat but it wont be a spectacular performer.

STANDARD: Once it lists on main market next year, interest will rise and speculators will push it up. I see it at ksh.70(CETERIS PARIBUS)
JUBILEE: info.........Later after i buy.

coldtusker said...

Standard Group - I can't feel the love fundamentally... Yes, it could hit 70/- on pure emotions esp after it moves on up...
The quality of its reporting sucks (esp Business reporting)...
Well... good luck!

Kenol - I like it but the current KPC problems is dragging Kenol down!

Jubilee - Do tell???

gathinga said...

Total. Not a good hold in my opinion. seems to be declining yarly. the operational costs are too high compared top oil marketers of the same size. I suspect the company is payinmg high management fees to HQ in france to avoid reporting high earnings and paying taxes and dividends.

pesa tu said...

If you read the Budget speech on minister set the legal basis for new taxation rules under the Income Tax act to curb Transfer Pricing.

Plus, i think it will yield 6% for the medium term.I think of returns as dividends+Capital gains.

I'll do a blog soon on my investment style.

bankelele said...


Should have commeneted earlier, looks very nice. I may want to cut back the number of stock I have from 8 to about 4 - 5 next year.

Oils:Had Total for a year - bought and sold at around 40 with the usual 2.50 dividend. They are promising good things this year - but we'll see. They always point to their EPS & DPS wehen compared to kenol - but no capital gains and debt is huge.

HFCK I think has maxed fundamentaly, unless you believe they will be bought out

Kengen may sell more shares next year to the public & i'll buy in again