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37 Pages«<353637
KenyaRe FY19 - FY23 (Both Inclusive)
Ericsson
#721 Posted : Saturday, October 30, 2021 7:38:17 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,121
Location: NAIROBI
VituVingiSana wrote:
Ericsson wrote:
Ericsson wrote:
https://youtu.be/fLgxkcD1Iz4


Operational challenges of 2021
-Slowdown in collecting premiums
-An increase in claims in certain lines of businesses.Certsin claims under policies which needs to be accommodated which resulted in claims costs going up.

Investment side;
-Slowdown in returns that they earn from investments such as bank deposits and other vehicles of investment.
-On the rental side of things,Kenya Re being a landlord.The market rates have had to go down.Things like escalation clauses on contracts have had to be removed or at least frozen for the time being.
A hit in the bottom line in terms of profitability.

Awful RoE.


Hope they subscribed/invested in the Family Bank bond and EABL Medium term note.
The two had attractive yields.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
VituVingiSana
#722 Posted : Sunday, October 31, 2021 7:40:38 PM
Rank: Chief


Joined: 1/3/2007
Posts: 17,667
Location: Nairobi
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
Ericsson wrote:
https://youtu.be/fLgxkcD1Iz4


Operational challenges of 2021
-Slowdown in collecting premiums
-An increase in claims in certain lines of businesses.Certsin claims under policies which needs to be accommodated which resulted in claims costs going up.

Investment side;
-Slowdown in returns that they earn from investments such as bank deposits and other vehicles of investment.
-On the rental side of things,Kenya Re being a landlord.The market rates have had to go down.Things like escalation clauses on contracts have had to be removed or at least frozen for the time being.
A hit in the bottom line in terms of profitability.

Awful RoE.


Hope they subscribed/invested in the Family Bank bond and EABL Medium term note.
The two had attractive yields.
Better to have bought GoK's tax-free IFBs at 12.5% but those are very long. FB and EABL were shorter. They should have picked up Centum's too given it is only 3 years.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#723 Posted : Tuesday, November 09, 2021 2:49:32 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,121
Location: NAIROBI
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
Ericsson wrote:
https://youtu.be/fLgxkcD1Iz4


Operational challenges of 2021
-Slowdown in collecting premiums
-An increase in claims in certain lines of businesses.Certsin claims under policies which needs to be accommodated which resulted in claims costs going up.

Investment side;
-Slowdown in returns that they earn from investments such as bank deposits and other vehicles of investment.
-On the rental side of things,Kenya Re being a landlord.The market rates have had to go down.Things like escalation clauses on contracts have had to be removed or at least frozen for the time being.
A hit in the bottom line in terms of profitability.

Awful RoE.


Hope they subscribed/invested in the Family Bank bond and EABL Medium term note.
The two had attractive yields.
Better to have bought GoK's tax-free IFBs at 12.5% but those are very long. FB and EABL were shorter. They should have picked up Centum's too given it is only 3 years.

For centum one investors are becoming jittery about the company because of it's venture in real estate.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
VituVingiSana
#724 Posted : Tuesday, November 09, 2021 6:29:14 PM
Rank: Chief


Joined: 1/3/2007
Posts: 17,667
Location: Nairobi
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
Ericsson wrote:
https://youtu.be/fLgxkcD1Iz4


Operational challenges of 2021
-Slowdown in collecting premiums
-An increase in claims in certain lines of businesses.Certsin claims under policies which needs to be accommodated which resulted in claims costs going up.

Investment side;
-Slowdown in returns that they earn from investments such as bank deposits and other vehicles of investment.
-On the rental side of things,Kenya Re being a landlord.The market rates have had to go down.Things like escalation clauses on contracts have had to be removed or at least frozen for the time being.
A hit in the bottom line in terms of profitability.

Awful RoE.


Hope they subscribed/invested in the Family Bank bond and EABL Medium term note.
The two had attractive yields.
Better to have bought GoK's tax-free IFBs at 12.5% but those are very long. FB and EABL were shorter. They should have picked up Centum's too given it is only 3 years.

For centum one investors are becoming jittery about the company because of it's venture in real estate.
Centum has been in real estate for 10 years. And has done better than Kenya Re with its office buildings.

Kenya Re couldn't even sell the small building in Kisumu while Centum actively sold 1bn+ real estate since 2019. So it's not a stretch to say that Centum will be in a position to pay off its CRE bond in 2 years.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#725 Posted : Tuesday, November 09, 2021 7:17:27 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,121
Location: NAIROBI
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
Ericsson wrote:
https://youtu.be/fLgxkcD1Iz4


Operational challenges of 2021
-Slowdown in collecting premiums
-An increase in claims in certain lines of businesses.Certsin claims under policies which needs to be accommodated which resulted in claims costs going up.

Investment side;
-Slowdown in returns that they earn from investments such as bank deposits and other vehicles of investment.
-On the rental side of things,Kenya Re being a landlord.The market rates have had to go down.Things like escalation clauses on contracts have had to be removed or at least frozen for the time being.
A hit in the bottom line in terms of profitability.

Awful RoE.


Hope they subscribed/invested in the Family Bank bond and EABL Medium term note.
The two had attractive yields.
Better to have bought GoK's tax-free IFBs at 12.5% but those are very long. FB and EABL were shorter. They should have picked up Centum's too given it is only 3 years.

For centum one investors are becoming jittery about the company because of it's venture in real estate.
Centum has been in real estate for 10 years. And has done better than Kenya Re with its office buildings.

Kenya Re couldn't even sell the small building in Kisumu while Centum actively sold 1bn+ real estate since 2019. So it's not a stretch to say that Centum will be in a position to pay off its CRE bond in 2 years.


The two are incomparable.
Centum was selling in small pieces or tuplots to various buyers.
Kenya Re is selling the whole building to one buyer.The building is not small unless you have a definition of what small is.

The bond being undersubscribed while family bank and EABL are oversubscribed means investors have a confidence issue with Centum.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#726 Posted : Friday, November 19, 2021 7:38:30 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,121
Location: NAIROBI
VituVingiSana wrote:
Ericsson wrote:
Ericsson wrote:
https://youtu.be/fLgxkcD1Iz4


Operational challenges of 2021
-Slowdown in collecting premiums
-An increase in claims in certain lines of businesses.Certsin claims under policies which needs to be accommodated which resulted in claims costs going up.

Investment side;
-Slowdown in returns that they earn from investments such as bank deposits and other vehicles of investment.
-On the rental side of things,Kenya Re being a landlord.The market rates have had to go down.Things like escalation clauses on contracts have had to be removed or at least frozen for the time being.
A hit in the bottom line in terms of profitability.

Awful RoE.


Share price is responding to this.
Heading towards below ksh.2.20
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
VituVingiSana
#727 Posted : Friday, November 19, 2021 12:30:10 PM
Rank: Chief


Joined: 1/3/2007
Posts: 17,667
Location: Nairobi
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
Ericsson wrote:
https://youtu.be/fLgxkcD1Iz4


Operational challenges of 2021
-Slowdown in collecting premiums
-An increase in claims in certain lines of businesses.Certsin claims under policies which needs to be accommodated which resulted in claims costs going up.

Investment side;
-Slowdown in returns that they earn from investments such as bank deposits and other vehicles of investment.
-On the rental side of things,Kenya Re being a landlord.The market rates have had to go down.Things like escalation clauses on contracts have had to be removed or at least frozen for the time being.
A hit in the bottom line in terms of profitability.

Awful RoE.


Hope they subscribed/invested in the Family Bank bond and EABL Medium term note.
The two had attractive yields.
Better to have bought GoK's tax-free IFBs at 12.5% but those are very long. FB and EABL were shorter. They should have picked up Centum's too given it is only 3 years.

For centum one investors are becoming jittery about the company because of it's venture in real estate.
Centum has been in real estate for 10 years. And has done better than Kenya Re with its office buildings.

Kenya Re couldn't even sell the small building in Kisumu while Centum actively sold 1bn+ real estate since 2019. So it's not a stretch to say that Centum will be in a position to pay off its CRE bond in 2 years.


The two are incomparable.
Centum was selling in small pieces or tuplots to various buyers.
Kenya Re is selling the whole building to one buyer.The building is not small unless you have a definition of what small is.

The bond being undersubscribed while family bank and EABL are oversubscribed means investors have a confidence issue with Centum.
Who cares how Centum sells or what they sell. Haba na haba...

Kenya Re has failed to sell the Kisumu building for 1bn which is was valued at. I doubt they will get anything close to 1B.

The Centum bond was launched at a tough time in Dec 2020. No COVID vaccine.

EABL had "extended" its earlier bond and the new bond came out when there was more confidence with the vaccines out and being given to Kenyans. Same with Family Bank.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#728 Posted : Friday, November 19, 2021 1:58:05 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,121
Location: NAIROBI
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
Ericsson wrote:
https://youtu.be/fLgxkcD1Iz4


Operational challenges of 2021
-Slowdown in collecting premiums
-An increase in claims in certain lines of businesses.Certsin claims under policies which needs to be accommodated which resulted in claims costs going up.

Investment side;
-Slowdown in returns that they earn from investments such as bank deposits and other vehicles of investment.
-On the rental side of things,Kenya Re being a landlord.The market rates have had to go down.Things like escalation clauses on contracts have had to be removed or at least frozen for the time being.
A hit in the bottom line in terms of profitability.

Awful RoE.


Hope they subscribed/invested in the Family Bank bond and EABL Medium term note.
The two had attractive yields.
Better to have bought GoK's tax-free IFBs at 12.5% but those are very long. FB and EABL were shorter. They should have picked up Centum's too given it is only 3 years.

For centum one investors are becoming jittery about the company because of it's venture in real estate.
Centum has been in real estate for 10 years. And has done better than Kenya Re with its office buildings.

Kenya Re couldn't even sell the small building in Kisumu while Centum actively sold 1bn+ real estate since 2019. So it's not a stretch to say that Centum will be in a position to pay off its CRE bond in 2 years.


The two are incomparable.
Centum was selling in small pieces or tuplots to various buyers.
Kenya Re is selling the whole building to one buyer.The building is not small unless you have a definition of what small is.

The bond being undersubscribed while family bank and EABL are oversubscribed means investors have a confidence issue with Centum.
Who cares how Centum sells or what they sell. Haba na haba...

Kenya Re has failed to sell the Kisumu building for 1bn which is was valued at. I doubt they will get anything close to 1B.

The Centum bond was launched at a tough time in Dec 2020. No COVID vaccine.

EABL had "extended" its earlier bond and the new bond came out when there was more confidence with the vaccines out and being given to Kenyans. Same with Family Bank.


Even if covid vaccine was there that bond would still failed to get 100% subscription.

there is no harm in Kenya Re failing to sell the building but there is more harm in Centum failing to get buyers for its tuplots.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
VituVingiSana
#729 Posted : Friday, November 19, 2021 2:56:59 PM
Rank: Chief


Joined: 1/3/2007
Posts: 17,667
Location: Nairobi
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
Ericsson wrote:
https://youtu.be/fLgxkcD1Iz4


Operational challenges of 2021
-Slowdown in collecting premiums
-An increase in claims in certain lines of businesses.Certsin claims under policies which needs to be accommodated which resulted in claims costs going up.

Investment side;
-Slowdown in returns that they earn from investments such as bank deposits and other vehicles of investment.
-On the rental side of things,Kenya Re being a landlord.The market rates have had to go down.Things like escalation clauses on contracts have had to be removed or at least frozen for the time being.
A hit in the bottom line in terms of profitability.

Awful RoE.


Hope they subscribed/invested in the Family Bank bond and EABL Medium term note.
The two had attractive yields.
Better to have bought GoK's tax-free IFBs at 12.5% but those are very long. FB and EABL were shorter. They should have picked up Centum's too given it is only 3 years.

For centum one investors are becoming jittery about the company because of it's venture in real estate.
Centum has been in real estate for 10 years. And has done better than Kenya Re with its office buildings.

Kenya Re couldn't even sell the small building in Kisumu while Centum actively sold 1bn+ real estate since 2019. So it's not a stretch to say that Centum will be in a position to pay off its CRE bond in 2 years.


The two are incomparable.
Centum was selling in small pieces or tuplots to various buyers.
Kenya Re is selling the whole building to one buyer.The building is not small unless you have a definition of what small is.

The bond being undersubscribed while family bank and EABL are oversubscribed means investors have a confidence issue with Centum.
Who cares how Centum sells or what they sell. Haba na haba...

Kenya Re has failed to sell the Kisumu building for 1bn which is was valued at. I doubt they will get anything close to 1B.

The Centum bond was launched at a tough time in Dec 2020. No COVID vaccine.

EABL had "extended" its earlier bond and the new bond came out when there was more confidence with the vaccines out and being given to Kenyans. Same with Family Bank.


Even if covid vaccine was there that bond would still failed to get 100% subscription.

there is no harm in Kenya Re failing to sell the building but there is more harm in Centum failing to get buyers for its tuplots.
Laughing out loudly Laughing out loudly Laughing out loudly Now you are projecting bond subscription rates?
Centum will come through with real estate sales. 1H results are due. And then we wait for 2H. Riverbank is ready and units being handed over.

KenyaRe is losing money in reinsurance and surviving on interest income. Lousy dividends too.
NAV 11/- and dividend of 20c = Less than 2%.

Kenya Re's board needs to wisen up.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#730 Posted : Friday, November 19, 2021 3:05:46 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,121
Location: NAIROBI
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
Ericsson wrote:
https://youtu.be/fLgxkcD1Iz4


Operational challenges of 2021
-Slowdown in collecting premiums
-An increase in claims in certain lines of businesses.Certsin claims under policies which needs to be accommodated which resulted in claims costs going up.

Investment side;
-Slowdown in returns that they earn from investments such as bank deposits and other vehicles of investment.
-On the rental side of things,Kenya Re being a landlord.The market rates have had to go down.Things like escalation clauses on contracts have had to be removed or at least frozen for the time being.
A hit in the bottom line in terms of profitability.

Awful RoE.


Hope they subscribed/invested in the Family Bank bond and EABL Medium term note.
The two had attractive yields.
Better to have bought GoK's tax-free IFBs at 12.5% but those are very long. FB and EABL were shorter. They should have picked up Centum's too given it is only 3 years.

For centum one investors are becoming jittery about the company because of it's venture in real estate.
Centum has been in real estate for 10 years. And has done better than Kenya Re with its office buildings.

Kenya Re couldn't even sell the small building in Kisumu while Centum actively sold 1bn+ real estate since 2019. So it's not a stretch to say that Centum will be in a position to pay off its CRE bond in 2 years.


The two are incomparable.
Centum was selling in small pieces or tuplots to various buyers.
Kenya Re is selling the whole building to one buyer.The building is not small unless you have a definition of what small is.

The bond being undersubscribed while family bank and EABL are oversubscribed means investors have a confidence issue with Centum.
Who cares how Centum sells or what they sell. Haba na haba...

Kenya Re has failed to sell the Kisumu building for 1bn which is was valued at. I doubt they will get anything close to 1B.

The Centum bond was launched at a tough time in Dec 2020. No COVID vaccine.

EABL had "extended" its earlier bond and the new bond came out when there was more confidence with the vaccines out and being given to Kenyans. Same with Family Bank.


Even if covid vaccine was there that bond would still failed to get 100% subscription.

there is no harm in Kenya Re failing to sell the building but there is more harm in Centum failing to get buyers for its tuplots.
Laughing out loudly Laughing out loudly Laughing out loudly Now you are projecting bond subscription rates?
Centum will come through with real estate sales. 1H results are due. And then we wait for 2H. Riverbank is ready and units being handed over.

KenyaRe is losing money in reinsurance and surviving on interest income. Lousy dividends too.
NAV 11/- and dividend of 20c = Less than 2%.

Kenya Re's board needs to wisen up.


On the ground things are different for Centum,don't rely so much on powerpoint presentations.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#731 Posted : Tuesday, November 30, 2021 9:20:20 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,121
Location: NAIROBI
VituVingiSana wrote:
Ericsson wrote:
https://www.businessdailyafrica.com/bd/corporate/companies/kenya-re-reopen-sale-of-its-sh1bn-kisumu-property-3595824

Kenya Re will launch a fresh bid to sell its Reinsurance Plaza building in Kisumu before the end of the year.

The firm's earnings could be boosted if significant gains are realised from the sale.
During the half year results it reported a 64% drop in profits.
Property portfolio constitutes 27% of its total investments.
It's unlikely they will get anything close to the 1bn from a private buyer. I think the building has been over-valued by the valuer. The only hope to get anything close to 1bn is from GoK/County but I shall not hold my breath.

Firms need to be realistic about property values shown on balance sheets.


Reinsurance Plaza building,Kisumu is a difficult property to offload for Kenya Re as its valuation has depreciated.
Occupancy levels have declined substantially due to exit of some major tenants.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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