Mohammed Tariq Yousuf 90, on Aug 21 2007, 11:34 AM, said:
Dear Senior I have some share of PIF what is the time to sale
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23 replies to this topic
#8
Posted 12 November 2007 - 07:31 AM
Investment Fund: PICIC INVESTMENT FUND - Analysis of Financial Statements Fiscal Year 2003 to Fiscal Year 2007
SCANNER OVERVIEW (November 12 2007): PICIC Investment Fund is a closed end mutual fund. Its principal business is to invest in listed equity securities with an investment objective to generate capital growth.
PICIC Asset Management Company Limited is its Investment Adviser and Central Depository Company of Pakistan Limited is the trustee of the Fund.
The fund has the highest investment in commercial banks, followed by the oil and gas exploration sector and then the fertiliser sector. Its customers, rather shareholders, are individuals, financial institutions and insurance companies. Modarabas, investment companies, mutual funds, and joint stock companies have small holdings. PICIC Asset Management Company, which is the wholly owned subsidiary of the bank, also holds a major portion of the units of the mutual fund. So does the PICIC Commercial Bank.
Recent performance, FY07, three months:
The fund witnessed during the period under review a total loss that stood at Rs 39 million as compared to income of Rs 239 million in the corresponding period last year. The main reason was a capital loss that was experienced in this period amounting to Rs 112 million. During the quarter under review, the KSE-100 Index fell by 3.05% from 13,772 to 13,352 as compared to growth of 5.24% ie from 9,989 to 10,512 points during the corresponding period last year. Higher volatility in the index during the quarter depicts the changing political arena of the country with various twists and turns. In such an environment, investors inevitably were jittery. Consequently, the dividend income of the fund also observed a decline to a level of Rs 64 million as compared to Rs 99 million in the corresponding period.
A loss per certificate of Re.0.26 was recorded for the period due to losses incurred.
The net assets of the fund also decreased, the sources being decreases in unappropriated profit and surplus on the revaluation of AFS.
ANALYSIS OF FINANCIAL PERFORMANCE (JUNE '03- JUNE'07):
The operating performance of the fund improved from 2003 to a peak in 2006. After that in 2007, the profile witnessed a decline.
The dividend income of the bank remained almost consistent throughout the years. The fund has diversified investments with some of them being in active sectors of the economy. A robust growth in the market capitalisation of the economy owes to strong macroeconomic performance as well as financial sector reforms. These have increased the global investor's confidence. Aggressive foreign interest in the domestic capital markets particularly in the banking sector (owing to the acceleration in the Mergers & Acquisition activity) has allowed the market to remain buoyant throughout the years.
The capital gains were lower this year as compared to the last year because the capital gains of 2006 included the impact of gain from NRL privatisation of Rs 323 million. The capital gains in 2007 were about 3 times less than those in 2006. Due to lower capital gains, the total income of the fund was also recorded at a lower level in 2007 than in 2006.
The capital gain to total income ratio showed a peak in 2005, declining after that. This was because the total income in 2005 was the lowest of all the years in the period concerned. This was because in 2005 there was experienced a negative unrealised appreciation on investment. Since the capital gains declined in 2007, the ratio also continued its decline. Capital gains comprised only 52.40% of the total income in 2007 as compared to 98.57% in 2006.
The dividend income to total income showed almost a consistent trend except a little rise in 2005 owing to a robust growth in the capital markets. Since the total income was less in 2007 as against 2006, the ratio witnessed a slight increase over 2006 in 2007. The dividend income comprised 20.62% of total income in 2007 while it constituted 15.81% in 2006.
The returns from investment of the company peaked in 2003 and 2006. In other years, they were much lower.
The profit after tax of the company in 2006 was the highest among all the years in the period under review. This was due to higher total income due to capital gains from the privatisation of NRL.
The return on assets in 2003 was 30.63%. The fund's asset base was smallest in 2003 of all the years, while the profit remained high due to lower expenses. In 2006, the ratio again increased to 28.34% due to a more than double increase in profit. The total asset base continued to increase while the profit saw a decrease in 2007. Hence, the ratio was lower at 16.33%. This was almost a 1.5 times decline.
The return to equity ratio depicted a similar trend as the return to assets ratio of the fund due to similar reasons as mentioned above. The equity of the fund continued to rise as investors' confidence in market grew and as more foreign investors were attracted to the capital stocks. The ratio was at a level of 17.32% in 2007 as against 31.46% in 2006.
The PAT to total income paralleled the other two ratios due to same reasons. It was recorded at 86.18% in 2007 and 90.27% in 2006.
The debt management profile of the company showed a fluctuating trend while attaining a peak in 2006. Overall, the ratios have remained low indicating that the fund has managed its liabilities quite effectively. It also reinforces the fact that the fund is largely equity-based. The debt to asset ratio indicated a peak in 2006 at 0.10 since the liabilities of the fund were the highest in 2006. The major portion of the fund's payables comprises the fee to investment advisor. This portion showed a major increase in 2006. In 2007, the ratio was at 0.06. Though the fee to SECP increased in 2007, however, the total assets recorded a far greater increase over the period 2006-2007. Hence, the ratio was lower than in 2006.
The debt to equity ratio peaked in 2006 for the same reason. It was 0.11 in 2006. In 2007 it declined to 0.06 due to an increase in the unappropriated profit and surplus on revaluation of available for sale securities.
The capital adequacy of the institution shows a minor declining trend but still hovering around almost the same. This indicates the ability of the fund to maintain its capital adequacy around a similar value. This is also because the fund is equity based.
The major portion of the equity goes to the capital of the fund, followed by unappropriated profit. The assets are allocated with the greatest part going to investments, then bank balances. Among the investments, the largest is in the banking sector. In terms of sectoral performance of 2007, the banking sector topped the list with 56% growth with profitability driven by increased interest and non interest income. Cement sector out-performed the KSE-100 Index significantly, as the price appreciation was driven by the strong local as well as regional demand. Power sector had a good year owing to the shift of the sector to capacity enhancements of IPPs owing to the growth in the demand of power and lower availability of gas.
The asset and equity break-up of the fund is as shown.
The market value of the fund has shown mixed trends. Generally, the market value of the fund has remained high throughout.
The net assets of the fund have maintained almost a consistent value except in 2003. The net assets of the funds have increased throughout, most of them being financed by capital through investments in equity. The capital base of the fund remained same for the last four years and so did the premium on issue of certificate. What increased was the unappropriated profit and surplus on revaluation of available for sale securities.
The closing NAV almost maintained a similar level. This shows that fund is able to handle the volatility in the market and hence is able to maintain its NAV at a consistent value. The number of share certificates in 2007 remained same as in 2006 but the net assets recorded a greater value that made the ratio stand out at 22.08 as against 19.32 in 2006.
The earnings per certificate also maintained a similar value throughout the period under review. It showed a slight dip in 2005 due to lower profitability. It increased in 2006 due to a more than double increase in profits. However, the ratio slightly declined in 2007 as lower capital gains stimulated lower profits. Consequently, the ratio was recorded at 3.83 in 2007 as compared to 6.08 in 2006.
Future outlook: Current economic growth rate, privatisation policy, economic reforms, deregulation policy, new listings and the performance of micro economy would contribute significantly towards further market appreciation. We may expect the net asset value to increase in the future as investors become more confident about the capital markets in Pakistan. Moreover, as the global investors have also started showing greater interest, the market capitalisation may further increase. The current political uncertainty due to declaration of emergency in the country is expected to remain for a short period only. After that, the prices of the shares are expected to increase. Taking all these facts into consideration, the profitability and operating results of the fund are expected to increase.
The banking sector recently experienced a decrease of 14bps in the spread. Its profitability is therefore expected to decline. However, the diversification offered by the fund would cope up with that.
The fund does not seem to face any problems with regard to its capital adequacy that is sufficient to maintain to long-term growth. It can also be said for the debt profile of the fund. However, a fact to be noted is that the fund does not have any investments in government securities that provide a more certain return. Hence, the investors from this view may face greater uncertainty about the returns and volatility in their investments. Overall, the risk may be reduced due a diversified portfolio of the fund.
COURTESY: Economics and Finance Department, Institute of Business Administration, Karachi.
SCANNER OVERVIEW (November 12 2007): PICIC Investment Fund is a closed end mutual fund. Its principal business is to invest in listed equity securities with an investment objective to generate capital growth.
PICIC Asset Management Company Limited is its Investment Adviser and Central Depository Company of Pakistan Limited is the trustee of the Fund.
The fund has the highest investment in commercial banks, followed by the oil and gas exploration sector and then the fertiliser sector. Its customers, rather shareholders, are individuals, financial institutions and insurance companies. Modarabas, investment companies, mutual funds, and joint stock companies have small holdings. PICIC Asset Management Company, which is the wholly owned subsidiary of the bank, also holds a major portion of the units of the mutual fund. So does the PICIC Commercial Bank.
Recent performance, FY07, three months:
The fund witnessed during the period under review a total loss that stood at Rs 39 million as compared to income of Rs 239 million in the corresponding period last year. The main reason was a capital loss that was experienced in this period amounting to Rs 112 million. During the quarter under review, the KSE-100 Index fell by 3.05% from 13,772 to 13,352 as compared to growth of 5.24% ie from 9,989 to 10,512 points during the corresponding period last year. Higher volatility in the index during the quarter depicts the changing political arena of the country with various twists and turns. In such an environment, investors inevitably were jittery. Consequently, the dividend income of the fund also observed a decline to a level of Rs 64 million as compared to Rs 99 million in the corresponding period.
A loss per certificate of Re.0.26 was recorded for the period due to losses incurred.
The net assets of the fund also decreased, the sources being decreases in unappropriated profit and surplus on the revaluation of AFS.
ANALYSIS OF FINANCIAL PERFORMANCE (JUNE '03- JUNE'07):
The operating performance of the fund improved from 2003 to a peak in 2006. After that in 2007, the profile witnessed a decline.
The dividend income of the bank remained almost consistent throughout the years. The fund has diversified investments with some of them being in active sectors of the economy. A robust growth in the market capitalisation of the economy owes to strong macroeconomic performance as well as financial sector reforms. These have increased the global investor's confidence. Aggressive foreign interest in the domestic capital markets particularly in the banking sector (owing to the acceleration in the Mergers & Acquisition activity) has allowed the market to remain buoyant throughout the years.
The capital gains were lower this year as compared to the last year because the capital gains of 2006 included the impact of gain from NRL privatisation of Rs 323 million. The capital gains in 2007 were about 3 times less than those in 2006. Due to lower capital gains, the total income of the fund was also recorded at a lower level in 2007 than in 2006.
The capital gain to total income ratio showed a peak in 2005, declining after that. This was because the total income in 2005 was the lowest of all the years in the period concerned. This was because in 2005 there was experienced a negative unrealised appreciation on investment. Since the capital gains declined in 2007, the ratio also continued its decline. Capital gains comprised only 52.40% of the total income in 2007 as compared to 98.57% in 2006.
The dividend income to total income showed almost a consistent trend except a little rise in 2005 owing to a robust growth in the capital markets. Since the total income was less in 2007 as against 2006, the ratio witnessed a slight increase over 2006 in 2007. The dividend income comprised 20.62% of total income in 2007 while it constituted 15.81% in 2006.
The returns from investment of the company peaked in 2003 and 2006. In other years, they were much lower.
The profit after tax of the company in 2006 was the highest among all the years in the period under review. This was due to higher total income due to capital gains from the privatisation of NRL.
The return on assets in 2003 was 30.63%. The fund's asset base was smallest in 2003 of all the years, while the profit remained high due to lower expenses. In 2006, the ratio again increased to 28.34% due to a more than double increase in profit. The total asset base continued to increase while the profit saw a decrease in 2007. Hence, the ratio was lower at 16.33%. This was almost a 1.5 times decline.
The return to equity ratio depicted a similar trend as the return to assets ratio of the fund due to similar reasons as mentioned above. The equity of the fund continued to rise as investors' confidence in market grew and as more foreign investors were attracted to the capital stocks. The ratio was at a level of 17.32% in 2007 as against 31.46% in 2006.
The PAT to total income paralleled the other two ratios due to same reasons. It was recorded at 86.18% in 2007 and 90.27% in 2006.
The debt management profile of the company showed a fluctuating trend while attaining a peak in 2006. Overall, the ratios have remained low indicating that the fund has managed its liabilities quite effectively. It also reinforces the fact that the fund is largely equity-based. The debt to asset ratio indicated a peak in 2006 at 0.10 since the liabilities of the fund were the highest in 2006. The major portion of the fund's payables comprises the fee to investment advisor. This portion showed a major increase in 2006. In 2007, the ratio was at 0.06. Though the fee to SECP increased in 2007, however, the total assets recorded a far greater increase over the period 2006-2007. Hence, the ratio was lower than in 2006.
The debt to equity ratio peaked in 2006 for the same reason. It was 0.11 in 2006. In 2007 it declined to 0.06 due to an increase in the unappropriated profit and surplus on revaluation of available for sale securities.
The capital adequacy of the institution shows a minor declining trend but still hovering around almost the same. This indicates the ability of the fund to maintain its capital adequacy around a similar value. This is also because the fund is equity based.
The major portion of the equity goes to the capital of the fund, followed by unappropriated profit. The assets are allocated with the greatest part going to investments, then bank balances. Among the investments, the largest is in the banking sector. In terms of sectoral performance of 2007, the banking sector topped the list with 56% growth with profitability driven by increased interest and non interest income. Cement sector out-performed the KSE-100 Index significantly, as the price appreciation was driven by the strong local as well as regional demand. Power sector had a good year owing to the shift of the sector to capacity enhancements of IPPs owing to the growth in the demand of power and lower availability of gas.
The asset and equity break-up of the fund is as shown.
The market value of the fund has shown mixed trends. Generally, the market value of the fund has remained high throughout.
The net assets of the fund have maintained almost a consistent value except in 2003. The net assets of the funds have increased throughout, most of them being financed by capital through investments in equity. The capital base of the fund remained same for the last four years and so did the premium on issue of certificate. What increased was the unappropriated profit and surplus on revaluation of available for sale securities.
The closing NAV almost maintained a similar level. This shows that fund is able to handle the volatility in the market and hence is able to maintain its NAV at a consistent value. The number of share certificates in 2007 remained same as in 2006 but the net assets recorded a greater value that made the ratio stand out at 22.08 as against 19.32 in 2006.
The earnings per certificate also maintained a similar value throughout the period under review. It showed a slight dip in 2005 due to lower profitability. It increased in 2006 due to a more than double increase in profits. However, the ratio slightly declined in 2007 as lower capital gains stimulated lower profits. Consequently, the ratio was recorded at 3.83 in 2007 as compared to 6.08 in 2006.
Future outlook: Current economic growth rate, privatisation policy, economic reforms, deregulation policy, new listings and the performance of micro economy would contribute significantly towards further market appreciation. We may expect the net asset value to increase in the future as investors become more confident about the capital markets in Pakistan. Moreover, as the global investors have also started showing greater interest, the market capitalisation may further increase. The current political uncertainty due to declaration of emergency in the country is expected to remain for a short period only. After that, the prices of the shares are expected to increase. Taking all these facts into consideration, the profitability and operating results of the fund are expected to increase.
The banking sector recently experienced a decrease of 14bps in the spread. Its profitability is therefore expected to decline. However, the diversification offered by the fund would cope up with that.
The fund does not seem to face any problems with regard to its capital adequacy that is sufficient to maintain to long-term growth. It can also be said for the debt profile of the fund. However, a fact to be noted is that the fund does not have any investments in government securities that provide a more certain return. Hence, the investors from this view may face greater uncertainty about the returns and volatility in their investments. Overall, the risk may be reduced due a diversified portfolio of the fund.
================================================================================ ============================= PICIC Investment Fund - Financials ================================================================================ ============================= STATEMENT OF ASSETS & LIABILITIES 2003 2004 2005 2006 2007 ================================================================================ ============================= Net Assets: Investment in HFT 1,348,124 4,397,356 3,535,617 3,983,476 4,021,406 Investment in AFS 995,561 1,230,398 1,809,212 1,351,098 1,615,931 Other Assets 152,144 412,950 715,715 758,447 1,017,715 Total Assets 2,495,829 6,040,704 6,060,544 6,093,021 6,655,052 Liabilities -47,704 -239,273 -177,814 -602,551 -381,142 Net Assets: 2,448,125 5,801,431 5,882,730 5,490,470 6,273,910 Financed By: Capital 1,150,000 2,841,250 2,841,250 2,841,250 2,841,250 Premium on issue of certificate - 984,688 984,688 984,688 984,688 General Reserve 225 225 225 225 225 Reserver for issue of bonus certificate 112,500 0 0 0 0 Unappropriated profit 750,887 1,305,918 808,403 830,701 1,349,307 Surplus on revaluation of AFS Investment 434,513 669,350 1,248,164 833,606 1,098,440 Total 2,448,125 5,801,431 5,882,730 5,490,470 6,273,910 Net Asset Value per Certificate (Rupees) 21.29 20.42 20.7 19.32 22.08 ================================================================================ ============================= ================================================================================ ===================================================== INCOME STATEMENT 2003 2004 2005 2006 2007 ================================================================================ ===================================================== Income: ================================================================================ ===================================================== Capital gain on Sale of Investments -net 178,673 724,300 998,884 1,885,810 660,873 Unrealised appreciation/(Diminution) on remeasurement of investment 454,199 35,141 -517,351 -313,482 274,705 Dividend 174,517 254,700 311,484 302,402 260,111 Other Income 8,509 8,435 11,648 38,382 65,477 Total Income 815,898 1,022,576 804,665 1,913,112 1,261,166 ================================================================================ ===================================================== Expenditure: ================================================================================ ===================================================== Management Fee 44,495 119,979 111,370 122,463 110,963 Auditors' Remuneration 740 335 323 428 422 Other Expenses 6,184 61,481 53,987 57,274 62,925 51,419 181,795 165,680 180,165 174,310 Profit Before Taxation 764,479 840,781 638,985 1,732,947 1,086,856 Taxation - Prior years - - - 5,898 - Profit After Taxation 764,479 840,781 638,985 1,727,049 1,086,856 Basic Earning per Certificate (Rupees) 5.91 4.16 2.25 6.08 3.83 ================================================================================ ===================================================== Ratios ================================================================================ ===================================================== Operating Performance 2003 2004 2005 2006 2007 ================================================================================ ===================================================== Dividend Income 174517 254700 311484 302402 260111 Capital Gain 178,673 724,300 998,884 1,885,810 660,873 Capital Gain/Total Income 21.90% 70.83% 124.14% 98.57% 52.40% Dividend Income/Total Income 21.39% 24.91% 38.71% 15.81% 20.62% ================================================================================ ===================================================== Profitability Ratios 2003 2004 2005 2006 2007 ================================================================================ ===================================================== Return on Assets 30.63% 13.92% 10.54% 28.34% 16.33% Return on Equity 31.23% 14.49% 10.86% 31.46% 17.32% PAT/Total Income 93.70% 82.22% 79.41% 90.27% 86.18% ================================================================================ ===================================================== Debt Management Ratios 2003 2004 2005 2006 2007 ================================================================================ ===================================================== Debt/Assets Ratio 0.02 0.04 0.03 0.10 0.06 Debt/Equity 0.02 0.04 0.03 0.11 0.06 Capital Adequacy 2003 2004 2005 2006 2007 Paid-up Capital / Total Equity 0.47 0.49 0.48 0.52 0.45 Equity/Total Assets 0.98 0.96 0.97 0.90 0.94 ================================================================================ ===================================================== Market Value Ratios 2003 2004 2005 2006 2007 ================================================================================ ===================================================== Net Assets 2448125 5801431 5882730 5490470 6273910 Closing NAV 21.29 20.42 20.70 19.32 22.08 Earnings Per Certificate 5.91 4.16 2.25 6.08 3.83 ================================================================================ =====================================================
COURTESY: Economics and Finance Department, Institute of Business Administration, Karachi.
Click Here For: "Daily Reports From Different Brokerage Houses"
Ps: The above information is neither an offer to sell nor solicitation to buy any of the securities mentioned herein !!
Regards..
Muhammad Umair..
Ps: The above information is neither an offer to sell nor solicitation to buy any of the securities mentioned herein !!
Muhammad Umair..
#9
Posted 31 December 2007 - 03:24 PM
ASSALAM O ALAIKUM
today when the max. shares were freez.it was open ???
what do you say
at what price we should invest in it ???
OR
I should choose from PGF OR PEF
please reply seniors
thanks
today when the max. shares were freez.it was open ???
what do you say
at what price we should invest in it ???
OR
I should choose from PGF OR PEF
please reply seniors
thanks
ALLAH ALLAH ALLAH ALLAH ALLAH ALLAH ALLAH ALLAH ALLAH ALLAH ALLH ALLAH
#11
Posted 15 February 2008 - 10:37 AM
15-FEB-08 PIF PICIC Inv.Fund FINANCIAL RESULT FOR THE HALF YEAR ENDED 31/12/2OO7
15-FEB-08 PIF PICIC Inv.Fund DIVIDEND = 7.5%(i)
15-FEB-08 PIF PICIC Inv.Fund PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 170.623
15-FEB-08 PIF PICIC Inv.Fund PROFIT/LOSS AFTER TAXATION RS. IN MILLION 170.623
15-FEB-08 PIF PICIC Inv.Fund EPS = with unrealized 0.60 without unrealized 0.64
15-FEB-08 PIF PICIC Inv.Fund BOOK CLOSURE FROM 15/03/2008
15-FEB-08 PIF PICIC Inv.Fund BOOK CLOSURE TO 22/03/2008
15-FEB-08 PIF PICIC Inv.Fund DIVIDEND = 7.5%(i)
15-FEB-08 PIF PICIC Inv.Fund PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 170.623
15-FEB-08 PIF PICIC Inv.Fund PROFIT/LOSS AFTER TAXATION RS. IN MILLION 170.623
15-FEB-08 PIF PICIC Inv.Fund EPS = with unrealized 0.60 without unrealized 0.64
15-FEB-08 PIF PICIC Inv.Fund BOOK CLOSURE FROM 15/03/2008
15-FEB-08 PIF PICIC Inv.Fund BOOK CLOSURE TO 22/03/2008
Click Here For: "Daily Reports From Different Brokerage Houses"
Note: Please make your own due diligence before making any decision
Regards,
Abdul Mateen Khan
#12
Posted 12 April 2008 - 06:36 PM
PIF Mon, Apr 21 2008 at 11:30 Accounts For Jan-Mar 2008.
Ps: The above information is neither an offer to sell nor solicitation to buy any of the securities mentioned herein !!
Do ur own home wrok & reserch b4 buy or sell !!!
PASSA APP KA PROFIT APP KA OR LOSS BHE APP KA !!!!!!!
Regards
Do ur own home wrok & reserch b4 buy or sell !!!
PASSA APP KA PROFIT APP KA OR LOSS BHE APP KA !!!!!!!
Regards
