+++ THAI FARMERS Quartalsabschluss - ausfuehrl. Analyse +++ - 500 Beiträge pro Seite

[Informator]

1. Executive Summary TFB Q1 2001 vom INFORMATOR
2. Quartalsabschluss (GuV) TFB Q1 2001
3. weiter unten aktueller Bericht von Reuters

1. Kommentar:

TFB`s Nettogewinn hat zwar enttaeuscht, die Differenz ggu. Erwartungen und ggu. den anderen Banken ist aber klar und ausschliesslich durch eine ausserordentliche Rueckstellung entstanden. Diese wurde fuer Risiken gebildet, fuer die sonst keiner eine Rueckstellung gebildet hat, naemlich Velruste aus Versteigenungen von gepfaendeten Sicherheiten, wenn der Erloes unter Buchwert liegt. Des weiteren wurden Abschreibungen bei den Asset Mgmt Toechtern gebildet.

Die Sondereinfluesse machen zusammen 2.1 Mrd Baht aus. Der quartalsgewinn pro Aktie haette ohne Sondereinfluesse statt bei 0.02 also bei 0.9 Baht gelegen.
(TFB 100% = 2,35 Mrd. Aktien)

Annualisiert macht das 3.6 Baht, d.h ein KGV von 6 bis 7, dies aber in einer immer noch sehr schlechten Zeit, ohne Thaksins AMC.

Ein wirtschaftsaufschwung duerfte TFB in die Zone von 5 - 10 Baht EPS bringen, und die ueblichen KGVs werden in einer Aufschwungphase bei 20-30 liegen.

nun die Zahlen...

2. Thai Farmers Bank Public Company Limited
Statements of Income
For the quarter ended March 31,
(Unit : Baht)
2001 2000
Interest and dividend income 9,859,408,586.47 10,474,771,374.77
Non - interest income 2,965,691,655.10 1,778,479,705.80
Share of profit (loss) in subsidiaries and
associated companies (613,222,694.99) 29,339,168.97
Total income 12,211,877,546.58 12,282,590,249.54
Interest expenses 5,772,790,440.30 6,637,844,048.66
Bad debt and doubtful accounts - -
Loss on impairment of assets 1,345,581,411.12 200,360,109.74
Other operating expenses 4,955,428,587.38 4,807,672,142.68
Income tax expenses 79,409,780.10 312,259,268.81
Net income 58,667,327.68 324,454,679.65
Basic earnings per share 0.02 0.14

Notes
The Bank`s operating results for the quarter ended March 31, 2001 had the following notes.
1. Major expenses include :
This quarter, the Bank has put down additional allowance for impairment of assets,
amounting to Baht 1.4 billion to absorb potential expenses in the future that may incur
to the foreclosed assets of Baht 14.6 billion as at March 31,2001 due to further losses
on impairment of assets, maintenance expenses and losses incurred from sales. The above
practice is consistent with the Bank`s more conservative policy on foreclosed asset
management.
As at March 31, 2001, properties foreclosed are as follows:
(Millions of Baht)
Properties foreclosed 14,630.0
Less Allowance for impairment of properties foreclosed 2,637.2
Properties foreclosed - net 11,992.8

Under the bilateral agreements in 2000 between the Bank and its 2 labor unions, the
Bank has agreed to pay the annual bonus according to its performance. The actual
payment will be made once a year no later than February, starting from 2001 onward.

On the first quarter of 2001, the Bank paid the annual bonus of 2 month-salary to
employees, amounting to approximately Baht 550 million as agreed in the agreement.

Using the equity method of accounting, the Bank recognized a loss from subsidiary
and associated companies of Baht 613 million, most of which incurred by the two
asset management companies.


Thai Farmers Bank posted a net profit of 58.6 million baht (0.14 baht a share) for the first quarter of this year, compared with a net profit of 324.4 million baht last year, according to president Banthoon Lamsam.
As of March 31, total assets were 786 billion baht while its lending portfolio amounted to 448.6 billion baht. Total deposits were 654.7 billion baht.
The bank said it had made provisions of 1.4 billion baht against the possible diminution of asset values pending auctions. The expected future expenditure included asset value diminution, asset holding expenses and losses incurred from auctioning assets worth 14.6 billion baht.
For this year the bank has agreed to pay bonuses worth 550 million baht or two months` salary to its staff. The bank had reached an agreement with its workers` union last year that staff bonuses would vary with the bank`s performance and would be paid only once annually, in February. This year`s bonuses were booked as expenses in the first quarter.
The bank also booked losses totalling 613 million baht from subsidiaries, based on an equity method. Most of the losses were incurred by its Thonburi and Chanthaburi asset management companies. At the end of the first quarter, the bank`s non-performing loans were 65.8 billion baht or 13.3% of its total loans, while its capital adequacy ratio was 11.78%.
TFB shares closed yesterday on the Stock Exchange of Thailand at 21.25 baht, down 0.5 baht, on turnover worth 279.11 million baht.

Source: BANGKOK POST 20/04/2001 P2

[Rhum56]

Informator

Vielen Dank für die Info

Schönes Wochenende

stay long

[captainfish]

Geehrter Informator-danke für das Beruhigungsposting...Das tut gut,weil ich gerade vorher nur folgende Schlagzeile gelesen hab:TFB-Gewinn um über 80% eingebrochen.Schönes Wochenende und viel Erfolg

[gholzbauer]

Hallo Informator,
danke für den Beitrag.
MfG

[Bing0]

informator,

vielen Dank für die Zusammenstellung. Hattest Du bei den Sondereinflüssen auch den jährlichen Bonus für die Mitarbeiter von 550 Mio baht eingerechnet?

Was steckt hinter dem Anstieg der Einnahmen aus dem nicht-Zins Bereich?

Gruß, bing0

[Informator]

@bingO

1. die 550 Mio fuer staff bonus hatte ich noch nicht einmal eingerechnet, der quartalsgewinn wuerde sich sogar um drei viertel davon (= ca. THB 412 Mio.) erhoehen, wenn man den bonus aufs gesamtjahr umlegt, wie man es oekonomisch richtig machen sollte

Dann haetten wir noch bessere Ratios....


2. die sonstigen Einnahmen sind nicht erlaeutert, sind aber bei Banken zumeist Provisions- und Eigenhandelsertraege.

Diese liegen vermutl. wegen der wesentlich besseren Aktienmaerkte (insbes. volumen), des volatileren Baht, des allg. hoheren Bondemissionsvolumens / Corporate finance aktivitaeten wieder etwas hoeher (haben aber auch noch Luft nach oben, wenn Corporate Finance mal wieder richtig anzieht!)