KSL - Kina Securities

[divs4ever]

i would need something in the 70-72 cent range to get me reaching for the calculator , considering IF to add more here

but is it a 'one-off' ( with more customers to come from this incident ) or are there more 'cockroaches '

i hold KSL

 

[divs4ever]

Customer Fraud Incident – correction to earnings impact

Kina Securities Limited (ASX:KSL | PNGX:KSL) (Kina or the Company) made an announcement to the market yesterday, 18 June 2024, in relation to a recent customer fraud incident.
The original announcement can be found on ASX at https://cdn-api.markitdigital.com/apiman-gateway/ASX/asxresearch/1.0/file/2924-02818414-2A1529636.

Yesterday’s announcement contained an error in the revised forecast NPAT figures, reflecting the impact of the fraud incident, assuming nil recovery.

The errors, and the corrected figures, are as follows:
• The revised forecast NPAT for the half year ending 30 June 2024 was stated to be between PGK34.6m and PGK42.9m.
The reference to PGK34.6m is incorrect – that figure should be PGK41.2m.
The correct NPAT range for the half year is therefore PGK41.2m to PGK42.9m.
• The revised forecast NPAT for the full year ending 31 December 2024 was stated to be between PGK102.9m and PGK111.2m.
The reference to PGK102.9m is incorrect – that figure should bePGK109.5m.
The correct NPAT range for the full year is therefore PGK109.5m to PGK111.2m.
We also advise that Kina’s underlying business performance, excluding the impact of the fraud event,continues to track in line with plan and analyst consensus.

For further information:Johnson KaloCFO and Company Secretary Email: Johnson.Kalo@kinabank.com.pg

This Announcement was authorised for release by the Board of Kina.

i hold KSL

 

[galumay]

Is it a second red flag? (getting the amounts incorrect.)

 

[divs4ever]

Is it a second red flag? (getting the amounts incorrect.)

maybe depends on if they were trying to convert into $A

but something to watch for ( and think about considering they offer 'financial services ' )

but i need a fair bit lower before considering if to add more

 

[peter2]

Back at $0.95. Nothing to see here. Buy the dippers are not eating kippers this time.

 

[peter2]

Back near highs. Buying that June dip (0.88) is looking good now. Yes I did enjoy the 0.034 div. paid along the way. It made me feel like a long term investor enjoying the capital gains along with the divs.
Have raised my exit stop to 0.98 now.

 

[divs4ever]

am happy with them so far , no current plans to reduce or sell

who would have thought ??

 

[galumay]

Yep, why would you own one of the big 4, when there is a bank like this?! I probably should have kept adding, but its already a large position for me and there is some sovereign risk.

 

[divs4ever]

actually it was the worry of sovereign risk ( another Royal Commission ) that swung me into buying KSL ( in small cautious buys )

that said my major bank exposure is MQG because i was chasing growth in the backing sector in 2011 and am still carefully pursuing it

my finance sector looks a little weird to be sure , MQG , ABA/MYS ( as they plan to merge ) KSL , and a very small number of WBC , especially now SUN has abandoned banking .

 

[galumay]

 

[divs4ever]

View attachment 194329

my av. SP is just under 82 cents , apart from the lack of franking credits ( which is natural , of course )

what is not to like , here

sure there will always be FX risk ( i doubt the Kina will be stronger than the Aussie dollar in my lifetime ) but KSL has room to grow sensibly

 

[galumay]

Another solid H1 from KSL, this year has seen some appreciation of the share price (39%), so the increase in the dividend helps keep the yield up.