Listed
Company Profiles
Non-banking Finance
ANSA Finance and Merchant Bank Limited
The Chairman has issued a guarded statement for the outlook for the
remainder of the year. We concur with his assessment and now estimate
that the Company would earn 65 cents per share for 2002 with a dividend
of 30 cents per share. At the current price of $7.85 per share this is
a PE Ratio of 12.08, which makes this share fully priced.
The Company
Formally known as Amalgamated Finance Company Ltd., the
Company was renamed ANSA Finance Limited following acquisitions made
by the ANSA McAl Group. The Company engaged in a wide range of financial
services including leasing, mortgages, unit trust and merchant banking
services.
In September 1998, the operations of former ANSA Merchant
Bank were consolidated with those of ANSA Finance and the name of the
Company was changed to ANSA Finance and Merchant Bank Ltd. The addition
of the Merchant Bank allowed the Company to expand its business to
include merchant banking activities and foreign exchange trading and
investment services.
The major shareholders in the Company are ANSA McAl
Limited 52% and Trinidad and Tobago Unit Trust Corporation 5.14%.
For more information: Download AFL.PDF
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Guardian Holdings Limited
Earnings per share reached 56 cents in the quarter ended March 31, 2003,
compared to 28 cents made in the corresponding period in 2002. We project
a full-year EPS of $1.65 and a total dividend payout of 58 cents. At
the current price of $21.51 this gives a PE ratio of 13.04, thus there
may be some value for medium to long-term investors.
The Company
The Group’s subsidiaries and joint ventures are engaged
in the underwriting of all classes of long term insurance business,
associated investment activities and real estate development.
GHL’s
major subsidiaries are Guardian Life of the Caribbean Ltd., one of the
main life insurance providers in Trinidad and Tobago, and Guardian Properties
which is the property development and management arm of the Group.
GHL also has strong alliances with Royal Bank through BancAssurance Caribbean
Ltd. (50%) and Angostura Holdings through Tobago Plantations Ltd. (50%).
In
1999 GHL successfully acquired the financially troubled Jamaican insurance
trio of Dyoll Life, Crown Eagle Life and Jamaica Mutual and operates
under the name Guardian Life of Jamaica Limited.
The Company’s
major shareholders are Tenetic Limited 20.8%, and Roytrin Securities
15.9%.
For more information: Download GHL.PDF
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National Enterprises Limited
In looking at future prospects the Chairman has stated that he expects
the Company to meet its dividend forecast for 2004 of 32¢ per share.
We expect the Company to surpass this forecast. We based this on the
current high prices for energy-based products and also TSTT’s forecast
takes into account competition which has so far fail to materialise.
TRINGEN has recorded after tax profits of $103.9 million for the first
five months of 2003; NEL’s take is $52.99 million or 90% of the
budget for the entire year of $58.805 million. Given these positive sentiments
we recommend this share as a buy for all classes of investors.
The Company
National Enterprises Limited (NEL) was incorporated in Trinidad
and Tobago on August 27,1999 under the Companies Act, 1995. NEL’s
main business is that of an Investment Holding Company. The Company
was created by the Minister of Finance (Corporation Sole) to hold the
51 per cent shareholding in TSTT, Tringen and NFM of the Government
of the Republic of Trinidad and Tobago (GORTT).
As an Investment Holding
Company, NEL receives dividend income from its investments in TSTT,
Tringen, and NFM. In turn, NEL will declare dividends (usually twice
a year) to its shareholders. The overall objective of the Company
is to provide investors with a well managed investment designed to meet
the specific objectives of income and capital growth with some degree
of spread of investment risks. In September of 2002, the GORTT offered
a second tranche of NEL shares at $4.75 to the public with 50,675,300
shares taken up.
The major shareholders in the Company are GORTT
90%, National Gas Company of T&T
Ltd. 9.2 %, NIB 1%, Republic Bank 0.8% and the Unit Trust Corporation
0.8%.
For more information: Download NEL.PDF
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