PDA

View Full Version : Gulf Bank going from 125b to 250B



Kickabuck
06-10-2013, 07:13 PM
It's been in the news a while, Gulf Bank (BGUC) is going from 125B to 250B with 23% free and 77% paid ups, trading is suspended for their GA meeting. Generally one would expect a price drop with 77% paid ups, but Gulf Bank is pulling a rabbit out of it's hat. Is anyone paying attention to their numbers? Let's see...1) their share price is below book value...hmmm??? 2) Their PE ratio is sitting at 2.6 WHAT??? There is NO lower ratio for banks listed on the ISX 3) They were up over 100% in both net income and profit for 2012 NICE!! 4) Their Q1 2013 revenue is equal to North Bank who's sitting at 2.15 or so per share. 5) They have management skills, Iraq Holding Company - Kuwait own 51% minimum. If and when there's ever a run on the ISX, 77% paid ups at 1 IQD will be one to laugh about. I sold SMRI to cover the paid ups...took Warka 2 days to complete the transaction.

cowpoke
06-10-2013, 11:33 PM
Hmm, must be a Shia ran bank.

Kickabuck
06-11-2013, 02:55 AM
But, per the Sansar Report :
"...banks with foreign strategic owners trade at a 71% P/E multiple premium to the other Iraqi banks. We see a similar divergence between banks that are "Islamic" and thus trade at a premium vs. "non-Islamic" banks that trade at a discount."

Kickabuck
06-11-2013, 03:01 AM
Add this to the mix, from the same report : While Iraqi investors seem to clearly make a distinction in valuation premium given to banks with a strategic owner to those without a strategic owner, we see no positive correlation between economic value drivers and trading multiples. Instead, we see a negative correlation between economic return and valuation multiple.
Perhaps the negative correlation seen in the market is associated with investor psychology which focuses on nominal share-price rather than P/E multiples. Hence investors view a bank trading at 2 dinars to be more expensive than a bank trading at 1 dinar irrespective of P/E multiple of the two banks. Therefore, banks that earn high returns do not necessarily see their share price move up; this in turn depresses the P/E multiple for those companies.

HumbleGenius
06-11-2013, 10:55 AM
Hmm, must be a Shia ran bank.

Is it....?

HumbleGenius
06-17-2013, 02:52 PM
 

Gulf Commercial Bank (BGUC) approved in its GA today (June 17) increasing the capital through 77% rights and 23% bonus issue from IQD125bn to IQD250bn.

(Courtesy Rabee Securities)

ISX Junkie using Aljazera
07-09-2013, 03:26 PM
Per my broker, the 77% paid up subscription began yesterday 8 July 2013 and will last 15 days for eligible shareholders. They are subscribing for me tomorrow.

HumbleGenius
07-09-2013, 07:15 PM
Per my broker, the 77% paid up subscription began yesterday 8 July 2013 and will last 15 days for eligible shareholders. They are subscribing for me tomorrow.

I copied and pasted the ISX News in my letter to Warka requesting my Free Shares and the Paid Ups. Pending a non response I will contact the ISX itself, as I have in the past and expressed my concerns as to the Warka ISX Department not providing services required as a broker. Warka should have announced this on Sunday 7/7 or yesterday at the latest.

I suggest others send their requests also.

HG

Kickabuck
07-11-2013, 11:47 PM
Per my broker, the 77% paid up subscription began yesterday 8 July 2013 and will last 15 days for eligible shareholders. They are subscribing for me tomorrow.
OK, I'm jealous...but only a little jealous. I can now almost buy it at subscription price (If I could have a buy order executed). There is this GEM out there called "Rabee", they ONLY require 100K! Have you been reading their daily reports about all the dividends they have been distributing?

ISX Junkie using Aljazera
07-12-2013, 01:41 AM
I am not tyring to make anyone jealous. I am simply adding an update to this thread for those in Warka who want to participate. That is not to say that Warka won't post the BGUC offer. If I remember correctly, the alloted time frame for sending in your request can range anywhere from more than 2 weeks to less than a few days. Yes I have been reading Rabee's ISX News section and Aljazera's important announcments showing all the recent dividends that are being distributed. So far I received 2 dividends, IBSD and AISP. What a stock AISP is! A 50% dividend and more free shares. Also a very healthy gain in price sitting nice at 8.5 Dinar! I should be receiving my 200% Asia Cell dividend any day now as well. :cool:

Patton
07-14-2013, 03:54 PM
Are you serious? Paid up shares? To whom and to where? Your worthless Warka bank account and worthless ISX department. You're sadly chasing ghosts. Come on man snap out of your delusional state. No offense I'm not jealous just sad for you still hanging on to some bogus stock garbage.

ISX Junkie using Aljazera
07-14-2013, 07:59 PM
Are you serious? Paid up shares? To whom and to where? Your worthless Warka bank account and worthless ISX department. You're sadly chasing ghosts. Come on man snap out of your delusional state. No offense I'm not jealous just sad for you still hanging on to some bogus stock garbage.

I am not with Warka. Geez someone is PMSing. :eek:

Robert Smith
07-15-2013, 01:59 PM
I am not with Warka. Geez someone is PMSing. :eek:

Although not announced on their website Warka will purchase the paid-up shares if requested.

Dear Sir,

Please note that we received your authorization letter and we will act accordingly. Best regards, ISX Department Warka Bank for Investment and Finance

Kickabuck
07-15-2013, 04:02 PM
This morning they accepted my letter too.

dinar shore
07-15-2013, 06:36 PM
Is it plausible to believe that at some point, Warka-ISX will retroactively post any 'Free Shares' that have been issued in the last several months? I feel helpless and I have over 30 million shares of various vector stocks parked at Warka. I remember back in 2005 / 2006 when I first purchased Warka stock that the consensus was that it would be the safest and one of the most secure stocks to hold. I never thought that the piece of Shiite, Maliki, would derail Warka over religious and political sects. All we can do is wait. At least 92% of my shares are in 'My Good Name.'

HumbleGenius
10-26-2013, 05:15 PM
Per my broker, the 77% paid up subscription began yesterday 8 July 2013 and will last 15 days for eligible shareholders. They are subscribing for me tomorrow.

Junkie, have you (or anyone else that deals with a real brokerage on the ISX and own Gulf Bank) received your paid ups or free shares for Gulf Bank as of today?

Thanks ahead of time.

ISX Junkie using Aljazera
10-26-2013, 05:48 PM
Junkie, have you (or anyone else that deals with a real brokerage on the ISX and own Gulf Bank) received your paid ups or free shares for Gulf Bank as of today?

Thanks ahead of time.

Hello HG. Yes I have received both paid ups and free shares.

HumbleGenius
10-26-2013, 08:23 PM
Although not announced on their website Warka will purchase the paid-up shares if requested.

Dear Sir,

Please note that we received your authorization letter and we will act accordingly.Best regards,ISX Department Warka Bank for Investment and Finance


How are your Gulf paid ups working out for you from Warka?