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NMB Bank's Insight analysis

1.Introduction:
Name: NMB Bank Limited
Business: Banking
Date of operation: 05.06.2008 (as commercial Bank)
C.E.O: Mr. Upendra Poudyal
Chairman: Mr Pawan Kumar Golyan
Branches(Including H.O): 21
ATMs: 23
Head Office: NMB Bhawan, Babarmahal, Kathmandu
Stock code (Nepse): NMB

2.Ownership Pattern:
Domestic Ownership: 87.33%
Other licensed Institutions: 11.01%
Other entities: 6.30%
Individuals: 70.02%
Foreign Ownership: 12.67%
NOTE: The pattern of ownership is based upon latest published annual report.

3.List of Prominent Shareholders:
Shareholders Shareholding in %
Yong Lian Realty, Malaysia 12.67
Karmachari Sanchaya Kosh 11.01
Nanda Kishor Rathi 5.15
M/S. Gayatri Investment & Management (P) Ltd. 4.26
Trilok Chand Agrawal 4.05
Purushtom Lal Shangai 3.85
Pawan Kumar Golyan 3.85
Atmaram Murarka 3.85
Santosh Rathi 3.07
Anant Kumar Golyan 2.05
Manju Tapadiya 1.58
Din Bandhu Agrawal 1.5
Balram Neupane 1.48
Narpat Singh Jain 1.37
Ashok Kumar Murarka 1.16

4.Equity Analysis:
52 Week High Price: 235
52 Week Low Price: 129
Last Trading Price(21.03.2012): 147
Paid-up Capital: 200 Cr.
Market Capitalization: 294 Cr.
EPS(annualized)*: 5.47
P/E Ratio*: 26.87
Net Worth per Share*: 113
P/B.V Ratio*: 1.3
Total trading days*: 53
Total number of transaction*: 314
*Based on unaudited second Quarter 2068/69.

5.Performance Highlights:
Particulars F/Y 2063/64 F/Y 2064/65 F/Y 2065/66 F/Y 2066/67 F/Y 2067/68
Total Assets 4,420,937,112 8,927,891,620 15,856,664,327 13,226,578,393 15,948,192,045
YOY Increase in Total Assets (%) - 101.95 77.61 -16.59 20.58
Total Deposit 1,296,388,884 1,661,604,750 6,877,907,436 10,110,689,731 12,866,221,928
YOY Increase in Total Deposits (%) - 28.17 313.93 47.00 27.25
Total loan Advance and Bill purchased 1,395,884,717 1,939,967,542 5,194,210,667 7,808,118,687 11,208,573,935
Net profit 75,138,054 72,822,042 62,952,777 159,870,490 221,504,774
YOY increase in NPAT (%) - -3.08 -13.55 153.95 38.55
Non performing Credit/Total Credit (%) 1.73 1.52 0.51 0.7 0.27
Weighted average interest rate spread (%) 3.58 2.41 3.58 3.19 3.18
No. of shares(No.) 2,000,000 10,000,000 14,246,000 15,015,000 20,000,000
No. of employees(No.) 34 54 126 159 189

6.Key Findings:
1. Based on FY 2067/68 comparison among 24 Commercial banks(25 at present) listed in Nepal Stock Exchange, NMB Bank ranks as follows:
Head Rank
By M-Cap 14th
By Operation date (as commercial bank) 23rd
By Deposit 20th
By Total Asset 20th
By Per share total assets value 19th

2. Ratio of total assets value to market capitalization for this bank comes around 5.8. The value of P/E ratio for this stock is around 26.87 whereas the ratio of price to book value nears around 1.3. All these three ratios we have taken as reference gives varied opinion. Looking at P/E, the stock might appear overvalued. On the contrary, the figure of price to book value ratio reveals that the stock is dearly priced and ratio of assets to M-Cap ratio suggests moderate pricing.

3. The latest published financial statement (as of second quarter 2068/69) reveals the following facts:
• Around 84.91% of total deposit is used to provide loan and advances.
• Around 13.56% of the total deposit is utilized for the Investment purpose.
• Around 9.87% of total deposit is foreign currency deposit.
• The ratio of its non-interest income to total operating income comes around 22.63%.
• The lending portfolio of the bank with sector wise exposure is presented below:

Head Exposure (%)
Real Estate Loan 11.94
Personal Home Loan
(Up to Rs. 100 lacs or less) 6.71
Margin Type Loan 2.69
O.D/ TR Loan/ WC Loan 32.25
Term Loan 11.59
Other Lending 34.81

4. The performance of the bank in 2nd Quarter 2068/69 as compared to same period in the previous year shows good increase in the size of balance sheet. However profit has fallen down substantially which shall be attributed mainly to the increase in cost of fund of the bank and hefty rise in provisions. With 27.45% increase in interest income, the interest expenses has gone up by more than 37%, staff expenses up by around 24% and other operating expenses up by around 28%.
Growth in Deposit 25.81%
Growth in Total Lending 18.79%
Increase in provision for possible loss 5.55 times
Decrease in Net Profit 54.44%

5. Structure of paid-up Capital Over Years:
Financial Year Cumulative Paid Up Capital Remarks
2006-07(2063-64 BS) 199,540,600 Issuance of 30% Bonus Shares
2007-08 (2064-65 BS) 1,000,000,000 Issuance of 1:4 Right Shares
2008-09 (2065-66 BS) 1,424,641,350 Issuance of 10% Bonus Shares and 30% Right Shares
2009-10 (2066-67 BS) 1,651,650,000 Auction of 53,586.5 remaining right shares of financial year 2008-09 and public issue of 715,000 shares. Premium of both the shares are accounted for accordingly.
2010-11 (2067-68 BS) 2,000,000,000 Issuance of 10:21.09 right shares and auction of unsubscribed right shares.



6. The bank has been operating as commercial bank since mid of year 2008. However the bank and its management have the experience of more than one and half decade of successful operation of financial institution. Before being in operation as commercial bank, the bank has been in operation by the name of Nepal Merchant Banking & Finance Ltd. (Bittiya Sanstha) since 11-09-2053 (licensed by NRB in 04-09-2053).

7. The bank has opened a subsidiary company NMB capital Limited by investing 70% of the equity capital amounting to NPR 70 Million (7,00,000 promoter shares of Rs.100 each fully paid up). The board of the bank has recently approved to further invest 30% equity capital in NMB capital amounting Rs. 30 Million and make it a 100% owned subsidiary company of NMB Bank Limited.

8. The bank has been paying moderate returns to its shareholders over years. Because of regular capital dilution in past few years as shown in point 5, the payout doesn’t look very promising.
Year F/Y 2063/64 F/Y 2064/65 F/Y 2065/66 F/Y 2066/67 F/Y 2067/68
Cash Dividend on Share Capital 30 0 0 10 9
Bonus Share 0 10.53 0 0.53 0
Total Payout (Dividend + Bonus Share) 30 10.53 0 10.53 9

Bank Of Asia Nepal Limited Insight analysis

1.Introduction: Name: Bank Of Asia Nepal Limited Business: Banking Date of operation: 12.10.2007 C.E.O: Mr. Parshuram K. Chettri Chairman: Mr. Trilok Chand Agrawal Branches(Including H.O): 29 ATMs: 22 Registered Office: Tripureshwor, Kathmandu. Stock code (Nepse): BOAN 2.Ownership Pattern: Domestic Ownership: 100% Other entities: 7.79% Individuals: 92.21% Foreign Ownership: - NOTE: The pattern of ownership is based upon latest published annual report. 3.List of Prominent Shareholders: Shareholders Shareholding in % Ram Chandra Sanghai 10.20% Trilok Chandra Agrawal 8% Govinda Lal Sanghai 6.65% Tulsi Ram Agrawal 4.53% Anuj Agrawal 4.00% Nikunja Agrawal 3.96% Vishal Agrawal 3.92% Nepal Life Insurance Co. Ltd. 3.50% Birendra Kumar Sanghai 2.17% Neelam Sanghai 1.50% Suresh kumar Agrawal 1.33% Manju Agrawal 1.21% Satish Kumar More 1.00% Pramila Devi Agrawal 1.00% Dina Nath Khendelwal 1.00% Citizen Investment Trust 1.00% Triveni Daal and Oil Ent. Pvt. Ltd. 0.97% Triveni Byapaar Co. Pvt. Ltd 0.93% 4.Equity Analysis: 52 Week High Price: 227 52 Week Low Price: 132 Last Trading Price(05.04.2012): 161 Paid-up Capital: 200 Cr. Market Capitalization: 322 Cr. EPS(annualized)*: 11.61 P/E Ratio*: 13.87 Net Worth per Share*: 113.53 P/B.V Ratio*: 1.42 Total trading days*: 57 Total number of transaction*: 740 *Based on unaudited second Quarter 2068/69. 5.Performance Highlights: Particulars F/Y 2064/65 F/Y 2065/66 F/Y 2066/67 F/Y 2067/68 Total Assets (NPR ‘Cr.) 429.3 1,164.35 1,554.36 1,769.96 YOY Increase in total Assets (%) - 171.22 33.50 13.87 Total Deposit (NPR ‘Cr.) 305.48 887.56 1,248.08 1,367.74 YOY Increase in total deposit (%) - 190.55 40.62 9.59 Total loan Advance and Bill purchased (NPR ‘Cr.) 272.77 763.58 1,110.74 1,162.90 YOY Increase in total Lending (%) - 179.94 45.46 4.70 Investment (NPR ‘Cr.) 70.31 172.7 241.59 264.82 Net profit (NPR ‘Cr.) 0.45 6.15 20.79 20.99 Non performing Credit/Total Credit (%) 0 0.01 0.27 1.4 Weighted average interest rate spread (%) 2.85 4.1 3.68 2.52 No. of shares(No. in '000) 7,000 10,000 15,000 20,000 No. of employees(No.) 87 234 301 311 6.Key Findings: 1. Based on FY 2067/68 comparison among 24 Commercial banks(25 at present) listed in Nepal Stock Exchange, BOAN ranks as follows: Head Rank By M-Cap 13th By Operation date (as commercial bank) 20th By Deposit 17th By Total Asset 17th By Per share total assets value 17th 2. Ratio of total assets value to market capitalization for this bank comes around 5.6. Based on this value, the stock looks moderately priced. However, the value of P/E ratio for this stock comes around 13.87 whereas the ratio of price to book value is around 1.42. Looking at P/E, the stock appears reasonably priced. Taken P/BV as reference, the stock looks dearly priced. 3. The latest published financial statement (as of second quarter 2068/69) reveals the following facts: • Around 83.55% of total deposit is used to provide loan and advances. • Around 22.86% of the total deposit is utilized for the Investment purpose. • Around 4.01% of total deposit is foreign currency deposit. • The ratio of its non-interest income to total operating income comes around 6.11%. • The lending portfolio of the bank with sector wise exposure is presented below: Head Exposure (%) Real Estate Loan 19.20% Personal Home Loan (Up to Rs. 100 lacs or less) 5.54% Margin Type Loan 0.95% O.D/ TR Loan/ WC Loan 43.10% Term Loan 12.29% Other Lending 18.94% 4. The performance of the bank in 2nd Quarter 2068/69 as compared to same period in the previous year doesn’t reflect satisfactory result. There is a minimal growth in size of deposit, substantial increase in provisions and contraction in the size of total lending. Fall in profit has been observed in this reporting period. The performance highlight during this period is shown below: Growth in Deposit 5.41% Decline in Total Lending 0.44% Increase in provision for possible loss 135.98% Decrease in Net Profit 5.73% 5. It might be a surprising fact that BOAN is one among few banks that has been operating with the lowest spread. With spread of 2.35% appearing in the quarterly report (F/Y 2068/69, 2nd Quarter), the bank has been able to generate good value of profit. However the cost of fund of this bank is well above the industrial average appearing around 10.53% in Q2 2068/69 report. With improving economic scenario and parallel fall in interest rate, the bank will be able to report a good rise in profit. 6. In the latest AGM of F/Y 2067/68 dated 03-09-2068, the shareholders of the bank has unanimously approved the special proposal regarding preparation of memorandum of understanding, appointment of auditor to carry out due diligence audit of assets and liabilities of the bank, fix remuneration of auditor for this purpose and similar other tasks for merger with any other suitable financial institution. The AGM has granted the authority to carry out all these activities regarding merger to the Board of directors of the bank. 7. Within a very short span of operation, the bank has been able to pay regular dividends to its shareholders since last three years. Taking into consideration the running price of its stock, the return might appear promising. Paticulars F/Y 2064/65 F/Y 2065/66 F/Y 2066/67 F/Y 2067/68 Cash Dividend on Share Capital (%) - 5 10.53 7.37 Bonus share on share Capital (%) - - - - Total Payout (%) - 5 10.53 7.37

Insight Analysis of Himalayan Bank Limited

1.Introduction: Name: Himalayan Bank Limited Business: Banking Date of operation: 18.01.1993 C.E.O: Mr. Ashoke SJB Rana Chairman: Mr. Manoj B. Shrestha Branches(Including H.O): 38 ATMs: 66 Corporate Office: Kamaladi, Kathmandu, Nepal Stock code (Nepse): HBL 2.Ownership Pattern: Domestic Ownership: 80% Other entities: 65% Individuals: 15% Foreign Ownership: 20% NOTE: The pattern of ownership is based upon latest published annual report. 3.List of Prominent Shareholders: Shareholders Shareholding in % Habib Bank Limited 20 Karmachari Sanchaya Kosh 14 N. Trading Co. Pvt. Ltd. 12.71 Mutual Trading Co. Pvt. Ltd. 12.62 Ava International Pvt. Ltd. 11.38 Chhaya International Pvt. Ltd. 8.89 Sumit Kumar Agrawal 2.65 Syakar Co. Ltd. 0.99 Sharma & Co. Pvt. Ltd. 0.66 4.Equity Analysis: 52 Week High Price: 655 52 Week Low Price: 380 Last Trading Price(12.04.2012): 488 Paid-up Capital: 240 Cr Market Capitalization: 1171.20 Cr EPS(annualized)*: 28.33 P/E Ratio*: 17.22 Net Worth per Share*: 180.65 P/B.V Ratio*: 2.70 Total trading days*: 52 Total number of transaction*: 331 *Based on unaudited second Quarter 2068/69. 5.Performance Highlights: Particulars F/Y 2063/64 F/Y 2064/65 F/Y 2065/66 F/Y 2066/67 F/Y 2067/68 Total Assets 34,314,868 36,857,624 40,046,686 43,860,251 48,137,497 YOY Increase in total Assets (%) - 7.41 8.65 9.52 9.75 Total Deposit 30,048,418 31,842,789 34,681,345 37,611,202 40,920,627 YOY Increase in total deposit (%) - 5.97 8.91 8.45 8.80 Total loan Advance and Bill purchased 17,793,724 20,179,613 25,519,519 29,123,755 32,968,270 YOY Increase in total Lending (%) - 13.41 26.46 14.12 13.20 Investment 11,822,985 13,340,177 8,710,691 8,444,910 8,769,939 Net profit 491,823 635,869 752,835 508,798 893,115 Non performing Credit/Total Credit (%) 3.61 2.36 2.16 3.52 4.22 Weighted average interest rate spread (%) 3.57 3.66 3.66 4.21 3.96 No. of shares(No. in '000) 8108.1 10,135 12,162 16,000 20,000 No. of employees(No.) 584 591 591 577 647 6.Key Findings: 1. Based on FY 2067/68 comparison among 25 Commercial banks listed in Nepal Stock Exchange, HBL ranks as follows: Head Rank By M-Cap 5th By Operation date (as commercial bank) 5th By Deposit 6th By Total Asset 4th By Per share total assets value 6th 2. Ratio of total assets value to market capitalization for this bank comes around 4.59. The value of P/E ratio for this stock comes around 17.22 and the ratio of price to book value is around 2.70. Considering these ratios, the stock looks moderately priced. 3. The latest published financial statement (as of second quarter 2068/69) reveals the following facts: • Around 76.55% of total deposit is used to provide loan and advances. • Around 25.62% of the total deposit is utilized for the Investment purpose. • Around 8.71% of total deposit is foreign currency deposit. • The ratio of its non-interest income to total operating income comes around 36.09%. • The lending portfolio of the bank with sector wise exposure is presented below: Head Exposure (%) Real Estate Loan 10.45% Personal Home Loan (Up to Rs. 100 lacs or less) 4.19% Margin Type Loan 2.62% O.D/ TR Loan/ WC Loan 50.91% Term Loan 14.89% Other Lending 16.93% 4. The performance of the bank in 2nd Quarter 2068/69 as compared to same period in the previous year shows mixed result. There is healthy growth in size of balance sheet contributed by growth in deposit and total lending plus increase in size of shareholders’ equity as well. However profit has fallen down by some good percentage point because of increase in cost of fund and other operating expenses with just a nominal increase in average yield of the company. The performance highlight during this period is shown below: Growth in Deposit 19% Increase in Total Lending 8.64% Increase in provision for possible loss 40.53% Decrease in Net Profit 21.87% 5. HBL, established in 1993 is a joint venture with Habib Bank limited, Pakistan. Habib Bank is the largest and oldest bank in Pakistan with over 1700 domestic and 65 overseas branches covering all continents and over 1800 correspondents worldwide. This has enabled HBL to have access to worldwide correspondent network of Habib Bank for fund transfer, letter of credit or any banking business anywhere in the world. 6. Structure of paid-up Capital of the bank Over Years: Financial Year Cumulative Paid Up Capital Rs. Remarks Initial Capital 60,000,000 F.Y.1994-95(BS2051-52) 120,000,000 Issue of 100% bonus share F.Y.1997-98(BS2054-55) 192,000,000 Issue of 60% bonus share F.Y.1998-99(BS2055-56) 240,000,000 Issue of 25% bonus share F.Y.1999-00(BS2056-57) 300,000,000 Issue of 25% bonus share F.Y.2000-01(BS2057-58) 390,000,000 Issue of 30% bonus share F.Y.2001-02(BS2058-59) 429,000,000 Issue of 10% bonus share F.Y.2002-03(BS2059-60) 536,250,000 Issue of 25% bonus share F.Y.2003-04(BS2060-61) 643,500,000 Issue of 20% bonus share F.Y.2004-05(BS2061-62) 772,200,000 Issue of 20% bonus share F.Y.2005-06(BS2062-63) 810,810,000 Issue of 5% bonus share F.Y.2006-07(BS2063-64) 1,013,512,500 Issue of 25% bonus share F.Y.2007-08(BS2064-65) 1,216,215,000 Issue of 20% bonus share F.Y.2008-09(BS2065-66) 1,600,000,000 Issue of 31.56% bonus share F.Y.2009-10(BS2066-67) 2,000,000,000 Issue of 25% bonus share F.Y.2010-11(BS2067-68) 2,400,000,000 Issue of 20% bonus share 7. The bank has been able to pay uninterrupted annual dividends (including Bonus share) to its shareholders for last fourteen years starting year 1997/98. The pattern of payment for last five years is shown in table below: Particulars F/Y 2063/64 F/Y 2064/65 F/Y 2065/66 F/Y 2066/67 F/Y 2067/68 Cash Dividend on Share Capital (%) 15 25 12 11.84 16.84 Bonus Share on Share Capital (%) 25 20 31.56 25 20 Total Return on Share Capital(%) 40 45 43.56 36.84 36.84

Insight Analysis of Sagarmatha Insurance Co. Ltd.

1.Introduction:
Name: Sagarmatha Insurance Co. Ltd.
Business General Insurance
Establishment 1996 A.D
Executive Director Mr. Krishna Bahadur Basnyat
Chairman Mr. Ram Krishna Manandhar
Branches including H.O and Contact offices 17
Head Office Surakshan Bhawan, Bhagawati Marg, Naxal
Stock code (Nepse) HGI

2.Ownership Pattern:
Domestic Ownership 80%
-Promoters 60%
-General public 20%
Foreign Ownership 20%
NOTE: The pattern of ownership is based upon latest published annual report(AR 2066/67).

3.List of Prominent Shareholders:
Shareholders Shareholding %
Ceylinco Insurance P.L.C 20
Salt trading Corporation 6.08
National Finance Co. Ltd. 5.88
Divya Mani Rajbhandari 5.10
Ashok Kumar Todi 2.94
Narendra Kumar Agrawal 2.94
Overseas Trading Co. Pvt. Ltd. 2.75
Ramkrishna Manandhar 1.96
Bhajuratna and Co. Pvt. Ltd. 1.96
Himal and Co. Pvt. Ltd. 1.96
Jyoti and Co. Pvt. Ltd. 1.96
Ramlal Dhapi Devi Charity Trust 1.68
Lokmanya Golcha 1.49
Sekhar Golcha 1.23

4.Equity Analysis:
52 Week High Price: Rs.380
52 Week Low Price: Rs. 290
Last Trading Price(26.04.2012): Rs.300
Paid-up Capital: 12.92 Cr.
Market Capitalization: 38.76 Cr.
EPS(annualized)*: Rs. 27.78
P/E Ratio*: 5.56
Net Worth per Share*: Rs. 282.11
P/B.V Ratio*: 1.06
*Based on unaudited second Quarter 2068/69.

5.Performance Highlights:
Particulars 2062/63 2063/2064 2064/2065 2065/2066 2066/2067
Paidup Capital (NRS Cr.) 5.61 7.85 10.21 10.21 11.23
Net Worth (NRS Cr.) 14.62 13.44 16.25 19.39 27.7
YOY increase in Net Worth (%) - -8.07 20.21 19.32 42.86
No. of Policies Sold 22,625 24,618 24,937 28,885 47,297
Net Profit/ Gross Premium (%) 8.38 5.01 6.25 15.61 13
Employees 86 89 92 87 105
No. of offices 11 11 11 11 13
No. Of Agents 79 95 98 95 108

6.Key Findings:
1. Sagarmatha Insurance Co. Ltd. is the first joint venture company in Nepal to operate General Insurance business.
The Joint Venture Partner of SIC, Ceylinco Insurance Co. Ltd. is the no.1 Insurance Company in Sri Lanka. The Company was placed within the top four General Insurance Companies in Asia, competing with over 1,000 insurance companies at the fourth Asia Insurance Industry Awards Ceremony 2000, held in the Philippines.

2. The company is promoted by the prominent entrepreneurs and leading industrial Groups in Nepal which includes Salt Trading Corporation, Golchha Organisation, Jyoti Group, MC Group, National Finance Co. Ltd, Nepal Construction and Engineering Corporation and other promising entrepreneurs. Moreover, the company is professionally managed by a team of highly experienced and proven executives.

3. Company at a Glance (based on F/Y 2067/68)

Insurance Premium (Gross) (Rs. ‘000) 532,958
Insurance Premium (Net) (Rs. ‘000) 286,473
Total no. of Insurance policies sold 53,571
Renewed Policies 12,902
Net Profit (Rs. 'Cr.) 9.13

4. The annualized value of P/E around 5.56 and price to book value ratio at 1.06 suggests that the stock is dearly priced.

5. The performance of the company in 2nd Quarter 2068/69 as compared to same period in the previous year shows healthy growth in business of the company along with its profitability.

Growth in premium Collection (Net) 25.31%
Increase in total Investment and Lending 17.14%
Increase in Fixed Assets (Net) 13.68%
Increase in net profit (after tax) 14.03%

6. HGI reinsures its policies with different leading reinsurers across the globe. The list of some reinsurers SIC is currently working with as disclosed by the company are as presented hereunder:
1. General Insurance Corporation of India, Mumbai, India
2. Asian Reinsurance Corporation, Bangkok, Thailand
3. B.E.S.T. Reinsurance, Malaysia
4. African Reinsurance Corporation, Mauritius
5. Malaysian Reinsurance, Berhad, Kuala Lumpur, Malaysia
6. F.A.I.R. Non-Life Reinsurance Pool, Turkey
7. Oriental Insurance Company Limited, New Delhi, India
8. Kenya Reinsurance Corporation Ltd., Nairobi, Kenya

7. As disclosed in annual report for F/Y 2066/67, based on sector wise gross premium collection, the performance of each sector appears as presented below:

Category Gross Premium(Rs. '000) Weight (%)
Fire Insurance 99,920 23.19
Marine Insurance 49,656 11.52
Motor Insurance 212,582 49.33
Engineering Insurance 28,797 6.68
Miscellaneous 39,986 9.28
Total 430,941 100


8. The Company has been paying good returns to its shareholders since its coming into operation. The pattern of payment for last few years is shown below:
Year 2063/64 2064/65 2065/66 2066/67
sCash Dividend - 10.68% 10.53% 11.316%
Bonus Share 30% - 10% 15%