# KSL - Kina Securities



## System (15 July 2015)

Kina Group is a leading diversified financial services provider in Papua New Guinea (PNG) and is the largest licenced funds management company in the country with $2.5 billion of funds under management, and with more than 155,000 superannuation clients.

The company provides traditional stockbroking, trustee services, corporate advice and finance. It is a major provider of leases and mortgages. It has about 200 staff, of whom 92.5 per cent are Papua New Guinean, and more than half are women.

It is anticipated that KSL will list on the ASX on 30 July 2015.

http://www.kina.com.pg


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## VSntchr (15 July 2015)

Interesting float.
Looks like it will be priced at a discount to the domestic banking sector, obviously due to the PNG factor..


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## So_Cynical (15 July 2015)

VSntchr said:


> due to the PNG factor..




I would think that PNG is past the basket case phase, however understand that the general perception is probably different...will watch with some interest.


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## Cashflows (15 July 2015)

Certainly interesting, just had a quick look at the PNG economy. There is some definite risks such as: poor infrastructure, 75-80% of employment reliant on agriculture, the majority of exports and GDP reliant on mining/oil and gas, plus over 40% of the people live on less than $1 a day... that said, the economy has grown at an average rate of around 9% over the last 10+ years and is forecast to keep growing. Worth watching I think.


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## VSntchr (15 July 2015)

Check out the team they've got. There's 

Sir Rabbie Namaliu - an ex-prime minister...and well..he's a Sir!
Syd Yates - involved in the establishment of the Port Moresby Stock exchange and is a director of PNG Olympic committee
David Foster - ex-CEO of Suncorp Bank (5 years)

Not bad...


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## rcm617 (7 July 2018)

KSL to acquire ANZ's retail and commercial/SME business in PNG at what looks to be a very attractive price. They are predicting a 30% lift in EPS from this transaction alone. With growth already expected in their core business, should give them very attractive fundamentals. Price and volume has been responding well but price is still below IPO price of $1.00.


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## barney (7 July 2018)

Nice chart … solid volume/definite lack of overhead resistance


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## rcm617 (27 February 2019)

Up 8% today after their FY18 report, with NPAT up 109% on a poor FY17. Also got regulatory approval from Bank of PNG for the takeover of ANZ's PNG business which should be completed by September. Holding in my SMSF for the unfranked dividends.


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## galumay (23 September 2020)

Interesting business.


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## rcm617 (14 December 2020)

Have acquired Westpac's PNG and Fiji business. Shareprice has been depressed after a poor capital raising with a big overhang from the underwriter. However seems to be gaining some traction now with this acquisition which they maintain will bring the diluted earnings per share back to last years level, ie 15c per share, without including synergies. 
Seems cheap at their present price even allowing for PNG sovereign risk.


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## galumay (14 December 2020)

The sovereign risk stopped me taking a position at 80c. Probably an error of omission!


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## rcm617 (31 December 2020)

My top pick for the 2021 competition. If they can integrate the cheap Westpac acquisition successfully I would expect the share price to be a multiple of today's price in a few years. In the meantime hoping the 10c per share dividend will be maintained till the growth sets in.


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## MrChow (31 December 2020)

The multiple for the Westpac acquisition is actually much higher than the original Kina business.

Would have liked to have seen some growth figures or projections to support the price.


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## galumay (30 March 2021)

I have been doing more work on KSL and decided to take a position today, got onboard at 92c.


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## galumay (2 March 2022)

Full Year 2021 results, as we knew the rejection of the Westpac deal by the PNG government had a material affect on profits for KSL this year. Otherwise a very solid result. 

Divvy maintained at 10c for the year so over 10% yield!

Share price still reflects the uncertainty about PNG economy & Aussie investors reluctance to invest in foreign businesses on the ASX






This summary explains the results pretty well,


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## Wedgy (2 March 2022)

Holding in my SMSF 11% dividend yield is good for me. 💰


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## rcm617 (7 December 2022)

PNG government increasing corporate tax on banks from 30 to 45 % from January. These types of decisions is probably why this is trading at such a discount to the market.


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## Berry (8 December 2022)

__





						Bank taxes to put PNG in top-two – The National
					





					www.thenational.com.pg
				












						New tax: Kina scraps expansion plans
					

Crazy stuff and typical of recent policy developments, says Pawson




					www.pngreport.com


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