Chesnara Share Discussion Threads

[chairman2] 31/8/2011 10:43

Half yearly results all about balance sheet adjustments.

These are difficult to fathom (even for someone familiar
with Insurance co reporting) because they affect liabilities
and assets valuations in opposite ways and what we see is
only a net repoirted impact.

[vatacarma] 31/8/2011 09:54

And what is the YIELD please Soi

[soi] 31/8/2011 09:53

Hi

Interim divi increased to 5.95p, a 2.6% increase.
EPS down and the share price down as I write, not in but tempted, very good yield at this level.

All the Best

soi

[johnnylig] 26/8/2011 16:52

Given the approaching interims today's 5p increase is not as great as we might have hoped, then again markets were jumpy so let's hope they firm next week for the div announcement

[solarno lopez] 19/8/2011 11:45

Thanks to you both

[speedsgh] 19/8/2011 11:43

Full dividend for last financial yr was 16.40p which yields 7.8% at the current offer price of 210p.

Interim results on Weds 31st Aug so we should see then if they intend to increase the payout on the interim dividend (last yr's interim was increased by c2.5%, full yr was increased by 2.8%).

If the full yr div is increased by 2.5% again this yr, this will give c16.80p which gives 8.0% at the current offer price. Digital Look are forecasting 16.85p.

[daveofdevon] 19/8/2011 11:39

If you press the FINANCIALS button above you will see the Dividends, the rest is just simple maths

[solarno lopez] 19/8/2011 11:28

Can anyone tell me the yield on CSN please

[chairman2] 21/6/2011 10:58

both sides seem to have been right

this is a small company with tighly held blocks of shares

so a selling programme will drive down the shares and the share
will bounce back once the selling is completed.

Today seems to show the process in action.

CSN used to be an oddity but with Phoenix and Resolution
both occupying the same space there are new
opportunities created. I suspect there has been some
switching going on into Resolution which announced a
possible special divi in 2012 and a share buy back last week.

[huntie2] 21/6/2011 08:08

What a nice friendly posting Spencer! Unlike some of the people who post on these boards! As for CSN only time will tell, the markets are so nervy anything can happen! Anyway - good luck!

[spencerfrater] 20/6/2011 22:46

No, not panicking anymore Huntie! And I'm not trying to cause trouble - I like(d) this share a lot and it made me good money in the past. I'll probably be back on the long side when we figure out what's going on. I'm just saying it like it is.
Today again - more than double the average volume has sold below the key, well-established support level. What does that tell you? Why are people dumping big time? Make your own conclusions - I'm just not one to deliberately hold on to a losing position. I'll be happy for you guys if I'm wrong. Good luck...

[chopshs] 20/6/2011 15:25

Not me either Huntie! There was clearly some selling on Fri pm which pushed the price down and created a buying opportunity imo. As for 'someone knows something' that reminded me of Rudyard Kipling: 'If you can keep your head when all about you are losing theirs...'
Good luck all

[huntie2] 19/6/2011 19:49

Stop panicing, Spencer! (Not that you need to now if you are out), but is 'time to short' trying to get other holders uncertain? Doubt if it will! (not me, anyway). Good luck to all fellow holders.

[spencerfrater] 18/6/2011 16:19

Something's up. Serious investors just dumped.
Strong support (23 Dec 2010 through 25 Jan 2011, as well as closing on 15 Mar, 10 May, 23 May) at 236/237 has been significantly violated on heavy volume. Over 100,000 shares traded after 14h00, below this strong level of support.
Someone knows something. I'm out. Time to go short.

[chopshs] 17/6/2011 21:51

Bought some just before the close at 232.6. Looked to me a reasonable point to buy on the chart and hopefully 7% yield (7.25% forecast for 2011) will provide support from here.

[markie7] 17/6/2011 17:22

clear buying opportunity on monday

[luderitz] 17/6/2011 16:51

Down over 8%, can't find any specific news anywhere out there can you?

[jonwig] 20/5/2011 07:08

edmundshaw - the quote you give refers to the IFRS presentation of the numbers, not the EEV. Whilst that doesn't resolve your query, it's possible that the EEV valuation will be impacted quite differently.

On a simplistic basis, rising interest rates ought to make the EEV smaller (discount rate used will rise) and the associated lower capital values should reinforce that. It will, though, work the other way on the liabilities.

[So ... I haven't answered your problem!]

[edmundshaw] 19/5/2011 20:26

One (minor) point: "The S&P result, which also had a significant impact on the overall result, was below expectations as a result of a GBP1.8m strain, which is not expected to replicate, on the with profits business. This arose from the fact that, in a rising interest rate environment, the effect of adjustment to the valuation
interest rate has, for this quarter, been outstripped by the corresponding fall in the capital value of fixed-interest securities."

So they are saying that they do not expect the capital value of these fixed-interest securities to fall further.

Without knowing what the securities are, hard to be sure. But certainly bonds have been described as a bubble, with low yields that are going to look pretty awful as and when interest rates inevitably rise. I agree, so I'd question the optimism here.

I have no position here currently, but I remain interested.

[chairman2] 19/5/2011 13:33

difficult to evaluate
especially the focus on acquisitions

was S&P accretive for shareholders - not quite sure

[jonwig] 19/5/2011 08:51

Q1 results today.

EEV risen to £353.5m which is 306p/sh - so discount is around 20%. A bit more to go for here, I think.

[luderitz] 12/4/2011 17:44

Standard Life add some

Shouldn't do the share price any harm tomorrow I would have thought.

[luderitz] 11/4/2011 17:53

Thanks JW, very informative.

[jonwig] 11/4/2011 15:24

LUDERITZ ...

Phoenix Group [PHNX] is the UK's largest closed life company - FTSE250. Formed from old Pearl Group. If you're interested:



Some of us moved out of CSN into PHNX a good while ago - look back at the posts - I kept a few of these.

Of course, CSN isn't a 'pure' run-off company any longer, as it bought Moderna which still writes business. However, that's not a significantly large part of the business, and anyone considering CSN as a play on divis and capital growth needs to understand where the divis come from - from maturing policies, ie. a repayment of capital.