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Author: Christopher Kyambadde
Posted: Oct 19, 2009 11:18 am (EAT)
Subject: Re: Triple A rating for East African Cables
I am in full support of the views of S Macharia on East African Cables. Despite being in an area of business where it is difficult to differntiate your product from that of your competitors, this company has been impressive in staedily growing its earnings, dividends and equity.
They have the advantage that cable products are bulky so a competitor must have very highly efficient and cheap production before they can brave the transport costs and import tariffs to come and sell in East African Cables' territory.
Conservatively financed, thier balance sheet is strong and as commodity prices remain under pressure, they are experiencing yet lower input costs.
I see them growing their earnings by over 10% in these difficult economic circumstances and I would buy them up to KES 30.
I of course do not forget to pray that Kenya's economy resumes good growth supported by high regional demand and a stronger shilling.
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