where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Transkredit Finance Company Products Presentation (1).pptx
Investment Idea - Central Bank of India - "BUY"
1. October 22, 2010
Recommendations <= 1 year 1 - 2 yrs 2 - 5 yrs
CENTRAL BANK OF INDIA BUY
Strong Buy
Central Bank of India (CBI) is one of India’s oldest banks. It started operations in 1911 as Buy
the first bank to be owned by Indians and was nationalized in 1969. The bank has the third Hold
largest branch network at 3,577 branches & 400 ATMs and a total business size of Rs. 2.6 Reduce
Sell
trillion. Strong Buy – Expected Returns > 20% p.a.
Buy – Expected Returns from 10 to 20% p.a.
• Central Bank has started upgrading technology at its branches that will be completed Hold – Expected Returns from 0 % to 10% p.a.
by FY2011. This will reduce costs and augment productivity & profits. Reduce – Expected Returns from 0 % to 10% p.a. with possible downside risk
Sell – Returns < 0 %
• The bank’s Tier-I Capital Adequacy Ratio (CAR) stands at 6.83% and is targeting the
same at 8% with a capital raising of Rs 25bn via a rights issue, which will increase the
risk taking ability of the bank and help it, grow faster.
• The bank previously focused on low yielding but stable corporate advances and is STOCK DATA
increasing exposure to profitable retail loans, which will improve NIMs. BSE / NSE Code 532885 / CENTRALBK
Bloomberg Code CBOI IN EQUITY
• The bank had a large proportion of legacy deposits that were expensive and squeezed No. of Shares (Mn) 404
margins. However, non renewal of such deposits will improve margins. The CASA share Sensex / Nifty 19,872 / 5,982
PRICE DATA
is expected to reach over 34% of deposits, one of the best among PSU banks.
CMP Rs (20th Oct’10) 209.9
• We estimate that Central Bank of India’s net interest income (NII) to grow at a CAGR of Beta 0.92
50.1% over FY2010-12E to Rs 57.6bn by FY2012. We further estimate that PAT would Market Cap ( Rs mn) 84,800
52 Week High-low 225.9 / 119.3
grow at a CAGR of 10.3% over FY2010-12 to Rs 14.14bn in FY2012 from Rs 11.6bn in
Average Daily Volume 246,798
FY2010. STOCK RETURN (%)
Based on a consolidated FY12 P/B multiple of 1.25, the fair value for the 30D 3M 6M 1Y
CBI 3% 38% 37% 46%
company works out to Rs. 251. Sensex -1% 11% 15% 15%
Financial Snapshot Nifty -1% 12% 16% 17%
Projections (Rs Mn) FY2008 FY2009 FY2010 FY2011E FY2012E SHARE HOLDING PATTERN (%)
Net Interest Income 21,196 22,354 25,557 51,644 57,578 Promoter 80.2
Y-o-Y Growth % 5% 14% 102% 11% Institution 12.9
Non-Interest Income 9,525 10,698 17,423 12,322 18,604 Non Institution 6.9
Y-o-Y Growth % 12% 63% -29% 51% Total 100.0
Total Income 88,544 115,413 138,209 166,351 204,640 1 Year Price Performance (Rel. to Sensex)
Y-o-Y Growth % 30% 20% 20% 23% 50
PAT After MI 5,946 6,359 11,626 11,869 14,145
40 CBI Sensex
Y-o-Y Growth % 7% 83% 2% 19%
EPS Rs 14.71 15.73 28.77 29.37 35.00 30
Adj Book Value Rs 102.12 112.53 143.99 169.42 200.48 20
NIM % 2.06% 1.73% 1.62% 2.73% 2.63% 10
RoE % 14.55% 11.78% 19.13% 16.62% 16.76% 0
PER x 7.1 6.0
-10
Price/ BV 1.1 0.9
Price/Adjusted BV 1.2 1.0 -20
www.fullertonsecurities.co.in Page | 1
2. October 22, 2010
BUSINESS PROFILE
Central Bank of India is a Mumbai based company and one of India’s oldest banks. It is among the top 10 Indian banks in
terms of asset size, which stands at Rs. 1,830 billion. The Government of India holds over 80% stake in the bank.
Central Bank is among the less aggressive players in the Indian banking space. This is reflected in its low share of non-core
Income, older technology and lower employee productivity compared to its PSU peers. The bank has set out to transform its
business and improve performance. Corporate &
Agricultural advances
Among its advances, 63% are to Corporates, 17% to agriculture, 10% to retail loans and 9% to the MSMEs. Interest Income are respectively 63%
contributes to 89% of revenues and fee based Income contributes to 11% of Income. The bank plans to leverage its reach with and 17% of total
advances.
Corporate clients & increase its fee based Income. CBI has one of the highest Provision Coverage ratios at 70.4%, higher than
stipulated by RBI & better than that of its peers.
Of the bank’s 3,577 branches, 39% are in rural areas, 25% in Semi urban areas and 36% in Urban and Metropolitan areas. The
bank plans to open around 90 branches this year and is looking at upgradation of technology to grow its business per branch.
The bank currently has 400 ATMs and is installing 495 more this year. The bank has set an ambitious target of installing 3000
ATMs by 2011, including 150 biometric ATMs in Rural Areas.
Central Bank has an average age of workforce higher than its peers at 52 years and the bank has seen a negative growth in its
workforce. In FY10, the workforce reduced to 34,826 employees from 35,500 employees in FY09 and over 41,000 in FY05. With
technology implementation & reduction in workforce, Profits for the bank will improve
The company has JV in Zambia with two other PSU banks & has two subsidiaries, one to sell Financial Products & a Housing
Finance company. Going ahead, the bank plans to venture into the Life Insurance and Asset Management business.
Advances by sector (FY 2010) Breakup of Branches (FY2010)
17%
Corporate Agriculture Metro
63% 17%
Urban 39%
Retail
Semi-urban 19%
MSME 11%
9% Rural
25%
Capital Infusion, Retail lending, Repricing deposits to boost growth & margins
The company has been a laggard compared to both PSU & Private banks. The bank’s NIM was at 1.6% in FY2010 compared to
1.73% in FY2009, compared to its peers who have margins over 2.5%. This was due to lower income from Investments and high
cost deposits. Over 40% of high cost deposits matured in 2009-11 and the bank did not renew them and the bank is targeting CBI’s workforce has
NIMs in the range of 2.5% -2.8% for FY 2011. With a focus Retail & SME lending, the bank plans to improve its margins. declined in the past few
years
Also, with previous tranches of Capital Infusion and another infusion Rs. 2500 crores further planned this year; CBI will
improve its ability to grow. The bank’s focus on improving the non-core income will also improve Returns on Assets which at
0.7% are among the lowest of its peers.
www.fullertonsecurities.co.in Page | 2
3. October 22, 2010
BUSINESS PERFORMANCE
Strong growth ahead, but rate hikes may again negate the reducing cost of deposits
During Q1FY2010, the total business of the company was up 17%to Rs. 262,120crores. On a Y-o-Y basis, the cost of
deposits was down to 5.45 % from 6.46%, NIMs improved to 2.86% from 1.84% & Cost to Income improved to 51% from NII to grow at a CAGR of
63%. Total deposits increased by 13% & CASA deposits consisted of 34.16% of total deposits, while Gross Advances 50% over FY2010-12E
increased by 23%, with higher growth in the retail segment.
Gross NPAs were at 2.43%, while Net NPAs were 0.77%. Lower Coverage at 68.75% this quarter will be compensated
with a higher coverage the next quarter. The management has targeted to achieve Gross NPAs of 2% and Net NPAs of
0.7% by March 2011.
Strong Income Growth & Improving Margins
Advances & Deposits (Rs Bn)
80,000 3.0% 2,500
70,000
2.5% 2,000
60,000
2.0%
50,000 1,500
Rs mn
40,000 1.5%
30,000 1,000
1.0%
20,000
0.5% 500
10,000
0 0.0% 0
FY2008 FY2009 FY2010 FY2011E FY2012E FY2008 FY2009 FY2010 FY2011E FY2012E
Operating Income Net Interest Income NIM Advances Deposits
Peer Group Comparsion
NIM Net NPA P/Adj BV
Companies Total Income RoE % ROA % CMP FV
Margins % Ratio % (x)
CBI 138,209 1.6% 0.7% 19% 1.6% 1.46 209.85 10
Union Bank 153,954 2.4% 0.8% 26% 1.3% 2.54 394.40 10
IDBI 178,695 1.1% 1.0% 13% 0.5% 1.65 166.20 10
* FY10 figures
Peer Comparison
Compared to its peers, Central Bank has a higher NIM & Returns than IDBI, but poorer than that of Union bank. This is
due to IDBI’s heavy reliance on Corporate Accounts. Union bank has a better diversified business model than both the
Attractively valued at
banks. This is also reflected in the Returns between the trio, where the ranking is similar. The NPAs of CBI are high nearly 1 time its FY12
because of the high agricultural exposure. Book Value
Going ahead, with a change in tactics by both IDBI & CBI, we expect CBI’s performance to improve on a faster rate than
IDBI’s, because of CBIs larger bank reach and high CASA deposits.
www.fullertonsecurities.co.in Page | 3
4. October 22, 2010
VALUATION
We estimate that Central Bank of India’s net interest income (NII) to grow at a CAGR of 50.1% over FY2010-12E
Based on a consolidated
to Rs 57.6bn by FY2012. We further estimate that PAT would grow at a CAGR of 10.3% over FY2010-12 to Rs FY12 P/B multiple of 1.25,
14.14bn in FY2012 from Rs 11.6bn in FY2010. the fair value for the
company works out to Rs
251.
Based on a consolidated FY12 P/B multiple of 1.25, the fair value for the company works out
to Rs 251.
We recommend a ‘BUY’ rating on the stock.
Financial Analysis and Projections
Particulars (Rs Mn) FY2008 FY2009 FY2010 FY2011E FY2012E
Interest Earned 79,019 104,716 120,787 154,029 186,036
Interest Expenditure 57,823 82,362 95,230 102,385 128,458
Net Interest Income 21,196 22,354 25,557 51,644 57,578
Other Income 9,525 10,698 17,423 12,322 18,604
Total income 88,544 115,413 138,209 166,351 204,640
Non-Interest Expense 15,772 17,005 20,085 32,346 39,068
Provisions & Contingencies 5,998 6,792 7,281 13,619 15,662
Less: Tax 3,032 3,551 4,954 6,120 7,294
PAT after MI 5,946 6,359 11,626 11,869 14,145
EPS (Rs) 14.71 15.73 28.77 29.37 35.00
Adjusted Book Value (Rs) 102.12 112.53 143.99 169.42 200.48
Net Interest Margin (%) 2.06% 1.73% 1.62% 2.73% 2.63%
RoA (%) 0.55% 0.47% 0.70% 0.61% 0.65%
RoE (%) 14.55% 11.78% 19.13% 16.62% 16.76%
Valuation Ratios (x) FY2011E FY2012E
P/E 7.1 6.0
Price/ BV 1.10 0.93
Price/Adjusted BV 1.24 1.05
www.fullertonsecurities.co.in Page | 4
5. October 22, 2010
Board of Directors
Director Name Current Position Description
Shri. S. Sridhar is Chairman of the Board, Managing Director of Central Bank Of India. He is a Banker with about 36 years
professional experience in commercial and development banking. His aim is to transform Central Bank of India into a
techno-savy Bank, a market-responsive, customer oriented, problemsolving institution. He has educated at Indian
Institute of Technology, Delhi and at Jamanalal Bajaj Institute of Management Studies, Mumbai. He is also a Certified
Associate of Indian Institute of Bankers. He was the Lord Aldington Banking Research Fellow for the year 1984,
S. Sridhar Chairman & MD working in UK and France. He has been an invited speaker/ panelist at national and international Conferences
including UNCTAS, UN Habitat, UNESCAP, OECD. Shri S. Sridhar has been the Chairman & Managing Director of
National Housing Bank (NHB), India, since April 2006, a position, which he continues to hold. Prior to joining NHB, he
was Executive Director and Chief Operating Officer of Exim Bank of India for about 5 years and worked in other
capacities for about 16 years. He had earlier worked in State Bank of India for about 12 years. Shri S. Sridhar is a
director on National Housing Bank, Centbank Financial & Custodial Services Ltd and Indo Zambia Bank Ltd., Zambia.
Major (Retd.) Ved Prakash is Part-Time Non-Official Director of Central Bank Of India since October 20, 2009. He was a
Part-Time Non-Official Independent Director of the Bank from October 6, 2005 to May 10, 2008. He holds a master’s
Ved Prakash Part Time Non Official Director
degree in arts from the Osmania University and Diploma in Business and Advance Intelligent course. He was formerly
an officer in the Indian Army.
Shri. Romesh Sabharwal is Part-Time Non-Official Director of Central Bank of India since October 6 2009. He was a Part-
Time Non-Official Independent Director of the Bank from March 3, 2006 to March 2009. He holds a bachelor’s degree
Romesh Sabharwal Part Time Non Official Director
in arts from the Sikkim Municipal University and a diploma in engineering from the Bombay University. He is a
businessman.
Dr. Shashank Saksena is Director - Representative of Government of India for Central Bank Of India. He is a Post
Graduate in Economics, Science and a degree in Law having wide experience in the Department of Financial Services,
Ministry of Finance. He has completed Doctorate in Philosophy. He is in Indian Economic Service cadre, presently
Sashank Saxena Director, Representative of GOI working as Director, Ministry of Finance, in the rank of Joint Secretary. He is also a Director representing Government
of India in Industrial Investment Bank of India Ltd. and the department of Insurance and Credit Guarantee Corporation.
He was Director (B.O.ll & Pension) in Ministry of Finance and Department of Financial Services. He is presently Director
of Industrial Investment Bank of India and DICGC.
Shri. Brijlal Kshatriya is Shareholder Director of Central Bank Of India. He is a specialist in Management of Steel Plant
and has training experience in works and HR functions in India and abroad. He has served in top administration of
Brijlal Kshatriya Shareholder Director different plants of SAIL, ultimately taking charge as MD of Bokaro Steel Plant. He has won Rajiv Gandhi Excellence
Award in 1993, Mother India International Award from NRI World in Dec. 1993 and Glory of India International Award
of India in Dec.1993.
Professor N. Balakrishnan is a Shareholder Director of Central Bank Of India. He is a scientist of highest international
repute. He is a BE (in Electronic curriculum) from University of Madras with Ph.D from Indian Institute of Sciences in
1979. He is currently Associate Director of Indian Institute of Sciences and a Professor at the Department of Aerospace
N. Balakrishnan Shareholder Director
Engineering. He played a crucial role in building India’s first Super Computer Centre. He has over 200 publications to
his credit in the International journals and Conferences. He is the recipient of “Padmashree’ award from President of
India in 2002, Homi J Bhabha Award for Applied Science in 2004. J C Bose National Fellowship in 2007.
Shri. M. S. Johar is Part-Time Non-Official Director under Chartered Accountant category of Central Bank Of India. He
M. Johar Part Time Non Official Director
has a bachelors degree in Arts and he is a qualified Chartered Accountant.
Salim Gangadharan RBI Nominee Director Salim Gangadharan represents RBI on the Board of CBI
B. Rambabu Workmen Employee Director B. Rambabu represents the Workmen on the Board of CBI since 2010
V. Iyer Executive Director V. Iyer is an Executive Director on the Board of CBI since 2010
R. Dubey Executive Director R. Dubey is an Executive Director on the Board of CBI since 2010
www.fullertonsecurities.co.in Page | 5