SCY Chart

[Steve]

MR STEVE you like SCY.. own up..

Disc: SCY

[Omega]

Today rose 17.65% to 40 cents but this is cheep and wont last long, BRICKS is now well position for another good COLLECT..

Only $2720 value traded today -Bricks the most likley buyer!

[BRICKS]

Only $2720 value traded today -Bricks the most likley buyer!

ITS ABOVE is the answer,, Could you afford only $2720 if so come and join US..

[winner69]

Bricks you be pleased to know i spent a couple of grand on a TV at LV Martin just before Xmas .... screwed a few hundred of the price but knew too well that it would be cheaper in the Boxing Day sale but never mind that they do a have a 24 day price guarantee .... only hassle is you have to go back and ask for the extra few hundred thay took after

Its the old Newbolds store in Adelaide Rd .... seems to do OK ..... would have preferred to go to JB Hi Fi as a shareholder but parking and service does go a long way .... and the price was much the same after a bit of haggling

[BRICKS]

Bricks you be pleased to know i spent a couple of grand on a TV at LV Martin just before Xmas .... screwed a few hundred of the price but knew too well that it would be cheaper in the Boxing Day sale but never mind that they do a have a 24 day price guarantee .... only hassle is you have to go back and ask for the extra few hundred thay took after

Its the old Newbolds store in Adelaide Rd .... seems to do OK ..... would have preferred to go to JB Hi Fi as a shareholder but parking and service does go a long way .... and the price was much the same after a bit of haggling

Have not seen the Adelaide Road store as yet but its the growth factor that's working for
SCY the north island is the way to go you have to go where the population is South Island
lags in this respect NO use building new stores where NO one LIVES..

[percy]

hi bricks
received scy interim report today.good stuff.
during december the company opened a new smiths city store in porirua.
the store has traded strongly since opening .,anticipates having a second store trading by the end of this financial year.in wellington market ps i note their year ends 30th april. cash flowfrom operating activities excellent $3.881mil.
Look forward to your positive posts when you have read the report.

[Silverlight]

I had a quick browse of their Interim Report, can anyone give comment on why SCY are trading for such a low price relative to NTA.


All in '000

CA
Cash 2,595
Trade 11,046
Property -
Inventories 34,956
TCA 48,597

SCA
Cash 686
Receivables 54,517
Receivables 34,900
TSCA 90,103

NCA
Property 24,603
Intangible 3,539
Investment Properties 1,220
Investments 636
Deferred Tax 3,793
TNCA 33,791

TA 172,491

CL
Overdraft -
Term Loan -
Borrowings 9,362
Trade Payables 22,720
Other Payables 597
TCL 32,679

SCL 80,477

NCL
Borrowings 14,375

TL 127,531

Net Aseets 44,960



With 52,956,884 shares on issue this gives a NTA of 78.2 cps. Last price 39 cents.

The largest asset at 54m is Smithcorp Receivables (its financing arm). So is the big discount due the the market believing that this money won't be repaid? or that a lot of the lenders will default on their repayements?


The revenue of 1,018,000 for 6 months gives a PE of 10.1, if they do the same for the second half of their financial year.

Year end Apr 2009 profit was 1m.
Year end Apr 2008 profit was 3.5m.
Year end Apr 2007 profit was 3.6m.

[percy]

Silverlight.
I have been a shareholder since 1991 and have asked that question 100s of times.
here are the reasons; competition.
low margins.
retailers have large leverage liabilities with store leases.
scy have a large staff which means a large consta nt cost.

[Silverlight]

Interesting notes on cost, their profitability is there to see though, even in the horrible 08 -09 year they were still profitable.

They own a lot of their own property as well, so I don't see leasing as as issue, I also find it quite intriguing that they pay two dividends a year with no Tax Credit's!


It would be more beneficial for the shareholders if SCY did an on market buyback of shares and save up the tax credits, especially when such a discount to NTA exists, unless of course mgmt don't beleive their own figures on Smithcorp.

[percy]

Interesting notes on cost, their profitability is there to see though, even in the horrible 08 -09 year they were still profitable.

They own a lot of their own property as well, so I don't see leasing as as issue, I also find it quite intriguing that they pay two dividends a year with no Tax Credit's!


It would be more beneficial for the shareholders if SCY did an on market buyback of shares and save up the tax credits, especially when such a discount to NTA exists, unless of course mgmt don't beleive their own figures on Smithcorp.

scy ownes colombo st property only.I agree a share buy back would help.