SCY Chart

[BRICKS]

BRICKS thought you should know some small changes in holdings @ SCY,

Increase in numbers holdings of up 72 to 2,450 appears some small KIWI like the stock.

People with the surname Smith 6 in number have appeared in the top twenty list for the first time are they the original family of the store dose any one know??.

With a share price @ 64 cents and NTA @ 86 cents not many on the NZX are in the same position.

But still the engine behind this company is the Smithcorp Finance Limited this is where the real gains are made that Buys the new stores.

Have a happy day.. BRICKS..

[LTI]

Hello all

I’ve recently started to have a look at Smiths and have a few questions from the Annual Reports that BRICKS or any of you may be able to help me with.

1. ‘07 operating cash flow was negative (due to increased working capital). Have any comments been given as to why it increased?

2. Simthcorp Finance interest received less interest paid has gone very negative over the last couple of years?

---see attachment

3. Smithcorp’s interest differential is usually slightly negative. If Smithcorp is run at arms length, shouldn’t it be positive?

4. The unearned income provision of the finance book has dramatically increased from an average 8% of finance receivables to 24% over the last 3 years? I assume the unearned income is future interest, is this correct? If so I can’t reconcile the increase even with the general increase in interest rates?

5. In the ’07 report, Smiths borrowed $6mil from F&P Finance above the normal lending facility?

Any help on this greatly appreciated.

[BRICKS]

DEAR LTI with questions like that you should just ring up Rick Hellings MD. and ask him direct and if you don't like the answer tell him, if you do like the answer then BUY some they are at a very good price at the MOMENT..

[Phaedrus]

You're not the only one with "doubts", LTI! This stock has been getting sold down all year.

Way back in January the OBV stopped rising, the trendline was broken and SCY went into an on-going downtrend. (Red arrows are sell signals) The chart shows some interesting features. Once the support at 64 cents was broken, it became a resistance level (this is fairly common). The circled sharp drops in the 'On Balance Volume' mark where bigger holders (the smart money?) were selling.

SCY appears to have found good support at 56 cents - but then it had support at 64 cents too - for a while.

[BRICKS]

WHAT we need is a supporters CLUB..

[LTI]

Many thanks for your replies. I'm not for or against the company yet, just started looking at it. I don't like to call MDs until I have as good an understanding of the company as possible so not to waste their time. Hence this post.

[BRICKS]

WHAT we need is a supporters CLUB..

WHAT should have been said is KIWI`s with money to invest not just talk about INVESTING.. and NO money..

[BRICKS]

WELL its steady neddy as we go profit up 1.3% to $1.759 million and a 1.5 cent div Feb 15, thanks.
The big move is the purchase of 100% of L V Martin now fully owned and able to control better along with joining Narta. NZ an org that buys appliances in bulk to sale while the NZ market is flooded with these type of items but will give SCY the edge.

ITS a slow road but a sure one, that is the real name of this GAME..

[BRICKS]

WELL bugger me another bargain has turned up below 50 cents but worth more is this another case of stagnation or just a lack of BUYERS NO matter have increased the holding 25%.. In Oz these people are call distressed SELLERS..

[Phaedrus]

Bricks, SCY has been in an accelerating downtrend for over a year, so far.
How can it be a good investment (let alone a bargain) if the shareprice keeps falling?
I can but admire your fortitude.