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29-12-2009, 04:02 PM
#101
Originally Posted by BRICKS
MR STEVE you like SCY.. own up..
Disc: SCY
Death will be reality, Life is just an illusion.
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29-12-2009, 11:34 PM
#102
Member
Originally Posted by BRICKS
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!
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30-12-2009, 07:58 AM
#103
Junior members should think first & talk last..
Originally Posted by Omega
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..
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30-12-2009, 09:28 AM
#104
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
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30-12-2009, 11:41 AM
#105
Proud of you w69..
Originally Posted by 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
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..
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28-01-2010, 01:32 PM
#106
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.
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28-01-2010, 02:59 PM
#107
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.
Last edited by Silverlight; 28-01-2010 at 03:00 PM.
~ * ~ De Peones a Reinas ~ * ~
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28-01-2010, 04:04 PM
#108
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.
Last edited by percy; 28-01-2010 at 04:05 PM.
Reason: spelling
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28-01-2010, 04:23 PM
#109
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.
~ * ~ De Peones a Reinas ~ * ~
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28-01-2010, 07:11 PM
#110
Originally Posted by 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.
scy ownes colombo st property only.I agree a share buy back would help.
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