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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Performance of SFIN

Performance of SFIN

Go down  Message [Page 1 of 1]

1Performance of SFIN Empty Performance of SFIN Sun Jun 09, 2013 10:54 am

funland


Equity Analytic
Equity Analytic
Price Range(Rs)
Mar-13 11.90-14.80
Dec-12 12.80-17.00
Sep-12 10.90-17.20
Jun-12 11.00-18.50
Mar-12 15.20-28.40
Dec-11 21.00-38.00
Sep-11 25.50-44.20
Jun-11 29.50-38.50
Mar-11 35.00-55.70

How to read the above table
The price range for the 3-month period ended on March 31, 2013, is 11.90-14.80 in Rs.

Price range during the period from April 1, 2013 to June 07, 2013, is 12.40-15.70 in Rs.

Company EPS(Rs)
Mar-13 0.49
Dec-12 0.54
Sep-12 0.53
Jun-12 0.56
Mar-12 0.64
Dec-11 0.53
Sep-11 0.44
Jun-11 0.48
Mar-11 0.28

How to read the above table
EPS for the company for the 3-month period ended in March 2013 is 0.49 in Rs.

Company EPS(Rs)
2012-2013 2.02
2011-2012 2.06
2010-2011 1.40

How to read the above table
EPS for the company for the year ended in March 2013 is 2.02 in Rs.

% Change in Revenue(Company)
2012-2013 37
2011-2012 30
2010-2011 38

As per the report which can be obtained from CSE, the % change in revenue (as an example, for the period 2012-2013) is computed based on the reported year-end revenues on March 31, 2013 and March 31, 2012.


% Change in Revenue in 3-month(Company)
Mar-13 18
Dec-12 35
Sep-12 46
Jun-12 51
Mar-12 47
Dec-11 34
Sep-11 24
Jun-11 15
Mar-11 30

As per the report which can be obtained from CSE, the % change in revenue for the 3-month period (as an example, for the 3-month period ended on March 31, 2013) is computed based on the reported revenues for the 3-month period ended on March 31, 2013 and March 31, 2012.

Net Asset Per Share in Rs(Company)
As at Mar-13 11.47
As at Dec-12 11.12
As at Sep-12 10.85
As at Jun-12 10.21
As at Mar-12 10.37
As at Dec-11 9.72
As at Sep-11 9.28
As at Jun-11 8.82
As at Mar-11 8.71

Dividend History
XD Amount(Rs)
June-2013 0.65
July-2012 0.80
June-2011 0.40

As at June 07, 2013, the average share price is as follows:

WTD-Rs.14.81
MTD-Rs.14.81
YTD-Rs.13.83
All Time High-Rs.55.70
All Time Low-Rs.310.90

The above values were obtained from http://cse.lk.

Should the share price decrease/increase to reflect the performance?

Market Sentiment:
http://forum.srilankaequity.com/t28376-jins-and-sfin?highlight=SFIN
http://forum.srilankaequity.com/t28081-singer-finance-plc?highlight=Singer+Finance
http://forum.srilankaequity.com/t28957-sri-lanka-singer-finance-debt-rated-bbblka?highlight=Singer+Finance
http://forum.srilankaequity.com/t28968-the-best-finance-company-to-buy?highlight=Singer+Finance
http://forum.srilankaequity.com/t18643-05-jun-2012-rights-issue-sfin?highlight=SFIN
http://forum.srilankaequity.com/t23014-sfin-reg?highlight=SFIN



Last edited by funland on Sun Jun 09, 2013 12:23 pm; edited 1 time in total

2Performance of SFIN Empty Re: Performance of SFIN Sun Jun 09, 2013 11:28 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Good summary.

But one thing, note the latest eps calculations are not accurate. The right issue shares were not considered.

3Performance of SFIN Empty Re: Performance of SFIN Sun Jun 09, 2013 12:51 pm

funland


Equity Analytic
Equity Analytic
@slstock wrote:Good summary.

But one thing, note the latest eps calculations are not accurate. The right issue shares were not considered.

Are you sure?As per the below link, as at March 2012, the number of outstanding shares is 106,666,667.However, as at March 2013, the number of outstanding shares is 165,333,334.

http://cse.lk/cmt/upload_report_file/1041_1368443644.pdf

4Performance of SFIN Empty Re: Performance of SFIN Sun Jun 09, 2013 12:57 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Profit 235,421 Mil/ 165,333,334 = Rs 1.42 annual eps.

@funland wrote:
@slstock wrote:Good summary.

But one thing, note the latest eps calculations are not accurate. The right issue shares were not considered.

Are you sure?As per the below link, as at March 2012, the number of outstanding shares is 106,666,667.However, as at March 2013, the number of outstanding shares is 165,333,334.

http://cse.lk/cmt/upload_report_file/1041_1368443644.pdf

5Performance of SFIN Empty Re: Performance of SFIN Sun Jun 09, 2013 1:10 pm

funland


Equity Analytic
Equity Analytic
@slstock wrote:Profit 235,421 Mil/ 165,333,334 = Rs 1.42 annual eps.

@funland wrote:
@slstock wrote:Good summary.

But one thing, note the latest eps calculations are not accurate. The right issue shares were not considered.

Are you sure?As per the below link, as at March 2012, the number of outstanding shares is 106,666,667.However, as at March 2013, the number of outstanding shares is 165,333,334.

http://cse.lk/cmt/upload_report_file/1041_1368443644.pdf


Nope.The way you are calculating the annual EPS(for the company for the year ended in March 2013) may not be correct...Because the right issue was announced on June 05, 2012.Just my view.I could be wrong.

6Performance of SFIN Empty Re: Performance of SFIN Sun Jun 09, 2013 1:20 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
You asked me are you sure. I calculated and showed you. Infact this quarter EPS also they have not taken the latest share amount.


Then you say Nope. Okay , it is upto you to figure out true eps.




@funland wrote:
@slstock wrote:Profit 235,421 Mil/ 165,333,334 = Rs 1.42 annual eps.

@funland wrote:
@slstock wrote:Good summary.

But one thing, note the latest eps calculations are not accurate. The right issue shares were not considered.

Are you sure?As per the below link, as at March 2012, the number of outstanding shares is 106,666,667.However, as at March 2013, the number of outstanding shares is 165,333,334.

http://cse.lk/cmt/upload_report_file/1041_1368443644.pdf


Nope.The way you are calculating the annual EPS(for the company for the year ended in March 2013) may not be correct...Because the right issue was announced on June 05, 2012.Just my view.I could be wrong.

7Performance of SFIN Empty Re: Performance of SFIN Sun Jun 09, 2013 1:56 pm

funland


Equity Analytic
Equity Analytic
@slstock wrote:You asked me are you sure. I calculated and showed you. Infact this quarter EPS also they have not taken the latest share amount.


Then you say Nope. Okay , it is upto you to figure out true eps.




@funland wrote:
@slstock wrote:Profit 235,421 Mil/ 165,333,334 = Rs 1.42 annual eps.

@funland wrote:
@slstock wrote:Good summary.

But one thing, note the latest eps calculations are not accurate. The right issue shares were not considered.

Are you sure?As per the below link, as at March 2012, the number of outstanding shares is 106,666,667.However, as at March 2013, the number of outstanding shares is 165,333,334.

http://cse.lk/cmt/upload_report_file/1041_1368443644.pdf


Nope.The way you are calculating the annual EPS(for the company for the year ended in March 2013) may not be correct...Because the right issue was announced on June 05, 2012.Just my view.I could be wrong.


As per the report, the profit(after tax) for the 3-month period ended on March 31, 2013, is 57,032 in Rs. The number of outstanding shares is 106,666,667 if the right issue shares were not considered for this period.This should give an EPS of around (57,032/106,666,667=)0.53 for the 3-month period ended on March 31, 2013. However, as per the report, the reported EPS for the 3-month period ended on March 31, 2013, is 0.49 which is less than 0.53.This gives an indication that the company has considered the right issue shares as well.Having said this, the way the company calculates the EPS may be different to our simplistic approach as the right issue was announced on June 05, 2012.

From March 31, 2012 to June 05, 2012(I am not sure the exact date), the company had 106,666,667 outstanding shares.However, from June 05, 2012(I am not sure the exact date) to March 31, 2013, the company has 165,333,334 outstanding shares.Thus, we can not simply say Profit 235,421 Mil/ 165,333,334 = Rs 1.42 annual eps.

8Performance of SFIN Empty Re: Performance of SFIN Sun Jun 09, 2013 2:12 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Look we all make mistakes. I can and you can We can learn from each other. No porblem.

Also note some companies can make mistakes. Some it appears intentionally make mistakes to deceive. Look at LCEY report thread.


But the way you state stuff and say "Nope", I am not sure whether you want to learn or you already know so you want to disagree . If you tell me "but Slstock maybe the company is figuring out a different way" that a nice way to put it without saying Nope .


Anyway for Education puposes,

sometime companies take the weighted average of shares. But it will not show the true picture.

To understand this In 6 months time, SFIN report Rs 150 mil profit after tax. What is the 6 month eps. Do you divide by 165 mil shares , 106 mil shares or somethign in the middle? Can you keep using shares lesser than current issued number for calculation?






@funland wrote:
@slstock wrote:You asked me are you sure. I calculated and showed you. Infact this quarter EPS also they have not taken the latest share amount.


Then you say Nope. Okay , it is upto you to figure out true eps.




@funland wrote:
@slstock wrote:Profit 235,421 Mil/ 165,333,334 = Rs 1.42 annual eps.

@funland wrote:
@slstock wrote:Good summary.

But one thing, note the latest eps calculations are not accurate. The right issue shares were not considered.

Are you sure?As per the below link, as at March 2012, the number of outstanding shares is 106,666,667.However, as at March 2013, the number of outstanding shares is 165,333,334.

http://cse.lk/cmt/upload_report_file/1041_1368443644.pdf


Nope.The way you are calculating the annual EPS(for the company for the year ended in March 2013) may not be correct...Because the right issue was announced on June 05, 2012.Just my view.I could be wrong.


As per the report, the profit(after tax) for the 3-month period ended on March 31, 2013, is 57,032 in Rs. The number of outstanding shares is 106,666,667 if the right issue shares were not considered for this period.This should give an EPS of around (57,032/106,666,667=)0.53 for the 3-month period ended on March 31, 2013. However, as per the report, the reported EPS for the 3-month period ended on March 31, 2013, is 0.49 which is less than 0.53.This gives an indication that the company has considered the right issue shares as well.Having said this, the way the company calculates the EPS may be different to our simplistic approach as the right issue was announced on June 05, 2012.

From March 31, 2012 to June 05, 2012(I am not sure the exact date), the company had 106,666,667 outstanding shares.However, from June 05, 2012(I am not sure the exact date) to March 31, 2013, the company has 165,333,334 outstanding shares.Thus, we can not simply say Profit 235,421 Mil/ 165,333,334 = Rs 1.42 annual eps.

9Performance of SFIN Empty Re: Performance of SFIN Sun Jun 09, 2013 2:30 pm

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@slstock if my blood pressure was going to increase I would make sure that I get paid for it Razz

http://www.freelancer.com/work/paid-forum-moderator-jobs/

10Performance of SFIN Empty Re: Performance of SFIN Sun Jun 09, 2013 2:40 pm

funland


Equity Analytic
Equity Analytic
@slstock wrote:Look we all make mistakes. I can and you can We can learn from each other. No porblem.

Also note some companies can make mistakes. Some it appears intentionally make mistakes to deceive. Look at LCEY report thread.


But the way you state stuff and say "Nope", I am not sure whether you want to learn or you already know so you want to disagree . If you tell me "but Slstock maybe the company is figuring out a different way" that a nice way to put it without saying Nope .


Anyway for Education puposes,

sometime companies take the weighted average of shares. But it will not show the true picture.

To understand this In 6 months time, SFIN report Rs 150 mil profit after tax. What is the 6 month eps. Do you divide by 165 mil shares , 106 mil shares or somethign in the middle? Can you keep using shares lesser than current issued number for calculation?






@funland wrote:
@slstock wrote:You asked me are you sure. I calculated and showed you. Infact this quarter EPS also they have not taken the latest share amount.


Then you say Nope. Okay , it is upto you to figure out true eps.




@funland wrote:
@slstock wrote:Profit 235,421 Mil/ 165,333,334 = Rs 1.42 annual eps.

@funland wrote:
@slstock wrote:Good summary.

But one thing, note the latest eps calculations are not accurate. The right issue shares were not considered.

Are you sure?As per the below link, as at March 2012, the number of outstanding shares is 106,666,667.However, as at March 2013, the number of outstanding shares is 165,333,334.

http://cse.lk/cmt/upload_report_file/1041_1368443644.pdf


Nope.The way you are calculating the annual EPS(for the company for the year ended in March 2013) may not be correct...Because the right issue was announced on June 05, 2012.Just my view.I could be wrong.


As per the report, the profit(after tax) for the 3-month period ended on March 31, 2013, is 57,032 in Rs. The number of outstanding shares is 106,666,667 if the right issue shares were not considered for this period.This should give an EPS of around (57,032/106,666,667=)0.53 for the 3-month period ended on March 31, 2013. However, as per the report, the reported EPS for the 3-month period ended on March 31, 2013, is 0.49 which is less than 0.53.This gives an indication that the company has considered the right issue shares as well.Having said this, the way the company calculates the EPS may be different to our simplistic approach as the right issue was announced on June 05, 2012.

From March 31, 2012 to June 05, 2012(I am not sure the exact date), the company had 106,666,667 outstanding shares.However, from June 05, 2012(I am not sure the exact date) to March 31, 2013, the company has 165,333,334 outstanding shares.Thus, we can not simply say Profit 235,421 Mil/ 165,333,334 = Rs 1.42 annual eps.


It seems you are very emotional. I have never said you have made a mistake and I have corrected. Who am I to correct you? It is your perception. Unless you come out of your mindset you will feel like this. The objective of this forum is not to hurt someone or to fight each other verbally. It is our intention to make profit on our investment with a little bit of research on companies. Having said this, we should not mislead the society. Unless we have a concrete evidence to justify, we should not mislead the society. Anyway, it is good to avoid further communication on this company’s report. Otherwise, the society will think we are promoting SFIN. Furthermore, I am not a linguistic to coin proper words.If the word “Nope” was not appropriate, pls excuse me. You have been doing a wonderful job in this forum. Pls continue your good work. Thanks.

11Performance of SFIN Empty Re: Performance of SFIN Sun Jun 09, 2013 2:56 pm

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Sorry to butt in - just to clarrify matters :

What slstock said re SFIN EPS Calculation is absolutely correct.
When a company changes its Capital Structure (i.e. in this case Rights issue) in the middle of a financial Year, it takes a weighted average number of issued shares based on Time. This is the Accounting Convention on how to deal with the eps calculation. But its also an illusion and tends to overstate the EPS. In Reality, at the end of the day (or in this case end of period !), there are "x" number of shares issued and the company made "y " amount. therefore eps should be y/x. Since the "x" number of shares issued including rights reflects the market price, stating the eps based on time based weighted average number of shares is just an accounting illusion, and serves to overstate the real eps.

12Performance of SFIN Empty Re: Performance of SFIN Sun Jun 09, 2013 3:00 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
SFIN is a good company. If you are share holder you do not have to get upset.

I stated the facts related to the topic and eps calculation.

Who is going to get deceived here is the question. If one blindly follow company reports and calcualtions , the only ones deceived will be us. I am not taking about SFIN . But in general. Always it is better to double check stats given by companeis.

Wait for future SFIN reports and see how they calculate eps . I don't know how much experience you have at CSE.

Study about weighted average of shares and the facts I stated and then if what I said is incorrect we can have a educational discussion.

Else I said what I know.

@funland wrote:
@slstock wrote:Look we all make mistakes. I can and you can We can learn from each other. No porblem.

Also note some companies can make mistakes. Some it appears intentionally make mistakes to deceive. Look at LCEY report thread.


But the way you state stuff and say "Nope", I am not sure whether you want to learn or you already know so you want to disagree . If you tell me "but Slstock maybe the company is figuring out a different way" that a nice way to put it without saying Nope .


Anyway for Education puposes,

sometime companies take the weighted average of shares. But it will not show the true picture.

To understand this In 6 months time, SFIN report Rs 150 mil profit after tax. What is the 6 month eps. Do you divide by 165 mil shares , 106 mil shares or somethign in the middle? Can you keep using shares lesser than current issued number for calculation?






@funland wrote:
@slstock wrote:You asked me are you sure. I calculated and showed you. Infact this quarter EPS also they have not taken the latest share amount.


Then you say Nope. Okay , it is upto you to figure out true eps.




@funland wrote:
@slstock wrote:Profit 235,421 Mil/ 165,333,334 = Rs 1.42 annual eps.

@funland wrote:
@slstock wrote:Good summary.

But one thing, note the latest eps calculations are not accurate. The right issue shares were not considered.

Are you sure?As per the below link, as at March 2012, the number of outstanding shares is 106,666,667.However, as at March 2013, the number of outstanding shares is 165,333,334.

http://cse.lk/cmt/upload_report_file/1041_1368443644.pdf


Nope.The way you are calculating the annual EPS(for the company for the year ended in March 2013) may not be correct...Because the right issue was announced on June 05, 2012.Just my view.I could be wrong.


As per the report, the profit(after tax) for the 3-month period ended on March 31, 2013, is 57,032 in Rs. The number of outstanding shares is 106,666,667 if the right issue shares were not considered for this period.This should give an EPS of around (57,032/106,666,667=)0.53 for the 3-month period ended on March 31, 2013. However, as per the report, the reported EPS for the 3-month period ended on March 31, 2013, is 0.49 which is less than 0.53.This gives an indication that the company has considered the right issue shares as well.Having said this, the way the company calculates the EPS may be different to our simplistic approach as the right issue was announced on June 05, 2012.

From March 31, 2012 to June 05, 2012(I am not sure the exact date), the company had 106,666,667 outstanding shares.However, from June 05, 2012(I am not sure the exact date) to March 31, 2013, the company has 165,333,334 outstanding shares.Thus, we can not simply say Profit 235,421 Mil/ 165,333,334 = Rs 1.42 annual eps.


It seems you are very emotional. I have never said you have made a mistake and I have corrected. Who am I to correct you? It is your perception. Unless you come out of your mindset you will feel like this. The objective of this forum is not to hurt someone or to fight each other verbally. It is our intention to make profit on our investment with a little bit of research on companies. Having said this, we should not mislead the society. Unless we have a concrete evidence to justify, we should not mislead the society. Anyway, it is good to avoid further communication on this company’s report. Otherwise, the society will think we are promoting SFIN. Furthermore, I am not a linguistic to coin proper words.If the word “Nope” was not appropriate, pls excuse me. You have been doing a wonderful job in this forum. Pls continue your good work. Thanks.

13Performance of SFIN Empty Re: Performance of SFIN Sun Jun 09, 2013 3:46 pm

KDDND

KDDND
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
I appreciate members of this forum....
coz they do lot of good things as they know and understand.....
its process of learning .... not just for who really contribute by putting lots of good efforts.....
but also members like us who read these all sort of things.. and learn step by step many things.....

there can be things not correct or so... but as a reader we do have responsibility to follow thing rationally and with some attention.....
coz sometime there might be human errors...... [not the one which some do purposefully to mislead others & to have self gains.....].... but the once which really happened from the people who do hard works........

I appreciate good work of all our members of this forum! Smile

14Performance of SFIN Empty Re: Performance of SFIN Mon Jun 10, 2013 9:24 am

samcader


Manager - Equity Analytics
Manager - Equity Analytics
Is S Fin planning a debenture issue of Rs 1.25 billion in late July 2013 as reported in Mirror Business of June 4th 2013

15Performance of SFIN Empty Re: Performance of SFIN Fri Jan 31, 2014 11:53 am

jonta999

jonta999
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Moving FAST

16Performance of SFIN Empty Re: Performance of SFIN Fri Jan 31, 2014 12:21 pm

K.Haputantri

K.Haputantri
Co-Admin
@The Alchemist wrote:Sorry to butt in - just to clarrify matters :

What slstock said re SFIN EPS Calculation is absolutely correct.
When a company changes its Capital Structure (i.e. in this case Rights issue) in the middle of a financial Year, it takes a weighted average number of issued shares based on Time. This is the Accounting Convention on how to deal with the eps calculation. But its also an illusion and tends to overstate the EPS. In Reality, at the end of the day (or in this case end of period !), there are "x" number of shares issued and the company made "y " amount. therefore eps should be y/x. Since the "x" number of shares issued including rights reflects the market price, stating the eps based on time based weighted average number of shares is just an accounting illusion, and serves to overstate the real eps.    
Over to the Instiution of Chartered Accountants. ? Please revisit the current accounting standard on this vital issue.

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