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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » SFS Be careful

SFS Be careful

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1SFS  Be careful Empty SFS Be careful Mon Nov 18, 2013 7:08 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Some of us warned about CIFL when it was RS 9-6  and PCH when it was Rs 6 to 4.

Quarterly report out
http://cse.lk/cmt/upload_report_file/1061_1384741249.pdf

SFS :

NAV is now 0.05.
Quarterly loss is Rs 0.73 ( am yet to figure out how other income is -216 million)
CB ratios are violated by massive margins.

Share holders :   Take extreme care over trading SFS now.    Time to time there can be share pumps and dumps.

Depositers : There is no immediate danger  as  Gold Liabilites are matching Assets right now.   So don't unduly panic.    Management needs to take some corrective measures. If Gold rises SFS  will be in  better asset standing.  But if gold falls they will b e at bigger risk.


This is not to panic people but to take note of the issue and be educated.


I will let other discuss more details



Last edited by slstock on Mon Nov 18, 2013 7:24 pm; edited 1 time in total

2SFS  Be careful Empty Re: SFS Be careful Mon Nov 18, 2013 7:22 pm

Aubrey Perera


Vice President - Equity Analytics
Vice President - Equity Analytics
slstock Can't the Edirisinghe's rectify this or is the entire Group under a cloud ? surely they have other business interests that can mitigate s worse case scenario?

3SFS  Be careful Empty Re: SFS Be careful Mon Nov 18, 2013 7:47 pm

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@slstock wrote:
Quarterly loss is Rs 0.73 ( am yet to figure out how other income is -216 million)


Other income/loss is due to loan impairments. Probably the pawning balances.

4SFS  Be careful Empty Re: SFS Be careful Mon Nov 18, 2013 7:56 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
There is also an  impairment of 172 million for loan  losses under operating expenses.


Guess one  loss could be Gold  portfolio value loss ( unrealized) and other people  defaulting on pawning loans?

Btw, SFS last quarter did not totally adjust gold portfolio drops  and on loans. Seems they took the whole hit this quarter?

Much to be seen what and decided when they release Dec results.




@Jiggysaurus wrote:
@slstock wrote:
Quarterly loss is Rs 0.73 ( am yet to figure out how other income is -216 million)


Other income/loss is due to loan impairments. Probably the pawning balances.

5SFS  Be careful Empty Re: SFS Be careful Mon Nov 18, 2013 9:39 pm

csenoob


Stock Trader
What about the FD in SFS and ETI any idea ? will this affect to FD as well ?

6SFS  Be careful Empty Re: SFS Be careful Mon Nov 18, 2013 10:01 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Non appropriation for impairment changes in quarterly accounts is irresponsible act of accounting in officers & internal audit as well. Overlooking such provision in one quarter & dumping the accumulated on next quarter is a violation of accounting practices. Being a listed company such negligence tarnishes the image not only the SFS itself but also the entire group.

7SFS  Be careful Empty Re: SFS Be careful Tue Nov 19, 2013 9:29 am

kalum


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Thanks SLS for early warning.

8SFS  Be careful Empty Re: SFS Be careful Wed Nov 20, 2013 2:16 am

anges


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
put the word around and warn potential investors to stay away and keep their cash safe ! good work guys

9SFS  Be careful Empty Re: SFS Be careful Wed Nov 20, 2013 8:00 am

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
ETI  collected big amounts form public for a mango business and  promised healthy returns.  
When the investors sue them at maturity they may face more trouble.

Wahini is also in rotten state. All the capable guys are no more there.

Group has already lost its image. They may continue but a fast recovery for a real uptrend is hard to think.

@csenoob wrote:What about the FD any idea ?
මේ වගේ තැන්වලින් මුදල්, ණය ගත්තට කමක් නැ
තමන් ගේ අතේ තියෙන මුදල්, වත්කම්, වගකීම්  පාලනය කර ගන්න බැරුව දඟලන කෙනෙකු අතට තවත් මුදල් බාර දෙන අය ඉන්නව නම් ඒත් අපට කමක් නැ.

10SFS  Be careful Empty Re: SFS Be careful Wed Nov 20, 2013 11:29 am

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Thanks a lot Slstock..

This should be why they are trying there best to attract FD through the wahini..

No ads on mango business now.

11SFS  Be careful Empty Re: SFS Be careful Thu Nov 21, 2013 12:30 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
I see SFS went from Rs 2.1 to 2,4 after a 0.73 per share loss ( instead of reverse).

All I can say is becareful.

12SFS  Be careful Empty Re: SFS Be careful Thu Nov 21, 2013 6:46 pm

dhanurrox


Vice President - Equity Analytics
Vice President - Equity Analytics
In CSE you don't always need to trust financials.

13SFS  Be careful Empty Re: SFS Be careful Thu Nov 21, 2013 6:52 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@dhanurrox wrote:In CSE you don't always need to trust financials.
Not in CSE, Financial is a part and TREND is the vital.

14SFS  Be careful Empty Re: SFS Be careful Thu Nov 21, 2013 6:53 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
So what is your advice? Buy companies at any price any time without looking at anything?




@dhanurrox wrote:In CSE you don't always need to trust financials.

15SFS  Be careful Empty Re: SFS Be careful Thu Nov 21, 2013 7:04 pm

mark

mark
Expert
Expert
Finally retailers will hold the babies when the all main shareholders get out easily such like in CIFL.

But there is enough trading opportunities in any share whether it is bad or good.

But you shouldnt hold these craps, just buy and sell Smile

16SFS  Be careful Empty Re: SFS Be careful Thu Nov 21, 2013 7:05 pm

dhanurrox


Vice President - Equity Analytics
Vice President - Equity Analytics
You have got this wrong.I sad"Don't always need".That means there can be exceptions.Companies with bad financials or without a financial can go up and companies with good financials and turnarounds can go down.

17SFS  Be careful Empty Re: SFS Be careful Thu Nov 21, 2013 7:07 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
So what is your advice on SFS?



@dhanurrox wrote:You have got this wrong.I sad"Don't always need".That means there can be exceptions.Companies with bad financials or without a financial can go up and companies with good financials and turnarounds can go down.

18SFS  Be careful Empty Re: SFS Be careful Fri Nov 22, 2013 8:08 pm

jonny

jonny
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Chinwi wrote:ETI  collected big amounts form public for a mango business and  promised healthy returns.  
When the investors sue them at maturity they may face more trouble.

Wahini is also in rotten state. All the capable guys are no more there.

Group has already lost its image. They may continue but a fast recovery for a real uptrend is hard to think.

@csenoob wrote:What about the FD any idea ?
මේ වගේ තැන්වලින් මුදල්, ණය ගත්තට කමක් නැ
තමන් ගේ අතේ තියෙන මුදල්, වත්කම්, වගකීම්  පාලනය කර ගන්න බැරුව දඟලන කෙනෙකු අතට තවත් මුදල් බාර දෙන අය ඉන්නව නම් ඒත් අපට කමක් නැ.
Friends don't worry,

Soma akkas PUNARJEEWA will rescue everybody..Specially heart patients..This is going to be another PCH Tele Mega..Shocked Shocked

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