Second Chance   

Record Half Year Profit

i am praying this one shoots up to its all time high of 51 cents soon.... price so not justified...for a high dividend yielding counter...bbs sleeping ? or still collecting at lows?

 

Actually i beg to differ... If the daily transaction vol is a few measly lots or it looks obvious that some share churning is in place then TA is nothing more than simple manipulation... perhaps not even by a big market player by any standards.

I would think its dangerous to apply any TA means to look at any chart pattern if volume is not present

 

Look at it over a period of time eg one week, 2-3 weeks...

TA is nothing but chart reading... 

But of course it is silly to read a chart with only a few lots or done every day when there are so many other more interesting ones....

However, each chart has it's own character...

And TA applies to all stocks... regardless of thinness of trading...

 

Vol so thin. Qualify for TA meh

 

Watch out for a divergence. Stock price going up on declining volumes.

 

Probably a coincidence. If you buy the warr today, it will still take the usual T+3 for it to be under your name. Then, you will need to apply to convert.....and it will takes at least a week for the share registrar to process your conversion....so unlikely to be a short.

Furthermore, warr were traded between 25.5c to 26.0 c. With the conversion cost of 10c, there is no profit in it cos the mother share traded at 36c today.

terencefok      ( Date: 15-May-2008 11:02) Posted: Noticed that immediately after 14 lots of warrants were bought (not by me of course), the sell queue for the stock also increased by 14 lots. Can a person who owns only the warrants buy warrants and sell the stock on the same day? Will this be considered as short-selling?

 

Noticed that immediately after 14 lots of warrants were bought (not by me of course), the sell queue for the stock also increased by 14 lots. Can a person who owns only the warrants buy warrants and sell the stock on the same day? Will this be considered as short-selling?

 

Co announced their 3Q08 results

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_F3787BF04B4112FE482574480032EFFE/$file/2C-FY2008_Q3-Results.pdf?openelement

Downside  - Revenue dn 10.33%, Profit dn 55.73%, Loss on investment securities valuation (equities) $624k.

Upside - Declaration of early divvy of 3c.

Question is why early divident payout? ..... could it be to entice warrant holder (expiry 30May08) to convert (10c at 1:1) early? At todays share price of 36.5c, it does not need this enticement.

Warrant conversion will be mildly dilutive - NAV will be 29.8c (from 30.1c) and after div payout, it will be about 27c.

Looking at the Balance sheet::

• About 51.5% ($17.6m) of its current assets is in equities and only 1.2% ($418k) in cash. After divident payout, it would have used up all its cash and proceeds from warrant conversion.
• For C. to raise cash, its easiet way is to liquidate some of its equities.......but under today's market cdtn, we can expect further writedowns and losses.

FY09 - If 3Q08 eps of 0.5c is going to be the norm for FY09, then Co. may not be able to meet their divvy forecast of 3.5c, unless they dig into their reserves.

From the above, my opinion is mgmt has over invested in the stock market (51.5% of current asset is definitely improportionate to its core business). It was good whilst it lasted.......but perhaps now they have to swallow the bitter pill.

Furthermore, Co recently announced that the daughter of the Chmn resigned her directorship and exec post of purchaser.....is there more to it than meets the eye?

I would advise forumers not to be enticed by the generous divvy declared (3c) cos the worst may yet to come.

Not vested, personnal opinion and caveat emptor.

 

XD tml, expect price to fall...gd to pick up tml. potential for growth, and strong divvy about 6%!

 

66.7% jump in net profit! net divvy 2.7cents. propose divvy of 3cents and 3.5cents for FY08 09 respectively(tax exempt).

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_34F6FD85BEAFC2D5482573460028C784/$file/2C-News_Release_2007-29Aug07.pdf?openelement

 

Full year unaudited financial statement will be released on 29th Aug 07 according to the announcement.

 

http://info.sgx.com/listprosp.nsf/rev%20new%20ar%20by%20company?OpenView&Start=1&Count=30&Expand=12&RestrictToCategory=S#12 

SECOND CHANCE PROPERTIES LTD
	30 Jun 2006	ANNUAL REPORT 2006
	30 Jun 2005	ANNUAL REPORT 2005

 

2nd chance deserve a second good look.......hmmmm!

 

Hi,

I try to search for the financial statement in SGX for 2ndchance stock but its not posted there.. appreciate if anyone can tell me where u get the past financial statement from?

THks.

Cheers,

Anything.

 

hmmm... when are the results out ? :P

 

Hi victorian, this counter has come down from high of 0.51 to 0.47 today. Any comments? Vested.

 

hi,anyone know when the results will be out? thks

 

Hi victorian, congrat, one of your favourite counters  started to move. Another 7 days more to year end closing. Good luck to all vested. Have any further comments on this counter?

 

2nd chance can give another chance?  :)

 

Company announce that group result for half year ended 31 Dec 06 surpasses last Full year profit.

Revenues increase by 12.13% over same period in 2005

Group Net Profit for half year ending Dec 06 12.34 m - 188% higher than half year ending Dec 05

EPS  - 4.57 cents up from 2.11 cents

Net asset per share 29.75cents up from 28.35 cents

With this record result, wonder what will be share price tomorrow?