Maxi-Cash Financial Services Corporation

[greengiraffe]

Magic must be backed by real kungfu... remember chew and raffles edu? Caveat Emptor

Despite this, their bonus issue still work magic.

[dydx]

Magic must be backed by real kungfu... remember chew and raffles edu? Caveat Emptor

Despite this, their bonus issue still work magic.

Does a bonus issue on its own bring real value? In most cases, hardly. In some cases, a little perhaps, if the existing shares are tightly held and therefore thinly traded, and a bonus issue - similar to a stock split - would increase the size of the free float and allow Mr Market to do his magic to bring about more sustained and active participation especially by new investors.

In Maxi-Cash, I am afraid it should be nothing, and it appears there is too much wayang in this counter already!

[GPD]

Since the company cannot reward shareholders with strong earning growth, it chooses to reward them with corporate action.

But surely it is a friendly company. It is saying, hey if you believe in my story, stay in or buy in and I will give you more shares. If the company boom, you benefit. Don't worry if the story didn't turned out as expected, since we normally engage in some corporate actions giving you ample opportunities to exit if you changed you mind.

Just joking.

(not vested)

[Investmentrealm]

Despite this, their bonus issue still work magic.

What kind of magic? Sustain share price?

Bonus issue with such poor performance is not good. It will simply dilute earnings and NAV further.

I wonder why investors are still buying it at such a high PE. This is not a growth company, it's a company in a highly competitive sector that has limited growth.

[hh488]

maybe the co is trying to make the shares more liquid? so far how many time have it declare such bonuses?

[CityFarmer]

It gave a very bad impression on the company internal control...

(not vested)

Pawnbroker sues 3 customers over $275k overpayment

Section: HOME
By: SELINA LUM
Publication: The Straits Times 02/04/2015

It miscalculated compensation for five gold bars stolen by employee

SINGAPORE'S first public-listed pawnbroker, Maxi-Cash, is suing three customers to get back $275,000 it mistakenly overpaid them after the gold bars they pawned were misappropriated by an employee.

Ms Chen Qiaodong, Mr Keok Su Seng and Ms Belinda Ho Geok Eng had bought five gold bars at $95,000 apiece on the same day from now-defunct gold investment firm Genneva.

They pledged the bars the next day at the Maxi-Cash outlet in Northpoint Shopping Centre for loans of $55,000 per bar, making a total of $275,000.

Five days later, a Maxi-Cash employee took the gold bars to sell so that he could repay his gambling debts.

When the trio found out, they demanded compensation from the pawnbroking chain. Maxi-Cash agreed, and paid them $95,000 per gold bar, making a total of $475,000.

Six months later, it dawned on the pawnbroker that it had overpaid the trio. It had not taken into account the $55,000 loans they had taken out, which meant it had actually paid out $150,000 per bar. When the three refused its demand for repayment, Maxi-Cash sued them for unjust enrichment.
...
Source: ShareInvestor Express

[greengiraffe]

Industry sources said that this is a joke and the risk compliance is a real red flag here...

While the Koh brothers are making waves, it shows that they are not formidable. Their aggressiveness in many areas of their businesses not withstanding their gungho track record in the last decades should be viewed with extreme caution.

No Vested Interests
GG

It gave a very bad impression on the company internal control...

(not vested)

Pawnbroker sues 3 customers over $275k overpayment

Section: HOME
By: SELINA LUM
Publication: The Straits Times 02/04/2015

It miscalculated compensation for five gold bars stolen by employee

SINGAPORE'S first public-listed pawnbroker, Maxi-Cash, is suing three customers to get back $275,000 it mistakenly overpaid them after the gold bars they pawned were misappropriated by an employee.

Ms Chen Qiaodong, Mr Keok Su Seng and Ms Belinda Ho Geok Eng had bought five gold bars at $95,000 apiece on the same day from now-defunct gold investment firm Genneva.

They pledged the bars the next day at the Maxi-Cash outlet in Northpoint Shopping Centre for loans of $55,000 per bar, making a total of $275,000.

Five days later, a Maxi-Cash employee took the gold bars to sell so that he could repay his gambling debts.

When the trio found out, they demanded compensation from the pawnbroking chain. Maxi-Cash agreed, and paid them $95,000 per gold bar, making a total of $475,000.

Six months later, it dawned on the pawnbroker that it had overpaid the trio. It had not taken into account the $55,000 loans they had taken out, which meant it had actually paid out $150,000 per bar. When the three refused its demand for repayment, Maxi-Cash sued them for unjust enrichment.
...
Source: ShareInvestor Express

[greengiraffe]

Industry sources said that this is a joke and the risk compliance is a real red flag here...

While the Koh brothers are making waves, it shows that they are not formidable. Their aggressiveness in many areas of their businesses not withstanding their gungho track record in the last decades should be viewed with extreme caution.

No Vested Interests
GG

It gave a very bad impression on the company internal control...

(not vested)

Pawnbroker sues 3 customers over $275k overpayment

Section: HOME
By: SELINA LUM
Publication: The Straits Times 02/04/2015

It miscalculated compensation for five gold bars stolen by employee

SINGAPORE'S first public-listed pawnbroker, Maxi-Cash, is suing three customers to get back $275,000 it mistakenly overpaid them after the gold bars they pawned were misappropriated by an employee.

Ms Chen Qiaodong, Mr Keok Su Seng and Ms Belinda Ho Geok Eng had bought five gold bars at $95,000 apiece on the same day from now-defunct gold investment firm Genneva.

They pledged the bars the next day at the Maxi-Cash outlet in Northpoint Shopping Centre for loans of $55,000 per bar, making a total of $275,000.

Five days later, a Maxi-Cash employee took the gold bars to sell so that he could repay his gambling debts.

When the trio found out, they demanded compensation from the pawnbroking chain. Maxi-Cash agreed, and paid them $95,000 per gold bar, making a total of $475,000.

Six months later, it dawned on the pawnbroker that it had overpaid the trio. It had not taken into account the $55,000 loans they had taken out, which meant it had actually paid out $150,000 per bar. When the three refused its demand for repayment, Maxi-Cash sued them for unjust enrichment.
...
Source: ShareInvestor Express

[karlmarx]

The $50m raised through bonds and $20m raised through rights has allowed Maxi-Cash to generate more sales but this is accompanied by higher cost, wages, interest, and expenses. Increased effort but net profit remains same as previous year. Perhaps they may be rewarded for their expansion efforts at a later time. Debt/equity is now 250%.

http://infopub.sgx.com/FileOpen/Results_...eID=465906

[dreamybear]

Maxi reported stellar 1H2020 results : 12% increase in revenue, 2155% increase in other income, 80% increase in profit & EPS when comparing 1H2020 vs 1H2019.

I am surprised rental rebates / JSS can make such a great difference.

=========

https://links.sgx.com/FileOpen/MCFSC%20M...eID=625123 [1H2020 FS]

"The increase in other income was mainly due to the rental rebates from landlords and cash grant under the Job Support Scheme from the Government in relation to COVID-19."