2nd Chance Properties

[stilicon]

Latest results : http://info.sgx.com/webcoranncatth.nsf/V...penelement

Results were decent.
Opinions about this co. would be welcome.
Attached a table resuming the financials of this co. :

  fiche 2ndChance.pdf (Size: 88.89 KB / Downloads: 22)

[mrEngineer]

Latest results : http://info.sgx.com/webcoranncatth.nsf/V...penelement

Results were decent.
Opinions about this co. would be welcome.
Attached a table resuming the financials of this co. :

Did you obtain all the figures yourselve? I wonder how did you manage to calculate the ROCE when you do not know the incremental Ebitda from the capex spent?

[stilicon]

Did you obtain all the figures yourselve? I wonder how did you manage to calculate the ROCE when you do not know the incremental Ebitda from the capex spent?

"the incremental Ebitda from the capex spent" ... please ... !

I use the following def. :
ROCE = EBIT (net of taxes) / Capital Employed.
EBIT net of taxes will be "Res. Op." in my table (minus "Taxes"). Capital Employed will be Total Equity + Non Current Liabilities.

You may find various definitions for the ROCE (as for many other usual acronyms). Choose the one you like, as long as you understand it !

The historical data is from the Company announcements (which I fill in my base - typo error always possible) + the coming year FY.06/11 is obviously my own personal guess/estimate.

[mrEngineer]

"the incremental Ebitda from the capex spent" ... please ... !

I use the following def. :
ROCE = EBIT (net of taxes) / Capital Employed.
EBIT net of taxes will be "Res. Op." in my table (minus "Taxes"). Capital Employed will be Total Equity + Non Current Liabilities.

You may find various definitions for the ROCE (as for many other usual acronyms). Choose the one you like, as long as you understand it !

The historical data is from the Company announcements (which I fill in my base - typo error always possible) + the coming year FY.06/11 is obviously my own personal guess/estimate.

Thanks for your explanation. I was interested whether you had access to information which I probably overlooked or non-public.

I always thought that ROCE was defined for capital employed for individual projects and capital employed is calculated with CAPEX including depreciation and working capital spent for the project. These information usually cannot be found publicly. Perhaps I am too influenced by the calculations done in my job.

[stilicon]

Thanks for your explanation. I was interested whether you had access to information which I probably overlooked or non-public.

I always thought that ROCE was defined for capital employed for individual projects and capital employed is calculated with CAPEX including depreciation and working capital spent for the project. These information usually cannot be found publicly. Perhaps I am too influenced by the calculations done in my job.

I understood that you were thinking in term of projects !

Anyway, I wonder what people close to the matter may think of this Company.

I like the diversity of the businesses.
I like the prudence of the owner (at least what I perceive to be prudence).

One point is obviously that the div. yield is higher that the FCF yield, which means div. yield may not be sustainable at this level, unless the FCF increases. Which was one of the good points of the quaterly results imo.
So in the end, I would be tempted to say that the div could soon be sustainable.
Anyway, on a DDM basis, with a 8% return exigence, a -2% 5Y growth rate (a sort of margin of security), and a ad infinitum growth rate of 0% later on, one could put a S$0,436 value on this company. Provided the business remains sound.

[changwk]

hi,

seeking forumer's help on 2nd chance warrants. I have some warrants from 2nd chance registered in my CDP account. I have not dealt with warrants before.

what can i do with my warrants?

[yeokiwi]

hi,

seeking forumer's help on 2nd chance warrants. I have some warrants from 2nd chance registered in my CDP account. I have not dealt with warrants before.

what can i do with my warrants?

1) Sell away in the open market.
2) Convert the warrant to ordinary stock by paying the warrant's conversion price.
3) Let it expire.(try not to unless the broker fee is higher than the sale of the warrants)

[changwk]

hi yeokiwi,

is the conversion price the same as exercise price?

how do i convert it to ordinary stock? what forms to fill in?

[yeokiwi]

ya.. exercise price is the right term ..hehe
You have to look for the agent that services 2nd chance warrant.. let see..
From SGX,
SECOND CHANCE PROP W130927 <= this one??

Name TRICOR BARBINDER SHARE REGISTRATION SVCS
Telephone No. 6236 3333
Fax No. 6236 4399
Address 8 CROSS STREET #11-00
PWC BUILDING
SINGAPORE 048424

Give them a call and tell them that you want to convert your warrant to stocks.
They will send you the application form by post.
You will have to prepare cashier order for payment.
If you use DBS internet banking, the cashier order can be bought for free but you still have to make a trip to the bank to collect the cashier order.
Some banks charge $5 for a cashier order.

With the cashier order and forms, you can make a trip to the agent's office to submit the application.
It takes about 2 weeks? to convert warrant to share.

[changwk]

hi yeokiwi,

thanks for the info. i have already emailed them.