This company has not published much of financial details other than 10/11 AR.
Remuneration & EPF contributions in 2011
Directors’ Emoluments 7,241,509 5,902,481
EPF contributions 4,057,483 2,968,534
ETF contributions 1,018,216 748,613
Investment Portfolio;
Commercial Bank of Ceylon PLC 3,000
John Keels Holdings PLC 1,000
Seylan Bank PLC 1,000
LB Finance PLC 2,000
Pan Asia Bank PLC 2,000
Sampath Bank PLC 1,000
Distilleries Lanka PLC 1,000
Environmental Resources PLC 500
Hatton National Bank PLC 2,000
Aitken Spence PLC 1,000
Cargills PLC 1,000
Ceylon Theaters PLC 1,000
SMB Leasing PLC 500,000
Laughs Lanka PLC 1,600
Total Value - 3,901,750 (as mentioned in AR)
Market value - (as of the 31-03-11) 3,815,170
We also need to see the changes to the Investment portfolio and the profit/loss they've made.
REAL ESTATE STOCK - 242,6 Mil. (revalued as per the AR)
Financials (Period End Date 3/31/2011 in Millions)
Net Revenue After Provisions - 329.27
(-) Non-Interest Expense - 232.35
Operating Income - 96.92
(-) Income Tax Expenses - 34.12
Net Income - 62.79
Total Assets (Mil, Rs) - 4,078.67
Total Liabilities (Mil, Rs) - 3,784.90
Total Equity (Mil, Rs) - 293.78
NAV - 11.75 (293.78 / 25)
Bloomberg data:
Share Price as of 03/05/12 - 164.80
Current P/E Ratio (ttm) - 65.6574
Earnings Per Share (ttm) - 2.5100
Market Cap (Mil, Rs) - 4,120.00
Shares Outstanding (Mil) - 25.00
Price/Book (mrq) 14.0241
As per the NAV calculated above PBV stands at 14.025 with yesterday's share price.
As for a financial company a PBV value exceeding 3.5X is massively overvalued. Therefore; u can get the picture quite clear SFS having 14X of PBV.
Company has shown results since 2007, their revenu has been growing..
As per the AR, the main constituents of interest income were interest on pawn broking and interest on hire purchase which accounted for 77% and 10% of the interest income respectively.
During the financial year 10/11 the pawn broking segment earned an impressive Rs.542 million, while hire purchase segment earned Rs.70 million.
But we yet to recieve a record on their FY 11/12 performance.
As per the report, as @ 31-03-11 Edirisinghe family holds 23 Mil shares out of total 25 mil.
Therefore making this a quite illiquid letting the free float of 02 Mil shares..
But how would be the situation now since this had a very good run for the past 2 months from 100 - 178.
Again a 1:20 sub div at even current price is too crazy to bring down the liquidity.. SFS is better off being an illiquid..
My fair valuation of share price @2-3X PBV is Rs. 23-35 for SFS (ex- split).
After a split this valuation has to come down to Rs. 1 - 2
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