SFS Be careful

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

Slstock

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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

Aubrey Perera · 2 Re: SFS Be careful Mon Nov 18, 2013 7:22 pm

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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?

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

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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.

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

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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.

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

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

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

worthiness

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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.

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

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Thanks SLS for early warning.

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

anges

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put the word around and warn potential investors to stay away and keep their cash safe ! good work guys

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

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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.

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

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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.

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

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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.

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

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In CSE you don't always need to trust financials.

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

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

Not in CSE, Financial is a part and TREND is the vital.

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

Slstock

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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.

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

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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

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

dhanurrox

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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.

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

Slstock

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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.

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

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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