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BUSINESS REVIEW
PAWNBROKING BUSINESS
For the year ended 31 December 2022, revenue for our pawnbroking business grew by 11.9% from $ 46.0 million to $51. 5 million for F Y2022.
The improved performance was primarily due to higher interest income from the growing pledge book. Consequently, net profit before tax of the
segment also increased, rising by 12.5% to $9.0 million for FY2022 from $8.0 million in the previous financial year
RETAIL AND TRADING OF JEWELLERY AND BRANDED MERCHANDISE
The retail and trading of jewellery and branded merchandise segment saw the most improvement for the year under review mainly due to the
newly acquired jewellery business. The acquisition which was completed in 4Q2022 was earnings accretive and helped elevate segmental revenue
by 49.4% or $87.8 million to $265.4 million from the year before. In line with the higher revenue, the segment&rsquo s net profit before tax nearly doubled
to $16.5 million for the year under review
SECURED LENDING
The Group&rsquo s secured lending business reported stable year with a 1.9% increase in revenue to $2.1 million
Above are taken from the company' s annual report. For info only.
PAWNBROKING BUSINESS
For the year ended 31 December 2022, revenue for our pawnbroking business grew by 11.9% from $ 46.0 million to $51. 5 million for F Y2022.
The improved performance was primarily due to higher interest income from the growing pledge book. Consequently, net profit before tax of the
segment also increased, rising by 12.5% to $9.0 million for FY2022 from $8.0 million in the previous financial year
RETAIL AND TRADING OF JEWELLERY AND BRANDED MERCHANDISE
The retail and trading of jewellery and branded merchandise segment saw the most improvement for the year under review mainly due to the
newly acquired jewellery business. The acquisition which was completed in 4Q2022 was earnings accretive and helped elevate segmental revenue
by 49.4% or $87.8 million to $265.4 million from the year before. In line with the higher revenue, the segment&rsquo s net profit before tax nearly doubled
to $16.5 million for the year under review
SECURED LENDING
The Group&rsquo s secured lending business reported stable year with a 1.9% increase in revenue to $2.1 million
Above are taken from the company' s annual report. For info only.
Background
Incorporated in 2008, Maxi-Cash Financial Services Corporation Ltd. is the first public-listed pawnbroker on the Singapore stock exchange.
The MCFS Group also retails jewellery and branded merchandise, and provides secured lending services. Today, the MCFS Group has the
largest network of pawnshops and retail outlets across Singapore, Malaysia, Hong Kong and Australia. Following the completion of
acquisition of Aspial-Lee Hwa Jewellery Singapore Pte. Ltd., Gold Purple Pte. Ltd. and BU2 Services Pte. Ltd., MCFS has changed its name
to " Aspial Lifestyle Limited" (" Aspial Lifestyle" ) as its consumer lifestyle related business would be significantly expanded. In addition to its
existing pawnbroking, money lending, and retail and trading of pre-owned jewellery and branded merchandise businesses, the renamed
Aspial Lifestyle will also own and operate two of the largest jewellery retail chains in Singapore under the well-known " Lee Hwa" and " Goldheart"
brands, which have strong brand equity, an established track record, innovative concepts, a competent management team, an established
customer base, and a prime store network.
Above is for info only.
The profit is actually higher if we take into considerations the one-off
currence loss of S$1.5 mil. If we add back the currency loss of S$1.5 mil
the 1st half ' 23 profit should be - S$9,380 + S$1,500 = S$10850.
This is an improvement of 61.1% against 2nd half profit of S$6,734. See below.
1H' 23 - profit S$10850
2H' 22 - profit S$6,734
Difference - S$4,116
In % - 61.1%
This is a huge improvement!
currence loss of S$1.5 mil. If we add back the currency loss of S$1.5 mil
the 1st half ' 23 profit should be - S$9,380 + S$1,500 = S$10850.
This is an improvement of 61.1% against 2nd half profit of S$6,734. See below.
1H' 23 - profit S$10850
2H' 22 - profit S$6,734
Difference - S$4,116
In % - 61.1%
This is a huge improvement!
Company' s full year result likely to be out in 3rd week Feb
Last year 2nd half against this year 1st half.
From the above, it is clear that this year result will be very much better than last financial year.
Vested. Dyodd.
| quarterly | 2H' 22 | 1H' 23 | Difference | in % |
| revenue | 177,791 | 228,816 | 51025 | 28.6 |
| np | 6,734 | 9,380 | 2646 | 39.2 |
From the above, it is clear that this year result will be very much better than last financial year.
Vested. Dyodd.
Repsot on dividend history.
| The dividends declared from year 2019 to 2022 add up to 6.5 cts for the 4 years. | ||||
| This gives an yearly average of 6.5/4 = 1.625 cts per share. Based on current price of 12.4 cts, | ||||
| the dividend yield is around 13.0%. See below: | ||||
| Dividends History (Aspial Lifestyle) | ||||
| Action Type | Ex Date | Record Date | Payment Date | Details |
| DIVIDEND | 3/10/2023 | 4/10/2023 | 22/11/2023 | 1 Cash Options |
| DIVIDEND | 6/4/2023 | 10/4/2023 | 20/4/2023 | SGD 0.004 |
| Dividend 2023 | ||||
| DIVIDEND | 17/8/2022 | 18/8/2022 | 9/9/2022 | SGD 0.0065 |
| DIVIDEND | 11/3/2022 | 14/3/2022 | 24/3/2022 | SGD 0.006 |
| Dividend 2022 | 0.0125 | |||
| DIVIDEND | 17/8/2021 | 18/8/2021 | 26/8/2021 | SGD 0.0065 |
| DIVIDEND | 12/3/2021 | 15/3/2021 | 25/3/2021 | SGD 0.0145 |
| Dividend 2021 | 0.021 | |||
| DIVIDEND | 4/8/2020 | 5/8/2020 | 14/8/2020 | SGD 0.0115 |
| DIVIDEND | 15/6/2020 | 16/6/2020 | 23/6/2020 | SGD 0.0035 |
| DIVIDEND | 16/1/2020 | 17/1/2020 | 28/1/2020 | SGD 0.005 |
| Dividend 2020 | 0.02 | |||
| DIVIDEND | 14/10/2019 | 15/10/2019 | 25/10/2019 | SGD 0.005 |
| DIVIDEND | 24/5/2019 | 27/5/2019 | 6/6/2019 | SGD 0.0035 |
| DIVIDEND | 24/1/2019 | 25/1/2019 | 8/2/2019 | SGD 0.003 /sec |
| Dividend 2019 | 0.0115 | |||
What about Aspial Corp, the parent company, which also own this Aspial Lifestyle?
Pls note that Aspial Lifestyle is a thinly traded stock. There are often no buyers or buyers
queuing at a much lower price than sellers.
I am in it bcoz of growth n dividends. I expect big improvement in revenue and profits for current
and subsequent year. For the moment I am going after the dividends which give a yield of around 8.2%
at current price of 12.3/12.4 cts.
As the company give high dividends consistently, I am into the stock for a long hold.
Above for information only. Pls dyodd.
queuing at a much lower price than sellers.
I am in it bcoz of growth n dividends. I expect big improvement in revenue and profits for current
and subsequent year. For the moment I am going after the dividends which give a yield of around 8.2%
at current price of 12.3/12.4 cts.
As the company give high dividends consistently, I am into the stock for a long hold.
Above for information only. Pls dyodd.
Repost for those who missed it.
| Summary of some of the reasons for being vested. | ||||||
| 1 | Excellent dividend yield | |||||
| Excellent and consistent dividend yield. | ||||||
| At current price the yield is around 8% | ||||||
| 2 | Substantial revenue growth trend | |||||
| Clear trend in substantial revenue growth. | ||||||
| With the inclusion of the recent acquisition | ||||||
| Lee Hua, Goldheart etc, it is clear that the | ||||||
| revenue improvements will be substantial. | ||||||
| 3 | Consistently profitable | |||||
| Company has ben consistently profitable in the | ||||||
| past years with profits of above S$10 mil | ||||||
| 4 | 1st half profit S$3.9 mil | |||||
| First half profit of S$9.3 mil imply a full year of | ||||||
| around S$20.0 mil, which is one of its best | ||||||
| performing years. | ||||||
| 5 | Company actively managed | |||||
| Company is actively managed as evidenced by the | ||||||
| recent acquisitions in Singapore and Malaysia. | ||||||
| 6 | Company' s brands are well known - | |||||
| Lee Hua Jewellery | ||||||
| Goldheart | ||||||
| Maxi cash | ||||||
| Maxi cash has 40 plus units all over Singapore. One | ||||||
| is likely to bump into one when one visit a shopping mall | ||||||
| Above are just my thoughts. I am heavily vested, so my | ||||||
| views could be bias. Pls do your own dyodd. | ||||||
Aspial Lifestyle is likely to do better in terms of revenue and profit growth as against
Valuemax and Moneymax, at least for current and next year. This is just my guess
as i throw the company forward for year 2023 n 2024.
Growth in revenue and profit will bring the p/e down. Currently the p/e is around 10 X
Valuemax and Moneymax, at least for current and next year. This is just my guess
as i throw the company forward for year 2023 n 2024.
Growth in revenue and profit will bring the p/e down. Currently the p/e is around 10 X
bechaotic ( Date: 02-Jan-2024 16:15) Posted:
|
It hit a low of 11.9 cts on 17 May 2020 and a low of 12.0 cts on dec 2023.
Can say it is trading near historical low but will not be able to tell whether
it will go up or come down.
Can say it is trading near historical low but will not be able to tell whether
it will go up or come down.
Beta21177 ( Date: 02-Jan-2024 16:55) Posted:
|
but share price still drop. will it bottom up?
I am looking at dividends n growth. P/e of valuemax and moneymax are respectively 5.7 and 4.5 X.
Incidentally I have shares of moneymax
Incidentally I have shares of moneymax
Although highest in term of DY, it pales in comparision with Valuemax & Moneymax with lower EPS, higher PE, lower BVPS resulting in higher PB. So it depends of what investor really looking for.
Correction -
1st half profit S$9.3
1st half profit S$9.3
| Summary of some of the reasons for being vested. | ||||||
| 1 | Excellent dividend yield | |||||
| Excellent and consistent dividend yield. | ||||||
| At current price the yield is around 8% | ||||||
| 2 | Substantial revenue growth trend | |||||
| Clear trend in substantial revenue growth. | ||||||
| With the inclusion of the recent acquisition | ||||||
| Lee Hua, Goldheart etc, it is clear that the | ||||||
| revenue improvements will be substantial. | ||||||
| 3 | Consistently profitable | |||||
| Company has ben consistently profitable in the | ||||||
| past years with profits of above S$10 mil | ||||||
| 4 | 1st half profit S$3.9 mil | |||||
| First half profit of S$9.3 mil imply a full year of | ||||||
| around S$20.0 mil, which is one of its best | ||||||
| performing years. | ||||||
| 5 | Company actively managed | |||||
| Company is actively managed as evidenced by the | ||||||
| recent acquisitions in Singapore and Malaysia. | ||||||
| 6 | Company' s brands are well known - | |||||
| Lee Hua Jewellery | ||||||
| Goldheart | ||||||
| Maxi cash | ||||||
| Maxi cash has 40 plus units all over Singapore. One | ||||||
| is likely to bump into one when one visit a shopping mall | ||||||
| Above are just my thoughts. I am heavily vested, so my | ||||||
| views could be bias. Pls do your own dyodd. | ||||||
Another reason for being vested.
At current price of 12.3 cts, the company is trading on a p/e of close to 10.
With improved earnings the p/e would be much lower.
At current price of 12.3 cts, the company is trading on a p/e of close to 10.
With improved earnings the p/e would be much lower.
| 5th reason why I am vested. See below. | ||||
| Company has consistently show profits in the last few years. | ||||
| See table below. | ||||
| FY' 20 | FY' 21 | FY' 22 | 1H' 23 | |
| revenue | 262,821 | 225,703 | 319,008 | 228,816 |
| np | 29,264 | 14,446 | 15,984 | 9,380 |
| Years 2018 and 2019 were also profitable, with profits of above $10 mil | ||||
| The 4th reason why I am vested is bcoz the company is owner of | ||||||||
| reputable brand. See below. | ||||||||
| 1. Maxi cash | ||||||||
| 2. Lee Hua | ||||||||
| 3. Goldheart. | ||||||||
| 4. Maxion | ||||||||
| Notes taken from Company' s Annual Report. Below - | ||||||||
| A key development for the year was the acquisition of the jeweller y business from our controlling shareholder, | ||||||||
| Aspial Corporation Limited (&ldquo Aspial Corporation&rdquo ) as part of our strategy to transform our retail business into | ||||||||
| a consumer lifestyle powerhouse. | ||||||||
| The acquisition involved the purchase of all the issued ordinary shares in Aspial Lifestyle Jewellery Group Pte. Ltd. | ||||||||
| (formerly known as Aspial-Lee Hwa Jewellery Singapore Pte. Ltd.), Gold Purple Pte. Ltd. and BU2 Services Pte. Ltd., | ||||||||
| thus expanding our range of brands to include the well-known &ldquo Lee Hwa&rdquo and &ldquo Goldheart&rdquo brands &ndash | ||||||||
| two of the largest jewellery retail chains in Singapore. | ||||||||
| This allows us greater focus and synergy as we leverage on the two established brands which have strong brand equity, | ||||||||
| innovative concepts, a competent management team, a strong customer base, and a prime store network of 25 retail | ||||||||
| outlets islandwide | ||||||||
| Above write up taken from the Company' s Annual Report - under Letter to Shareholders | ||||||||
The half year profit could be higher if not for the one-off loss in foreign currency.
See below.
See below.
| The higher operating expenses included foreign exchange loss of $1.5 million in 1H2023 | |||||||||||
| which is mainly due to exposure in the Malaysian Ringgit at our regional subsidiaries. | |||||||||||
| Excluding this foreign exchange loss, the Group would have registered a profit before tax of $13.9 million for 1H2023. | |||||||||||
josephyeo ( Date: 01-Jan-2024 17:32) Posted:
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