IFS Capital Limited

IFS Capital Limited
http://www.intfactor.com.sg/

General
Singapore-based financial services group
Incorporated in Singapore on 28 Mar 1987
Listed on 22 July 1993 on SGX Mainboard
Indices component: ALL-SE, SEFIN, SEMAINBD

Business
Have operations in Malaysia, Indonesia, and Thailand
A full member of the International Factors Group (IF Group), it is able to offer factoring as an international service to its clients via a worldwide factoring network of more than 30 countries globally

Shareholding
Number of shares: 103,494,736 @ 31.12.2006
Number of shares: 124,287,522 @ 30.6.2007

Issued share capital Y1998: $51,049,000
Issued share capital Y1999 to Y2005: $51,649,000
Issued share capital Y2006: $77,675,000

75% of its shares is held by its top 20 shareholders
Phillip Securities Pte Ltd became the single largest shareholder of IFS
51.08% of the issued ordinary shares of the Company is held by the public
1. Phillip Securities Pte Ltd – 45.52%
2. SMRT Road Holding – 6.86%
3. UOB Nominee Pte Ltd – 5.88%
4. DBS Nominee Pte Ltd – 5.37%
5. OCBC Nominee Pte Ltd – 2.27%

Corporate Action & Announcement
2 May 2007 – offer of 1 for 5 @ $0.51
29 May 2007 - Set up a wholly owned subsidiary in Hong Kong to handle financing business activities over there
8 June 2007 - 20,714,586 Rights Issue was issued by IFS and listed on the Singapore Exchange Securities Trading Limited
10 August 2007 - IFS holds 25% shareholding of the issued share capital of Autron Investment, which has become an associated company of IFS.
The Group has no exposure to the subprime mortgage sector in the United States.
The Company intends to maintain its policy of declaring at least 30% of the earnings each year for dividend distribution.
31 Oct 2007 - IFS had acquired 25% shareholding in from Autron Corporation Limited

Financial Figure
NAV ($)
1998 – 0.70
1999 – 0.73
2000 – 0.75
2001 – 0.78
2002 – 0.81
2003 – 0.90
2004 – 0.95
2005 – 1.04
2006 – 1.12 {0.9326 (after 5-to-1 right issue)}
2007 – 0.97 (based on HY07 Result)

EPS (cents)
1998 – (8.6)
1999 – 3.30
2000 – 2.50
2001 – (2.70)
2002 – 3.94
2003 – 4.54
2004 – 7.87
2005 – 11.22
2006 – 11.43 {9.52 (after 5-to-1 right issue)}
2007 – 9.80 (based on HY07 Result)

ROE (%)
1998 – (11.4)
1999 – 4.60
2000 – 3.40
2001 – (3.50)
2002 – 4.92
2003 – 5.42
2004 – 8.81
2005 – 11.40
2006 – 10.58
2007 – 10.10 (based on HY07 Result)

Dividend (cents)
1998 – 1.0 (2%)
1999 – 1.5 (3%)
2000 – 1.5 (3%)
2001 – 0.0 (0%)
2002 – 1.0 (2%)
2003 – 1.25 (1.6%)
2004 – 3.5 (4.48%)
2005 – 5 (6.4%)
2006 – 17.5 (22.4%)
2007 - 3.0 (interim)

High-Low Price ($)
2001 – 0.59 – 0.30
2002 – 0.79 – 0.23
2003 – 0.72 – 0.30
2004 – 0.62 – 0.41
2005 – 0.66 – 0.52
2006 – 0.95 – 0.62
2007 – 1.23 {1.025 (after 5-to-1 right issue)} – 0.69

52 Wk High - 1.22
52 Wk Low - 0.69
52 Wk Avg Vol - 58 million
All Time High - 2.12
All Time Low - 0.18

PE (x)
2002 – 20.0 – 5.8
2003 – 15.8 – 6.6
2004 – 7.80 – 5.2
2005 – 5.80 – 4.6
2006 – 8.30 – 5.4
2007 – 10.8 – 7.2

High-Low PBV (x)
2002 – 0.97 - 0.28
2003 – 0.80 - 0.33
2004 – 0.65 - 0.43
2005 – 0.63 - 0.50
2006 – 0.84 - 0.55
2007 – 1.10 - 0.74

Revenue ($ million)
2002 – 22,678
2003 – 22,874
2004 – 33,492
2005 – 39,964
2006 – 41,491