Sino-i +++ Ernüchternde Analyse +++ - 500 Beiträge pro Seite

[cptwaldo]

Quelle: http://www.quamnet.com/fcgi-bin/info.fpl?code=0250&button=In…

History
This property investment and development company was formed in 1948 as South Sea Textile
Manufacturing Co Ltd. It listed in 1964 by issuing 600,000 shares at $17 each in the public. The
company has massively diluted the stock through additional placements in recent years. The
number of shares outstanding jumped from 630 million to 1.7 billion between the middle of 1997
and the end of 1998, diluting the value of ordinary investor holdings by about two-thirds. CIM Co
Ltd and China Strategic still hold 33% and 19% of the company respectively. CIM is in turn 50%
owned by another firm (Sequence Inv. Ltd) which is 100% owned by Yu Pun Hoi, the company`s
chairman. The firm recently decided to pursue information technology opportunities in the PRC and
changed its name in August 1999 from the South Sea Development Company to Sino-I.Com Ltd.
Current
Loss for the year to March 1999 was $386 million (36 cents per share) after $258 million of
exceptional items compared to a loss in 1998 of $451 million (72 cents per share) after exceptional
items of $301 million. The improvement is not an indicator of business success as revenue dropped
from $712 million a year ago to only $188 million. Most of the decline is from property sales. Last
year, Sino-i sold $390 million worth of property but this year under $15 million. The company, in its
result announcement, focused on a $34 million exceptional loss due to an operation in the PRC.
The main issue for shareholders, however, is the profitability of their regular businesses than one
off write-offs that ultimately are a small portion of the year`s results.

By the time Sino-i reported its interim results to September 30, many seemed to have forgotten
this was a property player. Though the company is now claiming a new internet focus, the interim
figures have little if any relationship to technology. Interim turnover improved 17% from $69 million
for the six months ending September 30, 1998 to $81 million this period. Net losses improved with
the bottom line showing a deficit of $46 million versus the $67 million last year. Basic loss per
share appears much improved (loss of 1.88 cents versus 9.92 cents in 1998), but much of that is
due to share dilution. If we apply the same number of shares used in 1998, the loss per share
would be 6.79 cents rather than 1.88 cents.

Sino-I appears now to have a technology and communications focus, but aside from a few web
sites, there is not much with which to judge their effectiveness. The company says it applied for a
subscription television broadcasting license in Hong Kong and will team up with Hutchison Telecom
to develop the network for cable TV in Hong Kong. Hutchison, however, has rejected the idea they
are in partnership and says that Sino-I is simply a paying customer.
Future
The company has extremely high levels of debt and not nearly enough cash to service it. The ratio
is total debt to equity is over 11 times. They have diluted shares too much, and there`s nothing to
stop them from using that tactic again. In addition, the company changed its name and hinted at a
bright future in the IT industry in the PRC. If it can`t handle its own core business, it probably
shouldn`t be jumping onto the high-tech bandwagon. Not an interesting investment.

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Ich kann dem ganzen nur hinzufuegen, dass die Homepage von Sino-I für den "zukünftigen BigPlayer" im Internet-
Business in China/HK sehr dürftig ist. Da stehen doch glatt noch die Aktienkurse von vor einem Monat drin. Sieht
fast so aus, als würde die Homepage gar nicht mehr gepflegt. Ich bin seit diesem Bericht auf jeden Fall nicht mehr
so euphorisch ueber Sino-i.

Bin gespannt auf eure Meinungen.
Frohe Ostern!

[Seeker 2000]

Hoi,

was mich auch stutzig macht ist das Ausbleiben einer Aktualisierung der Homepage von sino-i.com. Ausserdem habe ich per e-mail eine Anfrage geschickt die aber leider bis heute unbeantwortet blieb.
Werde meine Anfrage evtl. mal telefonisch an sino-i.com richten (hoffentlich können die englisch *grins*).

Ich habe den Bericht auch vor einigen Tagen gelesen.
Was ich davon halten soll weiss ich nicht. Ist halt auch ne subjektive Meinung.

Dennoch kann der Kurs kaum mehr weiter sinken; so viel ich weiss beträgt der Nennwert der Aktie 0,50HKD (falls ich mich irre, sagt mir Bescheid). Aktueller Kurs ist 0,51HKD.
Weiter muss man sagen, dass es durchaus möglich ist, dass einige Beteiligungen von sino-i.com den grossen Sprung schaffen!!!
Und das würde den Kurs erneut beflügeln. Man darf auch nicht vergessen, dass der I-Net-Markt in China allgemein kursmässig runter ging, ob nun Legend, PCCW oder andere. Das hat natürlich Auswirkungen, auch wenn der Hauptbereich bei sino-i.com noch bei Immobilien liegt.
Wie oftmals von mir schon gepostet ist aus meiner Sicht das Problem, dass die uneingeschränkte Immobilienveräusserung verboten wurde (durch die Regierung). Wird irgendwann das möglich und klappt es bezüglich WTO dürfte sich da wieder was tun!!
Ich bleibe dran. Das wird schon noch...

Cu
Seeker