Disclosure: I own IFM stock, bought it at much higher price. So believe me, I don't want to hear bad news either.
So a couple days ago I read the short announcement, profit is stable but for FX, dividend slightly lower but still a great yield, and so on, and bought more.
Then today I finally got my ass to go through 22 pages of the report and bam, it shits me:
Page 6. Development costs capitalized is up by 3 millions. I thought a few months ago they announced that their new software is out and they finally will expense their "shadow expense" out of the balance sheet? What the heck?
They paid $8 mil in goodwill for company earning $0.5mil in revenue, can't comment on that. Their decision.
Then page 7, bank borrowings up from ZERO to $3 million...
My conclusion: if we take out $3 mil that they capitalize (Development cost, FFS, how much is that really worth?), they actually barely making profit. Then they pay out 80% of their "profit" as dividend, and has to borrow money to finance that...
Did I get it wrong?
Disclosure: I own IFM stock, bought it at much higher price. So...
-
- There are more pages in this discussion • 3 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Add IFM (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$1.64 |
Change
-0.010(0.61%) |
Mkt cap ! $616.2M | |||
| Open | High | Low | Value | Volume |
| $1.61 | $1.65 | $1.61 | $531.5K | 324.0K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1000 | $1.55 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.64 | 4075 | 3 |
View Market Depth
| Last trade - 16.10pm 26/06/2024 (20 minute delay) ? |
| IFM (ASX) Chart |