I salute Second Chance management. The latest result & esp the div are excellent, adding to the increasingly shiny track record. Just see : 3.3 cents for FY2012 + 0.5 cents due  to 14 months vs 12 months FY

At 43 cents the stock price is giving a dividend yield of 8.8%.

Apparently, Fidelity is on the  verge of becoming a substantial shareholder (ie, > 5% stake). Keeping a close watch on SGX annnouncements.

We are happy we have never sold this stock for a profit. It is doing well even now. Second Chance has bought back 551,000 shares today at 39.5 cents. Very small 3-4% of the volume traded today of 15.9 million, which shows there are investors who recognise that there is a big dividend payout coming. It's supposed to be 3.3 cents or a yield of about 8-9 %.

Absolutely fascinating moves:

SECOND CHANCE: $50K Cash reward to whistle blowers, and other initiatives

 
I dont agree with Morpheus. My friend tea444u is more appreciative:

very pro-shareholder... bonus lah,   share buy backs lah, now a massive 3.3 cents dividend coming in october.. a whopping 8 -9 percent return on current share price??? and all three in this year alone... in fact every other year also very generous....haiz...where to find this kind of company.,..hope you prosper Second Chance!!!

there is a reason why Mr Market gives this company a discount and such a low PE.

the company does not create economic values and has little value-added to give to its shareholders.

What is so good about this Company?

The Company is not doing well in its core business. Owner turned to buying retail shops when the market is down, then now, he is switching to buying REITs to collect dividends.

It is just a fund of fund. Investing in REITs does not warrant investors to give a PE to this company.

I can just buy a basket of REITs and collect dividends from these REITs and i don't have to pay the CEO and CFO salaries.

'1234567' wrote to 2nd Chance asking why no dividend. Here is the reply. Good News ... stay tuned !

Raj [mailto:raj@secondchance.com.sg]

Dear Mr.xxx

As announced we intend to distribute the dividend a tax exempt (one tier) of 3.3 cents.

As our year-end has been changed to 31 Aug 2012 instead of 30 June 2012. We will be announcing the payment of this dividend when we release our Full Year accounts/results in October 2012.

Thank you.

Regards

Raj

eh, why no final dividend for fy2012?

Daiwa has a report after speaking with Sim Lian management on Mar 7. Residential property market is on the verge of a soft downturn. No money to be made from investing in properties if you are not already in it.

Management articulated a candid and cautious view on the state of the residential-property market. It has noticed that the recent take-up of launches (with the exception of sites near MRT stations or with shopping malls) has been weaker (compared with the past two years) and that buyers are now just 'shopping around', with some waiting for prices to correct.

Developers have also cut unit sizes and offered more one and two-bedroom units in their projects to make them affordable, at S$500-600k per unit. There are cash-rich buyers in the market, but management is uncertain about the level of pent-up demand.

Management also highlighted the longer-term uncertainties, such as the state of the rental market in two years' time when completions in the central region might create vacancy risks at a time when the government is tightening its immigration policy.

A correction in central area rents will indisputably affect suburban rents, according to management. Management also expressed concern on the rental demand of one bedroom units for those suburban projects not located near MRT stations, and whether shifting from a government housing-development board (HDB) flat to a private suburban one-bedroom unit reflects genuine upgrading demand.

Management suggested that the government might restrict the allowable proportion of small units in new developments if the government were to clamp down on the sector further.

If the property market falls significantly in the next 2-3 years, Second Chance would be in an unusual position. It will have to recognise a fall in the value of its properties, while at the same time, it would seize opportunities to buy distressed properties.

By 2013, ( i dont know which month ), the warrants will have to be exercised. Now it's in the money, so I think the warrants have a good chance of being exercised. Total funds to flow into Second Chance is about S$64 million. So you can imagine, Salleh will be cash-rich and will buy and buy. 

The market is anxious and many stocks are down. The outlook is less than optimistic. In this climate, I am looking to safe and steady counters. One of them is Second Chance Properties, whose dividend payout has been  excellent in consistency. Better still, the dividend has been rising every year.

And the latest announcements by the company has been  reassuring and convicing. U can read it all on SGX website, but I just want to quote : "The plan includes the continuation of its high dividend policy unless the situation becomes more serious than the last financial crisis. It also includes a much more aggressive share buy-back of the Company’s stock."

Any shareholder who can share some insights / views on Second Chance? Much appreciated