Summary
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NAV sank in November 2007 slightly from 3.506 to 3.44.
Net profitability of equity after dividend rose to 10.07% /month (7.06%)
Dividend is 0.045 $L /share/month
This month was characterized through a lot of movements. We cancelled our loans and reduced our debts in consequence. Profits out of these actions were added to regular financial products.
The NAV reduced its value slightly as SPO was running satisfactory and diluted its value. This capital will serve to be invested in sustainable business in SL and will contribute to further growth.
Trading was good and we earned 241089 $L with almost no losses.
We put again some focus on our analysis work. A report on ALC was published by Miles Market, our chief analyst. He will soon start a survey among listed companies on WSE in relation to his thesis he is writing in RL. We will inform you separately about this important project.
LEM will continue to develop new financial derivatives expand our financial services for third parties and intense our activities to bring RL companies into SL.
Dividend was left at 0.045 $L.
Results for October (September)
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Income ($L):
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Financial products : 280’581 (213'219)
Others : 15’825 (41'825)
TOTAL : 296’406(255'044)
Expenses ($L):
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Financial Products : 101’500 (124'600)
Donation : 0 (0)
Tier : 6’000 (6'000)
Wages : 10’000 (10'000)
TOTAL : 117’500 (140'600)
Profit ($L) : 178’906 (114'444)
Asset ($L)
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WSE : 4’571’356 (4'081'959)
SLCX : 848’463 (961'797)
DSE : 62’105 (64’940)
ISE : 27’986 (43'665)
Land : 6’000 (6’000)
Loan : 0 (3’000’000)
Cash : 251’053 (164'022)
Investment : 15’000 (14'000)
Total : 5’806’963 (8’346'883)
Liabilities ($L)
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Loan : 0 (3'000'000)
Dividend : 84'154 (87’500)
Total foreign capital : 84’154 (3'087'500)
Constitutional capital LEM: 1’663’641 (1’500’000)
Constitutional capital LFB: 464’480 (464’480)
Constitutional capital LWI: 130'026 (130’026)
Constitutional capital LHH: 1'671'590 (1'671'590)
LEM Future Fund : 520’000 (518'000)
Reserves : 1’094'166 (860'843)
Profit : 178’906 (114'444)
Total equity : 5’722’809 (5'259'383)
Total liabilities: 5’806’963 (8’346’883)
Monthly dividend/share : 0.045 $L /month (0.045)
NAV 3.44 (3.506)
Notes:
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(1) General: LEM thinks that titles on WSE finally found a stable evaluation level. Companies restart to pay dividends and publish promising financial reports. The IPO list was recently cleaned and together with the new listing criteria a good basis is established to stimulate further growth. Rumors say that WSE 4.0 will be released in mid December. This will further stimulate traffic and volumns at WSE.
(2) Consultancy work was down this month. We simply had no time at disposal as we were very taken by RL. However, still different projects are in our product pipeline.
(3) LFB: The index is still losing as HCL and RDX are still weak. However, in both titles we see further growth possibilities. At actual prices of 8 $L LFB has a profitability of >50% p.a. As already outlined at different times before, only a small increase in HCL and RDX is needed to bring LFB up and to interest of 7%/month.
(4) LWI:WSE is now down to 10 titles and the index down to 20% in relation to 18th July. However, different titles on the index still were going through their SPO which is reducing the index artificially. We judge that it reach break even this month. Values in real time can be followed in a chart on our blog http://lemurinvest.blogspot.com
(5) LHH:WSE. No changes. Buy back value is still 3.67 $L/share. When will HCL reach a new record and thus LHH too?
(6) LEM Foundation. We will further invest in Etopia Island to support their sustainable efforts. A new SIM will be purchased which will partly be financed by a contribution of LEM. It will be operational in short time. This investment reflects our commitment to sustainable investment.
7) LEM Future Fund (LFF): LFF has a portfolio of over 520’000 $L. LFF is a closed fund. Minimal investment is 10'000 $L and at the moment 25% are invested in bonds, 20% in project within SL, 5% in cash and 50% in shares. Inner prices are published weekly on our blog. This week a single part was at 1.20 $L which is an increase of 20% since its creation.
8) LEM IPO Booster (LPB) : A new IPO we set up. Objective is to concentrate our analytical activities here as well as to select and support promising IPO to go quicker through the IPO phase and help them to achieve their goals as fast as possible. Have a look at the prospectus and RATE LPB!
9) Web: The web development is postponed for the moment. Hope towards New Year we will be ready with.
10) Defamation: LEM learned that is only too easy in SL to defame competitors in order to harm their business or reputation as RL courts don’t yet really consider slander and libel in SL. On the other hand SL and RL start to mix up in each other more and more which is quite horrible if you think on the consequences. Because of this we created a help group in SL “anti slander and libel group”. In doing so we opened files on known libelers in order to collect facts. You can join or ask me for further information.
Net profitability of equity after dividend is 10.75% /month
Dividend is 0.045 $L/share/month
Next report:
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Next report will be published on January 2, 2008. Updated values for NAV, LFB, LWI and LHH are published on our blog (http://lemurinvest.blogspot.com)
In case of further questions please IM Casper Trebuchet
Greetz
Casper Trebuchet
LEM, CEO
Analyst, WSE
House of derivatives (LFB, LWI, LHH, LEM IPO Booster as not yet approved IPO at WSE)
http://lemurinvest.blogspot.com
