This will be an update to my latest additions as I accumulated more Kingsmen shares at a price of $0.61 for 23,000 shares. This is now my 3rd largest holding in my portfolio.
The basic thesis to the company remains much similar to what I have previously written (Link here and here) so I will not repeat much of it. Obviously, my first entry to the company was near to the peak so it’s a really bad call and a lesson learnt to always consider for margin of safety – regardless of how much confidence you have in the business (point noted!!!). Since then, I have averaged down a few times as I remain confident in the business and management of the company.
During these periods, I’ve also received plenty of updates from a prominent blogger who is vested in the company. I don’t want to take any credits from the work he’s done so out of respect I will not mention any of the details here. But all credits to him, I definitely had a greater understanding of the business and their customer segmentation and how the management run the company for the past few years.
FY15 Results
With FY15 results finally concluded, let’s first take a dive into their recent performance.
Revenue and Gross Profit Margin remains largely competitive compared to previous year as we’ve seen a much improved growth (26.3% yoy) from the “Exhibitions & Museums” segment offset by the drop (-26.0% yoy) in their “Retail & Corporate Interior” segment. “Research & Design” also managed to grow double digit while this is again offset by the drop in “Alternative Marketing” but the latter two contributions is small for now.
Net profits came in higher at $19.1m for the year, which includes the $5.9m divestment of associate and financial assets. The recurring profits, without the one-off items, would come in at $13.1m, which translates into a 26% decrease year on year and explains why the shares is where it is today. This translates to a net margin of 4%, which is a new record low in the past 10 years.
Cash flow from operations after changes in working capital is at $12.8m, while the company has spent a considerable amount of capital expenditure this year – both in the acquisition of land rights for their new HQ and a factory in Malaysia. Hence, free cash flow for this year is negative as compared to the previous couple of years where fcf generation is strong.
In terms of current valuation, earnings yield based on current price is at 10.8%, a comparable representative for the past couple of years, which seems to indicate that the poor performance has been factored in the weakening of the share price.
Dividends are cut to 3 cents/share for this year, which still indicates a decent 4.8% yield at this point.
Business Segmentation
The “Exhibitions & Museums” segment remain the main contribution to the company’s topline and they have continued to grow strongly this year by outperforming the previous year with a 26.3% growth. Management cited in the outlook that these segments will continue to do well as they have a few projects tendered and secured so it is likely that we will see a continue momentum upward growth in this segment.
However, the management conceded that the “Retail & Corporate Interior” segment will be tough in this challenging environment as the company faces a double whammy of slowing economy and a generation shift in the definition of luxuries as the industry evolves. Whilst the slowing economy is cyclical and not structural in nature, the latter factor could shape the direction of how the company will move towards the new luxuries definition of age. With a brand establishment since 1976 and a team with vast experience, I think the company should be able to evolve with the needs of the industry.
Overhead
The company’s overhead costs continued to provide pressure for the company’s bottomline as depreciation costs increase due to the acquisition of the new factory in Malaysia while salary related also increase due to higher headcount required for new projects tendered, though remuneration was mostly controlled by tying them to company’s performance.
With net margin coming in at the lower half of the spectrum, the only way for the company to improve is either to decrease their overheads or increase their topline. OVH / GP is something which I will be watching very closely as the quarter progresses.
In 2015, the company has also made an acquisition for land rights for their new HQ located at Changi Business Park. Construction is under way and once they are ready, we will be able to see a cost saving under the operating leasehold expenses which is currently at $3.8m/year. This currently contributes to 5% of the overall overhead costs in their book.
Valuation
From a valuation perspective, I happened to notice something which is interesting.
We know that most service provider companies like Kingsmen and Vicom would be best measured by discounted earnings or cash flow valuation method because they do what they do best and their services are considered “premium assets”.
Now if we think about most service provider companies, take for instance Vicom – it makes sense for them to trade at a premium to their book value because investors are not paying for the assets in their book but a premium for the services in this case.
But what if you could get a service provider company that is currently trading near the book value, with most of their assets that are either cash, receivable and productive in nature, and you are still able to get their niche services that they are rendering for future projects for free?
A quick look at Kingsmen’s full year statement shows that their NAV is at 56.5 cents and to dissect the balance sheet, most of the composition of their assets include cash, land, buildings, investments and Trade Receivables. We have not even talked about paying for a brand that is worth so much reputable in the industry all these years.
I think that’s definitely one angle you can look at.
The other way to look at it is to use the DCF methodology model I’ve created below and I’ve put in some reasonable assumption.
– Net Income Growth – 2015 was a bad year and the last time they’ve been in this situation was during 2007 when they reported lower. Hence, I’ve made the assumption of 10% growth for the next 5 years. I know it sounds rather ambitious in this sort of environment but as a company I think that’s a valid growth rate that they should be looking to bounce back.
– FCF Growth – FCF growth is expected to grow at 7.3% every year again mostly because of the expectation of the net profit growth. Depreciation, Working Capital and Capital Expenditure are all mostly based on actual at present.
– EBITDA Multiple – I think 10x is a fair multiple to value Kingsmen as they’ve been trading at this range for a long time now.
– WACC – Again, the rate to use here for WACC I have put them at 10% (+- 1% for sensitivity).
Summary
If I am expecting my investment to turn out well for this one, I’ll have to expect them to bounce back and grow at a reasonable level in the future. It can be next year or it can be the following year. For as long as bottomline improves over time, the valuation model will show that this company is worth a look just based simply on their services they render alone.
Of course, to mitigate the downside, their NAV is at least worth 56 cents right now (take a look at my explanation above) so from a liquidation value point of view, I know that it should be highly unlikely that it will trade below their NAV, though crap things can happen when you least expect it.
Please do your own diligence and take my words with a pinch of salt, always.
Vested with 80,000 shares as of writing.
Hi again B, I commented on your first blog entry for Kingsmen last year and it is good to see you increasing your shareholding. Similar to you, I also made the mistake of buying at a higher entry price and that is a lesson well learnt for us =(
The AGM should be quite soon as the dividend has been announced for May 2016 payment as well =)
Hi Trailblazer
I guess we all have a lesson to learn from this 🙂
Did you add to your position these while? It'll be interesting to see fellow investors at the upcoming AGM 😉
Hello again B!
Indeed,we never stop learning from long term investing even though we are finance/audit trained.
Yup, I topped up my shares in Kingsmen when it fell to 60-62 cents.If the price falls below 60 cents,I will do another top up =)
My experience with Kingsmen investors in year 2014 was that they asked the board and management questions on current and future plans. We also received information brochures showcasing their projects and exhibitions done for the year.
With regrets,I didn't attend last year's AGM due to overseas work and have to skip this year's one too.
Hi Trailblazer
Ahh interesting you added more the same time as me 🙂
I hope to be able to attend the AGM for kingsmen this year and extract more information on their outlook from the management. I'll update any developments if there are any 😉
How I Was Rescued By A God Fearing Lender ([email protected])
Hello, I am Andrew Thompson currently living in CT USA, God has bless me with two kids and a lovely Wife, I promise to share this Testimony because of God favor in my life, 2days ago I was in desperate need of money so I thought of having a loan then I ran into wrong hands who claimed to be loan lender not knowing he was a scam. he collected 1,500.00 USD from me and refuse to email me since then I was confuse, but God came to my rescue, one faithful day I went to church after the service I share idea with a friend and she introduce me to LEXIE LOAN COMPANY, she said she was given 98,000.00 USD by MR LEXIE , THE MANAGING DIRECTOR OF LEXIE LOAN COMPANY. So I collected his email Address , he told me the rules and regulation and I followed, then after processing of the Documents, he gave me my loan of 55,000.00 USD… So if you are interested in a loan you can as well contact him on this Email: [email protected] or text +1(406) 946-0675 thanks, I am sure he will also help you.
great article.
i like kingsmen too. they are a big player in a niche sector.
long time holder.. not my top 3 but top 10 holdings.
cheers,
foolishchameleon
i thought divd was 2c final?
or, did i miss out something?
cheers,
foolishchameleon
Hi Foolish Chameleon
the interim was 1 cent, together with final dividend of 2 cents makes up 3 cents total 🙂
Hi,
I also bought Kingsmen at around 90 cents. However, I have since pared down my stake significantly. In the short term, I am not as optimistic as you for the following reasons:
1. Latest results reveal that order book has shrunk significantly compared to recent years.
2. Entry into affordable luxury, F&B interior fit out will result in lower margins.
3. Overheads cost continue to increase despite a fall in revenue.
Regards,
Heartlandboy
Hi Senorita
I'm actually not as optimistic in the short term as well but feel like the weakness has been factored in the share price.
Just feel like there are so much negativity about the industry factored in so if it can surprise on the upsidee, that'll be a bonus. But im not hopeful in the short run, the modeling is just done out of fun to see what happens if we forecast the next 5 years.
Hi Heartlandboy,
This is to address the concerns you have brought up:-
1) Order book has shrunk "significantly" as a result of the fall in orders from luxury brands. Note that order book for FY 2015 was stated at $113m, which was a -17.5% fall from FY 2014's order book of $137m. However, the revenue to be recognized within the next financial year was $119m and $106m respectively for FY 2014 and FY 2015, which represents a recognition ratio of 87% versus 93.8%. What this implies is that contract flow has fallen (in line with net profit which would have been down -23% if we strip out the exceptional gain of $5.9m), but the recognition of revenue is actually quicker, which means contract length is probably shorter. What I imply from this is that as Kingsmen shifts its order book from luxury to affordable luxury and travel retail, we would start to see contract length shortening and for contracts to be shorter in duration and value. The Company obviously needs to take time to catch up in terms of the volume of contracts in order to make up for what it had lost in FY 2015, and this will take time. But with their M&E (theme park) project revenue contribution increasing as a result of more theme park projects coming up in Asia, this order book should steadily grow and replace the lost revenue in prior years.
2) Affordable luxury and travel retail do have lower gross margins, but this should be offset by better project management skill and expertise in managing larger theme park projects, so the net effect is that Kingsmen may still see a dip in gross margins, but it should not be too significant. It is more important, of course, for the Company to control costs at the EBIT line, and this of course still remains a concern.
3) Overhead costs are high currently due to the inability to outsource certain aspects of production and also the need to hire more project managers to take on larger theme park projects. The cash costs should ease once the new HQ is completed as the Company would not need to recognize rental expenses any longer, and will be replaced by a non-cash depreciation expense instead. So even if net profit and net margin remains the same, we should still see an increase in operating cash flow, all things being equal.
Thanks.
Hi B,
One thing I notice about Kingsmen is its tendency to hoard cash. I wonder why did they choose to finance their land rights and Msia factory acquisition partially through borrowings when they clearly have the means to use 100% cash. Borrowings will obviously incur additional interest expenses which will hurt their already battered bottomline. Any thoughts?
WK
Hi WK
Kingsmen will have tight cashflow in the next few years as they will have to fork out cash for construction of their HQ (estimated to be at 20m based on insider info) and also the need for tendering for projects, so working capital will be tight.
It does seem like they are hoarding cash but I think they do have plans to use them during times like this.
Hi WK,
The "tendency" as you would call it to hoard cash is based on a few reasons, and is partly to do with the nature of the industry in which they operate and also the nature of the business itself.
Firstly, Kingsmen does contracts for many customers and therefore they would need working capital on hand to bid for projects. With the move into theme parks, they would have to stump up more cash to bid for these parcels of work, which are more significant in size and scale. Note that for theme parks, the operators would also wish to deal with a party which has a strong balance sheet, and the cash sitting on the Balance Sheet would give a reliable indication of financial strength and stability.
Another point is that the cash does not all sit within Singapore, but is spread out among different countries, depending on where it is to be deployed or collected. So Kingsmen may report $xxm of cash on its books, but this cash may sit in different currencies and bank accounts in different parts of Asia. This means that the cash is "locked" for contracts and may not be readily available for use by head office.
Third, the use of debt to finance the acquisition(s) is because their gearing is low and this may not be the optimal capital structure for the Company. As the cost of borrowing is low, one has to note that the returns from the land rights (new HQ) and the acquisition of K-Fix would be higher than the cost of borrowing, which means it would make sense for Kingsmen to gear up in order to finance this transaction.
The Company is not making these moves to factor in the short-term (i.e. higher finance costs which impact bottom line in the near-term), but is more of a strategic plan to own assets so that it can shift its fabrication from Singapore to Malaysia (lower cost, more space) and also its staff to a new, expanded HQ which is more tailored for Kingsmen's future needs.
In light of the above, I would think the decisions are financially sound; and I am confident that the Company would be able to generate sufficient FCF to continue to fund dividends and also to maintain their cash reserves.
Thanks.
Hi B/Musicwhiz,
Thanks for the valuable insights.
WK
Hi B. Given your familiarity with LMRT, was wondering why the capital was not deployed on this company. Trading below NAV and yield @ 10%. Vested in both KCL and LMRT.
Hi pc7872
I think LMIRT is ok for the yield they are offering but there are some factors which I don't quite like about the company. But if you just want the yield, I think it's a decent investment.
ROE% is on a down trend, thus valuations are cheap for this small cap stock… if ROE% eventually rots to 10-15% will u still want to pay 1.3 times book value for this stock?
this may be a value trap
Hi Felix
The ROE is going down because the company hasn't had a good year in 2015, which explains why the share price has similarly plunged 40% from the recent peak.
I don't think we can determine if it is a value buy or value trap just based on roe alone. An ROE that is trending up is good but valuations would have priced them accordingly as well.
Great blog..thanks for sharing…SeniorLeads
See this video for more info on SeniorLeads
Ass…saya tidak menyanka kalau saya sudah bisa sesukses ini dan ini semua berkat bantuan MBAH RAWA GUMPALA,saya yang dulunya bukan siapa-siapa bahkan saya juga selalu dihina orang dan alhamdulillah kini sekaran saya sudah punya segalanya,itu semua atas bantuan beliau.Saya sangat berterimakasih banyak kepada MBAH RAWA GUMPALA atas bantuan nomor dan dana ghaibnya,alhamdulillah kini saya sudah bisa membuka usaha kembali yang dulunya pakum karna masalah faktor ekonomi dan kini kami sekeluarga sudah sangat serba berkecukupan dan tidak pernah lagi hutang sana sini,,bagi anda yang punya masalah keuangan jangan sungkan-sungkan untuk menhubungi MBAH RAWA GUMPALA karna insya allah beliau akan membantu semua masalah anda dan baru kali ini juga saya mendaptkan para normal yang sangat hebat dan benar-benar terbukti nyata,ini bukan hanya sekedar cerita tapi inilah kisah nyata yang benar-benar nyata dari saya
(((( BUKA BLO DANA GHAIB DAN NOMOR GHAIB MBAH RAWA GUMPALA ))))
Ass…saya tidak menyanka kalau saya sudah bisa sesukses ini dan ini semua berkat bantuan MBAH RAWA GUMPALA,saya yang dulunya bukan siapa-siapa bahkan saya juga selalu dihina orang dan alhamdulillah kini sekaran saya sudah punya segalanya,itu semua atas bantuan beliau.Saya sangat berterimakasih banyak kepada MBAH RAWA GUMPALA atas bantuan nomor dan dana ghaibnya,alhamdulillah kini saya sudah bisa membuka usaha kembali yang dulunya pakum karna masalah faktor ekonomi dan kini kami sekeluarga sudah sangat serba berkecukupan dan tidak pernah lagi hutang sana sini,,bagi anda yang punya masalah keuangan jangan sungkan-sungkan untuk menhubungi MBAH RAWA GUMPALA karna insya allah beliau akan membantu semua masalah anda dan baru kali ini juga saya mendaptkan para normal yang sangat hebat dan benar-benar terbukti nyata,ini bukan hanya sekedar cerita tapi inilah kisah nyata yang benar-benar nyata dari saya.
IMO KC's business is highly dependent on the economy, with the expected slowdown it is likely that the biz is going to suffer. That said however, I do agree that the weakness has been priced in, and with net cash and a relatively stable dividend, I am more than willing to be paid while I wait for the economy to get better. Long KC but at a much higher price than I should have 🙁
Hi Unluckid
Seems like we have the same thoughts but hope this is just cyclical.
B,
I am quite sold about kingsmen at this price. But something just keep nagging me. Just 2014 AR, they expect not flat contribution from retail & Coporate interior but growth and momentum to continue…
It bugs me for 2 reasons.
1) management assessment
2) the reason is competition and the poor economy… Economy did not suddenly go on a downdraft from 2014 end to 2015 end, granted the stock market might had but business expansion plans should not be "on hold" or cancel at the whim and fancy…
In the same vein, the muesum and exhibition is highly dependent on economy, why is it doing so well then?
I am wondering since a significant bulk of exhibition rev come from Singapore and 2015 is SG 50 … I know the future exhibition is done by Kingsmen. 2015 seem a unusually high calendar heavy event. Seas games etc…
My point is: is it realistic to expand the segment in the double digit growth when we say economy is hurting retail?
Still reading and just babbling …. Most prob will get some soon unless the bot sail away again
Hi SI
My understanding about their assessment when they mentioned in the outlook in 2014 was 2015 was going to be better but obviously we know that is not the case.
One possibility could be a direct mis-assessment from the management. Most of these projects for retail and corporate are not bound for long term contract so revenue visibility is not as direct as other companies which we can predict to a larger probability. What probably happens is there are direct spending cut from the luxuries and corporate sector and the management fails to see or react on time, especially on their overheads where they cannot just simply release people on the go.
Regarding the double digit growth, I am not expecting that in the short term either. That is just a simple scenario to tell what the company will be worth for if they grow at 10% for the next 5 years. Having said that, I am not overly pessimistic either since their 2015 results was as bad as 2007, so to go back to the peak, they DO need to grow at double digit growth, assuming if they did one day.
Hi,
Regarding SEA games, KC is a sponsor so I don't think SEA games contributed to revenue but rather as an expense.
However I'm sure it's great publicity for them!
Using a higher hurdle rate of 14%, the Intrinsic value is estimated to be around 85 cents. I went in around 62 cents and will pick up when price goes below 60 cents, which will be just below book. Good luck.
How I Was Rescued By A God Fearing Lender ([email protected])
Hello, I am Andrew Thompson currently living in CT USA, God has bless me with two kids and a lovely Wife, I promise to share this Testimony because of God favor in my life, 2days ago I was in desperate need of money so I thought of having a loan then I ran into wrong hands who claimed to be loan lender not knowing he was a scam. he collected 1,500.00 USD from me and refuse to email me since then I was confuse, but God came to my rescue, one faithful day I went to church after the service I share idea with a friend and she introduce me to LEXIE LOAN COMPANY, she said she was given 98,000.00 USD by MR LEXIE , THE MANAGING DIRECTOR OF LEXIE LOAN COMPANY. So I collected his email Address , he told me the rules and regulation and I followed, then after processing of the Documents, he gave me my loan of 55,000.00 USD… So if you are interested in a loan you can as well contact him on this Email: [email protected] or text +1(406) 946-0675 thanks, I am sure he will also help you.
saya PAK SLEMET posisi sekarang di malaysia
bekerja sebagai BURU BANGUNAN gaji tidak seberapa
setiap gajian selalu mengirimkan orang tua
sebenarnya pengen pulang tapi gak punya uang
sempat saya putus asah dan secara kebetulan
saya buka FB ada seseorng berkomentar
tentang AKI NAWE katanya perna di bantu
melalui jalan togel saya coba2 menghubungi
karna di malaysia ada pemasangan
jadi saya memberanikan diri karna sudah bingun
saya minta angka sama AKI NAWE
angka yang di berikan 6D TOTO tembus 100%
terima kasih banyak AKI
kemarin saya bingun syukur sekarang sudah senang
rencana bulan depan mau pulang untuk buka usaha
bagi penggemar togel ingin merasakan kemenangan
terutama yang punya masalah hutang lama belum lunas
jangan putus asah HUBUNGI AKI NAWE 085-218-379-259
tak ada salahnya anda coba
karna prediksi AKI tidak perna meleset
saya jamin AKI NAWE tidak akan mengecewakan
saya PAK SLEMET posisi sekarang di malaysia
bekerja sebagai BURU BANGUNAN gaji tidak seberapa
setiap gajian selalu mengirimkan orang tua
sebenarnya pengen pulang tapi gak punya uang
sempat saya putus asah dan secara kebetulan
saya buka FB ada seseorng berkomentar
tentang AKI NAWE katanya perna di bantu
melalui jalan togel saya coba2 menghubungi
karna di malaysia ada pemasangan
jadi saya memberanikan diri karna sudah bingun
saya minta angka sama AKI NAWE
angka yang di berikan 6D TOTO tembus 100%
terima kasih banyak AKI
kemarin saya bingun syukur sekarang sudah senang
rencana bulan depan mau pulang untuk buka usaha
bagi penggemar togel ingin merasakan kemenangan
terutama yang punya masalah hutang lama belum lunas
jangan putus asah HUBUNGI AKI NAWE 085-218-379-259
tak ada salahnya anda coba
karna prediksi AKI tidak perna meleset
saya jamin AKI NAWE tidak akan mengecewakan
Hello friend, my name is Sonia i want to share my testimony on how i got my BLANK ATM card which have change my life today. i was once living on the street where by things were so hard for me, even to pay off my bills was very difficult for me i have to park off my apartment and start sleeping on the street of Vegas. i tried all i could do to secure a job but all went in vain because i was from the black side of America. so i decided to browse through on my phone for jobs online where i got an advert on Hackers advertising a Blank ATM card which can be used to hack any ATM Machine all over the world, i never thought this could be real because most advert on the internet are based on fraud, so i decided to give this a try and look where it will lead me to if it can change my life for good. i contacted this hackers and they told me they are from Australia and also they have branch all over the world in which they use in developing there ATM CARDS, this is real and not a scam it have help me out. to cut the story short this women who were geeks and also experts at ATM repairs, programming and execution who taught me various tips and tricks about breaking into an ATM Machine with a Blank ATM card. i applied for the Blank ATM card and it was delivered to me within 3 days and i did as i was told to and today my life have change from a street walker to my house, there is no ATM MACHINES this BLANK ATM CARD CANNOT penetrate into it because it have been programmed with various tools and software before it will be send to you. my life have really change and i want to share this to the world, i know this is illegal but also a smart way of living Big because the government cannot help us so we have to help our self. if you also want this BLANK ATM CARD i want you to contact her on email via; ([email protected])
We are a professional carding team based in USA with a large ring around the globe . With over 2 million ATM infected with our malware and skimmers, we can grab bank card data which include the track 1 and track 2 with the card pin. We in turn clone this cards using the grabbed data into real ATM cards which can be used to withdraw at the ATM or swipe at stores and POS. We sell this cards to all our customers and interested buyers worldwide, the card has a daily withdrawal limit of $7000 on any ATM and its loaded up to $10,000,000 United State Dollars spending limit.If you’re interested in buying ATM Blank Cards, Credit Cards or CVV or Dumps then contact us below,
Contact email:[email protected]
Contact Number +13126201917
Become rich today and take the risk of transforming your own life.Try and get a blank ATM card today from (MR EDWARD) and be among the lucky ones who are benefiting from this cards. This PROGRAMMED blank ATM card is capable of hacking into any ATM machine,anywhere in the world. I got to know about this BLANK ATM CARD when I was searching for job online about a month ago..It has really changed my life for good and now I can say I'm rich because am a living testimony. The least money I get in a day with this card is about $3,000.Every now and then I keeping pumping money into my account. Though is illegal,there is no risk of being caught ,because it has been programmed in such a way that it is not traceable,it also has a technique that makes it impossible for the CCTV to detect you..For details on how to get yours today, email the hackers on : [email protected]
I got my already programmed and blanked ATM card to
withdraw the maximum of $50,000 daily for a maximum of 20
days. I am so happy about this because i got mine last week
and I have used it to get $100,000. MRS SARAH is giving out the
card just to help the poor and needy though it is illegal but it
is something nice and she is not like other scam pretending
to have the blank ATM cards. And no one gets caught when
using the card. get yours from her. Just send her an email
On [email protected]
I got my already programmed and blanked ATM card to
withdraw the maximum of $50,000 daily for a maximum of 20
days. I am so happy about this because i got mine last week
and I have used it to get $100,000. MRS SARAH is giving out the
card just to help the poor and needy though it is illegal but it
is something nice and she is not like other scam pretending
to have the blank ATM cards. And no one gets caught when
using the card. get yours from her. Just send her an email
On [email protected]
Finally got my debts of my neck and i have enough money saved for my Christmas shopping. It all happened as i stumbled into this email address [email protected] initially i was looking to get extra jobs to boost my salary and i found how the blank atm card from this company gives you more than $80,000 all in 1 month. At first i though it was another internet scheme until i saw several reviews of how this blank card from this company has changed the lives of many without hesitation i ordered for the card and in less than 3 days it was delivered to me and the agent showed me how it works and it was even tested its been just 3 weeks and everything seems a lot less stressful this company has really changed my life and standard of living. I would love you on this site to visit [email protected] and get a card today to ease that stress and get good money its so quick.
EXPERIENCED HACKER FOR HIRE…..WE SPECIALIZE IN HIGH GRADE UNLOCKING,PHONE TRACKING,DATABASES HACK,CODE ENCRYPTION,UNTRACEABLE IP,WEBSITES HACK,BANK TRANSFERS,CREDITS CARD HACK,CLEARING OF CRIMINAL RECORDS,EMAIL ADDRESS HACKING,COMPANY RECORDS HACKING. WE CAN EVEN PUT YOUR NAME IN THE KINGDOM OF HEAVEN.
CONTACT ASAP ON [email protected]
SERIOUS MINDED PEOPLE SHOULD CONTACT….
Good day!!!
Am just smiling as am posting this because Trade Funding Firm has made my dream come true. It all started when i needed a loan of $200,000.00 USD finish my project , so i came across their advert and email contact on the internet so I decided to apply for the loan from them, and right now am very happy to say i own a very big hospital in South Carolina and grateful for the help of Trade Funding Firm for giving me the loan to complete my project, you can contact them now via email to get help and also business setups.
Contact: trade.funding_firm @usa .com
We are a professional carding team with a large ring around the globe. With over 2 million ATM infected with our malware and skimmers, we can grab bank card data which include the track 1 and track 2 with the card pin. We in turn clone this cards using the grabbed data into real ATM cards which can be used to withdraw at the ATM or swipe at stores and POS. We sell this cards to all our customers and interested buyers worldwide, the card has a daily withdrawal limit of $2500 on ATM and up to $50,000 spending limit on in stores….
order now:
Here is our price lists for the ATM CARDS :
BALANCE: PRICE
$10,000: $500
$20,000: $1000
$35,000: $1700
$50,000: $2500
$100,000: $5000
The prices include the shipping fees and charges, order now: Contact us: [email protected]
eToro is the ultimate forex trading platform for beginning and professional traders.
Attention !!!
Do you have a bad credit?
Do you need money to pay bills?
Do you need to start a new business?
Do you have unfinished project at hand due to bad financing?
Do you need money to invest in some area of specialization which will profit you? Do you need a business loan?
or business expansion loan and you do not know what to do? We can help!
We offer all kinds of loans.You can apply for a loan with us (Hammers Credit Firm) online method with a low interest rate of 4% .Our 100% Project Funding with secured and unsecured loans are available. We are guaranteed to provide financial services to our many clients all over the world. We operate under clear and understandable terms and we offer loans of all kinds to interested clients, firms, companies, and all kinds of business organizations,
private individuals and real estate investors.Contact us via email for your loan application form if you wish to apply.Email: [email protected]
Best Regards.
Do you need any loan if my contract, Mr. Anthony, who helped me with a loan just a few weeks ago, I just need to share this world to let people know that there are still good people in the world today. I really lost money for all online scammers because I was desperate for a loan. Until I saw a comment about him, contacting him was not a mistake but a dream came for me. Now I'm a person who is happy with my family. Contact him if you need a loan at: [email protected]
If you are seeking a Bank Guarantee (BG), SBLC for Lease or Purchase, we are the best financial institution to help you to secure verifiable and easily monetized BG, SBLC and other financial instruments. At SPOT FINANCE, we are a group of experienced bankers, seasoned brokers with years of experience in the financial instrument industry. We deal directly with reliable Providers of BG, SBLC, MT109, MT799, MT760, Loans, Sale and Lease of Financial Instruments issued by Top rated global banks.
Our procedure is TIME SAVING and transparent. With us, you can secure any denomination of BG / SBLC from 10M to 10B (EURO / USD) in time for use in Heavy / Light project financing anywhere in the world.
Basically, we are here to help you move your business to the next level.
Anticipating your interests,
Email: [email protected]
Skype: spotfinanceltd
Sincere regards,
Gary Derek Beckett
SPOT FINANCE LTD
If you are seeking a Bank Guarantee (BG), SBLC for Lease or Purchase, we are the best financial institution to help you to secure verifiable and easily monetized BG, SBLC and other financial instruments. At SPOT FINANCE, we are a group of experienced bankers, seasoned brokers with years of experience in the financial instrument industry. We deal directly with reliable Providers of BG, SBLC, MT109, MT799, MT760, Loans, Sale and Lease of Financial Instruments issued by Top rated global banks.
Our procedure is TIME SAVING and transparent. With us, you can secure any denomination of BG / SBLC from 10M to 10B (EURO / USD) in time for use in Heavy / Light project financing anywhere in the world.
Basically, we are here to help you move your business to the next level.
Anticipating your interests,
Email: [email protected]
Skype: spotfinanceltd
Sincere regards,
Gary Derek Beckett
SPOT FINANCE LTD
GENUINE BANK GUARANTEE (BG) AND STANDBY LETTER OF CREDIT (SBLC) FOR BUY OR LEASE AT THE BEST AVAILABLE RATES
We offer certified and verifiable financial bank instruments via Swift Transmission from a genuine provider capable
of taking up time bound transactions.
FOR LEASING OF BG/SBLC
MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M
LEASING FEE = 4%+2%
FOR PURCHASE OF FRESH CUT BG/SBLC
MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M
PRICE = 32%+2%
Our BG/SBLC Financing can help you get your project funded,
loan financing by providing you with yearly.
RWA ready to close leasing with any interested client in few banking days
I will be glad to share with you our working procedures.
Name : scott james
Email : [email protected]
Skype : [email protected]