THE INVESTMENT APPROACH OF CALVIN TAN
KELINGTON GROUP (0151) SOME RED FLAGS IN THIS STOCK YOU NEED TO KNOW, Calvin Tan
calvintaneng
Publish date: Fri, 08 Dec 2023, 07:41 AM
calvintaneng
0 1,792
Hi Guys,
I have An Investment Approach I which I would like to all.
I have An Investment Approach I which I would like to all.
Dear Fellow Investors of i3 Investors' Forum,
This is a place to share views on Stocks. Some make and some will lose monies. As such please do your own due diligence
And here are some concerns if you want to buy Kelington touted by others
Just do your own examinations and own study
And here are some Red Flags
1) KELINGTON HAS HIGH RECEIVABLES IN ACCOUNTS FOR MANY QUARTERS
See
Below are extracts from Bursa Website Past Quarterly Reports of KGB
KELINGTON GROUP BERHAD ("KGB")
[Company No. 199901026486 (501386-P)]
Statement of Profit or Loss and Other Comprehensive Income
For The 2nd Quarter Ended 30 June 2022
Trade receivables Rm325,044,000
Other receivables Rm37,469,000
Total Receivables or IOU = Rm382.513 Millions
The 3rd Quarter Ended 30 September 2022
Trade receivables Rm343,453,000
Other receivables Rm68,075,000
Total IOU = Rm411.528 Millions
31 December 2022
Trade receivables Rm384,641,000
Other receivable Rm80,805,000
Total IOU: Rm465.446 Millions
31 March 2023
Trade receivables Rm334,890,000
Other receivables Rm102,703,000
Total IOU : Rm437.593 Millions
30 June 2023
Trade receivables Rm321,366,000
Other receivables Rm85,460,000
Total IOU: Rm406.826 Millions
Quarter Ended 30 September 2023
Trade receivables Rm380,369,000
Other receivables Rm81,049,000
Total IOU : Rm461.418 Millions
Above shows persistent delay of Full Payments for Work Done by many quarters
How much of these sums will turn into bad debt?
2. WHILE WE SEE HIGH REVENUE & HIGH RECEIVABLES (IOU) WE SEE LITTLE REAL NET CASH
KELINGTON GROUP BERHAD ("KGB")
[Company No. 199901026486 (501386-P)]
Statement of Profit or Loss and Other Comprehensive Income
For The 2nd Quarter Ended 30 June 2022
Fixed deposits with licensed banks Rm20,549,000
Cash and bank balances Rm61,828,000
Total CASH = Rm82.377 Millions
Now SEE DEBT
Long-term borrowings 20,710
Short term borrowings 108,698
Total Debt Rm129.399 Millions
Cash less debt = Rm47 Millions (Debt)
AND FAST FORWARD TO LATEST QUARTER
Fixed deposits with licensed banks Rm30,793,000
Cash and bank balances Rm190,062,000
Total cash Rm220.885 Millions
Now see debt
Long-term borrowings B8 (b) Rm56,160,000
Short term borrowings B8 (b) Rm160,071,000
Bank Overdraft Rm2,241,000
Higher purchase payable Rm4,319,000
Total debt Rm222.791 Millions
Debt Less Cash = RM1.9 Millions (Debt)
After 6 QTRS KELINGTON NET CASH ACCOUNT STILL IN THE RED?
3. TOTAL RECEIVABLES/ASSETS VERSUS TOTAL PAYABLES/LIABILITIES
Quarter Ended 30 September 2023
Contract assets Rm162,939,000
Trade receivables Rm380,369,000
Other receivables Rm81,049,000
TOTAL TO BE COLLECTED
= Rm624,357 Millions
Contract liabilities Rm255,820,000
Trade payables Rm188,949,000
Other payables and accruals Rm62,426,000
TOTAL TO BE PAID OUT
= Rm507.015 Millions
NET CASH IF ALL THINGS COLLECTED & PAID
= Rm117,3 Millions
How much cash ?
ABOUT 18 SEN
WITH ALL THE HOOHA, FANFARE AND NOISE KGB EVEN IF IT COULD TURN ALL RECEIVABLES INTO PURE CASH MINUS ALL DEBT IS ONLY A MERE 18 SEN
AND THE PRICE RISE?
4. NOW SEE SOME RED FLAGS
by right RECEIVABLES AFTER ONE YEAR WILL BE TURNED INTO BAD DEBT
SEE
12 Trade Receivables
Not past due 30.9. 2023 = Rm354,835,000
Credit impaired Rm12,156,000
above we see after 18 months still got Rm354.8 Millions in IOU not past due
only Rm12.1 Millions are bad debt written off
Do we have a past precedent example?
Yes
Refer
KELINGTON GROUP BERHAD ("KGB")
(Company No. 501386-P)
Statement of Profit or Loss and Other Comprehensive Income
For The 3rd Quarter Ended 30 September 2018
now see VERY VERY CAREFULY
30 SEPTEMBER 2018 BALANCE SHEET
12 TRADE RECEIVABLES
The ageing analysis of the Group's gross trade receivables is as follows:
Not past due 30.9.2018 Rm35,634,000
- over 1 year Rm15,102,000
there you see
total receivables was Rm35.6 Millions
Over 1 year not collected was Rm15.1 Millions (Impaired)
THAT IS Rm15.1 mil divides by Rm35.6 Millions
= 42.4% BAD DEBT
42,4% IS A TERRIBLE AMOUNT
NOW IF KGB DID NOT MANAGE TO COLLECT PAST RECEIVABLES DO YOU THINK THEY CAN COLLECT ALL FUTURE RECEIVABLES (IOU)??
5. EXPANDING BUSINESS INTO CHINA AT A TIME OF TOUGH BUSINESS CONDITION IS UNWISE
AS WE KNOW NOW CHINA REAL ESTATE LIKE EVERGRANDE AND COUNTRY GARDEN IN TROUBLE IMPACTING ALL BUSINESSES ACROSS THE BOARD
EVEN JACKMA'S ALIBABA FACE DWINDLING SALES
6. EXPANSION INTO SINGAPORE IS ALSO A VERY VERY TOUGH MARKET
IN SINGAPORE THERE ARE MANY ENTRENCHED SET UPS NOW CONTROLLING THE MARKET TIGHTLY
TO BREAK INTO THIS MARKET IS VERY DIFFICULT
SEE WKS INDUSTRIAL GAS SINGAPORE
About WKS Industrial gas (Singapore)
WKS was founded in 1977, and was originally known as Wong Kok Seng Trading Company. After a period of intense growth, the company took on a new name of WKS Industrial Gas Pte Ltd in 1989 and shifted to a new site at Bukit Batok Industrial Park.
The turn of the millennium saw a major step forward for WKS as it established itself as a firm leader in the industrial gases market. In 2003, WKS moved to a sprawling 65,000 sq. ft. site in Tuas and a year later was awarded the prestigious ISO 9001:2000 certificate (now ISO 9001:2008) for outstanding management practices and quality products.
WKS has also been certified by Workplace Health and Safety Council as a BizSAFE STAR company as a result of our strong emphasis on safety. We have also been awarded OSHAS 18001 : 2007 as well Culture Safe.
With a dedicated staff force, state-of-the-art technology for testing and refilling of cylinders, as well as our own gas production plant, WKS certainly has the capabilities to meet your business and industrial needs.
MISSION
With only the highest quality products and safety standards, we aim for competitive prices coupled with efficient deliveries and excellent service, in order to satisfy all the gas needs of our customers.
VISION
We aim to be the leading player of the gas industry, earning a golden reputation for service, quality and reliability.
And there are dozens more such outstanding Industrial Gas Companies in Singapore as well
How to compete with World Class Singapore Home Grown Companies?
7. THE RED FLAGS OF BUSINESSES SHROUDED IN SECRECY
All the Projects Awarded do not have names of the Awarding Parties
Being a Publicly Listed Company it should be transparent
See
OTHERS KELINGTON GROUP BERHAD ("KELINGTON" OR "THE COMPANY") - AWARD OF CONTRACT WORTH ABOUT RM420 MILLION
| KELINGTON GROUP BERHAD |
| Type | Announcement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subject | OTHERS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Description | KELINGTON GROUP BERHAD ("KELINGTON" OR "THE COMPANY") | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Board of Directors of the Company is pleased to announce that Kelington Technologies Sdn Bhd (“KTSB”), a wholly-owned subsidiary of Kelington had on 14 September 2021 received an award of contract from a manufacturing company at Sama Jaya Free Industrial Zone in Kuching to undertake the construction work with respect to their Sarawak Expansion Project (“the Contract”). The manufacturing company is owned by a US multinational company, a world leading developer, manufacturer, and provider of data storage devices and solutions.
The Contract value is worth about RM420 million subject to the actual amount of works carried out, depending on variation orders, scope options and value engineering. The works shall commence in mid-September 2021 and expected to be completed by 31 December 2022.
The Contract is expected to contribute positively to the earnings and net assets of Kelington for the financial years 31 December 2022 and 31 December 2023. WHAT IS THE NAME OF THE COMPANY IN KUCHING? Not mentioned It only stated a manufacturing company Now see HOW PROPER ANNOUNCEMENTS ARE DONE IN BURSA OTHERS NEW CROSS ISLAND LINE PHASE 2 (CRL2): DESIGN AND CONSTRUCTION OF WEST COAST STATION AND TUNNELS (CR209) ("WEST COAST STATION & TUNNEL PROJECT")
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Chart | Stock Name | Last | Change | Volume |
|---|
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Discussions
3 people like this. Showing 50 of 76 comments
Lapsap , longkang fella ___ cal vin 1.. Do not look down the Malaysian Police in Bukit Aman , Kuala Lumpur as you may think by hiding in the longkang , West Jurong __ it is fine 2. You had been testing the Malaysian Authorities , one too many times , well you will know the full arm of the Malaysia Law is not far away for you lapsap , longkang fella . 3. Every where you will deposit all your rubbishes in Banking Sector , Industrial Sector , Technology Sector ___ do not underestimate and look down on the Malaysian Authorities , especially we have very committed Deputy I G P ?
Dato Ayob Khan who had make his good name in Johore as the previous CPO , Johore
Police career
Ayob Khan joined the police force in 1993 at the age of 27. He served as Director of the Bukit Aman Criminal Investigations Department (CID),
[2] Director of the Bukit Aman Narcotic Crime Investigation Department (NCID),
[3][4] Johor Police Chief[5][6] and
Head of the Bukit Aman Special Branch Counter Terrorism Division (E8) prior to his promotion to the DIG.
Head of Bukit Aman Special Branch Counter Terrorism Division (E8) (2013–2019)
Operations against terrorist and militant groups
2023-12-08 14:39
A stock without strong fundamental but pushed up temporary by flimsy accounting can just collapse suddenly without warning
After telling Pang72 to sell gpacket at Rm1.60
They even pumped gpacket to Rm1.90
Then it suddenly collapsed without warning to Rm1.50
Then to Rm1.20
Then 90 sen
Then plummeted to 50 sen, 20 sen and finally below 10 sen
Better get out early than late
2023-12-08 14:46
calvintaneng,
Why criticize other stocks if you sometimes also make mistakes. Are you always right? Are you perfect ?
2023-12-08 18:09
No Chon99
I am here to warn innocent people becoming a victim of Blind_Research telling naive people to sell the rock solid Tsh to buy the flimsy Kgb
A kind deed done
2023-12-08 18:52
enigmatic [bamboo investing style]
Someone pls notify Kelington Group Legal to send a warning Letter to Calvin Tan. Otherwise, he won't stop posting such malicious articles.
2023-12-08 21:20
enigmatic
nothing malicious at all
all these are true facts every honest person can read and decide for themselves
yes the real malicious guy is SEE_Research
go warn him
2023-12-08 21:49
Posted by calvintaneng > 53 minutes ago | Report Abuse
Rcecap buy call
27.5 sen
it gave capital exercise 7.5 sen cash payment and 4 to one
so 27.5 sen less 7.5 sen
equals 20 sen
and 20x 4 = 80 sen cost
today Rcecap is Rm2.99
up a whopping 373%
another Chun Chun call
all in all made 1000% in 10 years or 100% per year
2023-12-08 22:00
joetay2??
https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/2021-09-12-story-h1571500044-8TH_ANNIVERSARY_SINCE_SEPTEMBER_2013_CALVIN_TAN_HAS_BEEN_IN_i3_FORUM_AN
be careful SEE_Research
don't tell so much lies
or else R.I.P like joetay2
https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/2021-09-12-story-h1571500044-8TH_ANNIVERSARY_SINCE_SEPTEMBER_2013_CALVIN_TAN_HAS_BEEN_IN_i3_FORUM_AN
2 minutes ago
2023-12-08 22:05
Make some money from this counter, but will take note of the mentioned drawbacks .....
SEE_Research,
could you put your posts in more organised and readable manner, i feel quite difficult to read and most of the times, have to skip ......
2023-12-08 22:12
Posted by firehawk > 4 minutes ago | Report Abuse
Make some money from this counter, but will take note of the mentioned drawbacks .....
SEE_Research,
could you put your posts in more organised and readable manner, i feel quite difficult to read and most of the times, have to skip ......
^
I agree
2023-12-08 22:17
firehawk
Make some money from this counter, but will take note of the mentioned drawbacks .....
SEE_Research,
could you put your posts in more organised and readable manner, i feel quite difficult to read and most of the times, have to skip ......
SEE BODOH MIND VERY DISORIENTATED AND CANNOT THINK STRAIGHT
Posted by OTB > 2 days ago | Report Abuse
No point to continue argue here.
I just hope that all people here must be professional, no personal attack.
In actual fact, it is so difficult to read all the information here.
I just piece off, I sold all the stocks today in this forum to take my big profit here.
Please continue to argue and fight so that the share price can drop further, the best is limit down.
Please be professional, overall you must make a lot of money.
Argue without facts and figures will not make you super rich.
Ask yourself honestly, do you make million even you win the argument or fight ?
Will your bank account showed million profit so far ?
Please stop all the arguments, post your articles with facts and figures, I like to read all facts and figures to justify your selection.
Thank you.
2023-12-08 22:19
Posted by OTB > 2 days ago | Report Abuse
I just hope that all people here must be professional, no personal attack.
In actual fact, it is so difficult to read all the information here.
bodoh people attack others cause OTB to leave
2023-12-08 22:24
Serba2?
😲
There is a 50/50 chance if Kgb unable to collect its Receivables plus its Payables depletes all cash later
People in Serba were in denial and diversion.
PearlWhite defended fiercely for Serba just like this Blind_Researcg so mad now
At least PearlWhite concorted some defensive arguements on behalf of Serba but this Blind_Research whining and screaming and crying like a baby
Go find some real facts
Go ask them do a thorough break down of all Receivables one by one
Go ask for disclosure of all names of Awarding parties if they exist
Nothing to hide if it is now listed publicly
Bursa and SC also got the right to know
After Serba debacle there should be more stringent reporting by publicly listed companies
Or else even Banks will suffer with cheated investors
6 banks are now sueing Serba to recover whatever losses while shareholders lost everything
2023-12-09 10:53
James 3:8-10 KJV
but the tongue can no man tame; it is an unruly evil, full of deadly poison. Therewith bless we God, even the Father; and therewith curse we men, which are made after the similitude of God. Out of the same mouth proceedeth blessing and cursing. My brethren, these things ought not so to be.
2023-12-10 21:07
Agreed
i has been admiring Calvin for his persistent contribution for providing facts and figure for plantation stocks.
but his subsequent posts irrelevant contents are insane.
Come back to where you are Calvin.
2023-12-10 21:19
This real cheater is SEE(BLIND,) RESEARCH WHO MADE DIRTY MONEY BY PUSHING AND PUSHING TSH AND SLYLY SOLD ALL
THIS "UNCLEAN" MONEY GOD CANNOT BLESS
AS FOR US WE HOLD TSH TIGHTLY WITH INTEGRITY
22 minutes ago
calvintaneng
See the definition of the word "CHEAT"
cheat
/tʃiːt/
verb
1.
act dishonestly or unfairly in order to gain an advantage.
EXACTLY
SEE_RESEARCH TOLD ALL TSH IS
T = Tenacious
S = Samson
H = Hercules
will reach Rm2.00
THEN SOLD ALL HALF WAY TOI MAKE SOME "DIRTY MONEY" BY TELLING PEOPLE TO BUY SO HE SOLD GET GAIN
WE STILL HOLDING AND BELIEVING
noun
a person who behaves dishonestly in order to gain an advantage.
CHEAT | English meaning - Cambridge Dictionary
Cambridge Dictionary
https://dictionary.cambridge.org › dictionary › cheat
to act in a way that is dishonest, or to make someone believe something that is not true in order to get something for yourself:.
THIS SEE_RESEARCH NOW REVEALED HIS TRUE COLOR
HE DID NOT BELIEVE TSH WILL REACH RM2.00 AS HE STRONGLY PROMOTED MORE THAN 15 TIMES
VERY VERY VERY SLY AND DISHONEST NOW TO CONDEMN WHAT HE PRAISED AT FIRST
A REAL CHEAT BY DEFITION
CHEAT | English meaning - Cambridge Dictionary
Cambridge Dictionary
https://dictionary.cambridge.org › dictionary › cheat
to act in a way that is dishonest, or to make someone believe something that is not true in order to get something for yourself:.
https://sgx.i3investor.com/blogs/Jbhouseforsale/2022-06-26-story-h49563256-TO_CATCH_A_SNAKE_CALLED_SEE_RESEARCH_SNAKE_MASQUERADING_AS_EAGLE_PSAi3ale.jsp
0 seconds ago
calvintaneng
51,751 posts
Posted by calvintaneng > 0 seconds ago | Report Abuse
Totally mentally unsound this SEE(BLIND) RESEARCH
WE STILL HOLDING TSH
UNLIKE YOU WHO TOLD ALL TO CHASE TSH TO RM2.00
THEN SLYLY SOLD ALL AND THEN NO SHAME AT ALL
TURN TO CONDEMN TSH WHICH YOU SAID WILL REACH RM2.00
calvintaneng
This real cheater is SEE(BLIND,) RESEARCH WHO MADE DIRTY MONEY BY PUSHING AND PUSHING TSH AND SLYLY SOLD ALL
THIS "UNCLEAN" MONEY GOD CANNOT BLESS
AS FOR US WE HOLD TSH TIGHTLY WITH INTEGRITY
22 minutes ago
calvintaneng
See the definition of the word "CHEAT"
cheat
/tʃiːt/
verb
1.
act dishonestly or unfairly in order to gain an advantage.
EXACTLY
SEE_RESEARCH TOLD ALL TSH IS
T = Tenacious
S = Samson
H = Hercules
will reach Rm2.00
THEN SOLD ALL HALF WAY TOI MAKE SOME "DIRTY MONEY" BY TELLING PEOPLE TO BUY SO HE SOLD GET GAIN
WE STILL HOLDING AND BELIEVING
noun
a person who behaves dishonestly in order to gain an advantage.
CHEAT | English meaning - Cambridge Dictionary
Cambridge Dictionary
https://dictionary.cambridge.org › dictionary › cheat
to act in a way that is dishonest, or to make someone believe something that is not true in order to get something for yourself:.
THIS SEE_RESEARCH NOW REVEALED HIS TRUE COLOR
HE DID NOT BELIEVE TSH WILL REACH RM2.00 AS HE STRONGLY PROMOTED MORE THAN 15 TIMES
VERY VERY VERY SLY AND DISHONEST NOW TO CONDEMN WHAT HE PRAISED AT FIRST
A REAL CHEAT BY DEFITION
CHEAT | English meaning - Cambridge Dictionary
Cambridge Dictionary
https://dictionary.cambridge.org › dictionary › cheat
to act in a way that is dishonest, or to make someone believe something that is not true in order to get something for yourself:.
https://sgx.i3investor.com/blogs/Jbhouseforsale/2022-06-26-story-h49563256-TO_CATCH_A_SNAKE_CALLED_SEE_RESEARCH_SNAKE_MASQUERADING_AS_EAGLE_PSAi3ale.jsp
2023-12-11 02:08
The Best is to buy when there is maximum pessimism when every body gives up
And certainly the best time to sell is during euphoria when People Chase It; Newspapers highlight it; Analysts strongly recommend it
5% who bought value stock in Fear better than 95% buying during peak euphoria and will live to regret staying in penthouses
2023-12-15 08:01
Sure
Ifca also moved from Rm1.20 to Rm1.80
Then crash 3 times limit down to below 50 sen
Serba even crossed Rm2.20 and now only 2 sen
Mmag and gpacket, and jaks and sendai all pushed high high and now fallen low low
After the pump will come the dump
Better don't overstay
2023-12-22 10:59
paperplane2016 whenever Calvin post a doubt post, you better watch out.
so far his call on problems hit 100% correct!!
Too bad we cant sell short, else he is 100 times richer!
31/10/2016 11:56
https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/2016-12-18-story-h1449597130-What_other_i3_investors_forum_members_said_about_Calvin_Tan_unsolicited
2023-12-22 15:38
Thanks for sharing your findings, Mr Calvin.
It worth to take closer look & make deeper analysis in financial info and reports.
If anyone do not agree, pls show your works of analysis to proof otherwise.
It is good to have real discussions with solid financial supports and to enable others to make better and informed investing decisions
2023-12-23 02:42
I miss our brother paperplane, not sure where is he now?
Probably earning enough to retire and enjoy life now
2023-12-23 02:43
Huge and consistent accumulating long overdue receivables over a long period of time are always an alarming signal to me
2023-12-23 02:45
Bubble bursting every where
Stay safe in 🌴🌴🌴
This industry now got over 90% gross profit margin
2024-01-16 17:24
now see VERY VERY CAREFULY
30 SEPTEMBER 2018 BALANCE SHEET
12 TRADE RECEIVABLES
The ageing analysis of the Group's gross trade receivables is as follows:
Not past due 30.9.2018 Rm35,634,000
- over 1 year Rm15,102,000
there you see
total receivables was Rm35.6 Millions
Over 1 year not collected was Rm15.1 Millions (Impaired)
THAT IS Rm15.1 mil divides by Rm35.6 Millions
= 42.4% BAD DEBT
42,4% IS A TERRIBLE AMOUNT
NOW IF KGB DID NOT MANAGE TO COLLECT PAST RECEIVABLES DO YOU THINK THEY CAN COLLECT ALL FUTURE RECEIVABLES (IOU)??
2024-01-22 01:56
moneySIFU
Huge and consistent accumulating long overdue receivables over a long period of time are always an alarming signal to me
2024-01-22 01:58
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SEE_Research
Post removed.Why?
2023-12-08 13:53