Dear Friends of i3 Forum,
Jaks has released its latest Results
With lots of debates in Jaks Forum both for and against
Now let us take a candid look
Please Refer to Bursa Web
And see Jaks latest Results
SUMMARY OF KEY FINANCIAL INFORMATION30 Jun 2024 |
INDIVIDUAL PERIOD | CUMULATIVE PERIOD | ||||
CURRENT YEAR QUARTER | PRECEDING YEAR CORRESPONDING QUARTER | CURRENT YEAR TO DATE | PRECEDING YEAR CORRESPONDING PERIOD | ||
30 Jun 2024 | 30 Jun 2023 | 30 Jun 2024 | 30 Jun 2023 | ||
$$'000 | $$'000 | $$'000 | $$'000 | ||
1 | Revenue | 13,090 | 3,312 | 27,307 | 17,472 |
2 | Profit/(loss) before tax | 4,040 | 14,511 | 11,764 | 23,551 |
3 | Profit/(loss) for the period | 3,932 | 14,436 | 11,382 | 23,422 |
4 | Profit/(loss) attributable to ordinary equity holders of the parent | 8,422 | 19,111 | 20,864 | 33,188 |
5 | Basic earnings/(loss) per share (Subunit) | 0.35 | 0.90 | 0.86 | 1.57 |
6 | Proposed/Declared dividend per share (Subunit) | 0.00 | 0.00 | 0.00 | 0.00 |
AS AT END OF CURRENT QUARTER | AS AT PRECEDING FINANCIAL YEAR END | ||||
7 | Net assets per share attributable to ordinary equity holders of the parent ($$) | 0.5900 | 0.6200 |
YoY Jaks profit dropped from 0.9 sen to 0.35 sen
A Drop of 61% (That is a Huge Drop!)
NAV Shrunk from 62 sen to 59 sen
Now let us look inside its balance sheet
Refer bursa
Cash and bank balances
Rm31,955,000 (2024)
Rm 41,803,000 (2023)
Cash dropped from Rm41.803 Millions to Rm31.955 Millons
A Drop of Rm9,848,000 Millions or 23.5%
Deposits placed with licensed banks
Rm12,074,000 (2024)
Rm 22,222,000 (2023)
Deposits dropped from Rm22.222 Millions to Rm12.074 Millions
Or dropped by Rm10.148 Millions (Drop by 45.6%)
Rm19.996 Millions (Less Cash)
Now see debts
Long Term Borrowings
Rm407,622,000
Rm420,581,000
Long term borrowings dropped by Rm12.959 Millions
Bank borrowings
Rm59,894,000
Rm68,200,000
Bank borrowings dropped by Rm8.306 Millions
Total Borrowings less by Rm21.265 Millions
So While Jaks total improvement is Rm
Rm21.265 Mil less Rm19.996 Mil
= Improved by a mere Rm1.27 Millions after 6 months
But see further
JAKS RESOURCES BERHAD
REGISTRATION NO. 200201017985 (585648-T)
A. NOTES TO THE INTERIM FINANCIAL REPORT (cont’d)
JAKS - Page 7
(i) Private Placement
After the Price-Fixing Announcement 1, a total of 180,700,000 of new Placement
Shares were listed on 15 May 2024, raising approximately RM21.684 million. On
24 June 2024, after the Price-Fixing Announcement 2, a total of 56,285,000 new
Placement Shares were listed, raising approximately RM8.161 million. Total
amount received under first and second tranches is RM29.845 million.
The miniscule amount improvement of Rm1.27 Millions was covered over by
A Private Placement of Rm29.845 Millions
And if not for this Sum then Jaks will see a Net Drop of over Rm28 Millons Extra Deficit
Now See its Total Borrowings
Rm407.622 Millions Plus Rm59.894 Millions
= Rm467.516 Millions
Less Cash Rm44.659 Millions
TOTAL NET DEBT = RM422.857 MILLIONS
For this Sum Jaks has to pay Yearly Hefty Bank Interest
And after so many Qtrs Jaks still got
Refer to Bursa)
Trade and Other Receivables
Rm421.135 MILLIONS (IOUs Paper only)
Of these How Much will turn into Bad Debts like Megan Media, Serba or Sendai?
See Further (Refer Bursa)
Current Liabilities
Trade and Other Payables
Rm457.827 MILLIONS
While Jaks did not Receive Payments from IOUs (Receivables)
Jaks is chased for Payments up to
Rm457.827 MILLIONS
So Chased by Banks for
TOTAL NET DEBT = RM422.857 MILLIONS
JAKS TOTAL INDEBTEDNESS IS A WHOPPING
RM457.827 MIL & RM422.857 MILLIONS
= RM880.684 MILLIONS TIME DEBT BOMB!
So Jaks Accounts are indeed Precarious
Jaks will be hard up by both Banks & Creditors Chasing for Payments with Interest Penalty for delayed payments while it has little recourse chasing IOUs now Long Overdue
What should you do?
Better sell early before Jaks go for more
Private Placement (Will Dilute Your Share Value)
Or worst
Jaks give out Rights Issue to ASK FOR MONEY
Or?
Banks & Creditors SUE JAKS FOR PAYMENTS AND THEN INSOLVENCY, PN17 & THEN?
Unthinkable
With Kind Regards
Calvin Tan
Please buy or sell after doing your own DUE DILIGENCE or Consult Your Remisier/Fund Manager
It is said
Better be Safe than Sorry
Or it has been said
"He who fights and run away will live to fight another day"
Created by calvintaneng | Aug 29, 2024
Created by calvintaneng | Aug 28, 2024
Created by calvintaneng | Aug 23, 2024
Created by calvintaneng | Aug 22, 2024
calvintaneng
A WHOPPING RM880 MILLIONS TIME DEBT BOMB
3 hours ago