Long drop may be due to: 1. T+3 after the last run 2. Selling by substantial shareholder and CEO after qtrly result announcement 3. Nasdaq dropped after warning forecast by the chipmaker, Micron Tech Other tech stock like, inari, greatech all drop around 4% today
As a long time follower of Dufu, I could only say that this counter is for long term holding. Sometimes it could be very volatile without reason and your heart needs to be strong for short-term speculation.
There are some local audit firms affiliate themselves to international accounting firm to look "big". They only need to pay registration fee and yearly subscription fee for the affiliation. Heard from my audit practitioner friend, Nexia Malaysia barely makes it top 20 in Malaysia in terms of fee revenue or no of staffs.
Nexia is not in Top 10 accounting firm in google search. Guess all the Top 10 audit firms stay away from SD. Why not appointing one of the top 10, BDO who was previously nominated to replace KPMG?
As investor of Serba myself, I am not happy with KPMG handling of audit issues. But my accountant friends say somethings are really wrong with the audit issues. With the authority stepping in, it would be equally difficult for the next auditors to give a clean bill to their report without solid justification.
Value investor, I agree that Q1 cannot compared to Q4.
But Dufu needs a better performance to justify and maintain its good run in share price. There are indicators pointing strong HDD Enterprise demand and also increase in HDD ASP out there. But drop in sale of RM6.7m qtr to qtr is not what investors would like to hear.
Q1 previous year was partially affected by MCO lockdown and it was before the work from home spillover effect and yet the company was able to deliver a commendable financial result.
Anyway, let's hope for a better sequential qtr results so investors will have stronger confident.
Current qtr revenue down by RM6.7m but profit up by RM5.0m compared to previous qtr Management said increase in profit due to current qtr forex gain of RM2.4m and previous qtr forex loss of RM3.3m. No revenue and profit growth compared to immediate preceding quarter after all the positive indications we heard.
Back in Sep 2020, the ED said the worst was over. The co's share flied and co's staff started exercising ESOS. The latest qtr result show the co even barely broke even with gross loss and blames the forex loss for the reason. Was it planned from the beginning? Management's integrity is in doubt.