Opps

Opps

Salutica operator no give face today.

The volume is crazy compared with yesterday.

Volume is very high. Crazy

Rainman cancel or postpone karaoke tonight?

Rainman tonight karaoke night?

Market close dy. Come back 2 days later.

Hahahah finally someone corrected kyliew’s calculation.

REMINDER: Q6 results will be released in a month.

MZM2511. True also. You smart investor ma.

https://www.nst.com.my/amp/business/2021/08/714781/kanger-confident-returning-black-embarked-several-exercises-build-resilient

RM1 billion order book but didn’t materialise. It is so entertaining looking back this news.

Rainman, what’s for dinner tonight? Must treat uncles aunties good meal 🤣

“Cough” Those subscribed RI in 2021 with adjusted price RM0.60 still suffer 79% loss. Company still loss making up to Q5. These are the facts.

It is either buy, sell or hold. That’s simple.

I mau order Chef Gordon Ramsay punya beef wellington boleh ka?

Hahaha enjoy karaoke

I think eating ikan bilis masin

Rainman masih makan sedap? Still can pay bill? Lol

opps collapse

Oppps

The Board of Directors of the Company had on 27 February 2023 approved the change of financial year end of the Company from 31 March to 30 September due to the restructuring plan of the Company.

———————————————
Who still remember this announcement mentioning restructuring? Rumours that big shots taking over? Stay tuned.

Rainman whats for dinner later today?

Hahahaahhaaha, i see you losing confidence going down the list

Apa lagi announcement? RI, ESOS, M&A under performing company…

Rainman whats for lunch later today?

Had your coffee too?

Well I dont hold any share in Kanger, but I agree with MZM’s point of view that the company still have lot equity. It is a advantage depends on how you view it.

Yes MZM. RM0.44 is the NTA based on the latest QR report.

RM0.50 is based on FY2022 audit report.

MZM, you sell or hold?

nine coffee, beware of caffeinism. Jaga jaga badan ohhhh

Strange also because the existing business is not moving but the price move already. Maybe something big coming.

Price move before news released. MZM, can take profit now.

Now you are repeating the same sentences again. What is wrong with this forum

Will it be still Sung Master xx? Or collaborate with other?

Please brainstorm a new name for Kanger here.

Not same lah, rainman keep laughing, rr1688 keep repeating something that nobody understands

Change of name to Sung Master Consolidated tak jadi, how does it relates to increase of share price folks???

Mau tukar nama apa? Tolong brainstorm sini

???

Nobody cares.. tutup kilang

All these dramas seems already preset. My popcorn is ready, it cost me around 250 shares lol

All tapao bungkus balik kampung already. Many potential counters out there.

Bilis, i miss the man wehhh.

Good luck bro

FBMKLCI is rebounding despite the upcoming election. Mzm2511, many opportunities out there bro. The business of investment properties and residential construction project management are not that attractive at the moment. Unless there are big changes in fundamental, this is going to be stagnant

In every trade, investors should set strategy, target and stick with it. Trading with decision influenced by emotion is not encouraged. 



There are many corporate exercise from 2019 to 2022. 

Let's take a look on the acquisition of Sung Master in 2021. We analyse carefully what happened and how the major investors reacted. 



Referring to the Circular in July 2021 
"The purchase consideration of RM94,789,436 was arrived at, on a willing- buyer basis, based on the PE multiple of approximately 15.0 times to the 51.0% of the latest audited PAT of Sung Master as at 17-month FPE 30 June 2020 of approximately RM12,390,776." 


15 times PE using 17-month result. Let's do simple calculation adjustment, 15times x 17 months / 12 months => 21.25 
ADJUSTED ANNUAL PE VALUATION = 21.25



Before we move further, few thoughts on this: 

1) Does Sung Master worth valuation of PE 21.25? 

2) What would be the usual range of PE in construction segment, considering the size and future growth? 

3) Does the relatively high PE subsequently supported by profit growing performance? 

4) Does investors know or had investors being highlighted the performance of Sung Master after acquisition? 
(will discuss further at the bottom part)
5) Does it make sense to pay the purchase consideration partly by cash and share issuance? What will be the implication to the market with payment via share issuance?



Leave those answers to yourself as an investor. Link your answers to the share price downtrend after acquisition of Sung Master & share issuance, all the way from adjusted RI price RM0.60 to current price RM0.035 (94 loss in value) 
Are the major investors being bearish on the future performance? 




My 2 cents on Sung Master, which should be main revenue stream of the group: 

1) Sung Master indeed performed poorly in FY2022 after acquisition. It made losses in FY2022.
Annual Report FY2022 Page 116 "From the date of acquisition, the subsidiary’s contributed revenue RM9 million and loss net of tax RM73,000." 



2) Quarterly Report Q4 2023 Page 1. Cummulative PROFIT/(LOSS) AFTER TAX ATTRIBUTABLE TO: Non-controlling interest RM2.89 million. This should be PAT attributing 49% NCI stake held in Sung Master. 

Rough estimation if re-gross to 100%, Sung Master generated PAT of RM5.9 million for period of 12 months from 1 April 2022 to 31 March 2023. It may not accurate, just a rough estimation. 



3) FY2023 Q4 profit RM1.6 million mainly contributed by Sung Master. If not Sung Master, the Group quarterly result will be loss making. (Investors already get used to it)



4) Sung Master's estimated PAT RM 5.9m for 12 months did not meet RM20 million net profit estimated by the management. (https://www.nst.com.my/business/2021/09/725001/kangers-new-acquisition-sung-master-deliver-strong-profit-fy21)

Although Sung Master's current result does not meet the performance expectation but it is growing. But the next question would be whether it will grow steadily and achieve profit target. We have limited information. By reading QR report, it looks volatile from my personal view. 


Do you think the management will push for it?

** What are the main reasons that you think resulting price drop 94% over 2 years? Please share your opinion 😁

Must first analyse before concluding whether this is a scrap ma.

I present the facts so other investors should be aware of also. Still I dont understand why there is people buying this stock. I dont see sign of U-turn yet.

Unless they know something that we dont know???

All I know are that businesses not attractive, share price drop more than 90% in 2 years, no turnaround plan yet, mention restructuring but diam diam, foresee further fundraising. Why still want to buy???

I miss the man rr1688.

@patience99 I would say lack of clarification and lack of update on the LOI.

Investors should attend AGM and raise question to BOD for clarification.

@ JJPTR. And the daughter Chai does not sit on the board too. She had never been appointed to the board. She was a substantial shareholder after RI, then ceased to be a substantial shareholder.

Please don't spread wrong facts, it confuse others.


Investors please read Annual Report, Circular carefully and make independent assessment.

Please understand the management, business model, future prospect and most importantly whether it fits your risk profile, then only you can know if the company can realise long-term shareholder value.

Investors please read Annual Report, Circular carefully and make independent assessment.

Please understand the management, business model, future prospect and most importantly whether it fits your risk profile, then only you can know if the company can realise long-term shareholder value.

Unless you invest for goreng, then gonna take the risk lor.