Do you people actually have experience dealing with difficult auditors?

I met before, and dealt with with them before. I literally have to shout at them in my e-mail replies.

Some of them really go by the book, ikut theory tapi takda real world logic wan I tell you.

@cruger12345 +100

I work in accounts in construction/engineering firm. I've seen all that and can attest that all is true and how things work here.

@BobbyAxelrod taiko, announced last week la...

https://klse.i3investor.com/financial/QoQ/quarter/7034/31-Mar-2021_1379801069.jsp

MMC is a good company, but biggest shareholders holding too much ticket.

My approach to MMC has little changed - based on dividend %

Previously I holding along the bull run hoping to see more capital gains, but after some time starting to see the pattern d, mayne Syed Mokhtar also don't want it to go too high, so that IF he wants to privatise, it won't be too expensive for him to do so.

I will revisit MMC when it dropped to around RM1.02

Yea, and Baccarat hands winning history chart can also help you beat the casino...

@Mabel +100

KPMG has been auditing them for so many years. Now only found problem, when their clients have been more or less the same?

To share, I'm also working in Accounts/Finance.

When my suppliers' auditors send me audit confirmation request letters, out of 100 letters receive, I dump ALL 100 of them.

Only when my suppliers call me, "Eh Pinky, help la respond, if you no respond, later my auditors don't want sign off the audit leh...", then only I reply to their auditors. You think we accounts people very free ah?

Furthermore now we have Covid-19 worldwide, many people are not working in office - letters will go misplaced (or stacked up somewhere for weeks or even months), phone calls won't be answered.

Armchair analysts, auditors fresh from colleage, won't understand all this. People who have real world working experience will understand.

And the normal procedure for audit findings is always:
1. Talk to the accountant
2. Talk to the Finance Director
3. Talk to MD/CEO
4. LAST RESORT - go to Audit Committee

If my auditors jump the gun and go direct to Step 4, I will also ask my Directors fire them.

@LossAversion u also joined here? hahahahahaha

@newbie8080 yes, revenue and profit can be manipulated.
If it's a super high PE company, miserly with dividends, report huge EPS but only pay tiny DPS, maybe I would suspect.

A dividend paying company means it HAS THE CASH.

If a company has been making losses or zig-zagging between profit and loss throughout the years, then report surprising profit, and auditors found issues, I'll buy the story.

But a growing company with growing revenues and profits AND is capable of paying dividends.

I don't buy it.

People with hands on experience in local construction and O&G industry will know that Serba is not wrong.

hahahahaha just wait and see

People working in construction and O&G will know how Malaysian industry works.

All the issues raised by KPMG are not even issues.

And yes, they should have approached management first instead of going direct to Board/Audit Committee. That auditor must be too gung-ho, trying too hard to impress.

Bye guys, Pinky officially out of MMC. Good luck to u all!

Suppliers same address - Hello, never heard of "registered address? That's the company secretary's address

Suppliers having low small paid-up capital - Hello, never heard of NSC (Nominated Sub Contractors)? It's common when you do business with big companies (esp Malaysia) like Petronas. You want this contract, you gotta award to their suppliers/subcons of choice. It's a way for them to develop local/Bumi companies in Malaysia

KPMG screwed up. Must be a team of freshie accountant grads in that audit team

Any accountant worth his salt upon reading the reports on this matter can say that KPMG screwed up. This is no fraud.

Admin please ban this spammer

Who sell this morning is bodoh, more bodoh than our menteri hahahahaha

Who panic and sold this morning hahahahaha

Each inoutinout trade earn a few buckets of beer nett hahahahaha

@auditorandconsultant of course I done my math, my inoutinout moves all can cover the trading costs la XD

dun worry

your lovely finance minister itu apanama zafrul will probably wait til 10k cases baru agree lockdown

@auditorandconsultant I starting to appreciate TGUAN as a stock good for range trading hahaha

I re-entered today, and if I sell now I can pocket a healthy gain hahaha

Anyway enough with intra-day trading, this time I'm keeping

This quarter results I like very much

@Lanmum enough play in-out-in-out with TGUAN already

This batch is for keeps XD

@Superb99 ya recent trend for most stocks under my radar seems to be like this

Nowadays my strategy also to take (some) profit before ex dividend

After dividend re-enter again

I foresee correction further after dividend ex date

Better take profit off 1st

Hi I'm back hehehe

Took some profit off

Really buy on rumours, sell on news XD

1 potential risk for exporters

I saw a few, like Karex, Johor Tin

Their products couldn't reach their intended market because of shipping delays and/or heightened shipping costs

Hope TGUAN is spared from this

Just finished reading both analysts' report. I also positive, just topped up today.

taitaiwong my beloved is back~

Oh my, this quarter result was quite bad

Woohoo!!!

Yes!

Residential usage is dwarfed by industrials.

TA is as pointless as reading Baccarat winning history chart.

My 2 sen.

Hahahahaha taitaiwong is here

@aliyusof taitaiwong is a weird person based on his/her postings hahahahaha

Cheers happy holding

Dividend ex date coming soon ya!

<<<when the price was 1.2 sth that time, many like you also claimed that mmc will go to rm2 or rm3 so what is the price now and where are these people now?>>>

I'm still around and MMC is still my biggest holding

Just that taitaiwong is no longer fun as previously so I also talk c0ck lesser here hahahaha

May revisit again after after Covid-19 situation improves here

I sold out yesterday

Today 8.59am re-entered

Then 2.29pm dumped all again

Woohoo never felt so good XD

hahaha ya ya

U are really asking a lot XD

err...in a way, a simple way of looking at it, yes you are correct.

E.g.

I receive lump sum RM10,000 from you today
2022, 2023, 2024 and 2025 I'm supposed to pay you RMx,xxx

If the present value of RMx,xxx x 4 years is >RM10,000, it's a Contract Liability

If the present value of RMx,xxx x 4 years is <RM10,000, it's a Contract Asset

@SincereStock there is one thing called "conglomerate discount"

Westports is a pure port player
MMC is a conglomerate

The valuation will never be same

I'm not so technical as limyuwei, he's an industry insider I think.

Whereas I'm a simple accountant, I prefer to explain in more simple accounting terms :)

An insurer takes the $$$ from its policyholders <<< liability

Then invest those $$$ to generate a return <<< asset

@limyuwei +100

<<Pv future net cashflow, positive = a liability, negative = a future profit>>

To add...

An insurer has both assets and liabilities

Assets = its investments in bonds, shares, money market instruments etc
Liability = its liability/commitment to its policyholders

When Liability > Assets = Contract Liability
When Liability < Assets = Contract Asset

E.g. present fair value of its investments RM100m
Present value of its commitments RM115m

Net liability = RM15m

Fair Value gain/(loss) arises from the MOVEMENT of interest rate/bond yield.

Assuming you buy your bond at Year 1
Year 1 to Year 2 - yield rose = fair value drop
Year 2 to Year 3 - yield drop = fair value go up

Key - MOVEMENT

The above is only example ar, I just want to illustrate the principle.

@Papayashot u see that MGS chart someone shared a while back

Example:
Year 1 MGS yield 4.5% <<< Allianz buy its bonds here/at this point of time
Year 2 MGS yield 3.8%
Year 3 MGS yield 2.8%
Year 4 MGS yield 3.3%

When a bond holder like Allianz do his accounts at end of Year 2, he will have FAIR VALUE GAIN.

When a bond holder like Allianz do his accounts at end of Year 3, he will have FAIR VALUE GAIN.

When a bond holder like Allianz do his accounts at end of Year 4, he will have FAIR VALUE LOSS.

Get the "feel"?

I.e. u buy a bond with 4.5% interest
When the market WANTS 3.8% yield, the 4.5% bond that u have is highly sought after.

BUT, if u buy a bond with 3.0%
And market WANTS 3.5% yield, your 3.0% bond is unwanted.