By Byun Hye-jin: Published: Jan 2, 2023 - 15:33 Updated: Jan 3, 2023 - 18:06
Hyundai Oilbank, one of South Korea’s leading refiners, said Monday that it handed out 1,000 percent of base salaries as bonuses to its staffers.
The company declined to disclose the specific amount of the salaries given. In 2021, its employees an average of 121 million won ($94,800) per person including bonuses at a 600 percent rate.
The refiner’s lump-sum bonuses came in line with the refining industry’ stellar performance last year. In the third quarter alone, Hyundai Oilbank’s operating profit skyrocketed by 226 percent on-year to 2.8 trillion won. Adding the fourth quarter results, last year’s cumulative profit will increase even more, sources said.

Other major refining companies – SK Energy, S-Oil and GS Caltex – will soon decide the bonus rates as well.
“We haven’t decided on the bonus yet, but it is expected to be more or less similar to Hyundai OilBank’s,” said a company official from a major oil refiner who requested anonymity.
Last year, SK Energy and GS Caltex provided 1,000 percent of base salaries as extra payment to employees, while S-Oil gave bonuses at a 1,400 percent rate

My Q3 result prediction was based on public available information on crack spread.
What I miscalculate was the high premium paid for the crude by HRC.
Note:All the korea refineries make so muck profit untill they pay their employees 10 years bonus.

Each barrel of crude oil is refine breakdown into 3 major component product, with largest component is diesel, second is RON gasoline and lastly refine jet fuel

1. Gasoil/diesel crack spread chart (historical highest level range)
https://www.tradingview.com/symbols/NYMEX-GOC1%21/

2. Gasoline/petrol RON 92 crack spread spread chart (normalize level range)
https://www.tradingview.com/symbols/NYMEX-D1N1%21/

3. Kerosene/ jet fuel crack spread (at historical highest range level)
https://www.tradingview.com/symbols/NYMEX-ASD2!/

Yes he was dean of chemical faculty.

I just exercise my rights as general public and minority sharholder as what is stated in HRC whistleblowing policy.

Nothing more and nothing less in reporting my genuine concern in good faith to Whistleblowing commitee to start an inhouse investigation for the common good of company, employees, shareholders and etc.

Send.
Will wait for HRC, SC and Bursa respond.

Update: 31/1/2023: Thank all for your valuable comments. I make minor amend to No.5 with "concern/allegation" as suggest by SarifahSelinder. Will send out thin noon.

qqq3,
I can't be everywhere and my intention of this article is promoting and empowerment more minority shareholders to assert their rights to hold BOD and Management responsible, accountable and answerable and report red flag to SC and Bursa.

qqq3
My concern is now on the wellbeing of HRC employees and the company and not about whether I got it right on Q2 and Q3 result.

qqq3,
Philip is my UM senior and I can ask him about your full name, location and picture so please show some respect on my article and delete unnecessary comments. you can post it elsewhere

Posted by Philip ( buy what you understand) > 1 week ago | Report Abuse
qqq, please show some respect on my article and delete unnecessary comments. you can post it elsewhere. As you know I already have your picture, full name and location which I shared with you on telegram. And I know for a fact that you talk much nicer in real life but act very poorly on I3, why?
---------------

Good morning qqq3,
Can you please stop your half past six lecturing on your misinformation accounting.

Dear SarifahSelinder,
Thank you for your well wishes. I sincerely hope Jaks will do well with the soon to be/over due dividend from JHDP.

Dear SarifahSelinder,
Nice of you to drop in. How are you lately?
It is not proper to hint of physical threat or intimidating remark on an open forum. It might open to many interpretations.

Good morning qqq3,
Since when do I implied that the whole idea of hedging is to make sure every quarter report $ 2 EPS?

My understanding of hedging is to protest the refining margin and inventories value. Hence what ever lose in physical refining margin and stocks loss should be recovered by hedging (refining margin and inventories hedging derivatives gain)

PS: Now I understand why people call you fake accountant.

Good morning qqq3,
Have you know of a saying win the battles but lose the war?

My war is on empowering more minority shareholders of their rights to hold BOD and Management responsible, accountable and answerable beside raising red flag to SC and Bursa.

So did I lose the war, when I know I had done something for the greater common good and have my peace of mind in doing so?

By the way have you found your peace of mind lately in cycling?

qqq3,
The only thing necessary for evil to triumph in the world is that good men do nothing.

I just do my small part trying to prevent the triumph of evil, how about you?

qqq3,
I am suggesting why pity a billionaire when you have show none for the victims of insider/syndicate pump and dump scam.

qqq3,
So am I discrimination of China investments? Or I too make complaint to SC and Bursa on Malaysian run company?

qqq3,
Just to rebut your falsehood narrative below:
qqq47660 What sslee doing is not right....this is pure and clear case of discrimination of China investments.....
28/01/2023 8:23 PM

I cut and paste my previous complanit on Jaks to SC and Bursa:

Dear SC and Bursa,

The tone and the contents of IR answers to my questions imply that I am incompetent in legal and accounting jargons to understand the basic accounting and legal implication stated in the proposed disposal announcement dated: 29 September on the disposal of JSB 51% equity in JIC to ICD for consideration of RM1.00. When the fact is salient features of SPA were not included in the proposed disposal announcement. And subsequent confusing/misleading/manipulated financial statement Q3 (Net profit of RM 101,786,000 and Net profit to shareholder: RM 26,746,000) and Q4 (Net profit of RM negative 199,536,000 and Net profit to shareholder: RM negative 103,188,000)

I refer to SC 2020 annual report: In 2020, the SC continued its efforts to facilitate the establishment of an independent wholly-owned Bursa Regulatory Subsidiary (Bursa RegSub) to assume the regulatory functions currently undertaken by Bursa Malaysia. The establishment of the Bursa RegSub was announced in February 2020. Efforts were made to put in place the necessary governance structure and regulations, and facilitate amendments to Bursa Malaysia’s rules to support the functions at the Bursa RegSub.

I am sure Bursa has professional legal and accounting teams to carry out the regulatory functions thus I appeal to SC and Bursa to investigate JAKS Board to ascertain whether they have:

1. Committed an offence of furnishing false or misleading financial statements to Bursa Malaysia under section 354(3)(f)(ii) of the Capital Markets and Services Act 2007 (CMSA) on disposal of JSB 51% equity in JIC to ICD for consideration of RM1.00?

2. Committed an offence under Companies Act 2016: Section 213: (1) A director of a company shall at all times exercise his powers in accordance with this Act, for a proper purpose and in good faith in the best interest of the company. For not taking any legal action against any other liable party (LAD of hundred over millions accumulated since 4Q2016) in late delivery of residential units to purchasers.

3. Committed an offence under CAPITAL MARKETS AND SERVICES ACT 2007 by fraudulently writing off the JIC intercompany debt that benefited ICD at the expense of the company.

Pity kj????
Most likely kj is a billionaire.

qqq3,
Mind telling me which parts is falsehood when what I disclosure is made in good faith based on reasonable grounds as what is espouse by HRC WHISTLEBLOWING POLICY

https://klse1.i3investor.com/blogs/Sslee_blog/2023-01-28-story-h-300050728-HRC_My_official_report_to_HRC_in_house_Board_Whistleblowing_Committee_D.jsp
HRC: My official report to HRC in-house Board Whistleblowing Committee (Draft)

Again someone with ID Mikecyc can't provide me with someone's post "Someone is posted sslleee cousin is Xinquin Auditor" That prove MM might be right about someone with ID Mikecyc.

Posted by MoneyMakers > Jan 26, 2023 9:41 PM | Report Abuse
Aiyoyo crazy mike caught lying again
Never see such crazy liar..most people lie/misinfo 2 support own stock bias
But this crazy mike lie/simply create fake story about people - totally no purpose aiyoyo

Mike,
In that case can you reffered me to someone post that you mention by, "Someone is posted sslleee cousin is Xinquin Auditor"

As far as I know no one posted sslleee cousin is Xinquin Auditor except someone with ID Mikecyc.

Mike,
You can ask CharlesT directly and if I am not mistaken he is saying KYY said, "his cousin is Xingquan External Auditor"

Do you notice NAPS:
Q1 RM 6.628
Q2 RM 5.255
Q3 RM 4.428.
Guess what will be Q4 NAPS?

Any new shareholder with holding above 33% threshold will need to offer MGO.

qqq3,
Your 3.50, my advise is do not sitting too long on profit and waiting for a good time to sell.

Posted by BobAxelrod > Jan 26, 2023 4:40 PM | Report Abuse
And Sslee, as you're the 30th largest shareholder of Insas, I urge you to read again the Listing Requirements of PLC, Bursa's Roles and SC Rules and Listing Regulations.

Also, have more lunches and spend some time with lawyer friends, it would help you tremendously in future

@BobAxelrod,
Your advise is well received and noted with thank.

I wrote the below blog in year 2019 in response to someone calling for capital punishment for pump and dumpers on varies law and investigation agencies.

https://klse1.i3investor.com/blogs/Sslee_blog/2019-02-07-story192627-The_lack_of_deterrent_sentencing_for_white_collar_crime_Whose_fault.jsp
The lack of deterrent sentencing for white collar crime! Whose fault?
Author: Sslee | Publish date: Thu, 7 Feb 2019, 6:13 PM

By the way I will politely ask Bursa and SC legal department to give their legal advise to the ex-employee who email me on being victimisation by the HRC inhouse whistleblower committee.

BobAxelrod Certainly you have your Rights as shareholder to lodge Complains. But it would be wonderful to see the HY whistleblower Dept work against its BOD's interest to make and take all precautions to Report their Company's health under full Accounting Records and to the best of their abilities.......with Audited and signed verifications.

Your above can only happen if the whistleblower committee be headed by a Malaysian independent director with senior Malaysian managers as committee members to investigate the malpractice, impropriety, misconduct or omission at the very top level.

The current whistleblower committee head and committee members are bias in favor of those top managers from mainland China and for the interest of the mainland Chinese controlling shareholder.
Hence you cannot expect any justice from current whistleblower committee.

For your information I cannot just standstill and do nothing when this mainland Chinese just because they hold a controlling shareholding of 51% they are free to do anything that detrimental to the minority shareholders, employees, company and our country interest.

By the way depend on the information or evident provided, Bursa can up to their discretion forward the complaint to relevant agencies for investigation and action.

HRC WHISTLEBLOWING POLICY

The Policy is designed to enable employees of HRC, employees of HRC’s contractors, vendors and customers and members of the public to raise genuine concerns at a high level which the individual believes shows malpractice or impropriety.
Such Improper Conduct includes the following: -
(i) Financial malpractice or impropriety or fraud;
(ii) Serious non-professional or non-ethical behavior;
(iii) Breach of Confidentiality;
(iv) Misuse of HRC funds or assets;
(v) Criminal activity;
(vi) Attempts to conceal any of these above; and
(vii) Any other conduct which may cause loss to HRC, or otherwise be detrimental to the interests of its shareholders and the public.
The above list is not exhaustive and includes any act or omissions, which if proven, will constitute an act of misconduct under HRCs’ Code of Conduct, General Business Principles

I as members of the public and shareholder have my right to raise genuine concerns at a high level which I believes shows malpractice or impropriety, which may/had cause loss to HRC, or otherwise be detrimental to the interests of its shareholders and the public.

Just send out below email.
Dear Manoj Devadasan,

Thank you very much for your meeting invitation and I truly enjoyed our meeting today.

I truly appreciate your and your team's explanation that information on detail refinery margin, retail margin and biodiesel margin are dependent on many factors and sensitive in nature. I am grateful for your explanation that although Petron Malaysia does not have a formal dividend policy, past action on dividend given speaks louder than any word/policy.

It is my hope that this year's dividend should be better than last year.


Thanks and Best Regards
Lee Soon Sheng


Dear Bursa,

I now have no more issue with Petron Malaysia but I take offence on the fact that Kananga IB’s unprofessional conducts of not engaging with investing public nor Petron Malaysia Management to make amendment to their incomplete/half past six analysis article on Petron Malaysia Refining - A Crack Spread Refinery Play: Dated: 27 October 2022

Thank you

Best Regards
Lee Soon Sheng

Just send out below email.
Dear Manoj Devadasan,

Thank you very much for your meeting invitation and I truly enjoyed our meeting today.

I truly appreciate your and your team's explanation that information on detail refinery margin, retail margin and biodiesel margin are dependent on many factors and sensitive in nature. I am grateful for your explanation that although Petron Malaysia does not have a formal dividend policy, past action on dividend given speaks louder than any word/policy.

It is my hope that this year's dividend should be better than last year.


Thanks and Best Regards
Lee Soon Sheng


Dear Bursa,

I now have no more issue with Petron Malaysia but I take offence on the fact that Kananga IB’s unprofessional conducts of not engaging with investing public nor Petron Malaysia Management to make amendment to their incomplete/half past six analysis article on Petron Malaysia Refining - A Crack Spread Refinery Play: Dated: 27 October 2022

Thank you

Best Regards
Lee Soon Sheng

Tun M is Malay First and Moo/Sabri try very hard to imitate Tun.
Tok guru is religion first and Hadi turn it into Islam first.
LGE try very hard to be Malaysian first but fall short as arrogant.

Our current PM DSAI walk a tight rope as Malaysian first and also religion of all faith first.

It is about time now we need color blind leaders and citizens to reset and rebuilt Malaysia

You cannot control what happens to you, but you can control your attitude toward what happens to you, and in that, you will be mastering change rather than allowing it to master you. - Brian Tracy

Stress is in the mind and if you can control your mind-set and attitude toward what happen externally then you will find your inner peace.

Most likely Q4 Oct, Nov and Dec will still be a loss quarter.

Our generation filial piety mean take care of parent when they are old and bring up our children the best way we can and to be better than us.

When we are old, we intend not to become a burden to our children hence nursing home/old folks home is not a taboo for us.

Sakra
Director: Donnie Yen
Cast: Donnie Yen, Kara Wai, Cya Liu, Yue Wu, Yuqi Chen
How good is it to finally have a full slate of Chinese New Year movies in the cinemas once again? While in the past, a Stephen Chow or Jackie Chan movie used to be the staple during the CNY period, these days, Donnie Yen is arguably the biggest draw from Hong Kong.

Adapted from the classic wuxia novel Demi-Gods and Semi-Devils written by the late Chinese literary legend Louis Cha (also known as Jin Yong), Sakra (Chinese title: 天龙八部之乔峰传) stars Yen as Qiao Feng, one of the three lead characters in the novel.

"Beauty in the eye of the beholder" by the way I have a good heart.

@FortuneBull777
TQVM for your compliment.

I think Philip profile photo is Peter Lynch as of my profile photo is god of gamblers Chow Yun-fat

My parent generation they have 5 childrens. My generation me and my siblings 2 and 3 childrens and I expect my children generation the most one or two childrens. For us as parent we gave our children the best education we can afford and we expect our children to be smarter, stronger and better then us as what they ought to be. We take pride of their acheivement.

Note: While traveling back to Alor Setar by train, strike a conversation with a mainland China traveller. A trained doctor and had been touring the world for last 3 years with his girlfriend and they intend to live their life to the fullest without having children.

Time had definately change and the new generation worldviews are very much different from the oldee generation.


I wish all a Happy Reunion Dinner and Prosperous CNY 2023.

Kalau tak lari matiloooooooh (Zhulian dividend trap)

Posted by DividendGuy67 > Oct 15, 2022 5:34 PM | Report Abuse

After its Q3/2022 quarterly report showing YTD Operating Cashflow of only 16m, market sentiment has changed and now becomes fearful, so, I think we may have seen a peak, unless next quarterly report can show substantially higher Operating Cashflow. Zhu Lian's yearly dividend payment cost is around 78m, to maintain its high dividend. If you linearly extrapolate 16m to full year, that is only 22m so, it will have to dip into its Net Cash chest. If you look at its Net Cash recently, it continues to decline as it dips into its Net Cash. So, you have to be confident that Zhu Lian can stop its Net Cash from declining, else, soon, it will have to cut its high dividends as it is not sustainable to keep paying 78m in dividends every year when operating cash inflow is much smaller. I suspect this stock can keep falling before it gets better, unless somebody knows that its underlying business will turn around. It's not fully without risk. Looking at its business, 37% revenues from Food and Beverages, 26% Health Nutritionals, 18% Personal Care, 10% jewelry, 9% others. The Covid pandemic has hurt its business, some temporary, some permanent because of consumer shifts to online purchasing. 70% of its revenue is exported to Thailand. So, hard to get an edge here and most players look at the Operating Cashflow as proof of a turnaround. The comparable number of this year's 16m is last year's >100m Operating Cashflow, so, that's a big big drop from last year. Even net of cash, based on last year's earnings, the business is priced at a P/E of 15 at RM1.91, meaning if this doesn't grow, then, it's rather expensive. I think this is why market doesn't know and price has been sideways range for 18 months. I like to think the next direction is up as Operating Cash of 16m is already so low, but who knows ... if that number keeps staying low, price can fall. Because of the uncertainty, a dividend investor's protection is to keep the total ownership of Zhulian to a small % of its portfolio, so that poor returns will not significantly impact one's dividend's portfolio.


Goodprofit
983 posts
Posted by Goodprofit > Oct 28, 2022 6:17 PM | Report Abuse

sooner or later price sure fall due to now at moment no new products

For not so young man like us we need to plan how to stay healthy and love the wife. At the end most likely your wifey and you will take care of each other till death do us part.

I am glad, me and my siblings are blessed with parent that provide us with the best my parent can afford. My siblings and me appreaciate our parent sacrifice in order to give us educatioon they can afford (local government university)

We are indebt to our parent and I am glad that my elder brother had taken parent to visit many places of interest and now my mum unable to travel (3 per weekly dialysis) and stay with my third brother in Alor Setar.

I am glad that my sibling and me are now supporting our mum financially and emotionly.

I am grateful to my wife for taking good care of my two sons and a daughter. My childrens are now grow up to become a responsible and caring adult.

Director's Particular:
Name DATO' DR IR TS MOHD ABDUL KARIM BIN ABDULLAH
Details of Changes:
Currency -
Date of Change Type Number of Shares Price
20-Oct-2022 Disposed 50,000,000 0.015
Registered Name Dato Dr Ir Ts Mohd Abdul Karim Bin Abdullah
Nature of Interest Direct Interest
Consideration RM0.015
Nature of Interest Direct Interest
Shares Ordinary shares
Reason Disposal of 50,000,000 ordinary shares via off market transaction
Consideration -
Total no of securities after change
Direct (units) 538,599,540
Direct (%) 14.52
Indirect (units) 0
Indirect (%) 0.00
Total (units) 538,599,540
Total (%) 14.52
Date of Notice 25-Oct-2022

Dr.K last disclose on 25 OCT 2022 and by the time at 2 Dec 2022 his holding is 100,044,670 or 2.684187 %

Is this an offense under Bursa Rule and Regulation on disclosure of shareholding when you sell down from 538,599,540 or 14.52% to 100,044,670 or 2.684187 % without notification to Bursa?

LIST OF TOP 30 INVESTORS As At 2 Dec 2022
No Name Holdings Percentage (%)
1 ABDUL KADIER SAHIB 604,124,290 16.208586
2 STATE FINANCIAL SECRETARY SARAWAK 159,500,000 4.279367
3 MOHD ABDUL KARIM BIN ABDULLAH 100,044,670 2.684187

Just wonder did Dr.K clear out his last 100,044,670 unts during the past 3 special days all must go house clearance sales?

So good luck to all those still holding Serbadk. You need to pray really hard for miracle to happen.