Part Tiga - Ageson Financial Analysis and Comments
Untuk membantu “Retail Investor” yang mungkin terpedaya oleh cybertroopers yang diupah Ageson, saya telah menjemput rakan saya yang sedang mengambil kursus perakaunan untuk memberi komen mengenai Quarterly Results Ageson.

So here is the sharing of my friend’s analysis of Ageson Berhad financials, news, and company announcements since 1 July 2019, this analysis is also used for his school project. The analysis has been mainly focusing on the construction business and have not covered the new sand business to large extent as this will be updated again in future. Selection criteria of Company to analyse included the following but not limited to:

1. Company receiving multiple queries from Bursa

2. Penny stocks which share price increased significantly since Covid-19

3. Company in construction business



Feel free to comment. Need guidance to improvise the analysis.

1. Revenue, Cost of Sales and Gross Profit

- Q2 Revenue increased by 105%, but Cost of Sales reduced by 11%? What kind of construction business can possibly bill for higher Revenue with reduction in Cost? Please explain what Construction Revenue Recognition Method is use.

- Cumulated Gross Profit Margin was handsome at 57% for Q4. Such results during this Covid-19 period surpasses all leading construction listed company in Malaysia with average GP of 20%, and even surpass all leading development listed company in Malaysia with average GP od 30%. Really wonder which project continued operation during MCO can generate 36m revenue for Ageson.

- Some people say they sell sand that’s why so high profit, but based on Q4 Report, Item 9 Segmental Information, seems like no sand transaction was done yet. The reported Segment was only for Construction and Property Development.

2. Expenses

- Operating Expenses. Sudden jump of 14.3m (20.5m – 6.2m) in Q3. Probably Ageson expanded incredibly during Covid-19 and MCO lockdown period in March 2020, just that they deem insignificant and do not need to make announcement on this since everyone busy coping with Covid-19? Miracally, Q4 operating expenses suddenly dropped by 7m as “Operating Income”. Impressive, as every company were busy cutting down operating expenses while Ageson manage to actually generate operating income.

- Finance Cost. The finance cost come and go as if they own the bank. Notwithstanding that Q4 has outstanding bank borrowings of 21.6m, but zero finance cost? Did we miss any interest-free financing package available in the market?

- Share of Associated Company Results. Only Q4 got associated Company and other quarters no Associated Company? No where in the announcements have mentioned about the associated Company.

- Tax. So much profit but no Provision for Tax? A closer look at both Income Statement and Balance Sheet shows that there were no single cent of tax expense or tax provision made.

Does it mean that those “Revenue” and “Profits” are non-operating in nature, i.e. purely paper profits, and hence not taxable?

Could it be due to capital gain? Unsure as no disclosure of material capital gain made.

Or did we miss any new special tax exemption scheme by the Malaysia government?

 

Analysis of Balance Sheet (Assets):

To simplify things, lets focus on the changes between June 2020 and June 2019 only, instead of by Quarter:

1. Many movements in the various accounts under Non Current Asset, but ultimately, Non Current Asset increased by 41m, which coincidentally, Goodwill has also increased by 41m. Have we missed any major acquisition by Ageson which resulted in Goodwill recognition? Is Ageson a Billion dollar company whereby such increase of 41M goodwill does not warrant a disclosure of the source?



2. Goodwill increase of RM 41m was almost equivalent to the nett decrease in Net Current Asset of 40.5m.



3. Increase in total Equity of 17.6m was also almost equivalent to the decrease of Non-Current Liabilities of 17m.



Summary:

4. Where did the Net Profit of RM 37m went to? For operating profit, Net-Current Asset should have increased by 37m. Profit of 37m and recognition of Goodwill for 41m? Hmmm….Debit Goodwill, Credit Revenue? Magic…



5. Furthermore, where did the cash from Preference Share of 48m went to? Increase in Equity should also follow by increase in Asset if all else remain constant.



6. What is more surprising is, reserves had actually decreased by 103m. So lets look at the Q3 Statement of Changes in Equity Below:

7. Is Prinsiptek (M) Sdn Bhd Still A Subsidiary of Ageson?

In Q4 Capital Reserve has reduced substantially by 124,949 under item “Changes of Stakes in a Subsidiary Company”!! There was no announcement of any major disposal or changes in subsidiary from 1 April to 30 June 2020 (or up till 31 August 2020), so how come suddenly there is this huge change?

A careful read of the Q4 result announcement, Item 12 Changes in Composition of the Group, Ageson Berhad reported the following:

Thursday, 27 August 2020
Part Dua - Tipu SSM dan Bursa
Kalau tak buat jahat, buat apa mau main back date tukar pengarah, tukar share allotment dan tukar constitution?

Buat apa mau menebus syea keutamaan?

Nasib baik SSM tak bodoh. Semua sudah reject.

Tapi alamak.. announcement Quarterly Results for Financial Period Ended 31 December 2019 yang AGES buat pada 12 Feb 2020 di Bursa Malaysia tu dikira mengandungi kenyataan yang tak betul kan??

SEBAB Item 24 "Material Litigation" dia kata "Pursuant to the dilution of shareholding, Prinsiptek (M) Sdn Bhd become a non -subsidiary of the Company. The Material litigation in relation to Prinsiptek (M) Sdn Bhd is not compulsory to bd disclosed"


Tapi Mana ada dilution ? SSM sampai hari in tunjuk lagi AGES hold Prinsiptek 90% syer.


Pening niii.... saya yang tak tau baca repor, ke orang jahat terlalu handal?

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=208114&name=EA_FR_ATTACHMENTS

Part Satu - Intro Ages 7145
Kepada Ahli Lembaga Pengarah Prinsiptek / Ageson,
Saya ingin bertanya kepada kalian...
mengapa kalian sanggup bertindak sebegitu
kejam sehingga menjadikan orang awam yang
tidak tahu menahu dalam urusan syarikat
kalian sebagai mangsa untuk kepentingan
kalian sendiri???


Baru-baru ini, saya dapat tahu salah seorang
rakan saya terlibat dalam kes
“curian identiti”. Pada mulanya saya
rasa ini hanyalah kes tipuan biasa
sahaja....tetapi setelah diteliti,
ianya merupakan kes kecurian identiti
di mana nama rakan saya telah diguna pakai
sebagai Pengarah dan Pemegang Saham di
4 syarikat di bawah!!

- Prinsiptek (M) Sdn Bhd
- LKD Trading Sdn Bhd
- NBL Land Development Sdn Bhd
- Tanah Perangsang Sdn Bhd

Bagus kan!, Tiba-tiba menjadi pengarah dan
pemegang saham di dalam syarikat-syarikat
di atas.

Malangnya...syarikat-syarikat ini
telah disaman oleh banyak syarikat
lain berjumlah jutaan ringgit!!!

Carian SSM menunjukkan bahawa
syarikat-syarikat ini adalah bekas anak
syarikat anda, Ageson Berhad
(Dahulunya sebagai Prinsiptek Corporation
Berhad), dan pemeriksaan lebih lanjut
menunjukkan bahawa Ageson Berhad diambil
alih oleh 2 orang yang bernama Chin Kok Foong
dan Liew Kok Leong (Nampaknya dia adalah
seorang berpangkat Dato, tetapi saya
enggan menyebutnya sebagai Dato kerana
sememangnya sudah pasti dia tidak layak).

Setelah pengambilalihan, kalian telah
mencuri identiti rakan saya dan memindahkan
saham dan menjadikan beliau sebagai
pengarah anak syarikat anda kepadanya
dan menjadikannya mangsa.

Sebenarnya sangat jelas menunjukkan bahawa
kalian (Ageson Berhad) cuba berusaha untuk
melepaskan diri dari semua saman pemiutang
dengan hanya memindahkan saham dan jawatan
pengarah kepada mangsa...segala hutang-hutang
kalian tidak perlu membayar satu sen pun,
tetapi rakan saya sebagai pengarah perlu
menghadapi semua tuntutan dan gangguan oleh
pemiutang anda.

Kalian ni sememangnya penipu yang
paling berani untuk tidak menghiraukan
undang-undang Malaysia.

Oleh kerana kes ini melibatkan reputasi
pasaran saham Malaysia dan reputasi agensi
penguatkuasaan Malaysia yang berkaitan,
saya sangat berharap agensi kerajaan yang
berkenaan akan membuat siasatan kes.
Jika tindakan yang sewajarnya tidak diambil,
siapa lagi yang berani menjalankan bisnes di
Malaysia??

Saya terpaksa menyiarkan kes ini dengan akaun
baru demi menjaga keselamatan saya kerana
telah mendedahkan perkara buruk mereka
kepada orang ramai.

Semoga pihak berkuasa mengambil tindakan yang
sewajarnya dan siasat sebelum ramai lagi
yang menjadi mangsa.

Thursday, 27 August 2020
Part Dua - Tipu SSM dan Bursa
Kalau tak buat jahat, buat apa mau main back date tukar pengarah, tukar share allotment dan tukar constitution?

Buat apa mau menebus syea keutamaan?

Nasib baik SSM tak bodoh. Semua sudah reject.

Tapi alamak.. announcement Quarterly Results for Financial Period Ended 31 December 2019 yang AGES buat pada 12 Feb 2020 di Bursa Malaysia tu dikira mengandungi kenyataan yang tak betul kan??

SEBAB Item 24 "Material Litigation" dia kata "Pursuant to the dilution of shareholding, Prinsiptek (M) Sdn Bhd become a non -subsidiary of the Company. The Material litigation in relation to Prinsiptek (M) Sdn Bhd is not compulsory to bd disclosed"


Tapi Mana ada dilution ? SSM sampai hari in tunjuk lagi AGES hold Prinsiptek 90% syer.


Pening niii.... saya yang tak tau baca repor, ke orang jahat terlalu handal?

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=208114&name=EA_FR_ATTACHMENTS

Detain Link as below.

https://aisahbintimohdliew.blogspot.com/2020/08/ages-7145.html

Quick reminder :

Part Satu - Intro Ages 7145
Kepada Ahli Lembaga Pengarah Prinsiptek / Ageson,
Saya ingin bertanya kepada kalian...
mengapa kalian sanggup bertindak sebegitu
kejam sehingga menjadikan orang awam yang
tidak tahu menahu dalam urusan syarikat
kalian sebagai mangsa untuk kepentingan
kalian sendiri???


Baru-baru ini, saya dapat tahu salah seorang
rakan saya terlibat dalam kes
“curian identiti”. Pada mulanya saya
rasa ini hanyalah kes tipuan biasa
sahaja....tetapi setelah diteliti,
ianya merupakan kes kecurian identiti
di mana nama rakan saya telah diguna pakai
sebagai Pengarah dan Pemegang Saham di
4 syarikat di bawah!!

- Prinsiptek (M) Sdn Bhd
- LKD Trading Sdn Bhd
- NBL Land Development Sdn Bhd
- Tanah Perangsang Sdn Bhd

Bagus kan!, Tiba-tiba menjadi pengarah dan
pemegang saham di dalam syarikat-syarikat
di atas.

Malangnya...syarikat-syarikat ini
telah disaman oleh banyak syarikat
lain berjumlah jutaan ringgit!!!

Carian SSM menunjukkan bahawa
syarikat-syarikat ini adalah bekas anak
syarikat anda, Ageson Berhad
(Dahulunya sebagai Prinsiptek Corporation
Berhad), dan pemeriksaan lebih lanjut
menunjukkan bahawa Ageson Berhad diambil
alih oleh 2 orang yang bernama Chin Kok Foong
dan Liew Kok Leong (Nampaknya dia adalah
seorang berpangkat Dato, tetapi saya
enggan menyebutnya sebagai Dato kerana
sememangnya sudah pasti dia tidak layak).

Setelah pengambilalihan, kalian telah
mencuri identiti rakan saya dan memindahkan
saham dan menjadikan beliau sebagai
pengarah anak syarikat anda kepadanya
dan menjadikannya mangsa.

Sebenarnya sangat jelas menunjukkan bahawa
kalian (Ageson Berhad) cuba berusaha untuk
melepaskan diri dari semua saman pemiutang
dengan hanya memindahkan saham dan jawatan
pengarah kepada mangsa...segala hutang-hutang
kalian tidak perlu membayar satu sen pun,
tetapi rakan saya sebagai pengarah perlu
menghadapi semua tuntutan dan gangguan oleh
pemiutang anda.

Kalian ni sememangnya penipu yang
paling berani untuk tidak menghiraukan
undang-undang Malaysia.

Oleh kerana kes ini melibatkan reputasi
pasaran saham Malaysia dan reputasi agensi
penguatkuasaan Malaysia yang berkaitan,
saya sangat berharap agensi kerajaan yang
berkenaan akan membuat siasatan kes.
Jika tindakan yang sewajarnya tidak diambil,
siapa lagi yang berani menjalankan bisnes di
Malaysia??

Saya terpaksa menyiarkan kes ini dengan akaun
baru demi menjaga keselamatan saya kerana
telah mendedahkan perkara buruk mereka
kepada orang ramai.

Semoga pihak berkuasa mengambil tindakan yang
sewajarnya dan siasat sebelum ramai lagi
yang menjadi mangsa.

Good for them to wear CLOWN COSTUME and do the MONKEY SHOW.. entertain the POTENTIAL INVESTORS ... LOL

If they know how to earn money, they won't reveal the secret recipe la... LOL

As this bunch of so call Analysts are poor people, how can you expect them to analyse good analysis for gaining money? Hahahahaha....

whoever listens to this BUNCH OF IDIOTS will CERTAINLY LOSS..

Go to analyse other counters better.. this counter is wasting time.

hahahahahahahha...

I bet it will drop to 0.30

Tomorrow see how much the price will go??

LOL...

wait until the sun rise from west..

wait until the durian drops from tree...

Cantonese people always say, slow slow wait la..

Hahahahaha....

This counter thinks this kind of MONKEY SHOW can get big shark?!?

Everyday see you guys wear the clown costumes and play the MONKEY SHOW

LOL....

whereas this counter so happening, but make people laugh

other counters so happening, which makes investors gain...

LOL...

Again the same OLD FASHION tactic, high trading volume but price STAGNANT

These few days busy in gaining money at other counters, no time to look at ARBB Tokok team

This counter lots of Tokok lo

Wowowowo... so many RUBBISH talk but Arbb price still at 0.31 only

@Uplanet, any news from you??

Found out good info...

Hello!

Hmm... let me ask my gang to find out more info, then only share with you guys.

Btw something comes into my attention again

@Uplanet, I saw viral of the blog previously.

UPlanet Share from:
http://aisahbintimohdliew.blogspot.com/2020/08/ages-7145.html

True???
27/08/2020 9:50 AM

@Uplanet, I saw this post before.

ARBB's share price is in DECREASING TREND

Bursa Malaysia Administrators, pls look at this counter tightly! Let see how ARBB's Corporate Finance do the DIRTY WORKS on behalf of the Game Master!

Show the public something new please!

Use others trading accounts to play this kind of game, is commonly known DIRTY OLD TRICKS already

Play around with the TRADING VOLUME is not new trick anymore.

The share price of this counter will not go to 0.40 as per what you guys said unless the Game Master high pressure buying and high pressure selling only.

spreading those MISLEADING INFO to public, cause people hard earn money into TROUBLE, those things you guys dare to say those are your achievement?? @BabyAce, tankoksiong, hoot9eonly,petronasgloves , goodiewilly, biscuitboy96 , bosskufanboy, and those work for the Game Master Liew.

Your future will ruin ! You guys WON'T be proud of what you guys doing now.

So many examples already showed, most important thing is those are REAL CASE

the Game Master finds you no value anymore, he'll fire you guys with no mercy

How you MISLEAD and cause people invest their hard earn money into this kind of not genuine counter, next time you'll get back the same thing

you guys do the DIRTY WORKS for him, how much you guys earn?

Use your own judgment to think

If normal person, how come so many people call him con man?