Very “good” management. Spent more than RM100mil to share buy back. Investors should query the management decision, why they spend so much money to share buy back instead of use the RM110mil to declare dividend so all shareholders will enjoy.

这只股不错,卖塑料的。这几个月塑料价格上涨，公司会受益，预计下个季度业绩会不错。最近原料供应不足，下个月原料价格会上涨。这家公司没有债务，每年股息不错，买到便宜可以长期投资。这个价位可以进场。短期target price >RM2.40

Thanks, Stead. I checked their annual report. The land is clean from encumbered. If the management not going to do anything with the land, must well their sell it off to take profit and have RM35mil in hand.

Hi Stead, what is the purpose they bought the SP Setia land? Where is the land located?

Property market is bad and this company has too much bank borrowing. The Company’s repayment capability is a big concern.

No wonder Liew family members sold all their shares and resigned from the board.

This quarter impaired receivables. Coming quarter may make impairment for equipment and machinery probably up to RM200mil to RM300mil. Because the assets is seriously overstated.

Why the Company impaired all their receivable?

LONBISC’s loss before tax RM444mil mainly due to impairment loss of receivable. Net asset per share is negative 0.25.

Change of Interest Substantial Shareholder ( Lee Kwee Cheng ) : -
- 10 Jul 2019 : Acquired 25,395,300 shares (Total direct shareholding : 25,395,300 shares or 8.733%)
- 11 Jul 2019 : Acquired 12,000,000 shares (Total direct shareholding : 37,395,300 shares or 12.86%)
- 12 Jul 2019 : Disposed 3,500,000 shares (Total direct shareholding : 33,895,300 shares or 11.657%)

Hope this is not another Kenmark case

Ishak Ismail forks out RM20m in settlement with SC
https://www.theedgemarkets.com/article/ishak-ismail-forks-out-rm20m-settlement-sc

SC charges Ishak Ismail for making misleading statement, insider trading of Kenmark shares
https://www.theedgemarkets.com/article/sc-charges-ishak-ismail-making-misleading-statement-insider-trading-kenmark-shares

Don’t buy, borrowing too high with not much quality assets. They company worth negative value.

LONBISC was paying audit fees (external audit) of RM355K (Group) in FYE2017 and increased to RM500K in FYE2018. Why so much increase?

LONBISC is paying higher audit and non audit fees of above RM500K (Group) in FYE2018. Apollo only paid EM109K (Group) and KSL paid RM231 (Group). What does it means?

Profit & fixed assets (plant & equipment) could be overstated due to plant & equipment was depreciated over 15 to 20 years. This explained why NTA 1.32 but PP only at 0.40 to 0.43 cents.

Currently, the Company is paying around RM18mil interest expenses a year. Under worst case scenario, if the company defaulted all the bank loans, the Company will incur at least annual default interest of RM30mil.

Even a small loan of RM9.80mil owing to Nova Scotia is unable to pay, do you think the Company is able to pay other short term borrowings (RM261mil as at 30 April 2019). Major portion of short term borrowings are consisted of Bankers acceptance (RM174mil), which is very huge and difficult to repay.

As per latest quarter result as at 31 March 2019, trade and other receivable at RM322mil which is huge. The collection period could be easily more than 8 to 10 months. Based on their last audited account 2018, the allowance for doubtful debts had increased from RM1mil (FYE2017) to RM62mil (FYE2018) which give a question mark on their debtors quality.

LONBISC total properties worth RM77.5mil Vs RM355mil bank borrowings. Assumed all debtors unable to collect back and machinery zero value, the company is worth nothing.

DATUK WIRA RANJEET SINGH SIDHU and MR LOO SENG KIT @ ROBIN appointed as Executive Director and Chief Financial Officer respectively in 17th June 2019 but they resigned on 27th June 2019. Both of them resigned after 10 days, what happen??

Change in Boardroom / Key Management

1. 27th June 2019 : DATUK WIRA RANJEET SINGH SIDHU (Executive Director) - Voluntary resign

2. 27th June 2019 : MR LOO SENG KIT @ ROBIN (Chief Financial Officer) - Voluntary resign

3. 3th July 2019 : MR LESLIE LOOI MENG (Non Executive Director / Chairman of Remuneration & Audit Committee) resigned due to his professional work commitments

4. 5th July 2019 : DATO' SRI LIEW KUEK HIN (chairman) resigned due to personal health issue.

Below are what the Company announced on 5th July 2019: -

1. After due deliberation with the management on the impact of the Notice of Demand from Bank of Nova Scotia Berhad (“BNSB”), the Company feels that this incident will put a strain on its short term cashflow position. Nonetheless, the Board and management will continue to actively engage with BNSB as well as all other lenders to minimise any further financial impact to the operations and business activities of the Company.

2. Since the Company is unable to meet BNSB’s repayment obligation in the immediate term, the Board is of the opinion that the Company may not be solvent.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6215837

Private Placement in 2019
01 July 2019 (Listing Date): 5,000,000 @ 0.3350 = RM1,675,000
10 May 2019 (Listing Date) : 10,500,000 @ 0.3000 = RM3,150,000
29 April 2019 (Listing Date) : 8,800,000 @ 0.3210 = RM2,824,800
17 April 2019 (Listing Date) : 10,000,000 @ 0.3450 = RM3,450,000

After 4 private placement in 2019, LONBISC raised total of RM11,099,800. The new funds from private placement still not sufficient for LONBISC to service the bank loan and interest ?

The Company is having total outstanding loans of RM355mil Vs Cash in hand of RM8.8mil as at 31 March 2019. The Company raises fund via private placement to fund working capital and pay back loan of RM9.83mil to Nova Scotia?

First started with qualified opinion given by its auditor for its audited account, and now bank loan defaulted. The Company still able to turnaround？

The Board of Directors of LBB wishes to announce that LBB had on 27 June 2019 received a Writ of Summons together with the Statement of Claim dated 24 June 2019 (“Suit”) filed by Messrs. Skrine, the solicitors for BNSB, on LBB.

Based on the Statement of Claim, the Suit arises from the default of LBB’s payment obligations.

BNSB’s claim against LBB are as follows :-

1. The total sum of RM9,830,000.00;

2. interests on the amount owing under the Bankers Acceptance of RM1,830,000.00 at the rate of 1.50% per annum Base Lending Rate which as at 5 June 2019 is at 6.70% per annum (and such Base Lending Rate which may be determined by BNSB from time to time) default rate of 2.00% per annum on daily rest from 5 June 2019 till the date of full settlement;

3. Interests on the amount owing under the Operating Credit Facility of RM8,000,000.00 at the rate of 2.50% per annum Cost of Fund which as at 5 June 2019 is at 4.09% per annum (and such Cost of Fund which may be determined by BNSB from time to time) default rate of 1.00% per annum on daily rest from 5 June 2019 till the date of full settlement;

4. cost against the Defendant on solicitor and client basis; and

5. such further or other relief as the High Court deems fit and proper to grant.

Based on latest quarter result as at 31 Dec 2018, Current / Short term Liabilities is RM1.32 Billion VS Current / Short term Asssts of RM1.07 Billion.

NTA of RM1.91 and yet private placement at 0.345 (after 10% discount). This shows the Company is either desperate for money or the NTA is not worth RM1.91 or the directors are too "smart" or other special reasons.

This Company is funding mismatch and too much short term borrowings. The Company will face liquidity problem if PBT continues to be low.

Share price keep dropping as many investors doubt in the Company’s financial and assets. The Company should appoint Big 4 accounting firm to conduct a special audit to clear the doubts and regain investors’ confident.

Can somebody explain why there are huge variances between the Unaudited and Audited Financial FYE2018 ?
- Turnover : RM326.4Mil (Unaudited) Vs RM308.7Mil (Audited) - Variance of RM17.7Mil
- Total Fixed Assets : RM501.5Mil (Unaudited) Vs RM479.8Mil (Audited) - Variance of RM21.7Mil
- Inventories : RM25.0Mil (Unaudited) Vs RM26.9Mil (Audited) - Variance of RM1.9Mil
- Cash and cash equivalents : RM22.7MIl (Unaudited) Vs RM19.4Mil (Audited) - Variance of RM3.3Mil
- Trade and other payables : RM50.6Mil (Unaudited) Vs RM24.3Mil (Audited) - Vairance of RM26.3Mil
- Deferred Tax liabilities : RM10.6Mil (Unaudited) Vs RM35.3Mil (Audited) - Variance of RM24.7Mil
- Total Borrowings : RM356.4Mil (Unaudited) Vs RM386.8MIl (Audited) - Variance of RMRM30.4Mil

Even their unaudited and audited financial for FYE2018 got so much variances. Do you think their latest 1st quarter result 31 Dec 2018 can be trusted?

compare quarter result 30 Sept 2018 (full year) and annual report 30 Sept 2018

Look at the past records of London Biscuits' external auditor
2002 - 2014 : Wong Weng Foo & Co (reprimanded by SC/AOB)
2015 : Adam & Co. (reprimanded by SC/AOB and resigned on 5 Dec 2018)
2018: Nexia SSY. Nexia SSY was reprimanded by SC too in Jan 2019.

Auditor qualified the company’s financial statements is very serious issue. The banks may call back the loans due to serious findings on their financial.

Gambling license and casino operation is under Genting Bhd? Genting Malaysia Bhd is only involved in resort business?

Positive outlook to CAB in view of CAB only spend RM28mil to own the largest chicken slaughter house in JB and the price also include the poultry farms.

I will stay away from this counter. KYY always run faster than you.

Koon Yew Yin started sold JAKS since 20 July. It will very soon break 1.00 definitely. Refer to the announcement, he still has balance 20% shares to be sold. Good luck!

Watchful2, she is Taib Mahmud’s daughter.

Stead, I’m not agree with you. I think it should be around 23 cents based on PE ratio of 10x.

Game over?

Yes, totally agree with Lim Beng Teik.

Eat popcorn and watch the show. When the show going to be ended?

Not only POHUAT factory caught fire. LIIHEN factory last month caught fire as well. It seem to me like fire incident is due to “bad” weather condition.

POHUAT’s Sales is more than 90% export. Profit margin will be dropping due to weaker USD (USD/MYR dropped from highest RM4.50 to RM4.00). And analysis expects USD/MYR will be further dropping to below RM3.90.

The factory caught fire yesterday. Don’t know how serious is their loss.

Cinakuih, your remisier seen like know a lot of insider news. Which share broker? Can introduce to me?