Totally understand ks55.

It is call Emotions....

The spread is so wide, and the volume is so low... another "trap"?

Tread with care.... i mean, trade with care ;P

Congrats ks55, the ounter touch your dream price liao! Much earlier than I mentioned early this month!

_________________________________________________________________


Stock: [MASTEEL]: MALAYSIA STEEL WORKS (KL)BHD
Aug 6, 2015 01:15 PM | Report Abuse

Ks55, you should see your 0.30 before the end of this month.
all the best.

Ks55, you should see your 0.30 before the end of this month.

all the best.

Hi ks55,

Thank you for your sharing on the Q&A

Respect your rationale decision to cut loss and wait. Per my stand/comments since May (pre-trading halt), it is the right decision made.

I believe the directors screwed up and has been covering up as much as they can, their original auditors did the right thing despite the market averse view of their red-flagging the company.

increasing capacity is not tantamount to sales. Manufacturing is giving all in the company a salary to draw upon, at the rate this is going, all equities will be drawn down... whatever NTA will be eroded over time... good luck to vested interest parties....


On CalvinTanEng post:
""Posted by calvintaneng > Aug 3, 2015 06:19 PM | Report Abuse

If Sing dollar is One to 3 Ringgit I suggest all to come to JB and buy up""


If MYR really drops to S$1.00 to MYR3.00, you wouldn't touch JB. I will go shopping in the best district in KL (your capital city instead)

If there are any recovery, the prime districts would be the first to move... buying the JB stuff is akin to buying penny stocks and expect interest to come in...

Still a falling knife dear investors...

Dun get suck in, dun be the support for others to throw...

There is a lot of "unexplained", dun look at just the "fundamental news"

drifters will only come to a stop when it is "dirt-cheap" enough...

As I reiterated over and over again, please trade with care...

PATIENCE>>>

To calvintaneng, i do agree with sayakamiyuki that you are always posting only positive comments.

From your profile, you have made over 8,700 comments to date... how many stock do you recommend? how many stock went up? how many went down?

Are you some "keyboard" investor, or just "NATO"? As a refined investor, (if you really are one) you should give a balanced view rather than always "blowing trumpet" about that handful which went up...

To all the "positive" punters/sharks shifu,

How often do the assets of the company get sold for a tidy profit with these profits distributed to shareholders in event that the company goes "down". Remember Enron??

Again, i am not making a statement but asking a question for the purpose of sharing...

Instead of focusing on the good side only, please find the balance to the equation:
1) Assuming the auditor did make a plunder, why couldn't this issue be iron out in the 4 months from book closure??
2) The issue was "cleared" but the special audit group, why not get an international audit group to add more credibility given the seriousness of issue brought up??
3) Given the "list of projects", many pitching that Masteel will be the bigggest beneficiary.... then why are they having such a long delay to give something concrete... why do they need to keep drumming up the news, with nothing really concrete as yet?
4) If there are real value at this moment, shouldn't someone come in to support or at least buy up??
5) There has been repeat "telecast" of old news over a period of time, from MYR1.07++ to now MYR sub-0.50... why didn't stock recover despite the good report from special audit??
6) Please research at what price did the counter rise from... see far enough and you can probabaly find the real bottom, if any...

To the bullish punters, you are right that one day it will rise... this has been repeated for a long time, i agree with ks55, maybe at 30cents??

Please don't always look at the "greedy" side of the equation... trade with care, not love

Reminder:
There are always positive announcements... but price keep dropping

ks55 is right, the new rolling mill will boost revenue if there are corresponding sales of the steel... isn't it not?

does it means that if MH keep buying planes, it means revenue will keep rising?? guys, dun get suck in a spiral black hole...

if you can make money, fellow investors will be happy. at the moment, everyone is groping in the dark... patience, wait for clear and substantive news, dun play on hope, not in a counter that has been disappointing...

it has proven so far, the falling knife is still falling...

There are always bigger "hands" in play... you dun have to believe a single word I say.

Masteel transactions for one of my 4 trading platforms...

Total Quantity Bought 408000 Total Value Bought 394,729.650
Total Quantity Sold 408000 Total Value Sold 274,433.910
Net Quantity 0 Net Amount Received ($) (120,295.740)

It is painful, but we play what we can afford to lose without losing sleep :D

Wished I bought a Porsche instead...

Just my 2-cents advice:

If the counter is really that good, staying on the sidelines for a few more days will do you no harm. As what will go up will keep going up... and likewise when heading south (Just the speed is faster)

We ain't gonna get rich with 100k to 200k shares of this counter.

And for those with vested interests, I fully understand how traumatising it must have been over the last 2 months....

The weekend before the trading halt caused me enough sleepless nights, NOT Sweet Dreams... to know that a 6-7 cents profit today is not worth my valuable time.

All the best.

Wow, the "steel giant" finally awakens?!

Hope fellow shareholders have also awaken...

For those with bullish sentiments on this beautiful counter, I do believe one day.... one day, you will be right that it will go up again.

From someone who scalded his fingers with 1+ million shares of this beauty at one point :P

Pursuant to para 9.19(15) of the Main Market Listing Requirements, the Board of Directors of MASTEEL wishes to announce that the Company had on 25 June 2015, received from its existing Auditors, Messrs Nexia SSY (“Nexia”), a notice informing that they do not wish to seek reappointment as Auditors of the Company at the forthcoming Annual General Meeting, a copy of the said letter is attached.

The cessation of office of Nexia will only take effect upon the appointment of another firm of Auditors pursuant to Section 172(3) of the Companies Act, 1965.

This announcement is dated 25 June 2015.


Wah, External Auditors really don't want to taint their hands... got business also don't want.

dear brothers/sisters,

Whether price up or down depends, who are the ones have been buying...

If weak hands take over, whether good or not, still will come down...

If "strong hands" been buying, no matter how bad, also will move up...

This stock is not a blue chip in my view (as much as many like to call it) the volume and interest level is far from being one anyway...

we shall see... Trade with care.

Cumulative year ended 31dec2014 vs 31dec2013
Revenue (up $76.5million)
Net Profit (Down $849,000)
Receivables (jump a substantial RM92.5m from RM239.4m last year to RM331.9m)

The jump in receivables seemed way more that difference in revenue, which auditors are probably uncomfortable with... unless there are sufficient audit trail to show the discrepancies.

So there are likely asking for impairment or substantial write-offs...

Can anyone advise why only Masteel is doing well when almost all other steel companies are suffering losses.... is there something so secretive that auditors cannot be informed and be made comfortable with??!!

This should be good, why external auditors are made to feel uncomfortable about it... and why can't management and audit committee reconcile this in the 4 months period??!!

we keep hearing positive news on the counter... but why the counter's price keep dropping... please look at the market trend and not be overwhelm by the news around us...

There seems to be many reports asking clueless investors to pump in their money?? If there are so much interests, why counter keep dropping?? This is very strange and hope someone can shed some light before investors lose their life-savings again...

As previously pointed out, the Public Relations managed by company has been quite disastrous up to now...

@skybursa

Agreed that this is definitely a high risk stock.

Note that whatever our assumption/deductions/hopes on this stock is, we have no access to the actual details, issues and problems. Only the staff of the company as well as the auditors in charge.

The risk on signing off the accounts must have been material enough to warrant them making such an issue to affect the trading of the counter. The disagreement must have involved deep issues to warrant a 6-weeks special audit.

No matter what is the final verdict, we can safely assume a reasonable amount of "damage" has been done.

Those with vested interest trusted the management... we can only hope that this TRUST is reciprocal. Hope their support can help all vested.

Reason for special audit is because there are classification and recoverability issue on their financial...
If the external auditors do not sign off, accounts is considered not true and fair... this will have adverse effect on their accounts and reputation... prices is likely to head south...
The special audit is prove that the management is right and the risk of audit is on the special audit team....
What bursa wants is the release of accounts by 30th June... if not... delisting seems to be their planned course of action...
Great risk, maybe great return...

Totally agree with goldenhorn.

Sleep better during this time. There might be a slight spike if good news but, takes a lot more than good news to calm the market nerves...

Prudent to trade with greater certainty.

If I want to punt my S$100k, rather go Marin Bay Sands. Dun have to lose sleep...

Just my 2-cents worth.

@goldenhorn

You are definitely not alone...

Many broken-hearted and burnt fingers...

Management have to improve on doing the right PR carefully... rail is likely delayed per media...

Do take care and trade with caution.

Many sentimental punters with spare money...

It is human nature... Greed and Fear of Loss...

@davidkw79
Be mindful of what you say.
There are lots of sensitive and sentimental investors who fell deeply for this counter.
With love, money is immaterial.

Knew there will be insiders here.

See how the price shoot on low volume... final trap to "redeem" / "distance" the guilt?

Huat ah!

Thanks r°Moi...

So with these huge quantity of shares traded, and technically there can be no-shorting, which poor, innocent shareholder have so many shares to dump??

Sell high and buy back cheap... make money... lots of money then still own the shares... why is this not a good deal?

It is the handling of the news announcement, particularly with the external auditors that is a major cause for concern... anyone think got insider trading or not??

sorry am a clueless, poor shareholder...

there were many "prophets" and like to hear from them...

if i can buy at $0.50, sell at $1.00 and then buy back at $0.50... and still own the business, lagi shiok!

btw, i am not talking about this counter for clarification please.

like to hear from the list of optimisstic list of positive forum ah kor and ah jie in this forum, such as calvintaneng, carson, ayamtua, duitKWSPkita, Steven Yong ... thanks in advance...

http://research.maybank-ib.com/pdf/email_content/Technicals_20150506_MKE_2455.pdf

6th May - Maybank predicting downward pressure to even 0.39 region...
(where got profit to take?!)


"""Recommendation
MASTEEL
–
MYR0.61 TAKE PROFIT (TECHNICAL)
(Stock Code: 5098)
(Bloomberg Code: MSW MK Equity)
Malaysia Steel Works KL Bhd (MASTEEL)
manufactures a wide range of steel bars and steel billets.
MASTEEL made a major Wave 2 high of MYR1.10(19 Sept 2014) with grossly overbought and bearish signals.
All of its negative chart signals above suggest an imminent downward decline. It is likely to break lower, as it breached its key
supports in a bearish downward Wave 3 and Wave 5 move.

TAKE PROFIT (TECHNICAL)on rallies for MASTEEL, with weaker supports
and clear downward target areas of MYR0.58, and MYR0.39."""

Guess he meant take profit for those who shorted? Can anyone clarify?

For most more comfortable with dollars and cents, 130 million at an average of $0.85 = $110.5 million...

""Posted by AlexanderJin > May 6, 2015 10:11 PM | Report Abuse

244,495,903(100%) shares issued... 41,331,800(17%) traded in the past 5 days...really curious but dislike the uncertainties... ""


Dear fellow shareholders: "How much was the 244.5 million shares issued at??"


""Posted by rlch > May 7, 2015 03:50 PM | Report Abuse

ah_huat_liao Masteel 5 sen, 10 sen are you dreaming? Who want to sell so low? Why Tai spend RM 1.34 million converting warrants at 67sen last month?"""

RM1.34million in context of 110.5million = 1.2%!


Again, this is coffeeshop talk, but shouldn't innocent, poor and woeful shareholders feel something?

Maybe just be happy and move on and get on with life... let us live simpler life while a elite few enjoy the "real life"?

Cause am an equally clueless shareholder once myself...

@ rlch

Why take my candid comments so unhappily, do any of my statements look like it is a price prediction??

Hope you have not been burnt too badly... like most of the innocent, hopeful and woeful shareholders... who have been hearing/reading/sharing "positive news" over the last 8 to 12 months... unless you are related to the management?!

Dear all, ask these questions (after I research and look back carefully on the charts, prices and volume)... especially why the forum keep reiterating about how 2 million or more of shares has been converted from warrants from etc...etc..
For fairness, let's us assume 5 million shares were converted.

Go study the price and volume over the last 8 months; from a high of $1.12 (27 Aug 2014) to low of $0.825 (27 Apr 2015)... what was the daily volume as it begun the slide down??

Let us say 500,000 shares/trading day?

Over 36 weeks, assume 5 days? That will be 180 possible trading days? Multiply 180 days by 500,000 shares per day, we get about 90 million shares traded.

At 500,000 shares per day we are talking about reasonably low volume that day, excluding the spike in volume within the month of August 2014 itself, where prices spiked and slide...

And in the 1 week starting from 28 April 2015, there was a further dumping/covering of 43 million shares (including 18 million traded on 28th April 2015 itself).

On a conservative basis, there was a total of about 130 millions traded... there are many strategy suggested here, but unless you know the actual trend of prices... none of us are none-wiser about how best we can execute these "God-given, fool-proof" strategies, right?

So it would be prudent to stop suggesting to "poor, hopeful shareholders" that the conversion meant something substantial...

5 million/130 million = 3.9%

What is the big deal?

On surprises, these are official announcements and would be "fishy" if it can be amended to otherwise anyhow...

This is not meant to predict any price trend, but just coffeeshop talk with "good men"

See the "rising" volume as our hope "rises"

See the closing price today...

Look at the price movement dear all.
Always playing on investors/traders sense of Greed...
Give hope of rising than let it drop each day...
Good news drop, no news also drop then bad news... berak non-stop!

If big guys really buying now, why heading south...

When it becomes 5 cents or 10 cents... every 10 cents rise is 100%...

Guys, have faith that pro-Masteel prophets here and esteemed management are acting on shareholder's best interests... have Faith.

All the best to you

Boss already delegated work to Special Audit team. They just try to clean up during this 6 weeks and report accordingly.
Question is why assign a local special audit team if there are a couple of top audit firm?
For those hopeful, wish you well...
Dropping is always faster than price rising... Law Of Gravity.
Remember the price u bought, it gets harder to recover your principle as price goes lower...

The management and their audit committee should have a good relationship with their auditors to avoid such unnecessary fiasco if contentious item is indeed not too serious.

Fact that they brought up these issues of classification & recover-ability only at the last minute, days before deadline for announcement. Shows that both management and auditors have not communicated or acted in good faith to avoid this incident...

There will always be rebound and even a recovery later, but the integrity of the insiders are in great doubt.

Despite the solid fundamental story and potential prospect mentioned, have decided to err on the side of caution. Liquidated all vested interests today.... almost 1 mil units collected since 1.07

All the best to all.

Signing off

agreed cckkpr. how can we buy at a discount??

that is why, we only buy when there is panic selling.... not sell... just my 2-cents

Find my research below,
MASTEEL
22 Sep 2006 - Low $0.54
14 May 2008 - High $1.59
17 Oct 2008 - Low $0.55
12 Apr 2012 - High $1.53
29 Apr 2015 - Low $0.59

great advice ks55!
always bring what u can afford into a casino... leave credit card, bank card at home...
dun think u can beat the market... just go with the flow of the market.
if u have holding power, lagi better

sigh... Mr Lim and Tan, so sorry to hear about your lost... it is not a small amount i must say...

i can feel your pain, as i lost about that in usd in 2008... but we come back...

Agreed with Calvin, legend and weng...

we are not talking about putting whole fortune into the stock...

buy within your holding power and if negative, buy what u can lose...

just saying that if risk too big, better put in FD. get better sleep at night

hi linjie, how do u know?

thanks seniors
your insight is valuable
there will always be "crooks" that slip through the cracks
for masteel case, it seems like a good punt, with favourable fundamentals.
have never managed to buy at the low or sell at the high myself. as long as quite close, happy already

still optimistic and going in anyway

true ks55...
has there been another company that has delay in issuing accts... and went back up recently?
and another example that delay and dropped to peanuts?
thank you in advance.

actually, i agree that the stock market is somewhat of a casino... in fact biggest online casino... as investor can only hope that the management, auditors etc make nothing but the truth statement... just my 2-cents...

Wow Calvin, many thanks!
Your detailed information is very useful.
In the mid-term, this counter could potentially fly... this may be an opportunity to collect cautiously... there are potential traders in the last 2 days as well.
This last announcement provides good opportunity to short the way down... having said that, if the company make announcement by 11th May or better still tomorrow then the recovery could be quite amazing too.
Am leaning on the more optimistic side now...
Fingers crossed

Because, not often we get stock so far below normal price.... just very curious if this is what buffet means by psychotic market...

But announcement in Bursa state they will file by mid-May 2015:

The Board of Directors of MASTEEL wishes to announce that the issuance of AFS 2014 will be delayed as the External Auditors requires more information to complete its audit and the Company wishes to provide more time for the External Auditors to complete the AFS 2014. The Company is working with the External Auditors to finalise the audit expeditiously.

The Company expects its AFS 2014 on or before 11 May 2015, although the Company is working towards the deadline on 30 April 2015.

Pursuant to paragraph 9.28(5) of the MMLR, if the Company fails to issue the outstanding AFS 2014 within five (5) market days after the expiry of the Relevant Timeframe, in addition to any enforcement action that Bursa Securities may take, Bursa Securities shall suspend trading in securities of the Company on 12 May 2015 and will be lifted on the market day following the issuance of the outstanding AFS 2014 unless otherwise determined by Bursa Securities.


If over-reaction... got chance to recover??

can someone advise if there is bad news for this counter? why the sudden sell-down?