@DannyArcher their payables turns are a bit over 1 month so on average they are paying in time. But you are right about the turnover. About 5.7m in wastage and inventory write-off so about 6% of COGS. SEM is at about 0.8% so obv a lot of stock is not getting sold in time.

Could be but they have been like this since before CU. Maybe they prefer to keep their cost of goods down also. If you push the suppliers out to 60 day terms they have to finance it somehow. So i think they usually add a bit to their margin to pass on their finance cost. Could be why mynews op margins before CU a bit higher compared with the big chains. Means they need bank debt or equity to grow but once growing stops they have better margins.

Stagnant is typical conglomerate problem. If VT really care about stock price then can cure either by splitting up the holdco or carve bits off then merge it into one of the subs. This thing is like spaghetti tho.

Looks like bland/btoto got a lot of debt and not that much interest coverage but assets outside those two not at risk if they default. But hard to be sure from the wording in the debt covenant. Also bland low price to book means no easy way to solve low public spred by issuing shares.

Lots of share sales that look like dissolving the cross-holdings before Batik Man left. Not seen any since so maybe they give up that idea and just try to goreng it a bit with new projek and buyback.

I'm not too worried about the competition. Can stack this type of store pretty densely and ppl just walk to the nearest one, just like thai, korea etc. New store concept is exciting for a while then laziness is more important than the latest fancy icecream.

PP may happen, especially if financing gets tighter. Biggest mystery is why they don't run negative working capital like the big boys do. That way the suppliers fund your new stores interest free.

I provide you some bad advice. Go read the cash flow statement. Finance cost 1.638m, net cash from operating activities 11.111m. So, interest coverage 6.7x. This thing not going to go broke any time soon. Operating margin improving as sales increase so same-store sales improving. Net loss why mah? Expensing some of the costs of opening new stores. Also nonsense depreciation of right of use expense 8.313m. Cash flow statement is your fren for this type of business.