cloud is cleared now, so is SD 1: KPMG 0

the fallen of big four.. haha..

hit the gong huhah then actually is just some misunderstanding.. haha..

gangster said themselves is the victim soon.. haha..

after this round KPMG going to be gg.. behave like a gangster.. haha..

congrat to those kena "trapped" today, tmr limit up..

then the day after tmr another round limit up, so fast back to >RM1.5..

tmr limit up d.. hahahahahah..

alright.. ahahahahhaha..

this is a counter show whether u have good sight or short sight.. up up up..

those sell 1st stay sideline one, suddenly rush back to buy back before the train depart.. banyak confident 120%.. no brainer deal..

up up up

bounce back

Author: AmInvest | Publish date: Tue, 22 Jun 2021, 9:10 AM

Investment Highlights
We maintain SELL on Serba Dinamik Holdings (Serba) with a lower fair value of RM0.53/share (from RM0.65/share previously) pegged to a 40% discount to CY20 NBV of RM0.88/share, given the potential provisions arising from audit concerns raised by KPMG amid deteriorating balance sheet risks. This also reflects our neutral 3-star ESG rating.
Denying any related party interest in Serba’s securing of a US$1.8bil (RM7.4bil) contract in April 2020 to engineer, procure and construct an IT-focused innovation hub in Abu Dhabi, United Arab Emirates (UAE), the group nevertheless has confirmed entering into a strategic partnership on 2 March 2021 to own a 49% effective equity stake in the project owner, Block 7 Investments LLC.
The job involves engineering, procuring and constructing exhibition/IT centres, offices, restaurants, academic campus and accommodation comprising apartments and hotels over a total built-up area of 455,000 sq metres.
Expanding upon the group’s a strategic asset ownership model, Block 7’s ownership was transferred on 2 March 2021 to EFIRE Capital Holdings Limited (EFIRE), in which LIWA Investment Holding has an effective equity stake of 51% and Serba 49%. Upon completion of the transfer, EFIRE and LIWA owned equity stakes of 99% and 1% respectively in Block 7.
Additionally, Block 7 signed a long-term land lease agreement on 31 March 2021 with government-owned ZonesCorp/Abu Dhabi Port, one of the UAE’s the largest operators of purpose built economic zones to develop the innovation hub project.
Besides the potential construction earnings, Serba’s equity stake aims to position the group in securing facilities management services for recurring maintenance and upkeep of the project upon completion. While this four-year project was set to commence on 14 May 2020, it remains at conceptual master planning design phase and awaiting approval from Abu Dhabi’s authorities.
Although the group’s private placement of 337mil shares at RM1.51/share in January this year is expected to cut net gearing to 69% from 95% as at 31 Dec 2020, the group will again require fresh equity from the huge Block 7 investment.
Assuming a 50:50 project equity-to-debt ratio, we estimate that Serba would need to raise RM1.8bil cash, 81% of its current market cap. As such, we are negative on this fresh revelation as banks may be wary of extending further credit and debt facilities following issues raised by its auditor.
Additionally, Serba also secured a US$350mil (RM1.5bil) contract in August 2020 from Future Digital Data Systems LLC to engineer, procure and construct a data centre and its related facilities, infrastructure and landscaping also in Abu Dhabi. At this stage, we are uncertain if Serba also intends to become a strategic partner in this project and exacerbate additional capital requirements.
Recall that KMPG has highlighted to Serba’s board of directors of an inability to verify sales transactions of RM2.3bil and trade receivables of RM652mil for 11 customers for the period under audit. Management said that Serba has secured cash proceeds of up to 72% as at 31 March 2021 and up to 90% to date from those sales. However, as onsite materials of RM569mil (81% of FY21F net profit) have yet to be confirmed by the auditor, we believe that there may be risks for provisions or impairments.
Until the review is completed together with the audit finalisation and issuance of the group’s annual report by 31 October this year, we expect negative market speculations to continue percolating and impact the share price throughout the process which could last up to 4 more months.
In our view, Serba’s PBV of 0.7x appears precarious pending the outcome of the special audit together with higher capital requirements from its overseas investments.



Source: AmInvest Research - 22 Jun 2021

https://klse.i3investor.com/blogs/AmInvestResearch/2021-06-22-story-h1566968058-Serba_Dinamik_Holdings_Additional_equity_risks_from_huge_Abu_Dhabi_job.jsp

https://www.youtube.com/watch?v=ToWmr1ZDFc4

Buy the dip.

defy gravity stock, all other in red this one rebounce back..

https://www.thestar.com.my/business/business-news/2021/06/19/kpower-energises-global-energy-solar-market

Up up up

soon will drop till rm1.5..

From RJ87:

"U know, dum dum like pearlwhite proof proof guy. 2 years ago say armada gonna be delisted. Now see what happen? Debt reduced by half and cash flow damm strong.

Then DUFU in 2018, some dum dum say DUFU like taufu...will never go up one. Now, the problem becomes it never come down."

Time will tell.. kekekeke..

earlier also got other look for u ansonliew, mayb they miss ur 0.20 promise that never happen..

soon 1.5 is just conservative, probably much higher shot up to 1.7-1.8

hahahahahahahhaha

soon will break 1.50

ansonliew sakit perut ke? keep come forum ask for toilet paper.. hahahahahaha..

if you found this is gem, just buy and hold.. kekeke..

this stock is a bit volatile, fasten your seatbelt, it will swing up and down..

collected 3600 lots at 1.13. lose a bit.. dont scare..

moving toward reverse gear from red to green.

today will be another day in green.

going up is imminent d..

everyday also chicken out like sky dropping, down chicken out, up also chicken out.. kinda pity these guys..

look like by end of this week RM1.5 very highly possible..

worth the wait, the reward going to yum yum..

limit up in coming.. patient is very rewarding..

no need to too over worry.. if manage to collect cheap dont waste..

heng ar.. good job kpower..

u-turn in coming.. green in coming..

buy the dip.

u no buy u regret.

if u got buy is either earn more or less..

trader is like that, want to buy so badly then yet so scare, earn little bit already satisfy..

Next monday all traders will jump into top glove.. serba won't see huge volume..

https://focusmalaysia.my/top/serba-dinamik-awang-daud-has-no-intention-to-exit-the-company/

chill bro, dont expect immediate limit up kind of result, worth the wait just give it some time.

Run before too late.

https://www.theedgemarkets.com/article/palm-oil-ends-threeday-losing-streak-tepid-june-exports-weigh

Better run faster before kena trapped.

https://www.theedgemarkets.com/article/palm-oil-ends-threeday-losing-streak-tepid-june-exports-weigh