Yes, the founders are laughing all the way to the Bank. The founders must have said to themselves that they are indispensable and the company can not sustain without them .

The moral of this story is that the Management of the company is very very important. The efficient Management will steer the company from one height to another height while the bad ones will surely take you to the hell of suffering from level 1 to level 18 . Apparently , the interim management is said to be incompetent and are useless. Just take for example, how could one of the Top Management , who is a professional CA could let the incident happen where the incumbent auditors, KPMG resigned before the expiry of their engagement which is said to be insidious of no return ??

Their recent move to change their financial year-end to May , next year should be a cause for concern. Usually, it suggests that they are trying to buy some time before problems in the business are uncovered.

If the company is due to be audited for the past financial year but the management try to delay this by lengthening the accounting period, this is usually viewed as an attempt to sort out " issues " that will be found during the audit. It is believed that the ''issues" already highlighted by the incumbent Auditors,KPMG who have abruptly resigned before the expiry of their engagement.

It is also believed that the company has something to hide and a deal is about to be struck, extending the accounting period can hide this information from the other party. This would be served as an alert / pre-warning to the creditors .

In these kinds of situations, creditors should constantly keep an eye on these developments and be seeking reassurances from the business – or taking precautions against any worst-case scenarios. The earlier they can be aware of changes in accounting periods, the better.

Judging from the circumstances surrounding the company, the share price is expected to be doomed

The cheapest has yet to come ...........

It is the fact that the incumbent management is not up to expectation. Nothing more and nothing less. I am sure many investors feel not only disappointed but despaired with this interim Management. This counter is destined to be doomed and abandoned by investors

TP is said to be 0.40 if not lower...

I am not afraid at all. The very fact is that they are unable to progress but regress. No matter how I reiterate, some people are still delusional and very pathetic...

This counter has lost its shine ever since the original founders have departed. Sorry to say , the incumbent management is incompetent to be unable to spear the company ahead. Facilities are believed to be outdated but the new management is said to be lackadaisical to upgrade them as they are not willing to utilise the cash reserves . It is believed that the said reserves would be utilised in accordance to their own agenda.

No way they can turn it around with the incumbent incompetent management who are basically authoritarian. It can be inferred from the way they are handling the critical matters. Judging from the circumstances surrounding the company, TP is said to be 0.40 if not lower....

Hopeless counter under the incumbent management now

It speaks all.if you are still delusional,please seek help before you become a psychopath.

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Frankly Speaking: Globetronics’ troubles continue
TheEdge Mon, Oct 28, 2024 11:30am - 9 hours



This article first appeared in The Edge Malaysia Weekly on October 28, 2024 - November 3, 2024

The fortunes of Globetronics Technology Bhd (KL:GTRONIC) have changed quite drastically in the last two months.

One of the leading outsourced semiconductor assembly and test companies in the country, it used to boast institutional funds as its largest shareholders, but that is no longer the case.

As at March this year, the Employees Provident Fund and Lembaga Tabung Haji were the Penang-based company’s two largest shareholders, with the pension fund owning 13.3% and Tabung Haji 5.4%. Both funds sold down their shareholdings last month and are no longer substantial shareholders.

The selldown by the funds was reflected in Globetronics’ falling share price, and leaves Ooi Keng Thye and APB Resources Bhd (KL:APB) as the largest shareholders now. Both Ooi and APB Resources emerged as substantial shareholders in February, after buying the stake owned by the family of Ng Kweng Chong.

Apart from losing the institutional shareholders, Globetronics also saw the resignation of two directors, including its CEO, last week.

At the same time, the company has extended its financial year-end by three months to March 31, 2025.

The departure of CEO Heng Charng Yee comes as no surprise as she was part of the previous management under the Ng family. The resignation of Kang Wei Luen, however, was unexpected as he had joined the board only in February, about the time the new substantial shareholders emerged.

As for the change in the financial year-end to March, it is only to be expected as KPMG — Globetronics’ previous auditor — had resigned voluntarily last month. KPMG’s resignation caused a stir as the audit firm had been reappointed just four months earlier in May at the shareholders’ meeting.

Given the change in the financial year-end, Globetronics’ audited accounts will only be due next May, which should give its new auditor ample time to get the work done.

Frankly Speaking: Globetronics’ troubles continue

Htpadu has very low no. of share in issue meaning that it is susceptible to manipulation very easily and subjected to be highly volatile. Hence UMA is a commonplace to them every now and then...

0.70 is in your fantasy....

Upcoming QR is expected to be bad if not worse than that of previous QR. Rebound remains to be doubtful..

It was reported to be 1.20 in one source while 2.00 in another source. In the view of the benefit of doubt , it was taken as 1.20 .If 2.00 is reported as correct , then the loss in investment for APB is even larger ...

Whichever counter hotstuff is pissed off ,usually the said counter is destined to be doomed...

APB is dropping is because they have suffered from heavy loss in investment in GT. APB paid for GT at 1.20 per share from the founders but stands at 0.595 per share if not lower now . Ever since APB took over GT, the financial performance of GT has been turning from bad to worse , reflecting the incompetence of the new management.

That fellow, Liaw who is the Executive chairman of GT even dared to claim that the sales are so bad now that they need to place the " deposits" to secure sales and change of dividend policy ( basically no dividend payout is expected ) . It is believed that the placement of deposit to secure sales is just an excuse. It is believed that the cash reserve is used as a disguise forr for other means under their own agenda . It is believed that the " missing cash" is classified as " deposit under other receivables which are believed to be irrecoverable

The change of its financial year-end should be a cause for concern . Usually, it suggests that they are trying to buy some time before problems in the business and somethings bad are uncovered. Given with the time extension , it is believed that the remaining cash reserves would be exhausted and gone with the wind sooner than you and me could imagine.

The said postponement is said to be similar to the prolonging tactic adopted by Serba Dynamic ( SD ). The management of SD was just buying time to defer and delay the release of the financial reports by all means . Why? their agenda could be to exhaust all the resources including cash reserves and otherwise before they exit completely. Some goes to GT . It is believed that the next exodus of EPF and TBH is imminent.

The incumbent auditors, KPMG would not resign in their mid term without valid reasons. It is believed that the auditors must have unfolded something really cocked-up to which the Management was reluctant to address and were uncooperative with the view to resolve.

The change of its financial year-end should be a cause for concern . Usually, it suggests that they are trying to buy some time before problems in the business and somethings bad are uncovered.

The postponement of financial year from Dec to next Mar is a prolonging financial gimmick which is harbinger of further plunge to come. The recent resignation of the incumbent auditor, KPMG has already signalled to us that something is grossly wrong with the integrity of the Management and financial reporting of the company . The said postponement is said to be similar to the tactic adopted by Serba Dynamic ( SD ) which had led them to be delisted and vanished in the market in the end.

The cheapest has yet to come. The company is destined to be doomed under the hopeless new management

Nope . There is nothing wrong with the semi conductors business. What goes wrong is that APB and Gang are incompetent and unable to navigate GT forward. Ever since the founders have gone ( their shares were disposed to APB ) , the financial performance of the company has been nosediving.............. Hence its share price is expected to depress in the interim........

This co is destined to be doomed

the 1st thing in the restructuring is to get rid of the good for nothing incompetent interim management otherwise t the prospect of the company is stagnant if not regressing further............

Doubt is cast on the integrity and professionalism of that fellow, Ku , who is a CA and so called the " financial Guru" , who is a director too. We find it hard to believe he could allow the resignation of the incumbent auditors, KPMG in the middle of their office term to happen to the detriment of the interest of all shareholders. As a normal sensible CA, he/she does not allow this to happen to the listed company unless he/she has bad intention.

Yer, more cash is expected to be classified as " deposit " under the specific agenda of Liaw and the Gang. If you believe in him, you believe everything. The cash reserve is expected to be exhausted through other means as well such as payment of high perks etc....

Some people in this company are up to no good. They should be condemned . On the other hand, they should be praised if they are reasonably decent.

Constructive comments, be it positive or negative are objective and free from prejudice.

APB and gangs are said to have control of more than 1/3 collectively in GT. Hence they are in full control as they wish. They should have known better that semi conductors biz is subject to change of technologies in this dynamic world and constant upgrade is inevitable to maintain their edge of competitiveness. Just take Inari Amertron for example, 400m has been forked out to upgrade their facilities actively but GT is acting on the contrary with " talking on paper " . Other significant shareholders such as EPF and TBH have already trimmed their shareholding below 5 % now and it is believed that they will continue to dump the rest of their investments sooner than expected. The share price is expected to depress in time to come .........

Nope, the old guards like Liaw and Ku are still there. They are the rotten apples inside the box and sooner later the whole box is contaminated and decomposed like dead bodies...

The incumbent management of GT is said to be incompetent . As long as Liaw and ku are there ,the company is basically said to be hopeless. Making the incumbent auditors , KPMG resign half way before the expiry of their engagement is a big big mistake. Ku, as a CA ,should have acted professionally and prudently in this matter but he had not . His integrity as a professional has been put into disrepute........

APB is expected to report huge losses in the upcoming QR due to provision of impairment as a result of the heavy loss of investment in GT

As long as the executive chairman ( EC) , Liaw and MD, Ku ( so called the financial guru ) are still around ,this company is said to be destined to be doomed.

According to the representation by Liaw, no “ handsome dividend payout ” as before ( basically it could be interpreted as no dividend payout in the foreseeable future) due to the expected fall in revenue. Liaw even anticipated that there would be expected fall in revenue. Why ? This could be interpreted as no demand for their products as they are outdated.

EC Liaw further insinuates that the remaining cash of 140m would be reserved for nothing else except upgrading facilities .However it remains to be seen as to how this so called upgrade would ever be materialised. What it could be interpreted from his representation is that that the said cash reserve is entirely at his disposal. Who knows the said cash might be classified as " further deposits" under other receivables like the previous " missing cash of 40m"?

In a nutshell , it can be conferred that there is no prospect or growth for this company as long as the said individuals are still attached to the Management . That's why I say this company is destined to be doomed

There is no such thing as waste of time to comment here. Whether you like this stock or not is another story . Nevertheless, any comments here are basically useful to those who are still ignorant and delusional.

Tech is the future but it is of no avail as the incompetent Managements are eroding the prospects of the company like termites

Thats why I say the sudden surge is illusionary and unsustainable....

Back to the living death...

You look but you dont see and you hear but you dont listen.... you are delusional of the highest order.

I think you are the one ...There is no problem with semi conductor product but there is problem with the incumbent new management to helm this company . Hence , no future for the company under these incompetent management. They even classify the missing cash as " Deposit " under non-trade receivable ... Hopeless

The sudden surge is illusionary and unsustainable

Next year , you will be growing with more hairs to become a million hair....

No use, the demand for semiconductor is there but this company is up to no good as evident from the circumstances surrounding the Company. Even the Blind can see it there is a problem , can you not see ??

How do you expect the Authorities to investigate when the missing cash of 60m has been pervasively re-classified as " deposits" which is recoverable in the view of the so called new management to the contrary of the view of the incumbent external auditors.? Just enlighten us now, who knows the internal controls of the company better , the authorities or the incumbent auditors ? Your being naive is larger than your loss.

Dont be naive . the resignation of the incumbent auditors , KPMG before expiry of their engagement has already insinuated significant misstatement in the financial reporting in this Company. You can fool anyone including all the authorities but not the external auditors. Mark my word " the missing cash " has been pervasively classified as " deposit " . If you get it , you get it but if you dont, then your ignorance is larger than your loss... Good Luck.

There is no problem with semi conductor product but there is problem with the incumbent new management to helm this company . Hence , no future for the company under these incompetent management. They even classify the missing cash as " Deposit " under non-trade receivable ... Hopeless

Rescue mission is done and over... Flying to the moon now..d

No use, no upgrade, no sale, no growth, back to square one , The new management is said to be incompetent...