yes, loss narrowed to around 5m vs 42m last year same quarter, in the absence of share of loss from RKM. Construction reported loss of about 4m...spot on..winefficietly…:-)
Hope they have some luck with ECRL projects and upcoming solar bids....

Just sharing info going through their qtrly and annual report,
tax refund - it could be due to long oustanding tax credit refund (corporate & GST) processed under PH government with fund from Petronas etc as reported in the news. Additional tax is for assessment year 2012 -13, typically tax file is closed after 7 years. These are the questions to be raised in upcoming AGM to the management.

Q419 vs Q418 - Q418 loss due to one-off MRT3 cost etc (note 14) whilst finalization of change orders for Pengerang projects (old and completed projects). Prospects are on contract on hand? What are they? Please ask management in AGM, especially LRT3.

They started to pay tax due to turnaround? tax paid - related to year 2012 - 13 per Q4 report (note 18), . Required to pay tax by IRB for assessment year of 7-8 years old must be due to tax audit, not turnaround. What was the issue and how much penalty? Are there additional issues?

A lot of risks, vs promoted by the win....on potential good news but based on the announcement, no major contract win so far.

not sure what accounting standard allows the reversal of impairment with power selling?
RKM is under lender restructuring with massive cost overrun due to long delay in project completion. How much was cost overrun which will affect bank repayment and cashflow? The power sales announced - if read carefully is for 3 years and what is the tariff rate? Any potential collection issues? etc

Based on Q4 announcement, current borrowing (due within a year) is 416.5mil, whilst cash balance is only 301.8mil and a big portion is pledged per AR 2018. Where are they going to find the 116mil in the next few months to repay current borrowing due? From project collection (Total Trade receivable is 159m vs Trade Payables of 187m)? Based on announcement, supposed to raise fund via placement to bring cash in, what happen?

If not managed carefully, cashflow and going concern issue i.e PN17.

based on its balance sheet, reported legal case, order book, shareholding etc

highly risky stock, with high debt, uncertainty in RKM, legal case for Crest, and dwindling construction order book (reported at 1.4bil at Q4, how much is for LRT3? With value revised down under PH government from 30+ bil to ard 16 bil, how much downward revision required?)

question is the nature of additional tax assessment.
RKM reversal - what is the basis of reversal allowed under accounting standard? In Q4 announcement, RKM is still under lender restructuring.
Also, there is announcement on legal suit with Crest. Based on Annual Report 2018 (note 14, pg155), Crest building is part of the total asset (value 199 mil?), which contribute to NTA of 0.25 . Under current market situation, what is the market value of the building considering it is under legal case?

Per Q4 report, group NTA now is only 0.25 and total borrowing are 880mil. Equity is only 183.6mil

In the latest Q4 report, there is a big tax expense of 12.9mil recorded. What is the nature of charge?
Also, it is mentioned that RKM's equipment procurement deferred income of 244.6mil fully recognised following disposal. What is the rationale of disposal? Any tax impact?

MSWG never not raise questions to Mulpha (per AR) on corporate governance?

for mulpha shareholders, sad case, many corporate exercise to raise fund with NTA > RM10, with many assets oversea. share price is lavishing ard 1.45 now, so much lower than exRight @ 2.50 (after 10 to 1), fund raised from shareholders.

Has lee family/mulpha really sold down mudajaya? many common independent directors and even executive director Lee Eng Leong
Based on annual report 2018. both exec directors earned package in millions plus big stock options. lee is serving as ED for both and getting paid millions from both Mulpha(AR p39) and Mudjaya (AR p53)?

09/05/2020 4:55 PM

based on last 2 qtrs announcement, RKM share dropped from 26% to below 20%? what happened? is this because of restructuring? what happen to 7% sales? why no announcement?

any news on India, announced power selling for unit 3 but no update so far? Any delay?