1. Receivables increased from RM43million to RM144million
- revenue increased by 4x, receivables increased justifiable?
- Days receivable is ~90days, justifiable?

2. Cash increased from RM90million to RM104million
- Negative CFO, noticeable key diff is increase in trade and other receivables. Back to point 1
- Negative CFI, standard, noticeable key diff is acquisition of subsidiaries, up to you to think got value-add or not
- Negative CFF, mainly due to cash placed into FD

3. Liabilities increased from RM61million to RM175 million
- back to point 1. Funding is required to support growth in business, always debt or equity funding. Organic growth using internally generated fund? Not an option for Kpow at this point.

4. Cash flow negative
- back to point 2


As for PP, will it reduce EPS or not, see how much they can roll with the PP funds received. Looking at recent forecast by Rakuten:
2022F PAT = 50mil
Total ordinary shares outstanding = 542.8mil
2022F EPS = 9.2 cents

Test water blow water.

touched base 21.28, next stop 21.88

let's see if the pattern repeats itself like last Friday, all 4 end green after 45, then u'll know what's cooking