https://www.sec.gov/Archives/edgar/data/1930179/000121390023023023/ea175748-f1a4_arblot.htm

https://www.sec.gov/Archives/edgar/data/1930179/000121390023023023/ea175748-f1a4_arblot.htm Anyone interested to check with SSM the background of all those companies listed ?

It will be interesting to watch whether anyone in US market will give cash in exchange for papers of Malaysian investors. May be in a bigger market, there will be some who don't bother to study the Company. Good luck ! I am going to watch the movie Accountant again tonight.

Warrant issuers have deep pocket and network of equally deep pockets players to move shares prices just before or on the maturity dates. Not sure the Oversight body has the knowledge, resources , standards, spine, character & will to monitor and control these manipulation. Singapore oversight body could be more through and may punish any wrong doing so the prices there are more reflective .

The exceptional profit for the reporting quarter was due to a Gain on disposal of gold royalty of 22m ( refer to cashflow statements) . The reporting revenue & gross profit were down .

Just to clarify why the first post was deleted. I made the mistake of typing Trade Receivable as Trade payable. The rest are : to each his own. Have a profitable investing day.

Very interesting counter. Profitable and yet low .. The Trade Receivables increase to 60 M in Q2 then increase further to 85 M in Q3. The TR Turnover days base on Q3 TR was 159 days. Why customers took more than 5 months to pay ? No aging is provided. Why auditor didn't ask for aging? The other receivables also increased over the Qtrs. Another numbers : Company invested 23 million this year but can't find anything in Q3 report. May be this was stated in previous quarters. That means money from conversion to capital gone into investment. Not saying there are anything wrong but good and interesting to know the reasons. I should re-watch the movie "Accountant" tonight.

this warrant worthless. Unlikely TG price will go below 12 in Feb 2021. Once the TG price higher than RM12 all the money invested in this put warrant are evaporated. Sell to cut loss

AGES and ARBB seems to be under the same group of people now. Many common directors

There are common directors for this & AEGS

interesting . my comment disappear

Very impressive results with some interesting one time write-back.

something I learned from an old retailer:-


One of the biggest accounting problem for retailer is stock figures. Is the inventory figure provided for stock loss/pilferage ? If provision was made there are rooms for "adjustment - write back or increase the provision " but if no provision is made then before a stock count is carried out , the profit for the store/outlet are just book profit. Of course for company with so many stores, there will be rotation of stock count and how often the count are done may have impact on the stock pilferage figures.

There is quite a big jump in inventory against the increase in sales. Interesting. It seems no analyst had asked the question of % of pilferage and how often the stocks are physically count per store per year.

One of the biggest accounting problem for retailer is stock figures. Is the stock figures provide for stock loss/pilferage ? If provision is made there are rooms for "adjustment" but if no provision is made then before a stock count is carried out , the profit for the store/outlet are just book profit. Of course for company with so many stores, there will be rotation of stock count and how often the count are done have direct impact on the stock pilferage figures. There is quite a big jump in inventory against the increase in sales. Interesting. It seems no analyst had asked the question of % of pilferage .

PE of 32 and researcher /analyst still think it can go up further. May be they think earning that grow 25% per year can maintain as a straight line forever. One will get a better idea to look at growth rate of earning/profit per store year ( profit per store per year - a measure used by Retailer to measure performance) instead of absolute figure. But then buying counter like this is more goreng then investing so happy trading :-)

Many of those gang-ho supporter of this counters few months back were missing, silence or admitting defeat now. Despite all these recent events, there is no lack of replacement supporters of this counter Interesting ........ Good luck to those who bought.

"Happy families are all alike; every unhappy family is unhappy in its own way." - Leo Tolstoy. PN17 companies became PN17 not by same route.

FJ. A lot of firework. :)

I just mentioned the audit report is a qualified report issued by , to borrow your words, REPUTABLE auditors. And that is an undisputed fact.

Correction: This is not a PN something it is a PN17 counter .

100 years old company also can mati whether crook or no crook. Cool down.!!!! I only drop in once a while to see the development for I find this counter very interesting.

Buy if one like CSL sell if one think not worth a cent. How one read the qualified audit report and what level of risk one can take is up to each and individual. Have a profitable trading day.

Cheer

FJ , aamm interesting choice of words : "must have" . I only know this is a qualified audit report and the counter would be classified under PNxx something by KLSC/SC. Fear - is for survival . Risk - is for potential profit or ...... .

the new auditor wrote in the just released Annual Report 2013 :"Accordingly, we do not express an opinion on the consolidated financial statements".

Translated to layman localized English :: No COMMENT on the accounts ; your guess is as good as my guess. Also means , if you think the $ was there is your thinking, we didn't say a word about the $$ was there.

贪＝ Greed 贫 ＝ poverty . These two Chinese words look very similar.

Wow ! It dropped so much since my last visit. Some smart guys must be very busy cooking story of how to make the $$$ disappear without being sued or prosecuted. Should cash be use in loss in the next 1 year or should this be depleted by "capita" expenditure ?????? Is 1 B enough for a new factory ? May be whack half on building a new start of the art factory then the balance half whack into loss this year, then bingo no need to prove the existence of 1B & can say bye bye to Malaysia and retire to sunset island. Just like MAS, investors couldn't sue the management for stupidity, could they ????? Interesting indeed!

I laugh after reading the latest announcement. :D

If one comb through the ac, even the years it made "profit" under the Maverick ( now minister turnaround; or turn not around) , MAS did not make gross or operating profit. Profit then was from non operating sources . Meaning the structural problems remains and never being changed. When a building has structure problem, it needs drastic remedies or just re-build it. Sometime it is easier to build a new building then try to repair a building with structure problem.

This is purely for fun. If TP base on PE of 10 instead of those vested interested parties estimate of 20 ( or 30 depending on your assumption of profit growth rate) assuming -it can grow profit to 6 sen per share (TA estimated ) then TP should only around 60 cents :) If profit is not growing, then TP should be ...................

One more page to read: Page 240. The merchandise shortage is included as expenses. Some retailers use the actual stock count figures to compute GP%, ie the reported GP% for this method would be lower. SEM GP% therefore would look higher even for the same % of shortage. How high is the merchandise shortage for retailer ? It could vary from 0.5 to 8% of sales. And the good thing about this item is that until proper stock count is done, there is no shortage. It is fun to be retailer.

Some interesting things from the prospectus .
Page 221- Same stores sales growth was negative 2013. The rest of the years, the growth were small. Why bother ? Ask any good retailers nicely, they will tell you.
Page 209 - GP% increased every year - not even a dip in any year. Very impressive indeed in a very competitive industry like convenient stores.
Page 212 Trade payable of 322M or about 97 days of average credit ( meaning some suppliers were paid more than 4 months) . - If one include the Banker Acceptance amount - the figures might be bigger. 7 -11 are selling fast moving products why the average terms is that long ? I remembered my relative's sundry shop had to pay cash for tobacco. ( 35% of its sales is tobacco Page 217) Tobacco boys really know how to bully small players.

Is the PE justifiable ? If one think this company could growth profit very fast then yes. Otherwise ........

Mr Koon, you use 70000 per Ha as valuation basis to come to conclusion that Kulim is under valued. But could it be because Kulim major planted area is in PNG which yield lower than Malaysia therefore a lower than 70K per HA should be used instead ?

Kulim overseas operation in PNG is interesting. Sales in PNG is more than double that of Malaysia but its profit is only 1.6 time that of Malaysia. Could it be the drop in currency value of PNG or younger trees or something else ? Looks like the future of Kulim depends how the operation in PNG is managed.

Mr Koon, Yes it is bad taste to compare to MH370. And thumbs up to you when you promptly apologized. It takes courage to apologies.

Do you or anyone knows about this privatization of Proton in details especially the loan guarantee part. Is the government meaning we tax payers, guarantee the loan Proton owes to banks and what not. And, who fund the future expansion ? $ from EPF ??

It may be possible to turn Proton into profit but not from selling cars. The lands in Shah Alam is worth billion I suppose. Just move the whole factory /operation to Proton city in the North ( which is under utilized, I guessed), then the land could bring in a lot $$$$ for proton. But why let Proton made the $$, the land could be sold to............... Just kidding

When a company with a lot of assets went bankrupt - who suffer & who benefit ? I remember a case where the manager /bosses who ran the company to bankrupt got all the assets back through so called "auction". Anyone in the auction market knew how it works. All the suppliers got 0, minority shareholders got nothing. banks - a bit through the auctions. Almost everyone suffered except the crooks who got good assets at dirt cheap prices.

MAS problem is a good reflection of other GLC. The other GLC didn't loose $$ bec of the monopoly or Oligopoly position where the inefficiencies are transferred to higher prices to customers example TNB- raise the rate - red to black overnight. When public assets are converted to GLC , all the controls are gone. These GLC no longer need to under the scrutiny of the auditor -general so we ( every Malaysian is a shareholders of MAS through government investment arm) won't know crazy spending or abuse , if any. Yes the accounts were audited, but if you read the audit report - the company auditor only care the accounts reflects the situation - true and fair is the term used. True and fair did not cover whether there are abuse or fraud. If the MAS over spend 1B on maintenance and reflected according - it is still true and fair.

Just downloaded the annual accounts and found it very difficult to compare to other airlines like SIA or AirAsia. Too much details were grouped/hidden for meaningful comparison. Two things stood out from the report: 1) increase in maintenance cost even with taking delivery of new planes in recent years 2) Sales increase less than 10% but marketing cost jump 43% salary were all lump together so it is difficult to say it was the crew /pilot costs high or may be there are too many adm /managers in the office...... ................................Gave up reading .......... May be individual shareholders should attend AGM and ask those VVIP some tough questions

If it is classified under PN## , then it is unlikely to go back to higher prices. The new auditor , given the situation now , must verify that the cash belong to the company, free from encumbrance and not window dressing AND the "fire" loss amount. What are the chances these MATERIAL items could be verified with certainty ? New auditors are walking on thin line because they could be sued just like AA of Enron, if they don't handle this audit carefully. For small companies, auditors will cover their back with qualified report but in this case.......... .............................

Many are waiting for the AFS . Just a WHAT IF - what if the AFS is a qualified report ? What will be the situation ? CSL become a PN something company ???

Interesting! I believe it is just a guide for overall or average market pricing.

Aaammm Just an interesting thoughts! Can the initial investors ( minority) sue the those advisers stated in the IPO prospectus for ..................+ the auditors who gave clean reports for the past years......IF IF IF $$$$$$ in supposed hantu bank FD could not be found. The major shareholders could not be reached so nearest are ...........................................

Sakura as a brand name - that is interesting bec Sakura flowers don't last long. The Company announcement really attracted a lot of questions as could be seen in this forum example how the fire in one plant could affect audit of bank balance of the whole group....... BUT the more interesting thing is that Bursa doesn't seem to ask for any further clarification Who is smarter ? The ppl asking the questions here or Bursa who keep quiet. aammmm my friend just threw me a sentence from behind - Malaysia bolih.................

wasiat126, I don't own a single share in this so 4, 14 or 41 makes no different to me.

Still very interesting to me. Since this is a gajah amount Using auditors' terminology : this is very very MATERIAL amount; the auditors should trace the trails of this $$$ and report to poor MS that this is REAL or tipu since the last auditors gave a clean report so if if if the $$ not there, should or can the MS sue the auditors???????????????????

Don't get me wrong, I don't mean this Company is doing this. Just share some hypothetical , wild thoughts . The old trick simplified : Cr sales Dr Fixed assets & claim CA ( you don't learn this in Uni or School :D, that is why bad students do well in real life ) New Trick simplified: Cr Sales Dr Hantu Bank ( and that is an interesting tactic - which I want to learn & try to figure out how to satisfy the auditor that the $$$ is there and whether the signing partner personally go to count the money in the bank or rely on some paper from don't know who............... interesting interesting very interesting. Can MS sue the auditor ( since management will most likely evaporate from thin air if IF IF IF IF the $$$ is not there..................... Interesting ...........

In most cases, minority shareholders have little if no recourse on all those abuses done by management / majority shareholders . Just look at all those past PNXX cases , how much the minority shareholders get at the end ? Mostly nothing!!!

wah! What a drop since my last visit to this counter. The appeared ( appearance could be tactic) die hard supporters then also put up "for sale" now. Interesting indeed !!! May be time to buy when it goes single digit or ................................

Ammm Anyone can cite me the precise Statute / law in China that put dead penalty on auditor . Chinese auditors more trust worthy ??? :)

IF a big big IF this co announce dividend - then there is hope. Otherwise,aaamm .. :-)

I should amend the auditor to NEW auditor in the above as there was a change of auditor recently. Changing auditor towards the end of the year could bring up some speculations as to the quality of the financial statements. But of course you can also say changing auditor is part of business and has nothing to do with the financial figures. Interesting interesting indeed.....

It was reported here and elsewhere that major shareholders are throwing away their shares. Interesting !!!! Who are the REAL major shareholders now ?

Of course history have shown that cash could be evaporated within days if not minutes. It will be interesting to watch whether the auditor agree on those figures and will there be any delay in announcing audited report. Any chance of dividend ? Even 1 cent is 5% return base on current price of 20 cent. Interesting ...................

Interesting counter. With so much cash in the bank ( per last QTR report) , made so much $$ ( per last 4th Q announcement) yet share price so low. Possible meaning - nobody trust the figures ? If the Co give dividend say 5 cent per shares, then whoever buy now will have 25% return . BUT will the Company give so much ? From history - no. Interesting interesting.....

Just glance through the financial of this counter. Co was loosing $$ for the past two years. 2013 would still be a loss if not of revaluation of investment property.

Interesting. I am still mcc after reading above. Only remember one old fellow told me years ago that , it is not real profit or loss until you sell yr shares & get out when the market is very hot. ( In fact I asked how hot was hot? He gave me a smile and mentioned that you would know lah..... ) Aammm Interesting why his saying pop up in my mind after reading through all the guru guru comments above.