Posted by chshzhd > 2019-12-22 22:53 | Report Abuse

n how he fool around with top 30 institution investors :)

Posted by chshzhd > 2019-12-22 22:58 | Report Abuse

hebat Karim:)

Posted by apple4ver > 2019-12-22 23:35 | Report Abuse

The formula you used fails to capture the essence of WB's "owners earnings". Quoted "..simply the total of the net cash flows (owner earnings) expected to occur over the life of the business".. Equating Capital Expenditure & Acquisitions of Companies as similar to Average Annual Maintenance Capital Expenditure is comparing an orange with an apple. A new acquisition or new capex will generate new flow of revenue and cash flow while maintenance capital is simply to preserve existing revenue and cash flow. Just look at the jump in revenue and profits for the last three years... Similarly, SAPNGR and SERBADK are dissimilar as one invested at the peak while the other at the crest of oil price. Of course, you could be right if oil price drops to $30 per bbls and STAYS there....

Posted by slts > 2019-12-23 06:59 | Report Abuse

rubbish analysis

Posted by Icon8888 > 2019-12-23 07:53 | Report Abuse

Got a bit of time year end

Digging out choivo articles to read one by one

Young punk got some useful concepts that I can learn

Posted by chshzhd > 2019-12-23 08:11 | Report Abuse

i enjoyed reading Choivo articles too..
n i went through all 7 episodes of Serbadk Astro Awani last night.. feeling very good:)

Posted by chshzhd > 2019-12-23 08:15 | Report Abuse

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

Posted by Investor 999 > 2019-12-23 08:56 | Report Abuse

Serbadk-wa i see you at 0.600 soon

Posted by Icon8888 > 2019-12-23 09:23 | Report Abuse

Choivo is not bad

But too academic, just like professor Ricky Yeo

Can be a good writer, not a good investor

Posted by chshzhd > 2019-12-23 09:35 | Report Abuse

-wa i wait at around 0.35

Posted by RainT > 2019-12-23 10:49 | Report Abuse

haha

haha
haha

Posted by RainT > 2019-12-23 10:51 | Report Abuse

funny lo

how come he can said audit partner will not know anything about the biz

this show that this CHOIVO is totally not understand how audit firm works

he thinks audit partner just blindly sign off audit report only

laugh die me

Posted by chshzhd > 2019-12-23 11:09 | Report Abuse

chicken intestines..quite good lah..academic way of analysis..not wrong

Posted by JensenChin > 2019-12-23 11:39 | Report Abuse

Why Choivo Capital’s credibility is so low:
- First posted on Friday saying SDK is rotten. Plucked numbers from the sky and said maliciously claim that SDK is rotten. Remove the post and claim is excel formula error and change title from rotten to ‘weird’

- Write about owner earnings as if he is warren buffet, but ends up 58 in stock picking.

- Says that audit partner of SPNRG does not know anything about the business.

- Failed miserably in his RM5,000 paper on RCECAP.

- Operating a ‘capital’ without license

Posted by slts > 2019-12-23 12:22 | Report Abuse

HE IS MORE LIKE A SOCHAI
ACT SMART WITH LENGTHY INTERPRETATION OF DATA

Posted by paperplane > 2019-12-23 12:24 | Report Abuse

Shhhh, now, dont talk so much, action?!! Go goreng dsonic, to make back. Kaka

Posted by TakeProfits > 2019-12-23 17:05 | Report Abuse

Solo looonh the write up arh..haha. Good on you Choivo

Posted by speakup > 2019-12-23 22:22 | Report Abuse

bila Serbadk limit down?
besok?

Posted by Sslee > 2020-01-22 21:06 | Report Abuse

Dear Choivo Capital,
May the Year of the Metal Rat bring you Good Luck, Good Health, Good Fortune, Plentiful of Laughter, Happiness, Success and at Peace with Oneself and Others. Happy Chinese New Year 2020

Thank you
P/S: https://klse.i3investor.com/blogs/Sslee_blog/2020-01-22-story-h1482896892-Let_s_celebrate_the_coming_CNY_2020_together_with_well_wishing_of_Unity.jsp

Posted by Petronas > 2021-05-30 12:03 | Report Abuse

Dear Choivo Capital, your prediction came true today. Serbak is having trust problems now. Please comment, Sir.

Posted by Petronas > 2021-05-30 12:13 | Report Abuse

Thanks to Sifu Choivo

Posted by stockraider > 2021-05-30 12:15 | Report Abuse

Lu Tau Boh ?

Posted by stockraider > May 30, 2021 10:34 AM | Report Abuse X

If u look at KPMG concern ......there are 2 major areas of concern

a. Potential Fictious suppliers & debtors that cannot be verified or yet to be verified. ( Potential for fraud & misstatement of Accounts loh}

b. Small small companies less than Rn 200k doing Rm 300m to Rm 400m worth of business in normal course people will not approve the contracts mah....if these companies goes bankrupt or runaway..Serba cannot recover their monies loh ( potential of risk management & money laundering mah}

As we talking about hundred of millions of transactions & exposures the Risk are very high loh...!!

Posted by gohkimhock > 2021-05-30 12:47 | Report Abuse

anyone know which banks have the most exposure to Serbadk now?

Posted by stockraider > 2021-05-30 14:04 | Report Abuse

Sporting mah...joke only mah!

Posted by scenery > May 30, 2021 2:01 PM | Report Abuse

Don't listen to this Rascal Con liar stockraider, he not only denied his conning ppl in Netx for 2 MYvi, which were witness by Mike n 3iii, he also changed my post of 'stop buying Lambo since Sept' into I ask ppl to buy by deleting the "stop" in my posts.

Posted by scenery > 2021-05-30 14:52 |

Post removed.Why?

Posted by Musangkingfarmer > 2021-06-04 19:26 | Report Abuse

Thank you Choivo, this is great foresight.

Posted by stockraider > 2021-06-05 08:32 |

Post removed.Why?

Posted by Bgt 9963 > 2021-06-05 08:36 |

Post removed.Why?

Posted by stockraider > 2021-06-05 08:49 |

Post removed.Why?

Posted by stockraider > 2021-06-05 09:02 | Report Abuse

BE VERY CAUTIOUS WHEN U BUY INTO SHIT SERBA, KPOWER & SCIB LOH!

These are some dangerous signs now appearing in Serba

1) Auditors are Flagging Red Flags

A Post investigation reveals a perfect storm in China’s manufacturing industry, with consultants helping factories receive a passing grade from auditors by covering up malfeasance. Illustration: Henry Wong

Above refers to Corrupt Auditors which money can buy

Thank God, KPMG PLT the whistle blowing Auditors Is Upright & Righteous

THUMBS UP TO KPMG!

WELL DONE!!!


So Now We See Lots of Hidden Worms Coming out of the Cans.

2) See Some Fellow i3 Forum Comments

Blog: Serba Dinamik: In search of total solutions to address KPMG’s red flags


Posted by sense maker > May 31, 2021 3:35 PM | Report Abuse

The solution is dissolution of the company. When figures are so materially inflated or fake, the company is worth nothing. We are gonna see RM0.15-0.30 a share for all 3 companies of serba, kpower and scib.

A check with Sense Maker i3 forum history shows that he 1st joined i3 forum in January 2013 (9 months before i joined)

To have survived the shark and crocs infested stock market these 8 years show that he has been very careful & watchful of his investments while so many have fallen prey and perished. Many other Careless & Heedless Punters & Traders No longer in i3 after having lost everything & gone bankrupt

Let us do a breakdown of when Sense Maker posted

Posted by sense maker > May 31, 2021 3:35 PM | Report Abuse

The solution is dissolution of the company. When figures are so materially inflated or fake, the company is worth nothing. We are gonna see RM0.15-0.30 a share for all 3 companies of serba, kpower and scib.

1) When figures are so materially inflated or fake, the company is worth nothing.

He said Serba accounts are inflated & fake & the company is worth nothing

2) We are gonna see RM0.15-0.30 a share for all 3 companies of serba, kpower and scib.

He said Serba, Kpower and Scib are worth only 15 sen to 30 sen?

WoW! That is a great judgement


Stock: [SERBADK]: SERBA DINAMIK HOLDINGS BHD

May 31, 2021 9:40 AM | Report Abuse

First limit down, two more to come.


Stock: [KPOWER]: KUMPULAN POWERNET BHD

May 30, 2021 1:27 PM | Report Abuse

Triple limit downs are expected.

WOW! Sense Maker expects Kpower to limit down 3 times!!

Stock: [SERBADK]: SERBA DINAMIK HOLDINGS BHD

May 29, 2021 2:15 PM | Report Abuse

Same tactic is used in kpower and Serba. Bloated Receivables and huge bank borrowings. Fair value of this kind of companies is minimal. RM0.20-0.30, max.

Stock: [KPOWER]: KUMPULAN POWERNET BHD

May 29, 2021 12:22 PM | Report Abuse

Profits have been possibly or probably inflated and chucked into its huge receivable. It has net cash but still needs cash via private placement. That is the second big red flag. This company operates without much fixed assets. Possibly it’s serving mainly as a billing platform only, a third red flag. This kind of company should be valued at book value, at most. We are looking at RM0.15 fair value, ie 50% discount, to be judging the veracity of its book reasonably. A strong sell.

So his comments piqued my interest

That Triggered Calvin's own Investigations into the Accounts of Serba, Kpower & Scib

All three smelled of the same rat sting

That will be in another Upcoming Post

Posted by stockraider > 2021-06-05 10:26 | Report Abuse

By that time too late mah!

Posted by Jokers2020 > Jun 5, 2021 9:59 AM | Report Abuse

normal la Institution sell.EPF n PNB still holding so no worry yet.Once this 2 start sell than can say bye2

Posted by stockraider > 2021-06-05 11:17 |

Post removed.Why?

Posted by quantisider > 2021-06-05 13:10 | Report Abuse

wow this post aged like fine wine

Posted by stockraider > 2021-06-06 00:45 |

Post removed.Why?

Posted by GenghisHoe > 2021-06-07 14:25 | Report Abuse

@JensenChin didn't you bring up the above claim by Choivo to the legal counsel or MCMC?

Posted by GenghisHoe > 2021-06-07 14:30 | Report Abuse

@RainT I think you didn't know Choivo was one of big audit firms' ex-employees. He's kind enough to share what he knew and experienced in the audit industry. You're actually a frog in the well…

Posted by stockraider > 2021-06-07 16:06 |

Post removed.Why?

Posted by Blacksails > 2021-06-07 16:22 | Report Abuse

Just like Ponzi scheme to me since IPO listing

Posted by stockraider > 2021-06-07 17:52 |

Post removed.Why?

Posted by vespa > 2021-06-07 18:08 | Report Abuse

The very source of numbers provided by Serba itself is in doubt as the earlier audits were weak. Auditors ought to look at accounts with a cynical eye ( as called out by the select committee on Carillion fiasco in the UK). Some companies pull wool over our eyes often enough the world over.

With Serba, just the appearance at the strike rate of its aggressive procurement itself seems a bit daunting. I might as well believe pigs fly.

Posted by HIGHCHAPERAL > 2021-06-08 12:13 | Report Abuse

1. Please don't write long stories. We got to wait whether fraud is involved or not !

2. If all the hype leads only to accounting issues then there is nothing to worry ie. difference in opinion and not fraud.

3. WE JUST GOT TO WAIT !

4. Why didn't KPMG highlight these in the past? Perhaps all these happened only in 2020? Otherwise KPMG should not be allowed to go scott free !

5. Things that happened in FGV, Boustead, etc were all cheatings and fraud of the first degree. Don't forget that !

Posted by stockraider > 2021-06-08 12:15 | Report Abuse

By the time u wait long for the result out, it will be too late for u to run mah!

Posted by stockraider > 2021-06-08 12:21 |

Post removed.Why?

Posted by scenery > 2021-06-08 12:26 |

Post removed.Why?

Posted by paperplane > 2021-06-08 12:34 | Report Abuse

riader bro, ignore this loser. Loss so much in LAMBO until become sorhem lial

Posted by scenery > 2021-06-08 14:26 |

Post removed.Why?

Posted by scenery > 2021-06-09 17:55 |

Post removed.Why?

Posted by stockraider > 2021-06-10 20:08 | Report Abuse

REMEMBER THE BOND HOLDERS RANKED AHEAD OF SHAREHOLDERS, IF BOND SUFFERED 70% LOSSES, THAT MEANS HIGH CHANCE SERBA COMPANY GOING TO BANKRUPT LOH!

Trading at -70% below par, have Serba Dinamik’s bonds hit rock bottom?

SHARES of Serba Dinamik Holdings Bhd have plummeted by more than half following the resumption of trading.

The bonds of Serba Dinamik suffered a similar fate with bid quotes for their USD bonds SDHMK 6.300% 09May2022 Corp (USD) and SDHMK 6.997% 12Mar2025 Corp (USD) reaching as low as 30 cents to the US dollar (70% below par).

On May 25, Serba Dinamik announced that its external auditors have flagged concerns about matters relating to its statutory audit. The company informed that it will soon appoint an independent firm to verify the audit matters. On May 28, a company response was provided to the queries raised by Bursa Malaysia which we will be examine in this article.

Examining KPMG’s raised issues

Referring to Serba Dinamik’s unaudited results for financial year ended Dec 31, 2020, we noted that the RM608.94 mil increase in trade receivables during 2020 is nearly equal to the RM652 mil of receivables flagged by KPMG.

Furthermore, COVID-19 exacted turmoil in the energy industry last year where oil prices plunged and countries were cutting production.

However, Serba Dinamik grew its gross profits for its operations & maintenance (O&M) segment by 26.5% year-on-year (yoy).

Yet Table 1 shows that other similar energy companies listed in Malaysia have seen a decline in annual revenue. During 2020, Serba Dinamik reportedly increased its revenue by 32.8% yoy.


Source: Bloomberg Finance LP, iFAST compilations

Additionally, in December 2018, Serba Dinamik made a 30% acquisition in eNOAH iSolution India Pvt Ltd for RM 15 mil to improve its IT solutions segment. In 2019, its share of total comprehensive income from eNOAH was RM 1.14 mil. However, with this acquisition, its 2019 audited gross profits from the information, communication, and technology (ICT) segment multiplied by about 10 times to RM21.23 mil.

Subsequently in 2020, gross profit for this segment increased by 206.79% to RM65.13 mil in what seems to be amazingly quick growth.

While we have the company’s balance sheet and credit ratios in Table 2 and 3 respectively, there is a chance that the some of the numbers may be subjected to change due to the company’s fluid and developing situation as well as the questions brought up by KPMG.

This makes analysis more difficult but we will rather be safe than sorry in this situation due to the below reasons.

The group is required to maintain a maximum gearing ratio of 2.00 times debt-to-equity, failing which this could trigger an event of default from lenders.

There is a possibility that the equity value of the company would fall after the balance sheet has been finalised by auditors.

In addition, we believe that the company’s ability to access capital markets has been materially constrained and its cloudy liquidity position could make it hard to justify the bid prices for the SDHMK 6.300% 09May2022 Corp (USD) and SDHMK 6.997% 12Mar2025 Corp (USD).

In other words, we believe that the recovery value could be even lower than current depressed pricing of around 30-40s. As such, we advise investors to exit from the bonds. – June 9, 2021

Posted by qqq33333333 > 2021-06-10 20:51 | Report Abuse

bonds defaults long before shares become zero......

Posted by qqq33333333 > 2021-06-10 20:51 | Report Abuse

bond defaults still got long time for negotiations