Posted by vespa > 2019-12-22 04:21 | Report Abuse

Well done Choivo. Just as you I am not invested here but thanks for the heads up with excellent work.

Posted by Icon8888 > 2019-12-22 07:36 | Report Abuse

I don’t like it too

Posted by Sslee > 2019-12-22 08:27 | Report Abuse

Hahahaha,
qqq3 as usual live dangerously, love this stock and will be eaten alive like London Biscuit and Sendai.
https://klse.i3investor.com/blogs/qqq3/2019-10-22-story231433-Portfolio_as_at_22_Oct_2019.jsp

Posted by JensenChin > 2019-12-22 08:34 | Report Abuse

Have Screenshot this post and sent to Serba’s legal counsel again.

Will follow up on the email to legal counsel, police report and report made to MCMC on baseless accusation and fake news spread by Choivo Capital.

Hope Choivo Capital will be sued for spreading fake news

Don’t think you deleted the post you can’t be tracked.

Posted by Up_down > 2019-12-22 09:11 | Report Abuse

Working capital = Current Assets – Current Liabilities. Figures in Total working capital is seen not correctly presented.

Posted by i3lurker > 2019-12-22 09:41 | Report Abuse

its ok dun worry

i3 level punya standard is very poor.
Sharks are every where.
Its understood that articles in i3 are ALL FAKES.
Everyone knows the articles in i3 are ALL FAKES
dun lose sleep over it.

dun bother.

Up_down Working capital = Current Assets – Current Liabilities. Figures in Total working capital is seen not correctly presented.
22/12/2019 9:11 AM

Posted by DK66 > 2019-12-22 09:45 | Report Abuse

Choivo, thankful for sharing your thoughts.

If I may comment,

I agree that "Owners earnings" gives a better representation of a company's earnings and I also agree that it is extremely difficult to obtain "maintenance capex". However, I find it also difficult to agree with the "simplicity" you proposed below;

[ For the sake of simplicity, we are going to use “Total Comprehensive Income” for “Reported Earnings” and “Capital Expenditure & Acquisitions of Companies” as “Average Annual Maintenance Capital Expenditure”.]

It is dangerous to adopt such approach. You are almost certain to also group "Companies growing through acquisitions" under this category.

WB's idea of subtracting "Maintenance capex" as such expenditures do not increase the value of the assets in term of earnings capability but maintaining the status quo.

However, I think most would agree to take "Acquisition of companies" as acquisition of NEW assets which is suppose to improve future earnings. It is therefore not captured under WB's idea of "Maintenance capex".

Nevertheless, spending on acquisitions especially those that do not require shareholders' approval can raise governance issues. This will most definitely result in future impairment write-offs. As Serbadk is in a very volatile industry, the economic value of its assets can vary greatly. Therefore, management should be wary of excessive expansion through acquisitions during peak. This happened during the last boom and burst oil cycle.

This is only my personal view. I maybe wrong.

Thank you

Posted by shpg22 > 2019-12-22 09:47 | Report Abuse

It look like, sounds like, smell like SAPSNG back in its glory day. Probably will end up like it soon.

Posted by i3lurker > 2019-12-22 09:50 | Report Abuse

sometimes sharks want shares to go up

then you will get Go UP articles in i3

Posted by i3lurker > 2019-12-22 09:51 | Report Abuse

sometimes sharks want shares to go down

then you will get Go DOWN articles in i3

Posted by Up_down > 2019-12-22 10:11 | Report Abuse

Without shark participation, market would turn into lifelessness. It’s important to equip the skills surfing with the sharks.

Posted by Sslee > 2019-12-22 10:21 | Report Abuse

Hahahaha
i3 stand for Independent. Intelligent. Informed. So be gratefull for all the 8ndependent writters sharing their article in i3 so that we can use our intelligent to make an informed decision.

Posted by supersaiyan3 > 2019-12-22 10:26 | Report Abuse

Choivo, good attempt.

I think the key is some company just invest invest invest and never get back their money after so many years. Only a handful does.

What Choivo did is not categorised as fake news or rumours, by the way.

Again, investor education is very important.

Posted by Up_down > 2019-12-22 10:37 | Report Abuse

I3 is , in fact, a good platform for us to learn improving our skills especially for beginners. Information whether it’s relevant or irrelevant, reliable or unreliable, sharks or Ikan... Some even come here to reveal insider information of the company.

Posted by Choivo Capital > 2019-12-22 11:20 | Report Abuse

Well, if they can keep all the jobs coming in and growing, the capex may very well be an incredible investment.

Having said that, I recently spoke with a friend who audited saprng and their project finance reporting manager.

In essence, due to the sheer amount of capex they had, which was all backed by borrowings, despite the oil slowdown they have no choice but to take projects. And 70% of them are loss making, even without taking into account financing cost.

Its that hard and risky

Posted by JensenChin > 2019-12-22 11:46 | Report Abuse

Choivo Capital’s statement outlays the poor quality of sources of information he claims to obtain.

His working capital information is not correct.

If everyone values a business using his so called ‘Owners capital’ model, then shares like Tesla is worth zero.

He is more of an attention seeker trying to promote and demote shares as he likes (i.e. self proclaimed analysts)

He fails to understand the business deeper, speak to people doing the real oil and gas work and Bankers.

Instead he claims to speak to Auditors of Sapnrg. Is the person he spoke to the audit partner of Sapnrg? Or low level auditor?

This type of action is irresponsible and malicious.

I will follow up on my report with:
- Legal counsel
- MCMC
- Securities Commission

Posted by Shinnzaii > 2019-12-22 13:15 | Report Abuse

https://www.malaysiakini.com/news/504524

lets wait for truth to be surface

Posted by Choivo Capital > 2019-12-22 14:35 | Report Abuse

Please. You think audit partner actually really know the accounts ?

At the end of the day, the work is done by the senior in charge and the manager who has the trust of the partner.

Well, I don't claim to fully understand this business, I'm just saying the numbers don't look that good

tell me your understanding of the business then. I dont think you understand it beyond every year accounting profit go up.

Posted by JensenChin > 2019-12-22 15:46 | Report Abuse

Audit manager and audit senior does not know the entire business. The audit partner interacts with the top management and directors, not the audit manager and audit senior.

Don’t think as if you speak to one audit senior, you can assume you know the entire business.

For a start, fix your working capital calculation before even talking as if you are so intelligent and make a judgement that Serba is ‘rotten’ (malicious claim by Choivo Capital that must be penalised).

Your calculation of picking numbers as you like for owner capital calculation shows your immaturity in business.

You need to substantiate your claims in your previous post that you deleted. Otherwise, you must face the consequences before the law.

Posted by Kukuman > 2019-12-22 16:05 | Report Abuse

Wonder who is this JensenChin.. Only have 11 posts in his lifetime. Out of the blue he is so agitated about things said of the company. Utterly childish to behave so personal for things said in this space. Pity

Posted by chshzhd > 2019-12-22 16:49 | Report Abuse

i don know very much about Karim n serbadk but i would like to share this peace of article appeared in The Peak on June:
https://e-serbadk.com/wp-content/uploads/2019/08/The-Peak-Serba-Dinamik.pdf

Posted by chshzhd > 2019-12-22 16:58 | Report Abuse

n i wonder how fair it is to put sapnrg Shahril n serbadk Karim into the same category:)

Posted by chshzhd > 2019-12-22 17:21 | Report Abuse

to put Choivo Capital article in simple, actually is the doubt about whether serbadk will have cash flow problem in the future since the huge capex n acquisition. n this was concerned n mentioned before in IB reports, that is why Karim said that Serbadk will nurture all their investments at present first b4 further expansion...

Posted by shpg22 > 2019-12-22 17:31 | Report Abuse

Unless Karim is god why not? Both are human. Shahril was once a high flying CEO too.

Posted by ccy123 > 2019-12-22 17:44 | Report Abuse

That is why I also don't like serba- serba.

Posted by shpg22 > 2019-12-22 18:23 | Report Abuse

Should write another article about PESTECH. Another nonsense company with strong revenue and profit growth.

Posted by chshzhd > 2019-12-22 18:33 | Report Abuse

I don believe in god even:)

Posted by chshzhd > 2019-12-22 18:39 | Report Abuse

n i don trust karim 100% too n but i invest in serba dinamik:)

Posted by shpg22 > 2019-12-22 19:19 | Report Abuse

https://www.youtube.com/watch?v=d0FY4xRT_yo

Posted by kalteh > 2019-12-22 21:47 | Report Abuse

Is there any difference between WB definition of Owners’ earnings and Free cash flow? Both seems like the same to me based on your explanation

Posted by chshzhd > 2019-12-22 22:50 | Report Abuse

n i don know how Karim easily make kpower scib fly so high suddenly :)

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