In the latest annual report 2015, you can see that its net tangible asset is Rm 3.42 with about Rm 3.00 cash per share. Its EPS is 42 sen in financial year ending June 2015 and it is selling at about 60 sen, P/E less than 2.
Most of the investors do not believe the audited accounts is true because the company gave out very little dividend.
I believe the audited accounts because one of the founders of S J Grant Thornton is my cousin.
Xingquan is listed in Malaysia and I believe our Securities Commission can protect shareholders interest.
I visited Xingquan in Xiamen a few times and I know that it has utilized all the money it received from IPO to expand its existing factory and constructed hostels to accommodate 3000 workers.
Plus the whopping cash Rm1.50+ in their bank ac......
I know that stockraider is a shameless liar since 2017 on his posting in Hengyuan. He hid in Pudu market after the share price dropped. I made million in Hengyuan in 2017, it is one of the stocks I made the most money in my life. Never ever trusted stockraider.
A good investor never talk bad about other stock. A good investor will make money quietly. A good investor will not tell lies on any stock without facts and figures. These are my slogans.
Posted by CharlesT > 53 seconds ago | Report Abuse
Even they have a very solid EPS or cash RM1.50+ in their bank ac..... U can ask KYY to have his advice if u want to verify so. ------------- That is the problem KYY lost back all his profit I helped him to make in 2015. KYY did not do his homework well. He simply talks without facts and figures.
If u have really help uncle kyy to make so much money, he should have worshipped u mah!
Normal human nature mah!
Posted by OTB > 6 minutes ago | Report Abuse
Posted by CharlesT > 53 seconds ago | Report Abuse
Even they have a very solid EPS or cash RM1.50+ in their bank ac..... U can ask KYY to have his advice if u want to verify so. ------------- That is the problem KYY lost back all his profit I helped him to make in 2015. KYY did not do his homework well. He simply talks without facts and figures.
It seems KYY has done a lot fact finding in Xinquan.... More than Sifu Probability in HY I guess --------------- I know him more than others. I know what type of standard he is. He did not do his homework well. He depends on others. Since 2 generals left him, he has no one to depend on. Hence he lost badly in the stock market.
They already started siphoning mah....from gain of Rm 1.1b....now it is a loss of more than Rm 1.1b mah!
Do u know....more than Rm 2.2b....has just disappear ah from 2020 to 2022 todate now leh ?
Posted by Sslee > 1 minute ago | Report Abuse
Stockraider if HRC wanted to con you they can just siphon out realised fair value gain on derivative financial instruments of RM 1,124,316,000 in year 2020
Correctloh....culmulative eps of Rm 6.64 from 2017 to 2022 v div Rm 0.16 loh!
Thus just earnings from 2017 to 2022 net off dividend is Rm 6.54 per share mah! This exclude its existing nta of Rm 3.36 per share in 31-12-2016 If u include this 2016 figure.....it will be Rm 9.9 per share loh!
The current NTA of Hengyuan per share is only rm 5.25 per share mah! Compare to Rm 9.90 per share above loh!
That means Rm 9.90 minus Rm 5.25 per share = Rm 4.65 per share in which a big part of this is due to suspect siphoning from derivative in the form of derivative losses loh!
Petron reported a positive position after flowing thru its hedging losses to the P&L top line, this should be what hedging operation should be all about by smoothing out its profitability but not in hengyuan case with losses run into billions ?
But hengyuan do not loh! It keep the hedging loss as no impact to EPS loh!
If we standardised the treatment like Petron....Hengyuan will be reporting huge losses loh!
Rightfully Hedging losses should flow thru P&L mah!
Thus Hengyuan performance appear very bad compare to Petron loh!
The most danger question is the hedging instrument is completely unrelated to business hedging but it is a device instrument to siphon money from hengyuan loh!
The red flags can be seen by;
1. Many qtr of hedging losses loh! 2. Very suspicious long dated of the hedging instrument loh! 3. Extremely large hedging value has been contracted mah! 4. Extremely Huge hedging losses incurred todate loh!
If the above suspicion is proven true.....then hengyuan will eventually be worthless just like Serba loh!
Yes if this is spend on capex....this will appear in the balance sheet & the nta per share will not disappear from Rm 9.90 per share to Rm 5.25 per share now mah!
It is likely disappear due to hedging losses loh!
Posted by Sslee > 3 minutes ago | Report Abuse
Stockraider know how much Capex is needed to upgrade refinery to produce: EURO 4M Petrol EURO 5 DIESEL
Both Petron and HRC already done the Capex for upgrading and this year onward will have more cash for dividend.
The reason why HY shows large unrealized loss on Cost of hedging reserve (COHR) is because it has around 18 million barrels of refined products, e.g Gasoline crack spread that is hedged for next 24 months at 12.7 USD/brl margin.
This is the Refining Margin Swap Contract (RMSC) shown as USD 227 million (USD 12.7 crack x 18 million barrels hedged).
As per accounting rules, this hedged contract (RMSC) has to show the opportunity lost / gained presuming the current crack spread of these refined products at the end of reporting Q2 22' (30 June) persist indefinitely till all hedging contract matures (more than 24 months).
Unrealized Cost of Hedging Reserve (COHR) , loss / gain: (A-M) x V
A = hedged crack spread value, 12.7 USD/brl V = barrels volume of refined products hedged, 18 million M = Market pricing of the hedged refined product at end of reporting period (mark to market)
Since at the end of June 22', the avg crack spread of the refined products, e.g gasoline at 31.6 USD/brl, the opportunity lost for the period of hedging is
Unrealized Cost of Hedging Reserve (COHR): = (12.7 - 31.6) USD/brl x 18 million barrels = - 338 million USD or MYR 1,490,267,000
The above is what reported as (Asset 261,065,000 - Liabilities 1,751,332,000)
Out of the above a portion (which matures in 12 months) will go into 'Other comprehensive (expense)/income' reported as Cost of hedging reserve.
As a general rule, apply a 90% discount on all the China Boss's Cos.
Second, spend yr time to study the contents of the Author n try to understand n verify so.
Third, check the Author's track records.....I have seen Sifu Probability's earlier analysis in Heng Yuan 1 (2017), Lionind (Steel Party in 2018) ,I think Dayang as well (2019).....
While I cant deny his facts n figures fm his previous posts sometimes do look convincing, but the ending is all the same.
See if we shall see a different ending this round.
Last but not least, back to my first sentence (As a general rule, apply a 90% discount on all the China Boss's Cos), it's oredi being proven 100% correct in Bursa for the past 10 years.
Since there are so many unfair comparisons between Xinquan and Hengyuan, let me present to you why I know Hengyuan is not a scam.
1. About Shandong Hengyuan Petrochemical Company FYI, the parent company Shandong Hengyuan Petrochemical Company is no some shady address in China. Established in 1970, Shandong Hengyuan Petrochemical Company Limited (SHPC) is a state-owned enterprise based in Linyi County, Shandong Province, China. SPHC is one of the Top 100 Leading Enterprises in Shandong and one of the Top 500 Chinese Chemical Enterprises, achieving multiple accolades over the years
2. Board of Directors Have you counted the number of Malaysians and the total working experience of the directors of these 2 companies? FYI Hengyuan has total 6 directors including the chairman and deputy chairman, 4 of them are Malaysians. Bukan calang-calang directors, here are the profile of some of them old timers since shell: Liang Kok Siang - 35 years with Shell Malaysia, in various commercial leadership roles: • Managing Director, Shell MDS (2016)
Surinderdeep Singh Mohindar Singh - 24 years with the Shell Group of Companies, including as:
Xinquan bod have no comparison.
3. Hengyuan is not through some IPO, but acquired 51% in Dec 2016. In other words, these chinaman actually forked out money to acquire a stake.
If anyone thinks Hengyuan is a kon, why not think Shell is a kon also?
In conclusion don't simply assume ppl are kon loh! It is hurtful to both the Malaysians working there and also the chinaman who come to invest in malaysia
Why General Raider says Sifu Sslee analysis on Hengyuan is dangerous flawed ?
1. Looking at the balance sheet HRC hedging losses as at 30-6-2022 amounted to rm Rm 1,329M of this sum of losses Rm 1189m or 90% are contributed by just 6 mths of operation result for the latest 30-6-2022 Financial result loh!
2. HRC derivative outstanding liabilities todate is Rm 1,781M whereas is derivative assets is Rm 261m, meaning net derivative negative exposure is Rm 1,520M.....meaning the counter party should be able received payment of Rm 1,520M from Hengyuan, it is just like your share margin losses loh!
3. Then why counterparty did not ask for margin call , since HRC has a huge negative equity of Rm 1520M leh ? Yes the counter party did ask for margin top up and hengyuan already paid, this can be seen from other receivable & prepayment payout increases by Rm 1,542M for the 6 mths mah!
In otherwords, Hengyuan 6 mths operating cashflow b4 working capital changes should be Rm 939m, after less Rm 1542M derivative top up amounting to negative cashflow of Rm 603M mah!
The route to potential financial collapse of Hengyuan, are written all there in the Derivative mah!
Do not get into this trap loh! Despite Hengyuan generated record positive operation cash flow of Rm 939m, its negative cashflow from derivative losses is rm 1,542m ( which already payout as other prepayment} thus HRC negative cashflow is Rm 603M.
Most importantly, Hengyuan borrowing & derivative liabilities had ballooned to Rm 3285M from just Rm 705m as at 31-12-2021 which a staggering increase of Rm 2580M, just within 6 mths and of this sum Rm 1542M is due to margin top up of derivative losses in the form of prepayment mah!
Lu tau boh ? The rot of Hengyuan has intensified alot loh! Be very careful mah!
Is the non stop malicious attack on HY done in good faith? The modus operandi tell you NO!
Since June 2022, a group of Agents coordinated malicious attacks on HY with ulterior motives . The Agents have been spamming days and nights with all sorts of disinformation, half baked stories and baseless assumptions , effectively driving good stock to far lower that its fair value.
The Agents are capitalizing on the fragile market sentiment and serious lack of market liquidity to drive away whatever little buying interest and at tge same time caused fearful and weaker retailers to dump their shares at huge discounts. The modus operandi of the agents is very obvious. If you careful study the trade pattern and observe the activity within the day you shall see the trade manipulation
Are these Agents angels to safeguard you interest ? Think carefully, They are instead preying on unsuspecting retailers.
The Agents and the people behind them are now collecting cheap shares from unwary retailers .
All these Hengyuan info Raider presented is supported by fact & figures mah!
U can check it for yourself, since Raider had given direction where to Check Mah!
Lu tau boh ?
Posted by Johnzhang > 37 seconds ago | Report Abuse
Is the non stop malicious attack on HY done in good faith? The modus operandi tell you NO!
Since June 2022, a group of Agents coordinated malicious attacks on HY with ulterior motives . The Agents have been spamming days and nights with all sorts of disinformation, half baked stories and baseless assumptions , effectively driving good stock to far lower that its fair value.
The Agents are capitalizing on the fragile market sentiment and serious lack of market liquidity to drive away whatever little buying interest and at tge same time caused fearful and weaker retailers to dump their shares at huge discounts. The modus operandi of the agents is very obvious. If you careful study the trade pattern and observe the activity within the day you shall see the trade manipulation
Are these Agents angels to safeguard you interest ? Think carefully, They are instead preying on unsuspecting retailers.
The Agents and the people behind them are now collecting cheap shares from unwary retailers .
They already started siphoning mah....from gain of Rm 1.1b....now it is a loss of more than Rm 1.1b mah!
Do u know....more than Rm 2.2b....has just disappear ah from 2020 to 2022 todate now leh ? _________________________________________________ Stockraider, these are serious allegations. Since you are so confident of above repeated allegations, please file reports with MACC or Securities Commission of Malaysia. Don't chicken out eh..............
The reasons why Raider need to uncovered the hidden truth about hengyuan bcos;
1. Innocent party like Ahfah son (Now gainfully employ as Technology System Analyst} has started to be interested of Hengyuan bcos of the huge EPS of Rm 2.22 reported in Q2 mah! Just imagine a learned person like Ahfah son started to be greedy & interested n willing to accept in gambling on bad corporate governance stock like Hengyuan, what about the rest of laymen down the road leh ? Alot of damage to their financial health will be coming to these people loh!
2. Also Raider trying hard to save Sifu SSLEE from damaging his prestigious reputation by acting as a fool in promoting Hengyuan loh....! U see raider has soft spot for SSLEE, he is really kind gentleman & he is trying to do great services to the Society loh! However Hengyuan which its magic reporting & highly complicated manipulative high finance is very complicated for Sifu SSLEE (general financial knowledge) to comprehend, in addition he has been mislead by people like Probability with his droves of fake duplicated IDS followers & supporters painting a fine picture on HRC, despite its core are roting loh!
It is a relieve for General Raider to hear Sifu SSLEE has a very small exposure on Hengyuan, thus Raider suggest he completely dispose it & switch quickly to Petron for better night sleep loh!
Posted by stockraider > 2 hours ago | Report Abuse
Why General Raider says Sifu Sslee analysis on Hengyuan is dangerous flawed ?
1. Looking at the balance sheet HRC hedging losses as at 30-6-2022 amounted to rm Rm 1,329M of this sum of losses Rm 1189m or 90% are contributed by just 6 mths of operation result for the latest 30-6-2022 Financial result loh!
2. HRC derivative outstanding liabilities todate is Rm 1,781M whereas is derivative assets is Rm 261m, meaning net derivative negative exposure is Rm 1,520M.....meaning the counter party should be able received payment of Rm 1,520M from Hengyuan, it is just like your share margin losses loh!
3. Then why counterparty did not ask for margin call , since HRC has a huge negative equity of Rm 1520M leh ? Yes the counter party did ask for margin top up and hengyuan already paid, this can be seen from other receivable & prepayment payout increases by Rm 1,542M for the 6 mths mah!
In otherwords, Hengyuan 6 mths operating cashflow b4 working capital changes should be Rm 939m, after less Rm 1542M derivative top up amounting to negative cashflow of Rm 603M mah!
The route to potential financial collapse of Hengyuan, are written all there in the Derivative mah!
Do not get into this trap loh! Despite Hengyuan generated record positive operation cash flow of Rm 939m, its negative cashflow from derivative losses is rm 1,542m ( which already payout as other prepayment} thus HRC negative cashflow is Rm 603M.
Most importantly, Hengyuan borrowing & derivative liabilities had ballooned to Rm 3285M from just Rm 705m as at 31-12-2021 which a staggering increase of Rm 2580M, just within 6 mths and of this sum Rm 1542M is due to margin top up of derivative losses in the form of prepayment mah!
Lu tau boh ? The rot of Hengyuan has intensified alot loh! Be very careful mah!
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Posted by tehka > 2022-09-03 11:28 | Report Abuse
In 2017, stockraider cone out all the Ah Fah Ah Moi, pudu vegetable seller story to goreng the stock. No talk about any Chinaman kon story