Posted by deMusangkings > 2022-09-10 14:07 | Report Abuse

I demusangKing alot of wisdom . I Ti uuuu my own mother. I FCUK my mother everyday.
deMusangking family will ham ka cha rn if he fcuk his mother everyday as god say it is wrong.

Posted by probability > 2022-09-10 14:17 | Report Abuse

@stockwin, in my opinion the likely strongest factor are the below two:

1) Majority - the greater market do not understand Cash Flow Hedge and Cost of hedging reserve as reported for a refinery who does refining margin swap contract under IFRS 9. These are forecasted derivative loss against mark-to-market margin in future as of 30th June.

Of course the market margin (in futures) as of end June 22 is extraordinarily high and thus you expect high hedging losses for gasoline going forward. But this over-turns completely when gasoline margin dives by end of July...


2) Market has a wrong perception on refining margin by linking the recent dive in Gasoline crack spread (before Q2 results) with HY complex refinery margin thats largely contributed by Diesel & Jet fuel


Posted by stockwin > Sep 10, 2022 12:18 PM | Report Abuse

Why is Hengyuan head south despite an explosive set of Q2 2022 result?
Imagine an EPS of RM222.49 per quarter and yet the share price tank instead of going limit up! I believe the reasons for the dismal share performance are :
1. The investing public are not convinced of the sustainability of its profit.
2. The monster RM1 Billion "other comprehensive Income /expense " item in the P&L which very few understand and very difficult to be convinced.
3. The worry in the investors mind is that the Q3 2022 PAT could be RM3, but the monster in 2 above could swell to RM2 billion? At end of the day the high EPS might not be enough to cover the monster item in 2 above.
4. No IB wants to touch the stock. Not even one is covering the stock now !
5. I am told we have sifu here who is a remisier is unable to convinced his own broking house to cover the stock. How is he going to convinced others to buy this Gem ??
6. The promoters are arguing with a wall of non believers who have differing views and seems to have different agenda.
7. The company is not interested to engage the shareholders and the investor relationship department is non existence.
8. To be fair , the overall market is shitty, and any good stock also face some kind of selling pressure.
Perhaps it is a blessing in disguise for the believers and knowledgeable to collect at cheaper prices and wait for another explosive set of result? Hopefully Q3 2022 PAT will silent all critics ? Meanwhile , hang on to the stock until end of November for a happy 2023.

Posted by $$ BUYSELL $$ > 2022-09-10 14:22 | Report Abuse

dont over trade.

Posted by Phoebe > 2022-09-10 14:31 | Report Abuse

Give a like to point 4 & 5. I also wonder the same and wonder which remisier sifu is this.

Posted by stockraider > 2022-09-10 14:36 | Report Abuse

Sslee,

Why u so unpanlai one leh ??

Analogy in your layman term....if u bought into 3 million of insas at rm 1.00 as u think it is worth rm 3.00...and u plan to hold it for 2 yrs...but u have unrealized losses of rm 600k bcos current insas mkt price is only rm 0.80...it is not a concern todate, when u have mark to mkt losses of rm 600k leh ?
U may think u holding & did not sell insas thus no losses...but u still your overall wealth drop by rm 600k but if u use margin...they maybe a margin call on u loh , the same applies to hengyuan why its overall nta drop....bcos of its unrealized losses of rm 1.3b despite hengyuan reporting a strong eps of rm 2.20 per share in q2 loh ?

Your question 2 is a mystery to me....how can u claim your refining margin is usd 25 to 30, when your current crack spread is only from usd 2 to 5 leh ? How did u derive this high margin USD 25 margin....is it a guesstimate or from management disclosure leh ?

To add another dimension Q3, hengyuan will have operations inventory losses of roughly USD 10 per barrel, as its inventory crude prices has fallen from USD 105 in June to about USD 85 in SEPT mah!

Posted by Sslee > 1 hour ago | Report Abuse

Stockraider,
Can you slow down, keep your mouth shut and put on your thinking cap for a while to answer my 2 layman questions below:

If you hedge the refining margin at USD 12 - 20 per barrel from month july onward till maybe beyond 2022 up to 2023

So when Q2 end 30/06/2022 the spot month and future month refining margin is now at USD 30 - 25 per barrel.

How you going to capture this unrealised loss in your Q2 account?

Is this unrealised loss a great concerned?

Posted by Jerichomy > 2022-09-10 14:44 |

Post removed.Why?

Posted by Jerichomy > 2022-09-10 14:45 |

Post removed.Why?

Posted by Jerichomy > 2022-09-10 14:46 |

Post removed.Why?

Posted by Aseng > 2022-09-10 15:14 | Report Abuse

Probability, I do not what is going on here . I was attracted by the calculated earning 222 per share, but I am perlexed by the unrealized hedging loss of 360 sen per share. can you kindly clarify in a layman language how is the hedging gain/loss can be ignored totally to evaluate the earning potential of hengyuan. it is unfair for the readers to be mislead or misinformed by a good earning with a big paper loss . thank you

Posted by Jerichomy > 2022-09-10 15:24 | Report Abuse

Aseng, you are panai ler

Aseng
Probability, I do not what is going on here . I was attracted by the calculated earning 222 per share, but I am perlexed by the unrealized hedging loss of 360 sen per share. can you kindly clarify in a layman language how is the hedging gain/loss can be ignored totally to evaluate the earning potential of hengyuan. it is unfair for the readers to be mislead or misinformed by a good earning with a big paper loss . thank you
8 minutes ago

Posted by ProbebilityDie > 2022-09-10 15:33 | Report Abuse

@probabilityDie
I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us.
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother.
I Income @ Income i 3 forum is Jealous and an enemy of Sifu OTB and is spamming to make people believe.
I was paid by Income .
Income also allow me to FCUK his mother.

Posted by ProbebilityDie > 2022-09-10 15:33 | Report Abuse

@probabilityDie
I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us.
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother.
I Income @ Income i 3 forum is Jealous and an enemy of Sifu OTB and is spamming to make people believe.
I was paid by Income .
Income also allow me to FCUK his mother.

Posted by ProbebilityDie > 2022-09-10 15:33 | Report Abuse

@probabilityDie
I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us.
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother.
I Income @ Income i 3 forum is Jealous and an enemy of Sifu OTB and is spamming to make people believe.
I was paid by Income .
Income also allow me to FCUK his mother.

Posted by ProbebilityDie > 2022-09-10 15:33 | Report Abuse

@probabilityDie
I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us.
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother.
I Income @ Income i 3 forum is Jealous and an enemy of Sifu OTB and is spamming to make people believe.
I was paid by Income .
Income also allow me to FCUK his mother.

Posted by ProbebilityDie > 2022-09-10 15:34 | Report Abuse

@probabilityDie
I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us.
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother.
I Income @ Income i 3 forum is Jealous and an enemy of Sifu OTB and is spamming to make people believe.
I was paid by Income .
Income also allow me to FCUK his mother.

Posted by ProbabilityDieDie > 2022-09-10 15:34 | Report Abuse

@probabilityDie

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us.
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother.
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB.
You don’t follow my boss OTB order. Then you die already alone.
You go and ask my boss OTB if you not believe me.
OTB my boss pays me a lot of money. So I still need to spamming here i3.

Posted by ProbebilityDie > 2022-09-10 15:34 | Report Abuse

ahmed bahadul
@probabilityDie
I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us.
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother.
I Income @ Income i 3 forum is Jealous and an enemy of Sifu OTB and is spamming to make people believe.
I was paid by Income .
Income also allow me to FCUK his mother.

Posted by ProbabilityDieDie > 2022-09-10 15:34 | Report Abuse

@probabilityDie

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us.
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother.
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB.
You don’t follow my boss OTB order. Then you die already alone.
You go and ask my boss OTB if you not believe me.
OTB my boss pays me a lot of money. So I still need to spamming here i3.

Posted by ProbebilityDie > 2022-09-10 15:34 | Report Abuse

ahmed bahadul
@probabilityDie
I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us.
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother.
I Income @ Income i 3 forum is Jealous and an enemy of Sifu OTB and is spamming to make people believe.
I was paid by Income .
Income also allow me to FCUK his mother.

Posted by ProbabilityDieDie > 2022-09-10 15:34 | Report Abuse

@probabilityDie

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us.
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother.
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB.
You don’t follow my boss OTB order. Then you die already alone.
You go and ask my boss OTB if you not believe me.
OTB my boss pays me a lot of money. So I still need to spamming here i3.

Posted by ProbebilityDie > 2022-09-10 15:34 | Report Abuse

ahmed bahadul
@probabilityDie
I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us.
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother.
I Income @ Income i 3 forum is Jealous and an enemy of Sifu OTB and is spamming to make people believe.
I was paid by Income .
Income also allow me to FCUK his mother.

Posted by ProbabilityDieDie > 2022-09-10 15:34 | Report Abuse

@probabilityDie

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us.
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother.
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB.
You don’t follow my boss OTB order. Then you die already alone.
You go and ask my boss OTB if you not believe me.
OTB my boss pays me a lot of money. So I still need to spamming here i3.

Posted by ProbabilityDieDie > 2022-09-10 15:35 | Report Abuse

@probabilityDie

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us.
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother.
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB.
You don’t follow my boss OTB order. Then you die already alone.
You go and ask my boss OTB if you not believe me.
OTB my boss pays me a lot of money. So I still need to spamming here i3.

Posted by ProbabilityDieDie > 2022-09-10 15:35 | Report Abuse

@probabilityDie

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us.
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother.
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB.
You don’t follow my boss OTB order. Then you die already alone.
You go and ask my boss OTB if you not believe me.
OTB my boss pays me a lot of money. So I still need to spamming here i3.

Posted by ProbabilityDieDie > 2022-09-10 15:35 | Report Abuse

@probabilityDie

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us.
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother.
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB.
You don’t follow my boss OTB order. Then you die already alone.
You go and ask my boss OTB if you not believe me.
OTB my boss pays me a lot of money. So I still need to spamming here i3.

Posted by ProbabilityDieDie > 2022-09-10 15:35 | Report Abuse

@probabilityDie

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us.
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother.
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB.
You don’t follow my boss OTB order. Then you die already alone.
You go and ask my boss OTB if you not believe me.
OTB my boss pays me a lot of money. So I still need to spamming here i3.

Posted by Aseng > 2022-09-10 15:41 | Report Abuse

Jerichchomy: ...... 2. The monster RM1 Billion "other comprehensive Income /expense " item in the P&L which very few understand and very difficult to be convinced.
3. The worry in the investors mind is that the Q3 2022 PAT could be RM3, but the monster in 2 above could swell to RM2 billion? At end of the day the high EPS might not be enough to cover the monster item in 2 above."

can Hengyuan survive without the hedging ? why it is ignored in the EPS calculation ? paper loss is not real but who can guarantee it will turn into a gain in the next quarter ? This is exactly the reason why we do not feel comfortable to put our money here .

Posted by Zhuge_Liang > 2022-09-10 15:47 |

Post removed.Why?

Posted by Jerichomy > 2022-09-10 15:48 | Report Abuse

Really later become like AYS and Hiap Teck.

You bayar ganti rugi to me

tehka
Minimum to hold until 28 Feb next year or later to win big
14 minutes ago

Posted by Jerichomy > 2022-09-10 15:54 |

Post removed.Why?

Posted by Zhuge_Liang > 2022-09-10 15:54 |

Post removed.Why?

Posted by ProbebilityDieDieDie > 2022-09-10 15:55 | Report Abuse

probabilityDie 

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us. 
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother. 
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB. 
You don’t follow my boss OTB order. Then you die already alone. 
You go and ask my boss OTB if you not believe me. 
OTB my boss pays me a lot of money. So I still need to spamming here i3. 

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY Income @ Income. 
all the misunderstanding started when Income tried to get some tips from sifu OTB.When OTB disagree , Income offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income to go to a temple and pray and dont do bad things. 
So now all of you know who this Income is.

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY by Zhuge_Liang. @Zhuge_Liang
all the misunderstanding started when Income and Zhuge_Liang tried to get some tips from sifu OTB.When OTB disagree , Income and Zhuge_Liang offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income and Zhuge_Liang to go to a temple and pray and dont do bad things. 
So now all of you know who this Income and Zhuge_Liang is.

Post a Comment 
olih mahbob boss

Posted by ProbebilityDieDieDie > 2022-09-10 15:55 | Report Abuse

probabilityDie 


I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us. 
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother. 
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB. 
You don’t follow my boss OTB order. Then you die already alone. 
You go and ask my boss OTB if you not believe me. 
OTB my boss pays me a lot of money. So I still need to spamming here i3. 

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY Income @ Income. 
all the misunderstanding started when Income tried to get some tips from sifu OTB.When OTB disagree , Income offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income to go to a temple and pray and dont do bad things. 
So now all of you know who this Income is.

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY by Zhuge_Liang. @Zhuge_Liang
all the misunderstanding started when Income and Zhuge_Liang tried to get some tips from sifu OTB.When OTB disagree , Income and Zhuge_Liang offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income and Zhuge_Liang to go to a temple and pray and dont do bad things. 
So now all of you know who this Income and Zhuge_Liang is.

Post a Comment 
olih mahbob boss

Posted by ProbebilityDieDieDie > 2022-09-10 15:55 | Report Abuse

probabilityDie 


I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us. 
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother. 
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB. 
You don’t follow my boss OTB order. Then you die already alone. 
You go and ask my boss OTB if you not believe me. 
OTB my boss pays me a lot of money. So I still need to spamming here i3. 

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY Income @ Income. 
all the misunderstanding started when Income tried to get some tips from sifu OTB.When OTB disagree , Income offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income to go to a temple and pray and dont do bad things. 
So now all of you know who this Income is.

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY by Zhuge_Liang. @Zhuge_Liang
all the misunderstanding started when Income and Zhuge_Liang tried to get some tips from sifu OTB.When OTB disagree , Income and Zhuge_Liang offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income and Zhuge_Liang to go to a temple and pray and dont do bad things. 
So now all of you know who this Income and Zhuge_Liang is.

Post a Comment 
olih mahbob boss

Posted by ProbebilityDieDieDie > 2022-09-10 15:55 | Report Abuse

probabilityDie 

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us. 
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother. 
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB. 
You don’t follow my boss OTB order. Then you die already alone. 
You go and ask my boss OTB if you not believe me. 
OTB my boss pays me a lot of money. So I still need to spamming here i3. 

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY Income @ Income. 
all the misunderstanding started when Income tried to get some tips from sifu OTB.When OTB disagree , Income offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income to go to a temple and pray and dont do bad things. 
So now all of you know who this Income is.

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY by Zhuge_Liang. @Zhuge_Liang
all the misunderstanding started when Income and Zhuge_Liang tried to get some tips from sifu OTB.When OTB disagree , Income and Zhuge_Liang offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income and Zhuge_Liang to go to a temple and pray and dont do bad things. 
So now all of you know who this Income and Zhuge_Liang is.

Post a Comment 
olih mahbob boss

Posted by ProbebilityDieDieDie > 2022-09-10 15:56 | Report Abuse

probabilityDie 


I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us. 
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother. 
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB. 
You don’t follow my boss OTB order. Then you die already alone. 
You go and ask my boss OTB if you not believe me. 
OTB my boss pays me a lot of money. So I still need to spamming here i3. 

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY Income @ Income. 
all the misunderstanding started when Income tried to get some tips from sifu OTB.When OTB disagree , Income offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income to go to a temple and pray and dont do bad things. 
So now all of you know who this Income is.

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY by Zhuge_Liang. @Zhuge_Liang
all the misunderstanding started when Income and Zhuge_Liang tried to get some tips from sifu OTB.When OTB disagree , Income and Zhuge_Liang offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income and Zhuge_Liang to go to a temple and pray and dont do bad things. 
So now all of you know who this Income and Zhuge_Liang is.

Post a Comment 
olih mahbob boss

Posted by ProbebilityDieDieDie > 2022-09-10 15:56 | Report Abuse

probabilityDie 


I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us. 
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother. 
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB. 
You don’t follow my boss OTB order. Then you die already alone. 
You go and ask my boss OTB if you not believe me. 
OTB my boss pays me a lot of money. So I still need to spamming here i3. 

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY Income @ Income. 
all the misunderstanding started when Income tried to get some tips from sifu OTB.When OTB disagree , Income offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income to go to a temple and pray and dont do bad things. 
So now all of you know who this Income is.

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY by Zhuge_Liang. @Zhuge_Liang
all the misunderstanding started when Income and Zhuge_Liang tried to get some tips from sifu OTB.When OTB disagree , Income and Zhuge_Liang offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income and Zhuge_Liang to go to a temple and pray and dont do bad things. 
So now all of you know who this Income and Zhuge_Liang is.

Post a Comment 
olih mahbob boss

Posted by ProbebilityDieDieDie > 2022-09-10 15:56 | Report Abuse

probabilityDie 

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us. 
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother. 
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB. 
You don’t follow my boss OTB order. Then you die already alone. 
You go and ask my boss OTB if you not believe me. 
OTB my boss pays me a lot of money. So I still need to spamming here i3. 

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY Income @ Income. 
all the misunderstanding started when Income tried to get some tips from sifu OTB.When OTB disagree , Income offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income to go to a temple and pray and dont do bad things. 
So now all of you know who this Income is.

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY by Zhuge_Liang. @Zhuge_Liang
all the misunderstanding started when Income and Zhuge_Liang tried to get some tips from sifu OTB.When OTB disagree , Income and Zhuge_Liang offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income and Zhuge_Liang to go to a temple and pray and dont do bad things. 
So now all of you know who this Income and Zhuge_Liang is.

Post a Comment 
olih mahbob boss

Posted by ProbebilityDieDieDie > 2022-09-10 15:57 | Report Abuse

probabilityDie 

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us. 
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother. 
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB. 
You don’t follow my boss OTB order. Then you die already alone. 
You go and ask my boss OTB if you not believe me. 
OTB my boss pays me a lot of money. So I still need to spamming here i3. 

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY Income @ Income. 
all the misunderstanding started when Income tried to get some tips from sifu OTB.When OTB disagree , Income offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income to go to a temple and pray and dont do bad things. 
So now all of you know who this Income is.

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY by Zhuge_Liang. @Zhuge_Liang
all the misunderstanding started when Income and Zhuge_Liang tried to get some tips from sifu OTB.When OTB disagree , Income and Zhuge_Liang offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income and Zhuge_Liang to go to a temple and pray and dont do bad things. 
So now all of you know who this Income and Zhuge_Liang is.

Post a Comment 
olih mahbob boss

Posted by probability > 2022-09-10 16:04 | Report Abuse

@Aseng,

the below is simplified description for your current reading, i will try to put in even more simpler wordings and post later.

These losses you are seeing in simple terms are just like fair value gain or losses of an asset but it purely shows the change in its value without considering the value of the asset.

These asset HY deals with is not like ordinary property but, hedged margin in futures (with distributed maturity) which is utilized along with physical market sales & purchase transaction in parallel.

Hengyuan had hedged 18 million barrels at avg 12.7 USD/brl refining margin to be effected as it matures at the rate of 0.8 million barrels per month. This is mainly for gasoline.

This is indicated by the Refining margin Swap contract (RMSC) of USS 226 million as can be seen on their financial report.

USD 226 million = USD 18 million x USD 12.7/brl

The fair value changes with respect to the hedged value are reflected under Other Comprehensive Income (OCI) using Cash flow Hedge and Cost of hedging reserve as per IFRS 9:

These are basically forecasted derivative loss against mark-to-market margin in future as of 30th June.
....................

Since the market margin (in futures) as of 30 June 22 was extraordinarily high at $ 32/brl. The expected hedging losses for gasoline going forward was high and reported accordingly.

Hedging loss:

(hedged margin - spot margin) x hedged barrels

= (12.7 USD/brl - avg 32 USD/brl) x 18 million barrels
= - USD 347 million
= - 1.5 Billion MYR

This is not a real loss, but expected 'ópportunity loss' due to hedging and thats why it is not reported in P&L.

The above forecasted losses when occurs in future, it is accompanied by greater gross margin where after offsetting these losses, it will deliver the profit margin in P&L as per the original hedge value of 12.7 USD/brl

As such, these forecasted loss done at end of each financial report would over-turn completely when gasoline margin dives down..

Refer below link which is presently showing $ 5.2/brl in Sep 2022 to $ 4.3 /brl in Dec 2023.

At end of June it was showing avg $ 32/brl

www.cmegroup.com/markets/energy/refined-products/singapore-mogas-92-un...

At end of Sept 22' (for Q3), if the spot margin value above maintains, you have

Hedging gain:

= (12.7 USD/brl - avg 4.5 USD/brl) x 18 million barrels
= USD 147 million
= 650 million MYR


Posted by Aseng > Sep 10, 2022 3:14 PM | Report Abuse

Probability, I do not what is going on here . I was attracted by the calculated earning 222 per share, but I am perlexed by the unrealized hedging loss of 360 sen per share. can you kindly clarify in a layman language how is the hedging gain/loss can be ignored totally to evaluate the earning potential of hengyuan. it is unfair for the readers to be mislead or misinformed by a good earning with a big paper loss . thank you

Posted by Aseng > 2022-09-10 16:08 | Report Abuse

Thank you very much Zhuge-liang,
you have explained how the high crack spread brings more income . this is not difficult to understand .
but , I believe most of the readers here are more interested to know how the unrealised losses are will eventually become zero. do you mind to explain further how the hedging mechanism of hengyuan work to protrect the income so that it is truly not a thing that a rational investor should worry about . thank you

Posted by probability > 2022-09-10 16:11 | Report Abuse

@aseng,
the forecasted losses or gain becomes zero at the end of maturity, because the hedged barrels remaining becomes zero (utilized - already accounted in P&L) by end of maturity.

Posted by Aseng > 2022-09-10 16:11 | Report Abuse

thank you very much probability ,

I will try my best to understand what you said and learn a new thing

Posted by ProbobalityDieDieDie > 2022-09-10 16:17 | Report Abuse

ProbebilityDieDieDie 

probabilityDie 

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us. 
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother. 
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB. 
You don’t follow my boss OTB order. Then you die already alone. 
You go and ask my boss OTB if you not believe me. 
OTB my boss pays me a lot of money. So I still need to spamming here i3. 

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY Income @ Income. 
all the misunderstanding started when Income tried to get some tips from sifu OTB.When OTB disagree , Income offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income to go to a temple and pray and dont do bad things. 
So now all of you know who this Income is. 


ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY by Zhuge_Liang and Aseng. @Zhuge_Liang and Aseng. 
all the misunderstanding started when Income and Zhuge_Liang and Aseng tried to get some tips from sifu OTB. When OTB disagree , Income and Zhuge_Liang and Aseng offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income and Zhuge_Liang and Aseng to go to a temple and pray and dont do bad things. 
So now all of you know who this Income and Zhuge_Liang and Aseng is.

Post a Comment 
olih mahbob boss 

1 minute ago 


probability 
@Income
@Zhuge_Liang
@Aseng,

Posted by ProbobalityDieDieDie > 2022-09-10 16:17 | Report Abuse

ProbebilityDieDieDie 

probabilityDie 

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us. 
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother. 
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB. 
You don’t follow my boss OTB order. Then you die already alone. 
You go and ask my boss OTB if you not believe me. 
OTB my boss pays me a lot of money. So I still need to spamming here i3. 

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY Income @ Income. 
all the misunderstanding started when Income tried to get some tips from sifu OTB.When OTB disagree , Income offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income to go to a temple and pray and dont do bad things. 
So now all of you know who this Income is.

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY by Zhuge_Liang and Aseng. @Zhuge_Liang and Aseng. 
all the misunderstanding started when Income and Zhuge_Liang and Aseng tried to get some tips from sifu OTB. When OTB disagree , Income and Zhuge_Liang and Aseng offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income and Zhuge_Liang and Aseng to go to a temple and pray and dont do bad things. 
So now all of you know who this Income and Zhuge_Liang and Aseng is.

Post a Comment 
olih mahbob boss 

1 minute ago 


probability 
@Income
@Zhuge_Liang
@Aseng,

Posted by ProbobalityDieDieDie > 2022-09-10 16:18 | Report Abuse

ProbebilityDieDieDie 

probabilityDie 

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us. 
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother. 
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB. 
You don’t follow my boss OTB order. Then you die already alone. 
You go and ask my boss OTB if you not believe me. 
OTB my boss pays me a lot of money. So I still need to spamming here i3. 

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY Income @ Income. 
all the misunderstanding started when Income tried to get some tips from sifu OTB.When OTB disagree , Income offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income to go to a temple and pray and dont do bad things. 
So now all of you know who this Income is.

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY by Zhuge_Liang and Aseng. @Zhuge_Liang and Aseng. 
all the misunderstanding started when Income and Zhuge_Liang and Aseng tried to get some tips from sifu OTB. When OTB disagree , Income and Zhuge_Liang and Aseng offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income and Zhuge_Liang and Aseng to go to a temple and pray and dont do bad things. 
So now all of you know who this Income and Zhuge_Liang and Aseng is.

Post a Comment 
olih mahbob boss 

1 minute ago 


probability 
@Income @Zhuge_Liang
@Aseng,

Posted by ProbobalityDieDieDie > 2022-09-10 16:18 | Report Abuse

ProbebilityDieDieDie 

probabilityDie 

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us. 
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother. 
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB. 
You don’t follow my boss OTB order. Then you die already alone. 
You go and ask my boss OTB if you not believe me. 
OTB my boss pays me a lot of money. So I still need to spamming here i3. 

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY Income @ Income. 
all the misunderstanding started when Income tried to get some tips from sifu OTB.When OTB disagree , Income offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income to go to a temple and pray and dont do bad things. 
So now all of you know who this Income is.

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY by Zhuge_Liang and Aseng. @Zhuge_Liang and Aseng. 
all the misunderstanding started when Income and Zhuge_Liang and Aseng tried to get some tips from sifu OTB. When OTB disagree , Income and Zhuge_Liang and Aseng offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income and Zhuge_Liang and Aseng to go to a temple and pray and dont do bad things. 
So now all of you know who this Income and Zhuge_Liang and Aseng is.

Post a Comment 
olih mahbob boss 

1 minute ago 


probability 
@Income@Zhuge_Liang
@Aseng,

Posted by ProbobalityDieDieDie > 2022-09-10 16:18 | Report Abuse

ProbebilityDieDieDie 

probabilityDie 

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us. 
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother. 
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB. 
You don’t follow my boss OTB order. Then you die already alone. 
You go and ask my boss OTB if you not believe me. 
OTB my boss pays me a lot of money. So I still need to spamming here i3. 

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY Income @ Income. 
all the misunderstanding started when Income tried to get some tips from sifu OTB.When OTB disagree , Income offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income to go to a temple and pray and dont do bad things. 
So now all of you know who this Income is.

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY by Zhuge_Liang and Aseng. @Zhuge_Liang and Aseng. 
all the misunderstanding started when Income and Zhuge_Liang and Aseng tried to get some tips from sifu OTB. When OTB disagree , Income and Zhuge_Liang and Aseng offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income and Zhuge_Liang and Aseng to go to a temple and pray and dont do bad things. 
So now all of you know who this Income and Zhuge_Liang and Aseng is.

Post a Comment 
olih mahbob boss 

1 minute ago 


probability 
@Income@Zhuge_Liang
@Aseng,

Posted by ProbobalityDieDieDie > 2022-09-10 16:19 | Report Abuse

ProbebilityDieDieDie 

probabilityDie 

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us. 
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother. 
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB. 
You don’t follow my boss OTB order. Then you die already alone. 
You go and ask my boss OTB if you not believe me. 
OTB my boss pays me a lot of money. So I still need to spamming here i3. 

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY Income @ Income. 
all the misunderstanding started when Income tried to get some tips from sifu OTB.When OTB disagree , Income offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income to go to a temple and pray and dont do bad things. 
So now all of you know who this Income is.

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY by Zhuge_Liang and Aseng. @Zhuge_Liang and Aseng. 
all the misunderstanding started when Income and Zhuge_Liang and Aseng tried to get some tips from sifu OTB. When OTB disagree , Income and Zhuge_Liang and Aseng offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income and Zhuge_Liang and Aseng to go to a temple and pray and dont do bad things. 
So now all of you know who this Income and Zhuge_Liang and Aseng is.

Post a Comment 
olih mahbob boss 

1 minute ago 


probability 
@Income@Zhuge_Liang
@Aseng,

Posted by ProbobalityDieDieDie > 2022-09-10 16:19 | Report Abuse

ProbebilityDieDieDie 

probabilityDie 

I Mahbob Rehman an ex professor from Dhaka University 100 % asked you stop posting. We want to tiuu uuu people. Probability you don’t have to block us. 
I Probability FCUK my Mother this morning. My father was very angry and he slashed my mother with a KNIFE. As a coward I ran away. 
My father later HANG ED HIMSELF. 
I Probability regretted FCUKING my own mother. 
My boss OTB asked me to spamming you. I need to obey or else I can’t receive my salary from boss OTB. 
You don’t follow my boss OTB order. Then you die already alone. 
You go and ask my boss OTB if you not believe me. 
OTB my boss pays me a lot of money. So I still need to spamming here i3. 

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY Income @ Income. 
all the misunderstanding started when Income tried to get some tips from sifu OTB.When OTB disagree , Income offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income to go to a temple and pray and dont do bad things. 
So now all of you know who this Income is.

ALL THE ABOVE FAKE REPOSTINGS ARE DONE BY by Zhuge_Liang and Aseng. @Zhuge_Liang and Aseng. 
all the misunderstanding started when Income and Zhuge_Liang and Aseng tried to get some tips from sifu OTB. When OTB disagree , Income and Zhuge_Liang and Aseng offer his mother to sleep with OTB. Being a holy person and a gentlement OTB tell Income and Zhuge_Liang and Aseng to go to a temple and pray and dont do bad things. 
So now all of you know who this Income and Zhuge_Liang and Aseng is.

Post a Comment 
olih mahbob boss 

1 minute ago 


probability 
@Income@Zhuge_Liang
@Aseng,