Posted by The One > 2015-04-30 16:14 | Report Abuse

Calvin.. UEMS? Looks like a good price to enter.. :)

Posted by calvintaneng > 2015-04-30 16:17 | Report Abuse

UEMS is good but Mulpha is even better

Mulpha's bungalows sold like hot cakes between Rm2.8 million and Rm4.4 millions

Leisure Farm lands book Value at only RM8.40 per sq ft

Posted by The One > 2015-04-30 16:29 | Report Abuse

Hmm.. got to choose.. so I go wif UEMS.. :)

Posted by smartguy > 2015-04-30 16:38 | Report Abuse

there will be an announcement pertaining to the release of AFS after 5pm.TQ

Posted by Johnnys > 2015-04-30 16:43 | Report Abuse

Sell ur kids, house, wife everything and go buy, if you say so.

Posted by sheep > 2015-04-30 16:48 | Report Abuse

they couldn't submit on time, will try to submit before 12 May...happy Labour day...

Posted by Johnnys > 2015-04-30 18:43 | Report Abuse

delay to end of June, what the hell.

Posted by weng77 > 2015-04-30 19:00 | Report Abuse

Further to our announcement, we wish to clarify that the reason for the delay in the completion of the audit in relation to the financial year ended 31 December 2014 (“FYE 2014”) and the release of the audited financial for FYE 2014 (“AFS”) is that the Board of Directors of the Company (“Board”) has, on 29 April 2015, been informed by Messrs Nexia SSY, the External Auditors of the Company that they are not able to express an opinion on the financial statements of the Company for FYE 2014 due to various issues raised by the External Auditors to the Audit Committee and the Board on 27 April 2015. The issues pertain to the classification, description and recoverability of various transactions carried out by the Company in FYE 2014, which were only made known by the External Auditors to the Audit Committee and the Board on 27 April 2015.

As such, the Board has taken the initiative to engage UHY Advisory (KL) Sdn Bhd (“Special Auditors”) to conduct an independent and comprehensive review of the issues raised by the External Auditors in order to facilitate the External Auditors’ provision of an opinion on the financial statements of the Company for FYE 2014 (“Special Review”). The Special Review is expected to be completed in six (6) weeks. The Board will be making an application to Bursa Malaysia Securities Berhad to seek an extension of time up to 30 June 2015 to issue the AFS 2014.

Posted by weng77 > 2015-04-30 19:01 | Report Abuse

Summary :

Messrs Nexia SSY, the External Auditors of the Company that they are not able to express an opinion on the financial statements of the Company for FYE 2014.

Masteel is engaged UHY Advisory (KL) Sdn Bhd (“Special Auditors”) to conduct an independent and comprehensive review of the issues raised by the External Auditors in order to facilitate the External Auditors’ provision of an opinion on the financial statements of the Company for FYE 2014 (“Special Review”).

Posted by Brian Ooi > 2015-04-30 19:40 | Report Abuse

masteel not suspend?

Posted by Howard Tan Jin How > 2015-04-30 19:53 | Report Abuse

Yeahhhj

Posted by legend > 2015-04-30 19:55 | Report Abuse

ramai sudah kena trap ini hari...

Posted by The One > 2015-04-30 20:31 | Report Abuse

As I mentioned already.. thats what the Kpmg accountant told me and thats why I exited with just a few Ks profit. Gudluck everyone. Next week may catch a fallin' knife again..

Posted by Lim Ker Ming > 2015-04-30 21:58 | Report Abuse

price will drop next week?

Posted by Alex Chan > 2015-05-01 08:19 | Report Abuse

Shit happens!
Looks like suspension imminent
If everybody gets an extension, Bursa might be ineffective

Posted by Alex Chan > 2015-05-01 08:21 | Report Abuse

Some more until June...
Very very big hole cover up
Don't think the profit figure is genuine

Posted by weng77 > 2015-05-01 09:14 | Report Abuse

FYI..

is a Disclaimer of opinion not Adverse opinion

Adverse opinion represents the most serious type of nonstandard audit report.

http://www.oag.govt.nz/2007/cg-2005-06/part4

Disclaimer of opinion

4.113
A disclaimer of opinion is expressed when the possible effect of a limitation in the scope of the auditor's examination is so material or pervasive that the auditor has not been able to obtain sufficient evidence to support, and accordingly is unable to express, an opinion on the financial report.

The issues pertain to the classification, description and recoverability of various transactions carried out by the Company - could be related to debt recovery. IMO

Most likely, Tuesday, they will issues a statement to clarify the issues before market open.

Posted by calvintaneng > 2015-05-01 10:09 | Report Abuse

Good morning,

Weng77,

Thanks for posting the link to Nz aog. govt webside.

It's a good surprise to see their laws over there.

Under the topic "Te Awara Maori Trust Board"

The Assets & Investment Properties Are Required by Law to be Revalued Every 5 Years. Wow! I really wish that Bursa Implement COMPULSORY REVALUATION OF ALL REAL ESTATES IN LANDS, HOUSES, SHOPS, FACTORIES, RESORTS, HOTELS & MALLS EVERY 5 YEARS For All Listed Companies in KLSE.

For Some Companies like Bj Corp, MUI BERHAD, MULPHA, MP CORP, KECK SENG, UEMS, AND KARAMBUNAI Their Assets Have Been Left at Old Prices of Ancient Times.

Brian Ooi,

I think there is a possibility Masteel might be temporary suspended like MP Corp which also failed to provide Audited Reports on time.

The crux of the problem boils down to this phrase "Recoverability of various transactions".

Things are not that bad after all. It is not Masteel being unable to pay Bank Loans like MP Corp but Not Being Clear or Able to Recover Debts. Even MP Corp is only in PN17 but not delisted. So Masteel still stands a good chance after this hiccup is over.

Since Masteel did not fall to 55 cents I did not add some more. I have sold some into strength instead as I expected it to go even cheaper.

This is not a stock for faint hearted. You must be prepared to hold longer term to see better days after this. If you still want to buy you can only dribble & dribble your purchases in small nibbling lots on the way down. And always diversify your investments into a basket of value shares.

Value shares?

Our friend KcChongNz has posted excellent articles on Value Shares.
Go and read up.

Posted by ks55 > 2015-05-01 10:25 | Report Abuse

Transmile accounts cheat, Fountain accounts cheat, Enron accounts cheat, now I have reason to believe Masteel account going to be a cheat too.

All accounts for red chips listed in Bursa Malaysia can't be trusted.

Too many company directors are not honest, not credible and without integrity. I always put trust worthiness of directors my first priority in investment grade stock pick. Punting stock mainly based on TA.

Masteel is going to be a good punting stock to practice your trading skill.

Posted by weng77 > 2015-05-01 16:39 | Report Abuse

Reviewed the example of MPCORP special auditing report is a good example and understand what could be happen in Masteel but in better position since there is no payment default compare to MPCORP. Masteel is in cleaner position.

MP corp example :

Special auditing report
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1099133

Unaudited report :
http://www.bursamalaysia.com/market/listed-companies/company-announcements/4180285

Audited report after adjustment after special auditing :
http://www.bursamalaysia.com/market/listed-companies/company-announcements/4203461

By comparing the audited and unaudited Profit and loss account - no change
By comparing the audited and unaudited Cash Flow - no change
By comparing the audited and unaudited Balance sheet - Some adjustment after auditing the report and confirm the verified disclaimer of opinion with evidence. Adjustment within balance sheet figure but NTA remain close for both.

Therefore, this could affect the balance sheet statement rather than other 2 other statements.

While for the Masteel,

It mainly related to the classification, description and recoverability of various transactions carried out by the Company in FYE 2014.

After auditing by special independent auditor, it will confirm the balance sheet figure pertaining to
statement above issue raised by external auditor with evidence.

This could be the reason they hire a independent auditor for special audit the issue raised by external auditor "the classification, description and recoverability of various transactions carried out by the Company in FYE 2014" and make adjustment and passed it back to external auditor to issue a audited report.

In the case, i feel that this issue is managed wisely by Masteel and try restore confident
with correct process on issue raised by external auditor for the audit report without hiding.

IMO only. I just analyse based on info collected from KLSE website and some comparison and use for your reference only.

Posted by s2015 > 2015-05-02 01:30 | Report Abuse

Hi! Guys! Everybody misses the most important point. Banks may panic & try to call in their loans. It is then impossible for the company to carry on its business!

Posted by linjie > 2015-05-02 08:27 | Report Abuse

if really got such big problem, why the boss still expand the factory capacity

Posted by jasgrafix > 2015-05-02 11:48 | Report Abuse

http://www.thestar.com.my/Business/Business-News/2015/03/11/KUB-Masteel-rail-joint-venture-on-track/?style=biz

Posted by jasgrafix > 2015-05-02 12:40 | Report Abuse

See the related news
http://www.thestar.com.my/Business/Business-News/2015/03/11/KUB-Masteel-rail-joint-venture-on-track/?style=biz

http://www.thestar.com.my/Business/Business-News/2015/05/02/Challenges-for-large-projects-in-the-Klang-Valley/?style=biz

What yours think?

Posted by weng77 > 2015-05-02 14:43 | Report Abuse

The company is ok .
I think is related to accounting practice and reporting figure need to be explained with Standard Practice. If the evidence is not enough to support it, it will do some adjustment in the audited report to correct it. You can see from MPCORP special audit report, there are few items need to adjust after audited report.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1099133

Posted by rlch > 2015-05-02 18:18 | Report Abuse

Posted by ks55 > May 1, 2015 10:25 AM | Report Abuse
Transmile accounts cheat, Fountain accounts cheat, Enron accounts cheat, now I have reason to believe Masteel account going to be a cheat too.

All accounts for red chips listed in Bursa Malaysia can't be trusted.

Why do red chips auditors approve their accounts? Meaning auditors cannot be trusted? Are red chips auditors also auditors of Msian listed stocks?

Posted by rlch > 2015-05-02 18:20 | Report Abuse

ks55, I hope you saw my above post and answer sincerely.

Posted by calvintaneng > 2015-05-02 19:31 | Report Abuse

I have been thinking of a story

Once an American met a Chinese. Without saying a word the American gave the Chinese guy a punch in the face. The Chinese asked in surprise, "Why did you do that?" The American replied,"Because you Japanese bombed Pearl Harbour". The Chinese protested,"But I am a Chinese and not Japanese". "They are all the same! They all looked the same to me", Insisted the American guy.

This is how people equate transmile with masteel.

Posted by steveooikp > 2015-05-02 19:32 | Report Abuse

When calvin recommended this counter was rm 1.... now left 65 sen.....

Posted by rlch > 2015-05-02 19:37 | Report Abuse

Now Masteel is having audit issue not red chips which is unfair to red chips shareholders.

Posted by calvintaneng > 2015-05-02 19:45 | Report Abuse

Whoa!
Calvin also recommended

Super at rm1.20. Now over rm3.20
Others are all furniture stocks, export stocks, logistic, plastic and rubber stocks. Also Gst stocks, ipmuda, kheesan, opcom, jaks and many others.

This month of May Calvin strongly recommend 11MP stocks like

Cmsb
Kkb
Naim
Kbunai
Weida

And you must check their performances

Posted by weng77 > 2015-05-02 21:35 | Report Abuse

"The issues pertain to the classification, description and recoverability of various transactions carried out by the Company in FYE 2014". Seem like it is related to some transactions happened in 2014 and it is NOT overstated of revenue or inflated profit or financial fraud. External Auditor may not able to access the various transactions with support or strong evidence to conclude it. Special review by UHY could help to confirm the impact or evidence for these various transactions and provide opinion for the audited report. IMO.

Posted by s2015 > 2015-05-03 00:00 | Report Abuse

Now is the crucial time for the analysts to make a visit to the company to see whether the company business is running as usual. I made my big investments in the company this year after reading the analysts' reports & recommendations. So I think the analysts owe it to us to investigate the issue.

Posted by ks55 > 2015-05-03 00:13 | Report Abuse

Stock: [MSPORTS]: MULTI SPORTS HOLDINGS LTD
Apr 30, 2015 01:19 PM | Report Abuse

RICH blamed me as an evil man.
Why??? He cannot stand loses ma!!! This prompted me to remove all my adverse comment. Without early warning, more people fall victim to con man.



Posted by rlch > Mar 20, 2015 10:55 AM | Report Abuse

ks55 is really an evil man as someone said.

Posted by ks55 > 2015-05-03 00:14 | Report Abuse

Stock: [MSPORTS]: MULTI SPORTS HOLDINGS LTD
Apr 30, 2015 04:51 PM | Report Abuse

If you lose money, for heaven sake, please don't blame others.

If you lose money on MSport, it is not me who condemn it, rather I just highlighted con man's job.

Promote a wrong counter based on misleading facts just too bad ! Got backfired !!!!!!

Posted by ks55 > 2015-05-03 00:15 | Report Abuse

Stock: [LIONIND]: LION INDUSTRIES CORPORATION
Apr 30, 2015 11:10 PM | Report Abuse

I dare to bet, if I lose money in share market, most people including Mr Rich will go holland.

Want to challenge me, young ciku, sleep with double pillow lah.......

When you already have 10m, then let me know. Otherwise you are just as "good" as Kian Leong Lim -- already gone case.

Posted by ks55 > 2015-05-03 00:15 | Report Abuse

Stock: [LIONIND]: LION INDUSTRIES CORPORATION
Apr 30, 2015 11:21 PM | Report Abuse

Young ciku, born in 1970. How much are you earning now?
My son definitely earn much more than you. Want to challenge me ??
You are just as "good" as Kian Leong Lim or Simon 333.

Posted by ks55 > 2015-05-03 00:17 | Report Abuse

Stock: [LIONIND]: LION INDUSTRIES CORPORATION
Apr 30, 2015 11:36 PM | Report Abuse

I am praying Parkson go to 1 ringgit, all the sifu including Mr Rich will go to holland.

Posted by ks55 > 2015-05-03 00:18 | Report Abuse

Stock: [LIONIND]: LION INDUSTRIES CORPORATION
May 1, 2015 09:47 AM | Report Abuse

I pray hard because you have bought into Parkson.

How?? Cannot stand losses??
Blame lah others. If the more you blame, the happier you are, pray hard you will lose in every counter you buy into so you can keep on blaming others !!

Posted by ks55 > 2015-05-03 00:19 | Report Abuse

Stock: [LIONIND]: LION INDUSTRIES CORPORATION
May 1, 2015 10:09 AM | Report Abuse

Blaming expert. How dare you compare with me??

I don't blame people, I don't lose money in stock market since 1997.

I don't buy into Parkson (I mentioned before, a lot -- meaning 100 units)

I don't buy into Lion Ind at the current price, you can just forget about telling people I lose money in LCIB. I did mention before Lion Corp account doubtful => Lion Diversified doubtful => Lion Industries doubtful. Then you and Kian Leong Lim blame me anti steel guy and started to blame me evil man. So you are all satisfied when I removed all my adverse comment on WC counters.

If blaming others can make you happy, make more losses and your life will be full of joy. God bless you............

Posted by s2015 > 2015-05-03 00:30 | Report Abuse

If you have been a supplier to Masteel, would you want to continue to give credit to the company without financial credit worthiness. So are the banks.
Therefore it's vital to confirm that there has not been any slowdown in the company business recently.
If it's business as usual, then we can be pretty sure that the auditing issue is not going to kill the compan

Posted by ks55 > 2015-05-03 00:35 | Report Abuse

Come on, Mr Rich. You are such a young ciku trying to talk big!! Just a basic degree from MU, so what?? On paper qualification, definitely you cannot beat me!! On skill, knowledge and peritus in stock market, when I already achieved financial independence, you were still in primary school. Have you make any money before from stock market??

If you make money, I don't ask a sen from you.

But the problem is, people having idiotic mentality like you trying to blame and blame and blame. What is that to blame on me? Did I ask you to buy Parson? Did I ask you to buy LCIB? Or whether I promote MSport so you bought in and loses money??

You can never reach my standard in investment.
How good are you?
Just a standard three 'punter' trying to teach people how to invest!!!

Go...go...go...go away from i3. You are nobody.

Posted by weng77 > 2015-05-03 11:20 | Report Abuse

I just run through some of the FY Annual report, there is reclassification done by group from working capital-in-progress to Plant and machinery as assets. As per Dec 2013, there is RM 24,112,000 working capital-in progress carried to Jan 2014. I think they did some reclassification in 2014. No reclassification done on 2012 and 2013, there is reclassification in 2011. Could be this is reclassification there referred to and issue raised by Auditor. The other new thing in 2014 report is deferred tax liabilities that new to Masteel in 2014, this could be due to depreciation of asset adjustment to match the income tax practice.. Not sure any problem for this item also ...
IMO.

Posted by steveooikp > 2015-05-03 11:44 | Report Abuse

Conman counter

Posted by jasgrafix > 2015-05-03 12:47 | Report Abuse

let wait and see

Posted by ks55 > 2015-05-03 17:01 | Report Abuse

炒家利弗莫尔说他炒股四十年，每天都能从股市学到新东西。华尔街有个说法：“你如果能在股市熬十年，你应能不断赚到钱；你如果熬了二十年，你的经验将极有借鉴的价值；如果熬了三十年，那么你退休的时候，定然是极其富有的人。”

Are you the one with 30 rears experience in stock market?
Definition of gaming expert is the one who make money every time he punts.
Gaming expert should possess following qualities :- in depth knowledge, highly skilled, extreme peritus.
If you are a gaming expert, you will retire a rich man.

Posted by weng77 > 2015-05-03 18:08 | Report Abuse

http://masteel.investor.net.my/

http://masteel.investor.net.my/corporate-presentation

Quite a good website about the Masteel. The new roll mill plant to be completed in mid 2015 to increase roll mil Cap to 550 MT in 2015 and 650 M/T in 2016.

Posted by linjie > 2015-05-03 20:18 | Report Abuse

that's why I said if really got problem, the boss should start transfer all the fund out masuk his own pocket, why still exercise warrant n build new plant ?

Posted by s2015 > 2015-05-03 20:34 | Report Abuse

Hi Guys! Stop all these "Making war on papers". Will someone just make a visit to the company's factories to check whether it's business as usual.

Posted by tjhldg > 2015-05-03 20:43 | Report Abuse

Hahahahahha ... Nanti if I decide to become substantial share holder in this company sure I pi 66cc ask 3 ask 4 aeh .. Now paiseh la tampok nia ... Hahahah ... Pansim la .. Bo tai chi la .. As what investment bank ada baca buku punya rambut panjang told me ...kikikiii ... masalah besar le .. I kasi u her rumah tel number la ... Hahahahahah