Posted by weng77 > 2015-05-03 21:26 | Report Abuse

http://www.thestar.com.my/Business/Business-News/2015/02/21/Steel-mill-boon-for-Masteel/?style=biz

Business related :
“Masteel has seen steady income because about 33% of its steel sales is for the development of the mass rapid transit (MRT) project.”

Chong notes that Masteel’s plant in Petaling Jaya gives it a cost advantage for the MRT works that are carried out within the area.

Posted by i3i2i1 > 2015-05-04 00:17 | Report Abuse

seems many good news but still price going down and what actually the main problem on submitting audit report? anyone have any insight?

Posted by weng77 > 2015-05-04 08:36 | Report Abuse

I checked the Total long term loan and short term (related to bank loan) from Dec' 2009 till Dec' 2013 (audited account) it only increased from 264 mil to 289 mil which is not significant and gearing remained consistent around 0.5 from '09 till '13 audited accounted. Asset expansion is mainly used the profit generated from operation and with low dividend distribution. Look like the Balance sheet and Asset quality is look healthy based on previous audited account till 2013.

Posted by r°Moi > 2015-05-04 14:32 | Report Abuse

Based solely on the 4Q14 results announcement.. r°Moi think the two most likely shits would be....



1. Bad debts not accounted for...

How 1MDB's cash flow problem messed with the goverment pocket is well known.... It is well known too properties sales have slowed.... and these will cause contractors and developers alike to face with tight cash flow problem. This will in turn work its way up to the suppliers of materials.....

In MASteel... its customers in fact have actually slowed down in paying up...

Got bad debts or not??



2. Plant and machinery overstated...

This.. if true.. will involve the making of police report and possibly MACC too. Very very very messy.


Bills ok or not?? Some tangible parts are like not so tangible leh??

It would be brilliant but totally ruthless... totally ruthless... if part of that money had been used to convert the warrant recently.



These are just guesses not allegations.



Let's the auditors... who thus far have done a great job... to do their jobs.


Have faith in auditors...

Hey just think.. the auditors could have easily signed off the accounts as OK and beautiful if they wanted to.... and you would be none the wiser.

Posted by calvintaneng > 2015-05-04 14:46 | Report Abuse

Ah Moi

It has got to do with Recoverables. I think bad debts from contractors and developers the most probable cause.

Masteel is unlike other steel companies as it raise cash through private placement and NOT From short term borrowings. So it will have less gearing. So Masteel stands a good fighting chance if the problem is at corporate level. If governance is good Masteel is a bargain on weakness.

If I am in KL I would have gone to check up on All Masteel factories by now. Since I am in faraway Singapore I will wait for other supporting news and evidence before passing judgment.

Note: If Masteel is affected by Developers cash flow problem then the next to be hit will be ifca as it derives 80% of its sales from real estate developers

Posted by r°Moi > 2015-05-04 14:52 | Report Abuse

Calvin....


I think more than just bad debts... more..

Posted by weng77 > 2015-05-04 15:03 | Report Abuse

https://www.cari.la/jobs/keyword/malaysia+steel+works+%28kl%29+berhad

http://www.masteel.com.my/contact/career/

Anyone interested to apply job at Masteel and go there take a look what going on..

Posted by jasgrafix > 2015-05-04 21:36 | Report Abuse

http://www.theedgemarkets.com/my/article/change-horizon

Posted by weng77 > 2015-05-04 22:26 | Report Abuse

http://www.themalaysianinsider.com/business/article/kinsteel-perwaja-officials-have-no-idea-on-share-price-volume-surge

Renew interest in steel company.

Posted by weng77 > 2015-05-05 09:37 | Report Abuse

There is a risk for trading this stock at this moment, As i know Bursa so far never approve the extension of release of annual report without suspension. if it can't release it by 11 May'15, it will be suspended for trading till audited report release. IMO.

Posted by bearguy > 2015-05-05 10:10 | Report Abuse

if is financing problem, will it drop to pn17 counter?

Posted by yahomenelson > 2015-05-05 10:13 | Report Abuse

don't worry guys ,,,,,,,,, some body will take over this counter

Posted by bearguy > 2015-05-05 10:19 | Report Abuse

=.=

Posted by bearguy > 2015-05-05 10:19 | Report Abuse

the warrant expiring in 5 months

Posted by r°Moi > 2015-05-05 11:38 | Report Abuse

The price has dropped about 30%... ought to be save.. for now


Anyway just a word of caution..


It is more than bad debts... more


Among the technical and common sense reasons that say so... this would be the most easy to understand..

Because..... Because..... Because..... you simply just do not need a 2nd independent auditors to tell you if a debt is bad or not

And... take note the 2nd independent auditors have asked for 6 weeks to prepare their report... you simply just do not need 6 weeks to decide if a debt is bad or not..

Long time is required for other matters....



This is not an alarm just a caution... Do not hold me responsible what so ever

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

by 12may2015 counter will be suspended for trading if there is still no audited account to submit，buying now？you decide！

Posted by i3i2i1 > 2015-05-05 13:40 | Report Abuse

smell some fishy..

Posted by Alex Chan > 2015-05-05 15:54 | Report Abuse

AVOID...
Could be a 20 cents stock soon....

Posted by ah_huat_liao > 2015-05-05 16:05 | Report Abuse

The management and their audit committee should have a good relationship with their auditors to avoid such unnecessary fiasco if contentious item is indeed not too serious.

Fact that they brought up these issues of classification & recover-ability only at the last minute, days before deadline for announcement. Shows that both management and auditors have not communicated or acted in good faith to avoid this incident...

There will always be rebound and even a recovery later, but the integrity of the insiders are in great doubt.

Despite the solid fundamental story and potential prospect mentioned, have decided to err on the side of caution. Liquidated all vested interests today.... almost 1 mil units collected since 1.07

All the best to all.

Signing off

Posted by samcghee > 2015-05-05 16:18 | Report Abuse

I believed many masteel shareholders " stuck" with this unexpected issue. How the management going to handle and resolve this issue? or this is the management strategies to give good surprise to their shareholders. Ho liao.

Posted by samcghee > 2015-05-05 16:21 | Report Abuse

I tangan gatal going to sapu a bit masteel share. Whether is pain or gain? will know by this week.

Posted by AlexanderJin > 2015-05-05 16:25 | Report Abuse

i also have this feeling as well, could this event be intended by the company? Ever wonder with such huge volume transacted over the past few days, i really doubt any ikan bilis like us dare to catch the falling knife(I assume yes but definitely not big portion). Could it be insiders are the ones buying at waiting queue? Then realease the result before deadline or after deadline without any issues. And the price goes back to 0.90...

Just my simple imagination on the positive side. No buying or selling call.

Posted by samcghee > 2015-05-05 16:28 | Report Abuse

If this company going to fall in pn17 , who r the buyer to buy so huge quantity?

Posted by davidkkw79 > 2015-05-05 16:31 | Report Abuse

yes, where got so much money to absorb these day selling volume...
Sure is someone purposely intend to push down but queitly to absorb it.
Time to buy in now !

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

Tomorrow T3/T2. What happen for those contra players who really want to keep until last day?
Day traders on 2804 cannot sell without incur losses. If they sold on 2904, it appear that they may be committing suicide. Again how many manage to escape on 3004? Not to forget many who bought on 2904 was able to sell on 3004 with 10% profit.

I really felt sympathy for those bought on 2804. They cannot escape without incurring substantial losses. Pray that they can withstand this tragedy.....

Want to catch a falling knife? It really test your trading skill.
When is the best time to do it, how you do it will definitely determine the winners from the losers.

Think safe, play safe, invest safe, if want to punt, punt safe.........

Posted by s2015 > 2015-05-05 22:28 | Report Abuse

Hi! Guys! No insider buying, no share buybacks! That tells all is not right!

Posted by s2015 > 2015-05-05 22:31 | Report Abuse

It's easy to siphon off all the cash from a company. Just set up a trading company & channel all sales through that company. Then let that company go insolvent & the mother company will not be able to collect all debts due!

Posted by s2015 > 2015-05-05 22:32 | Report Abuse

What we must do is to wait for the dust to settle down. Then make a police report if there is any hanky panky!

Posted by tjhldg > 2015-05-05 22:39 | Report Abuse

Kikikikikiiii

Posted by weng77 > 2015-05-05 23:10 | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4236209

PROPOSED RENEWAL OF SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

A bit uncomfortable always saw this RRPT keep renew every year and most of the Directors have interested in this company. Not sure the intention of renew RRPT since no transaction going on.

Posted by legend > 2015-05-05 23:43 | Report Abuse

sudah lekat...tak boleh keluar...!

Posted by samcghee > 2015-05-06 09:15 | Report Abuse

Better avoid to face this unexpected risk. Better swift to other stock

Posted by tanbb > 2015-05-06 09:18 | Report Abuse

haha..lekat lekat..tak paayah keluar sdh.

Posted by weng77 > 2015-05-06 09:30 | Report Abuse

I read the prospects and comments about the capacity expansion for this company for the past quarterly results and i still cant conclusively understand the expected capacity plan in future.

At 3Q'13 report press release, it stated will expand the capacity of Petaling roll mill plan to 550,000 MT /pa by 2015.

Masteel is in the midst of expanding its rolling mill in Petaling Jaya, which now
sees an annual production capacity of 400,000 metric tonnes (MT), up from
350,000 MT previously. The enlarged mill is expected to reach an annual
production capacity of 550,000 MT upon completion in 2015.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4199125


At Q2'14 quarterly report, it report the new roll Mill factory at Klang with 200,000 MT/pa Capacity

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4177321

At Q3'14 quarterly report, it report the new roll Mill factory at Klang with 300,000 MT/pa Capacity
is expected to be completed in 1st half of 2015

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4178961

The more i read about the expansion plan, the more i confuse on it.
Hope that it is a description and classification error in the reporting.

Posted by davidkkw79 > 2015-05-06 09:37 | Report Abuse

no eye see

Posted by samcghee > 2015-05-06 09:52 | Report Abuse

If loss a bit , better run. End of this week will more worse. Be careful

Posted by i3i2i1 > 2015-05-06 09:54 | Report Abuse

seems support at 60cents.. but times comes near

Posted by samcghee > 2015-05-06 10:09 | Report Abuse

High risk, better return . By end of this week, masteel will show us

Posted by samcghee > 2015-05-06 10:22 | Report Abuse

Wah! Further drop! Nowadays very hard to earn money from market especially who falling in love with masteel.

Posted by tanbb > 2015-05-06 10:22 | Report Abuse

really no eyes seeeeeeeee

Posted by samcghee > 2015-05-06 10:34 | Report Abuse

Wah!59.5cent Liao.

Posted by tanbb > 2015-05-06 10:37 | Report Abuse

dead fish now..

Posted by rlch > 2015-05-06 10:45 | Report Abuse

If major shareholder dare to exercise warrant at 67sen in Apr'15 sure he know nothing in wrong in Masteel. Those buying now is buying cheaper than him.

Posted by samcghee > 2015-05-06 11:00 | Report Abuse

Tomorrow surely more cheaper or big sales

Posted by tanbb > 2015-05-06 11:02 | Report Abuse

im nt sure whether to cut lost or not..

Posted by samcghee > 2015-05-06 11:04 | Report Abuse

Sell a bit portion. But it is solely depend on u.

Posted by rlch > 2015-05-06 11:06 | Report Abuse

Not a wise move to cut loss at very low price. Now Masteel is trading at 5 year low.

Posted by s2015 > 2015-05-06 11:40 | Report Abuse

If the major shareholder exercised warrants at 67cents, why is not buying at 59cents now????
Just wonder whether any thing announced can be trusted.

Posted by s2015 > 2015-05-06 11:46 | Report Abuse

I just wonder whether we can sue the board of directors to recover our losses. There are lots o law firms which sue in NYSE & Nasdaq.

Posted by s2015 > 2015-05-06 11:55 | Report Abuse

Mr. Rich,do you really own Masteel??? You don't seem much affected by the issue.