Parkson Holdings Bhd said its external auditor has reported a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern. This is in respect of the retailer's audited financial statements for the 18-month period ended Dec 31, 2021 (FY21). Separately, Parkson said it has reassessed its condition and concluded that it does not trigger any Practice Note 17 prescribed criteria based on the FY21 results.
"The Board of Directors of PHB wishes to announce that the Company has re-assessed its condition and concluded that it does not trigger any of the prescribed criteria pursuant to PN17 of the Main LR based on the Company's Audited Financial Statements for the 18-month financial period ended 31 December 2021. Hence, the Company is not an affected listed issuer pursuant to PN17 of the Main LR.". Good news, why dropping?
comment from Ex Auditor. Why everyone was so panic about their qualified report? Before you buy this stock, its financial report already show their CL more than CA. Normally auditor will ask them to provide projection cash flow to prove they are going concern. Don't quote SERBADK issue here because 1 is falsifying revenue, this 1 is with solid asset but with no earning and cause the going concern issue(ability to survive in short term) Worse come to worse they will just do another PP to survive.
For Parkson followers, you should not worry. The life blood of any company is generating positive cash. Parkson is not short of it. Parkson has almost 10 fully owned Malls not yet revalued and reflected in their books. If need money, just sell one loh. In fact, their North Building Parkson Mall in Beijing has been renovated for office rental. The office building will be rented out for 12 years with rental income of RM164 mil per year. That is very good income, cheers.
KUALA LUMPUR (April 26): Parkson Holdings Bhd chairman Tan Sri William Cheng Heng Jem said the retail group, which has seen the number of owned and managed stores shrink to 85 from 102, remains positive about its China retail operations' prospects although Covid-19 containment measures and inflationary pressures remain a concern for the group's Southeast Asian business.
According to Parkson Holdings' latest 2021 annual report which was filed with Bursa Malaysia on Tuesday (April 26, 2022), the group which 102 owned and managed stores across Malaysia, China, Vietnam and Indonesia as at June 30, 2020 saw its number of owned and managed stores reduced to 85 as at Dec 31, 2021 as the number of outlets in Malaysia and Vietnam shrank while the company no longer had any Indonesian outlets.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....