This company's financials should be audited every quarter from now on.
Every quarter, net cash from operations is -RM2 million (despite the increase in revenue every quarter) and total debts outstanding is RM11.5 million.
When you look at the balance sheet, assets are deliberately revalued for the purposes of obtaining financing. Why?
This company is no longer a going concern from its principle activities and using the bank facilities to survive (against its long term assets). The provision of financial assistance from the holding co. (which really is just a holding co. with zero revenues of its own) really doesn't mean anything.
When all Current Assets - Total Liabilities = it equals just the value of the shareholders funds back by its Properties value, it begs the question: -
1) The actual market value of its properties 2) The actual market value of is stocks 3) Whether it is a going concern 4) Whether it should still be listed
Beware as the main shareholders may be exploiting its financing deals to draw a salary without interest of sustaining the company.
HOOVER - Unusual Market Activity HOOVER - Unusual Market ActivityILC-15022021-00003Bursa Malaysia Securities Berhad has on 15 February 2021 issued an UMA query onthe sharp rise in the price and volume of HOOVER shares recently. In thisrespect, investors are advised to take note of the Company?s reply to the aboveUMA query which will be posted at Bursa Malaysia?s website under the companyannouncements,http://www.bursamalaysia.com/market/listed-companies/company-announcements/' target='_blank'>http://www.bursamalaysia.com/market/listed-companies/company-announcements/ when making their investment decision. The contents of the UMAquery is as follows:- We draw your attention to the sharp rise in price andvolume of your Company?s shares recently (?trading activity?). In light ofthe above and in order for investors to be able to make informed investmentdecisions, you are requested to respond, after making due enquiry with yourdirectors, major shareholders and such other relevant persons, to the followingqueries immediately for public release in accordance with Paragraph 9.11 of theMain Market Listing Requirements ("LR"): 1. Whether there is any corporatedevelopment relating to your Group?s business and affairs that has not beenpreviously announced that may account for the trading activity including thosein the stage of negotiation/discussion. If yes, kindly provide the detailsincluding status of the corporate development to enable investors to makeinformed investment decisions; 2. Whether there is any rumour or reportconcerning the business and affairs of the Group that may account for thetrading activity and in this respect, you are required to comply withParagraphs 9.09 and 9.10 of Bursa Securities LR; 3. Whether you are awareof any other possible explanation to account for the trading activity; and4. Whether you are in compliance with the Bursa Securities LR, in particularParagraph 9.03 of the Bursa securities LR on immediate disclosure obligations.Please note that the contents of the announcement must be endorsed by the Boardof Directors of the Company and the announcement must reach Bursa Securitiesimmediately via Bursa LINK.Vice President MSDYou are advised to read the entire contents of the announcement or attachment.To read the entire contents of the announcement or attachment, please accessthe Bursa website at http://www.bursamalaysia.com
@yiqqre my response. Lately, Unusual Market Activity (UMA) letters were issued to public listed companies by Bursa when their share prices were unrelentingly pumped up to reach ridiculous highs. These include companies mostly mid-size capitalization, poor performing, and weak fundamentals. After oft similar replies were made to Bursa, their prices will continue to ascend incredulously next to even more new high. The price moves, actions, and patterns recorded over the trading days were noticeably spurious. Investing public needs strong and effective regulators to ensure the equity market is devoid of any pernicious manipulation to safeguard their better interests.
New IPO: The onshore and offshore support services provider for the O&G industry, Steel Hawk Bhd aims to list on the Ace Market!
MQ Trader 3197 views | 3 d ago
0:17
New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
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....
spiderman49
619 posts
Posted by spiderman49 > 2017-11-22 00:10 | Report Abuse
oupsss , i bought at 0.875 before lunch :DD