Posted by kkanagasg > 2013-09-17 16:16 | Report Abuse

banks also scare

Posted by wahidpenang > 2013-09-17 16:34 | Report Abuse

undertone in the notes to account looks very pessimistic

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1384829

Posted by simonfoo0123 > 2013-09-18 11:09 | Report Abuse

Very well said!

老兄, 公司基本面只是门面, 现在连九年前的東西小股东也有本事挖出来, 里面到底有多少问题, 你我肯定不得而知. 现今摆在大家眼前的事实是有董事戥穿钱柜, 不只是伩心的问题, 而是诚信的问题.

不錯公司是慷慨派息, 但別忘了若是董事们挖銭, 他们挣大錢而我们只是拿到餅碎. 再者, 天曉得他们是否正在暗渡陳倉搞个马来西亜版的Bernard Madoff, 吸引着我们上釣?

第3季业绩应该不会太理想, 不然幹嘛董事先把本期的股息先減一半? 我想咱应该先观望一下, 反正最近利兴的坏消息層出不窮, 當今策略应该是先行迴避, 保本为上!

Posted by simonfoo0123 > 2013-09-18 11:19 | Report Abuse

"If one has fear as what happened to companies like Kimble and Kenmark, I think the balance sheet as well as their cashflows would have buried that fear. And they are audited by renown auditors - Latitude by EY, Classic by KPMG, Homeritz by Crowe Horwath, while maybe the auditor - John Lim and Associates - which I am not too comfortable is the one hired by Lii Hen."

Read http://www.intellecpoint.com/2013/05/whats-with-furniture-business.html

Posted by kkanagasg > 2013-09-18 11:23 | Report Abuse

Excerpt from Notes to Q2 Financial report

18. Current year prospects

The Group’s second quarter of 2013 explicit that the global economic for 2013 is not out of the wood yet. Sales orders from the US’s customers still sluggish and certain subsidiary companies still facing excess capacity in their production lines.

Posted by kkanagasg > 2013-09-18 11:29 | Report Abuse

Excerpt from Notes to Q2 Financial report :

The Group’s revenue for 2nd quarter 2013 decreased 24.57% compared to the corresponding quarter of 2012. In the current quarter, all the factories registered negative growth in revenue due to the discouraging demand from the US market.

Profit before tax for the current quarter under reviewed downed 58.34% was mainly due to the lower sales generated that caused the inefficiency in the utilisation of the production lines, hence increased the direct manufacturing costs in most of the factories, especially the increase in the wage rate.

Posted by kkanagasg > 2013-09-18 11:29 | Report Abuse

Excerpt from Notes 16 to Q2 Financial report :

The Group’s revenue for 2nd quarter 2013 decreased 24.57% compared to the corresponding quarter of 2012. In the current quarter, all the factories registered negative growth in revenue due to the discouraging demand from the US market.

Profit before tax for the current quarter under reviewed downed 58.34% was mainly due to the lower sales generated that caused the inefficiency in the utilisation of the production lines, hence increased the direct manufacturing costs in most of the factories, especially the increase in the wage rate.

Posted by sulaimanab1955 > 2013-09-18 11:34 | Report Abuse

no matter how you look at it, left to right or top to bottom, the conclusion is simple : worrying sign of what worst has yet to come...

Posted by janetooi001 > 2013-09-18 17:16 | Report Abuse

totally agreed, sulaiman

Posted by janetooi001 > 2013-09-18 17:17 | Report Abuse

收入少16.02%, 税前浄利減少55.02%, 但是马幣対美元一直減弱, 対利兴应该是好事的呀? 怎么会开倒车的呢? 當中定有蹺蹊...

Posted by wahidpenang > 2013-09-18 17:27 | Report Abuse

Cats are out to get the big fishes in the River of Muar soon!
http://klse.i3investor.com/blogs/liihen.blogspot.com/37050.jsp

Posted by kkanagasg > 2013-09-19 15:18 | Report Abuse

Just what the board of LIIHEN is thinking about Bursa, pasar kay?

Posted by kkanagasg > 2013-09-19 15:19 | Report Abuse

After reading http://liihen.blogspot.com/2013/09/another-disdain-and-violation-of-rules.html, just what the board of LIIHEN is thinking about Bursa, pasar kah?

Posted by kkanagasg > 2013-09-19 15:30 | Report Abuse

Little wonder why the street is undermining Lii Hen shares price by a steep discount of 42% to its Net Tangible Assets Per Share (RM 2.24) and a meagre 3.61 times Price Earning Ratio, based on the Annual Report 2012. It would seems that all these huge discounts are the risk premium the investors are staking in Lii Hen shares price.

Posted by simonfoo0123 > 2013-09-19 15:34 | Report Abuse

Agreed with the view of Risk Premium. The author used the word ...the street is....means he may be have worked in Wall street before....

Posted by simonfoo0123 > 2013-09-19 15:38 | Report Abuse

It is very rare that Bursa will ask for a board resolution in support of the company's decision...very rare....something is definitely not right here....

....The regulators concluded and ordered that Lii Hen must hold an immediate meeting for the board of directors to deliberate the matter and to convey their final decision to Bursa Malaysia by way of a Board Resolution whether Lii Hen is going to disclose the existence and the content of the said letter of demand or not.....

Posted by wahidpenang > 2013-09-19 15:40 | Report Abuse

wonder what is written are facts?

Posted by ismailkarin > 2013-09-19 15:43 | Report Abuse

I tend to believe the facts are there, look out the evidences adduced....I would give Harvey the benefits of doubt

Posted by sulaimanab1955 > 2013-09-19 15:45 | Report Abuse

agreed wahid. otherwise can be like alvivi oh hihi

Posted by keithchan > 2013-09-19 15:52 | Report Abuse

the files on Bursa or Sc tables on Liihen must be heaping by now

Posted by janetooi001 > 2013-09-19 16:01 | Report Abuse

卑鄙手段又一明證http://liihen.blogspot.com/2013/09/another-disdain-and-violation-of-rules.html

Posted by janetooi001 > 2013-09-19 16:04 | Report Abuse

真敢死http://liihen.blogspot.com/2013/09/another-disdain-and-violation-of-rules.html

Posted by janetooi001 > 2013-09-19 16:07 | Report Abuse

天曉得他们是不怕死还是不識字, 硬硬来http://liihen.blogspot.com/2013/09/another-disdain-and-violation-of-rules.html

Posted by alwong1111 > 2013-09-19 16:14 | Report Abuse

Kudos to harvey for highlighting the violations. We need more activists like you to bring up the level of professionalism of our directors http://liihen.blogspot.com/2013/09/another-disdain-and-violation-of-rules.html

Posted by applejamestan > 2013-09-19 16:16 | Report Abuse

did they really think before they do all these?????

Posted by curtlee1980 > 2013-09-19 16:22 | Report Abuse

..small town fellow where got read law one....

Posted by kkanagasg > 2013-09-19 16:28 | Report Abuse

Another clear flaunting of law by the board www.liihen.com

Posted by sulaimanab1955 > 2013-09-19 16:35 | Report Abuse

http://liihen.blogspot.com/2013/09/another-disdain-and-violation-of-rules.htmlLittle wonder why the street is undermining Lii Hen shares price by a steep discount of 42% to its Net Tangible Assets Per Share (RM 2.24) and a meagre 3.61 times Price Earning Ratio, based on the Annual Report 2012. It would seems that all these huge discounts are the risk premium the investors are staking in Lii Hen shares price.

Posted by curtlee1980 > 2013-09-20 11:04 | Report Abuse

http://www.reddit.com/r/malaysia/

Posted by curtlee1980 > 2013-09-20 11:07 | Report Abuse

....the Police HQ stepped in now to investigate the case of CBT/cheating. If there is no merit to the case, do you think the police will waste time with an old case like this? It is also reported that a third party interfered with the investigation in the NS police level, the smoking gun very likely will point to the one being investigated.....

Posted by kkanagasg > 2013-09-20 11:22 | Report Abuse

"Bangsar Whale" out in www.liihen.com or www.liihen.blogspot.com

Posted by wahidpenang > 2013-09-20 11:37 | Report Abuse

The US has London Whale, we have Bangsar Whale....hihi...not bad

Posted by sulaimanab1955 > 2013-09-20 11:41 | Report Abuse

Bangsar Whale, another testament of Malaysia Boleh! www.liihen.com

Posted by ismailkarin > 2013-09-20 11:52 | Report Abuse

Little wonder why the street is undermining Lii Hen shares price by a steep discount of 42% to its Net Tangible Assets Per Share (RM 2.24) and a meagre 3.61 times Price Earning Ratio, based on the Annual Report 2012

Posted by ismailkarin > 2013-09-20 11:57 | Report Abuse

Mayban Securities tu kan di Bangsar, so Bangsar Whale tu Mayban Securitieslah

Posted by keithchan > 2013-09-20 12:01 | Report Abuse

@ismail, thats what i tot mayban securities is the bangsar whale in part 15 of www.liihen.blogspot.com

Posted by keithchan > 2013-09-20 12:04 | Report Abuse

but the London Whale is a person, i wonder the Bangsar Whale is HAmzah Mahmood or someone else in Mayban????

Posted by keithchan > 2013-09-20 12:09 | Report Abuse

i will reserve my benefit of doubt on Bangsar Whale until the end of the articles...but so far, I am convinced on the Muar Crocodiles after all the revelation of evidences. The SC should be hauling them up anytime now...

Posted by janetooi001 > 2013-09-20 12:12 | Report Abuse

www.liihen.com 美国有London Whale, 我们也有Bangsar Whale, 真是Malaysia Memang BOLEH!

Posted by janetooi001 > 2013-09-20 12:17 | Report Abuse

真的是可喜可贺.....唉....

Posted by applejamestan > 2013-09-20 12:22 | Report Abuse

Just read part 15 on www.liihen.blogsot.com/.....Wow bangsar whale!

Posted by kkanagasg > 2013-09-20 15:29 | Report Abuse

Bangsar Whale revealed in Market Blog

Posted by sense maker > 2013-09-21 13:45 | Report Abuse

Around 10 forummers here who attack Liihen only started their first posting on i3investor after Liihen announced its Q2 13 results on 20 Aug 13. They said and recycled the same issue often within a few minutes of one another, suggesting possible multiple IDs being used by a person. They solely or mainly wrote on Liihen with no or few remarks on other counters.

Likely, they work for some people who want to see the share price of Liihen crash. As to why, it could be because they lost bitterly in 2004 or more likely, they want to collect Liihen at as low a price as possible. If the latter is true, they should already have built a position in Liihen long ago and likely were the one who drove Liihen price up to RM1.90 in Aug 13 before unloading some shares prior to Q2 13 result annoncement. So, they actually could be collecting while they run Liihen down in the past month. The some people here may also be a party interested to buy over Liihen one day and are trying to buy at as low a price as possible. Of course, there is a forth possibility that they are working for the remisier now being charged by SC to sling mud on the 2 directors of Liihen in order to extricate himself from the charge.

There is no free lunch in this world. A web-site was set up just to run down Liihen. A shareholder of 100 unit shares files a suit against petty routine in AGM. All these look too abrupt.

A true shareholder would want to ask more about business prospects in coming years, asking question about the basis of related party transaction pricing.

Liihen is a minority of companies on KLSE who pay dividend quarterly. Liihen has forewarned slow business ahead as early as during Q1 2013 results announcement and again in Annual report 2012. If anything, it is exemplary a practice on disclore and dividend policy.

Liihen has set up a formal charter on ethical conducts a few months back. If this is a result from complaints from a group of minority shareholders, then we have to thank these minority shareholders as transparency and ethical conducts are important.

The AGM fiasco actually results from the chairman's inept handling of an aggressive questioner. In responding, the largest sharehholders did not re-elect the chairman. Again, I find it a good response.

Their English may not be the best but dividend does not cheat and they have been paying constantly at least about 30% of their net profit as dividend. Backed with RM2.3 net assets, mostly in the form of land and buildings due for revaluation in 2014, the value Liihen presents is good at RM1.45.

Yes, by all means, if the 2 directors have flouted laws in 2004, they should face the laws if there is evidence of wrongdoing proven in the court. Whatever happens to the 2 directos, if anything at all, it is quite clear that the business is a sound one as it has access to upstream rubber wood and a good customer base and there should be some buyers (especially overseas furniture makers wanting to achieve synergy on customer base or raw material requirements) interested to buy over the business from Liihen at at least RM2 a share. I do not think Muar Asset will let the business go at below RM2.50 to RM3 though.

Time will tell. Happy attacking on one camp and happy collecting on the other, although both camps may house the same people. Again, this is an open market. Make your choice.

Posted by kcchongnz > 2013-09-21 14:12 | Report Abuse

Sense maker, your comments make a lot of sense.

Frankly after reading all those negative comments and attacks I began to doubt LiiHen although I find LiiHen has been doing very well in its business. The company also take care of shareholders by paying good dividends all this while. This is because to me the management credibility is very important for me if I want to invest in a company.

Your positive comments about LiiHen gives me another thought about reinvesting in its stock.

Posted by tjhldg > 2013-09-23 01:01 | Report Abuse

like i mentioned b4 ... JUST BUY BUY BUY , i will only stop accumulating this counter until they all MIA or cut loss at RM 0.75 ... happy investing

Posted by janetooi001 > 2013-09-23 18:15 | Report Abuse

留意明天的www.liihen.com 有大課题

Posted by janetooi001 > 2013-09-23 18:17 | Report Abuse

LOOK OUT tonight for www.liihen.com all shareholders must read

Posted by JENNY6088 > 2013-09-23 18:20 | Report Abuse

沉默了整整一天，还是来了

Posted by sense maker > 2013-09-23 18:30 | Report Abuse

哈哈, 没办法。 他们也是按照上头指使行事。

Posted by alwong1111 > 2013-09-24 01:17 | Report Abuse

Dear Sensemaker,

After reading through your lengthy comments which were premised undoubtedly on many bare speculations and assumptions, I would like to raise a few pointers here just to share with our fellow investors on Lii Hen :

1) It may be true that the 10+ commentators may know each other just like yourself and Jenny6088, going by the Q & A and interval time between you two. A lot of investors and remisiers do use the forum as a mean of market communication besides Facebook or Whatsapp. I myself is one. Therefore your speculation that the 10+ commentators may be originated from a same person may be a little bit far fetched, solely based on your assumption of interval time between their comments.

2) I do not buy your suggestion that those who have lost bitterly in 2004 wanted to see Lii Hen shares price crashed. Intention and ability to do a thing is entirely 2 different things. I mean to do that they would first need to build some substantial shareholdings before they can call the shot in the market to depress the price. Based on the names that appeared in www.liihen.com shareholding lists, I cannot find their names or anything close to that in the latest Annual Report 2012.

3) Consequently your next allusion that they are the one who dumped Lii Hen shares after the Q2 result was announced cannot stand. In furtherance thereof, your suggestion that they may be collecting now that the price has been smashed is pure fiction of your creation.

4) Your fourth possibility that the remisier is trying to incriminate the 2 directors in order to vindicate himself from the SC charge is a total utterance of the wildest imagination. Based on the articles and evidences adduced thus far in www.liihen.com, the remisier was lodging a complaint on allegation of Fraud/Criminal breach of trust/Forgery against Tan Bee Eng and Chua Lee Seng to the Police. I cannot see the relationship between the remisier's charge and the offences under the Penal Code. Market manipulation is under the purview of SC while the Penal Code is under the Police. How can he vindicates himself from a charge by the SC through the Police?

5) While the timing of the setting up of the website coincided with the slump in Lii Hen shares price, I actually was very happy that a shareholder activists movement was established as a watchdog over Lii Hen. FYI, this may be the very first shareholder activist in Malaysia and I will encourage and welcome with my open arms to others with the same noble intention in upholding a minority shareholder's rights. I would encourage you to look at Carl Icahn's story as a shareholder activist and how all of us maybe benefitted potentially by having this movement.

6) FYI the Board Charter inclusion on all issuers are now a requirement of the SC and Bursa.

7) Your conclusion that Mohd Qari Ahmad as the Chairman of Lii Hen was not re-elected by the largest shareholder (Assets Muar Sdn. Bhd) in the AGM because of his handling of a shareholder compromised your fairness in your view. FYI, Mohd Qari Ahmad ("MQA") was not re-elected because he is the partner of the remisier charged by SC. Please be guided that MQA took Lii Hen to listing in early 2000 and has since been a director of Lii Hen until this June 25. The "Muar carpenters" crucified MQA because of his partnership with Dato' Goh the remisier. And what could be a better platform to do it than in AGM? Their English may not be good but I would give them 100% for strategy plotting.

MQA is the most educated in the board of Lii Hen and highly qualified as an accountant and a former merchant banker. He is also the only Bumiputra in the board. For whatever reasons there maybe for the Muar carpenters to cut him lose from Lii Hen, brace yourself now as there will be more explosive evidences of malpractice and wrongdoings coming your way!

8) I must admit that based on the surface financials of Lii Hen with a PE of 3.61x and a NTA of RM 2.24 a share, Lii Hen does look a very compelling stock to buy with a steady dividend payouts. But one must asks seriously this : as FBMKLCI is at the historical high now, why is Lii Hen still trading at RM 1.45 a share today, a whopping 35% discount to its NTA? The meagre traded volume says it all.

In conclusion, there is no major buyer trying to accumulate a position to takeover Lii Hen as you had speculated. To harp on this will be a wild goose chase. At best, these are retail investors nibbling occasionally. Anyway, Lii Hen with 60m shares in issue may be just too small a fly to even interests the institutions to start looking at it.