Posted by kkanagasg > 2013-09-24 11:06 | Report Abuse

very true...why is Lii Hen trading at 35% discount to its NTA if it is really that good a company, especially now that the KLCI is at all time high

Posted by janetooi001 > 2013-09-24 11:22 | Report Abuse

Originally posted by alwong1111

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.

Posted by sense maker > 2013-09-24 12:16 | Report Abuse

1) On Sept 13, Alwong wrote:

现今摆在大家眼前的事实是有董事戥穿钱柜,

Share price manipulation is one thing. Disclosure compliance is another. But to accuse directors of really siphoning money out of Liihen is an extremely serious allegation. Please provide your proof for the benefit of everyone, especially the minority shareholders of Liihen.

2) Please do not compare what your camp is doing with Carl Ichan. I do not see any business acument emanating from all postings from your camp, only repetitive legal nit-picking. A minority shareholder with 100 units of share suing for petty issues in AGM is saying a lot about the ulterior motive behind the whole negative publicity campaign being launched against Liihen.

I certainly welcome a watchdog for Liihen, but please live it up to the billing. Do it constructively, productively and meaningfully.

Posted by kcchongnz > 2013-09-24 12:31 | Report Abuse

Great discussions. Carry on please.

Posted by inwest88 > 2013-09-24 13:28 | Report Abuse

janetooi001, may I know your intention in copying and pasting the full comments written by alwong111 ? You did not add in any comments. Thanks !

Posted by kkanagasg > 2013-09-24 15:56 | Report Abuse

'The Hoist' is out in www.liihen.com or liihen.blogspot.com

Posted by keithchan > 2013-09-24 16:51 | Report Abuse

Interesting revelation in 'The Hoist'. Worth reading..

Posted by alwong1111 > 2013-09-24 17:50 | Report Abuse

Sexmaker, I dare to accused Tan Bee Eng and Chua Lee Seng committing the alleged CBT because it is in the police report, therefore it is a fact. Dare the two and you to prove me wrong.

As for whether evidences will be revealed by the activists to the minority shareholders, the truth is already on the net. It is only a matter of time some directors will be nabbed. Mark my word today Sept 24, 2013 5.43pm. You can hang on to your Lii Hen shares if you chose to believe otherwise. Like you have said, it is a free market.

By the way, the shareholder that has 100 share in early June that filed the legal suit on Lii Hen has built a position large enough to fill up Form 29A soon, based on the latest documents in court. Let just wait to see when Lii Hen will announce these court documents, pretty sure they will do it after someone complain again....

May I ask what are you doing as a constructive minority shareholder for the good of other minority shareholders at large except belittling the activists with your prejudiced stance of a 'good' corporate accountability on Lii Hen? The only strong points presumably still on your side may be the superficial financials which could dissipates into thin air once the directors are hauled in

Posted by sulaimanab1955 > 2013-09-24 18:18 | Report Abuse

saya sokong alwong1111

Posted by sense maker > 2013-09-24 18:50 | Report Abuse

Alwong wrote:

By the way, the shareholder that has 100 share in early June that filed the legal suit on Lii Hen has built a position large enough to fill up Form 29A soon, based on the latest documents in court.

My reply:

Thanks for this piece of information. Why has Ng Sheng Hwa built his position so fast, approaching 3m (=60m*5%) units of shares soon in less than 3 months from 100 units, while trying to bring down TBE and CLS via his lawyer by going to court, writing complaints to SC, etc at the same time? He would not have increased his shareholding to near 5% threshold if not for what he sees as potential or value in Liihen's business and his good chance to buy more shares if Liihen's directors are nabbed and Liihen's share price crashes.

Perhaps, it is logical to construe that NSH is testing water now to see how much inroad he can make on forcing TBE and CLS into jail. Come what may, he does not mind building a large position meanwhile because he sees good asset backing of Liihen (as I said many times, mostly all in the form of land and buildings and liquid working capital).

As you have access to many documents outsiders do not, you are obviously in the thick of what is going on against TBE and CLS. But remember: 'innocent until proven guilty', there is no need to swear and curse, which has characterised much of the tone of this so called Liihen minority shareholder activist movement.

Posted by fireball > 2013-09-24 22:29 | Report Abuse

Alwong, have u met BullBear in Air Asia thread?? kakakaka..

Posted by alwong1111 > 2013-09-24 23:21 | Report Abuse

kakaka, thats what I say the sexmaker always jump the gun with his prejudiced stance. I just tickled him that the minority shareholder with the 100 shares in early June had built a position large enough to fill a Form29A, he responded with 2 full paragraphs about the financials of Lii Hen. Please dig deep into the book of Lii Hen, most of the good lands and buildings are owned privately by the directors and on long term lease to Lii Hen. The good assets are with the directors while the so-so ones are with Lii Hen. These are clearly visible in the related party transaction mandates.

The liquid working capitals are mainly constituted by banking facility. Again, this may evaporate if the negative news hit them hard. Bankers are known for retracting umbrellas during rainy days, please don't forget that.

I see the theory of NSH testing water another fictional dream by the sexmaker, alongside all his earlier speculations of bitter loss, remisier trying to vindicate himself or dumping after Q2 result.

Please note while it is the old saying of innocent until proven guilty, the stock market investors practise a different approach once a key man or men of Lii Hen is nabbed, it is "Shoot First Ask Later". All those with the Lii Hen shares in hands will be lame hen instead!

Posted by sense maker > 2013-09-24 23:39 | Report Abuse

Alwong, clearly, you were twisting and backtracking selectively when you were caught with contradictions in your argument. The on-going tirade against Liihen is ridiculous, to say the least.

Posted by sense maker > 2013-09-24 23:58 | Report Abuse

Alwong, long-term lease, which you speculated, is called finance lease or capital lease requiring capitalisation on the balance sheet. That means on asset side, you see land and buildings, and on the liability side, you would see finance lease payable.

The difference between net book value of land and buildings and finance lease payable balance on balance sheet is just the difference between depreciation rate and the implicit rate of return on finance lease principal. As the NBV of L&B is around RM50m, did you see a corresponding finance lease payable of roughly the same amount?

Please read Liihen's annual report to see if you can find any finance lease payables there. There is none.

If you want to simply tembak, please do so with responsibility and intelligence because you are losing your credibility with each accusation.

Posted by inwest88 > 2013-09-25 00:02 | Report Abuse

I tend to believe sense maker !

Posted by alwong1111 > 2013-09-25 01:17 | Report Abuse

Please don't get personal. The long term lease that I meant is not those financial lease term that you talked about at length. What I meant was long term tenancy agreementlah. And I actually said specifically to read in conjunction with the related party transaction mandates. Period.

The one that had lost creditability should be you as all my rebuttals to your accusation went undefended and it was you who had shifted goal post with newer subjects. Nothing that I posted was unsubstantiated, the facts are all over the net. So please be a gentleman in uttering your feeling.

Let's just wait who will have the last laugh when the earth is shaken in Muar SOON eventually.

Posted by candygirl > 2013-09-25 03:14 | Report Abuse

harveylai , you earlier mentioned about the minority shareholder already collected so much enuf to fill a Form 29A . You sounded so serious ,doesn't look to me you are tickling sense maker .
Oh .. sorry this is address to alwong1111 . Doesn't matter anyone of you all will do

Posted by kcchongnz > 2013-09-25 03:38 | Report Abuse

Posted by alwong1111 > Sep 24, 2013 11:21 PM | Report Abuse
kakaka, thats what I say the sexmaker always jump the gun with his prejudiced stance. .....
Please note while it is the old saying of innocent until proven guilty, the stock market investors practise a different approach once a key man or men of Lii Hen is nabbed, it is "Shoot First Ask Later". All those with the Lii Hen shares in hands will be lame hen instead!

Posted by alwong1111 > Sep 25, 2013 01:17 AM | Report Abuse
Please don't get personal.


Please carry on the discussion. I sold of my Lii Hen shares some time ago reading the 2004 sagas in i3 because i treat management credibility the most important. Just contemplating if want to reenter as its share price has dropped quite substantially.

But I think like you say, "don't get personal" and changed others sensible name to "sexmaker", not good.

Posted by kkanagasg > 2013-09-25 11:28 | Report Abuse

Cheap or low price shouldn't be the pillar of investing. The future potential decide the winner stock. With so much negativity shrouding this stock now, prudent investors will adopt a wait-and-see attitude. The daily volumes says it all

Posted by sulaimanab1955 > 2013-09-25 16:56 | Report Abuse

i will wait on the side now, just wait for the big drop to come then decide how bad the news

Posted by ismailkarin > 2013-09-25 23:29 | Report Abuse

betul cakap bang, wise man move!

Posted by kkanagasg > 2013-09-26 11:23 | Report Abuse

LIIHEN : Read about "The Stubborn Buffalos Finally Bow " on www.liihen.com

A triumph for the Lii Hen activists. Well done!!!!

Posted by janetooi001 > 2013-09-26 11:44 | Report Abuse

頑固硬颈的蔴坡大水牛终於低下头, 即时向大马交易所報导重要资讯, 这是利兴股东權益维护群的一个功勞和肯定. 要是没有他们在督促着利兴董事, 那班大水牛肯定继续他们一直以来的"陳倉暗渡" 与 "闭门造車", 把我们这一群小股东骗得就骗, 蓋得就蓋.

在此我们应当向这一群在利兴股东權益维护群后的人士致於谢意. 要是没有你们的默默耕耘和付出, 不时提供那些内幕和黑幕, 我们就真的"股在且夕"了!

詳情請看http://www.liihen.com/news-flash.html

Posted by kkanagasg > 2013-09-26 14:43 | Report Abuse

kudos to those behind the Lii Hen Shareholder Activists (www.liihen.com), with you guys good works, we will have better and more accountable companies.

Posted by keithchan > 2013-09-26 15:46 | Report Abuse

hopefully these buffalos will learn by now they are not the only shareholder in the company. they need to be watched over for fear of only superficial compliance for this time, can't trust them after all the fracas and incriminating evidence published by the activists group.

Posted by sulaimanab1955 > 2013-09-26 16:04 | Report Abuse

once a thief always a thief...cant wait to see how soon their tails will come out and start waggling again

Posted by wahidpenang > 2013-09-26 16:18 | Report Abuse

i think very soon the colour will change, just look how they have been doing it for the past decade or so, tu habit cannot change overnight now that there is somebody watching them. Perhaps a harsh lesson to them will awake their conscience going forward...

Posted by simonfoo0123 > 2013-09-26 16:25 | Report Abuse

well done you guys at www.liihen.com

Posted by janetooi001 > 2013-09-27 11:21 | Report Abuse

LIIHEN只做了一天(25.9.2013)的好孩子, 今天又故態重萌, 被爆出又隐瞒小股东另一事件, 这次是被公司委员会(Suruhanjaya Syarikat Malaysia 简称SSM)立案調查!

詳情已在http://www.liihen.com/news-flash.html 被公开. 唉, 这些大水牛怎么这么顽固, 像25.9.2013事件只有被人揭發後才來挽救公司形象, 这公司的誠信真是有很大的疑问啊.

Posted by kkanagasg > 2013-09-27 11:56 | Report Abuse

a good boy only for a day...now SSM is investigating ...http://www.liihen.com/news-flash.html

Posted by sulaimanab1955 > 2013-09-27 12:11 | Report Abuse

the PROBLEMSS Lii Hen are in now :

P : Police investigation
R : Retailers shun the stock
O : Officers (Board of directors) integrity issues
B : Bursa Malaysia investigation
L : Loans cut by Maybank due to negativity report
E : Enforcement actions imminent
M : Manufacturing excess capacity at all plants
S : SC investigation
S : SSM investigation

Posted by wahidpenang > 2013-09-27 12:14 | Report Abuse

the PROBLEMSS Lii Hen are in now :

P : Police investigation
R : Retailers shun the stock
O : Officers (Board of directors) integrity issues
B : Bursa Malaysia investigation
L : Loans cut by Maybank due to negativity report
E : Enforcement actions imminent
M : Manufacturing excess capacity at all plants
S : SC investigation
S : SSM investigation

steadylah bang your post :D

Posted by simonfoo0123 > 2013-09-27 12:21 | Report Abuse

sulaiman, 2 words to summarise your post : Sharp and precise!

the PROBLEMSS Lii Hen are in now :

P : Police investigation
R : Retailers shun the stock
O : Officers (Board of directors) integrity issues
B : Bursa Malaysia investigation
L : Loans cut by Maybank due to negativity report
E : Enforcement actions imminent
M : Manufacturing excess capacity at all plants
S : SC investigation
S : SSM investigation

Posted by ismailkarin > 2013-09-27 15:12 | Report Abuse

Posted by ryanc > Sep 27, 2013 01:05 PM | Report Abuse

Posted by simonfoo0123 > Sep 27, 2013 12:21 PM | Report Abuse

sulaiman, 2 words to summarise your post : Sharp and precise!

the PROBLEMSS Lii Hen are in now :

P : Police investigation
R : Retailers shun the stock
O : Officers (Board of directors) integrity issues
B : Bursa Malaysia investigation
L : Loans cut by Maybank due to negativity report
E : Enforcement actions imminent
M : Manufacturing excess capacity at all plants
S : SC investigation
S : SSM investigation

Sifu still recommend this stock? Please buy some more until no money left. LOL

Posted by ismailkarin > 2013-09-27 15:22 | Report Abuse

Sulaiman, allow me to fill in the details of your post ya

the PROBLEMSS Lii Hen are in now :

P : Police investigation ***Bukit Aman took over in August 2013
R : Retailers shun the stock ***pathetic volume everyday after the 32% crash on Aug 26
O : Officers (Board of directors) integrity issues ****as highlighted in www.liihen.com
B : Bursa Malaysia investigation ***September 4, public reprimand soon
L : Loans cut by Maybank due to negativity report ***MBB KL on FDSB $7m
E : Enforcement actions imminent ***CBT/Forgery/Cheating by police
M : Manufacturing excess capacity at all plants ***disclosed in Q2 notes to financial
S : SC investigation ***shares manipulation by 2 directors
S : SSM investigation ***as highlighted in www.liihen.com

Posted by candygirl > 2013-09-28 23:41 | Report Abuse

sense maker !!! you are right !! They are all the same people . Just trying to push Liihen share price down . alwong1111 disappeared surprisingly

Posted by lizziewong > 2013-09-30 10:27 | Report Abuse

Liihen dividend payout look good... but it is worrying when I watched the videos in the website highlighted above. I would have bought for the dividend yield, if not for that. I think honest director and major shareholders are more important, at least u can sleep well at night whether dow go up or down. If the share is at firesale price, maybe worth the risk.

Posted by kkanagasg > 2013-09-30 12:19 | Report Abuse

very fair comment. At least you keep your heads cool, lizziewong

Posted by alwong1111 > 2013-09-30 12:23 | Report Abuse

who said i disappear? the girl who looks for sugar daddy? lol

Posted by ismailkarin > 2013-09-30 12:26 | Report Abuse

the PROBLEMSS Lii Hen are in now :

P : Police investigation ***Bukit Aman took over in August 2013
R : Retailers shun the stock ***pathetic volume everyday after the 32% crash on Aug 26
O : Officers (Board of directors) integrity issues ****as highlighted in www.liihen.com
B : Bursa Malaysia investigation ***September 4, public reprimand soon
L : Loans cut by Maybank due to negativity report ***MBB KL on FDSB $7m
E : Enforcement actions imminent ***CBT/Forgery/Cheating by police
M : Manufacturing excess capacity at all plants ***disclosed in Q2 notes to financial
S : SC investigation ***shares manipulation by 2 directors
S : SSM investigation ***as highlighted in www.liihen.com

Posted by ismailkarin > 2013-09-30 12:32 | Report Abuse

"some people" claimed that certain people are pushing the price down with the negative reports lately. I do not think so, judging by the pathetic volume of Liihen everyday.

Its only the "some people" that are stubborn in not adjusting their views and accepting the fact that the evidences on the integrity of Lii Hen directors are just too compelling

Posted by janetooi001 > 2013-09-30 14:52 | Report Abuse

I am starting to sell now....2.51pm

Posted by janetooi001 > 2013-09-30 15:07 | Report Abuse

another 5k at 1.45 now... 3.07pm

Posted by sense maker > 2013-09-30 15:10 | Report Abuse

Hi Janet, why are you holding it till now, more than one month after your tirade against Liihen started? Very curious, contradictory and interesting at the same time.

Posted by kcchongnz > 2013-09-30 15:20 | Report Abuse

If one doubts the management so much, he/she should not even touch its stocks in the first place. I won't if I have so much doubts. I won't even touch it if I have just a little doubt until I find out the truth.

Posted by janetooi001 > 2013-09-30 15:28 | Report Abuse

Haha child play. Cant even sense the imminent danger

Posted by candygirl > 2013-09-30 15:43 | Report Abuse

now only you sell ???? after so much complaint . How many thousand lots you've got ??

Posted by wahidpenang > 2013-09-30 16:11 | Report Abuse

what people have is none of your business. How many lots your SugarDaddy has?

Posted by keithchan > 2013-09-30 16:28 | Report Abuse

again, dead volume for the day. Worst, can't even see buyers lining up....all ran back to the den of thieves

Posted by wahidpenang > 2013-09-30 16:32 | Report Abuse

sellers mounting got lah. LOL