Posted by Jeffreyteck > 2019-11-29 23:22 | Report Abuse

Listed companies not performing, bod and management all kaya, another skim kaya to con minority SHs while authorities remain sleeping. Why work so hard?

Posted by supersaiyan3 > 2019-11-30 01:26 | Report Abuse

Why didn't the company right issue earlier? it would have been able to cover up the debts. Is it the owner deliberately bankrupt the company given bad economic environment? Anyone knows?

Posted by Lukesharewalker > 2019-11-30 01:55 | Report Abuse

Game over

Posted by Jeffreyteck > 2019-11-30 07:41 | Report Abuse

Interesting for case study in particular for those who want to borrow $$$ from bankers and others.

London Biscuit Bhd, which is facing a winding-up petition, is writing off RM363.16 million of receivables in the fourth quarter ended Sept 30, 2019 (4QFY19)... who are the receivables? Is it Kheesan and some others? NTA became negative 0.25 now, well done.

This reflects the quality of auditors, the credibility of accounts and management, the ability and willingness of authorities in taking prompt actions, the effectiveness of corporate governance and bod...

Posted by PMHLDG288 > 2019-11-30 09:00 | Report Abuse

Jeffreyteck ,well said.london biscuits for customers,poisoned biscuits for minority shareholders.

Posted by PMHLDG288 > 2019-11-30 09:06 | Report Abuse

financial frauds commited by the top management.

Posted by shpg22 > 2019-11-30 09:13 | Report Abuse

This is the same quality auditor as red chip company. Do as per told, don't ask and get paid.

Posted by Alaska Lang > 2019-11-30 10:17 | Report Abuse

this obviously are financial frauds, better action report to CCID, i don't think all this related parties can leave it, jails wait from your

Posted by smartly > 2019-11-30 10:26 | Report Abuse

obviously the management is hanky panky within the company by either manipulating the plant & machinery, right issue & etc.
squeezing dry the company cash flow into their own pocket by reporting fake high cost of machinery purchases. if you compare with apollo their machinery purchase won't cost >100m.

Posted by shpg22 > 2019-11-30 11:52 | Report Abuse

They sell tin kosong to their krony company at full price.

Posted by ivan9511 > 2019-11-30 13:56 | Report Abuse

I also loss money But I cut loss so Loss about 40%
I cut loss few months ago
Then I swap to Armada and Earn back the money loss on London
Why Bursa Allow like this
this is totally like Redchip pattern ? ? ?

Posted by cat lim > 2019-11-30 15:23 | Report Abuse

NTA (RM)
: -0.250

Posted by Lukesharewalker > 2019-11-30 18:40 | Report Abuse

Can sue the auditors too besides the directors of which I think the banks will...

Posted by yflawrence > 2019-12-01 00:21 | Report Abuse

so beware Kheesan

Posted by Forfainvest > 2019-12-01 07:47 | Report Abuse

1 shoot -RM1.52 per Q, habis

Posted by Stockpicker > 2019-12-01 07:51 | Report Abuse

Probable top management fraud, auditor eyes closed and audit committee members sleeping. This will be an interesting case study considering the private placements only a few months ago.

However the impairment of receivables may have been too aggressive if quarterly revenue is RM100m as the industry operates on credit sales; unless there is a problem with the revenue number as well.

Posted by Market82 > 2019-12-01 08:37 | Report Abuse

I hear already have new investor, monday if drop alots maybe they will collect. U can see the revenue, 3 months still have 0.1billion. Mean this company business still ok. Only management team got problem. So i feel still got buyer interest for this company.

Posted by i3lurker > 2019-12-01 08:44 | Report Abuse

better to close down

must put in money to make negative to zero
must put in money to make zero to positive

its like
your neighbour bought Mercedes Benz S series for RM650,000.00

but you bought your Mercedes Benz S series by
first paying RM650,000.00 to make -RM650,000.00 to zero
then paying RM650,000.00 to make zero to RM650,000.00
all in you paid RM1.3 million to buy a car value RM650,000.00

your neighbour will die laughing

Posted by freddiehero > 2019-12-01 09:25 | Report Abuse

tis call stock market. need see boss wan make u rich or poor together.. kkakaka..

Posted by Market82 > 2019-12-01 09:41 | Report Abuse

After see the new result what the fund will do? Bfr they invest they dont ask auditors to audit the a/c? What the fund doing?

Posted by Stockpicker > 2019-12-01 10:02 | Report Abuse

If the RM 100m per quarter revenue number is true, this is a business worth saving as it is not easy for a confectionary business to reach this size. There is much value in the business processes, relationships and IP.

Posted by i3lurker > 2019-12-01 10:12 | Report Abuse

thats a consolidated revenue figure

The global healthy biscuits market size was valued at USD 2.2 billion in 2018 and is expected to expand at a CAGR of 5.0% from 2019 to 2025. The market growth is attributed to rising awareness about health and fitness and growing preference for healthy snack products, especially among the working professionals and millennials. High nutritional value of healthy biscuits is also expected to augment their demand over the years to come. Increasing product popularity as go-to snacks, which can replace high calorie content products like chocolates, cakes, and cookies, is further projected to drive the global market.
Demand for healthy biscuits is increasing due to the active lifestyle of the consumers who look for convenient eating options.Rising demand for healthy snacks, coupled with high per capita food consumption, especially in developing countries such as India and China, is contributing to the growth of the global market. Moreover, packaging innovations and increase in the number of fitness enthusiasts are expected to boost healthy biscuits market growth.

London Biscuits is still stuck producing unhealthy biscuits
they need to change but never got around to changing their product lines

Posted by Market82 > 2019-12-01 13:13 | Report Abuse

Total share only 280m. I feel they will right issue soon. The fund also feel this company still got potential in future. So why the fund invest this company. Lonbisc still have market. Only management term too bad. Hope the fund can bring it to another life.

Posted by sense maker > 2019-12-01 14:00 | Report Abuse

One quarter loss alone reversed out 20 years of previous fake profits. Years ago I warned many times about the management taking out money via blatantly inflated property, plant and equipment, bloated receivables and it’s non-cash reported profits. Total liabilities now stand at rm550m. Who will stomach it? Bankers and creditors loh. Shareholders’ value has long been destroyed, now to ashes.

Posted by ivan9511 > 2019-12-01 14:16 | Report Abuse

above got one members point the right part on Revenue



29 Nov 2019 30 Sep 2019 4 30 Sep 2019 Revenue 106,645

Revenue is super good , Actually be honest this company got sales
good sales since the products is still good and business is still doing good as Reveue 106,645 000
much better than b4

another Good news is this

9 Nov 2019 Acquired
33,000,000 MEMBERSONE VENTURES FUND

just need a good team to run wil like Shell Hibiscus Drb Knm Armada Dayamg Naim

highdebts is not a issue in Bursa\
Many high high Debts company also can limit up like Dayang Armada sapura

The most important part is we can see the future or not
drop to 5 sen or lowest also not a problem is got future
like hibicus armada perdana all got a worst time

London price should see future not now
now will drop

Posted by Market82 > 2019-12-01 14:50 | Report Abuse

I feel member one venture fund also see lonbisc got potential. Feel they slowly collect share in market after control the company. U can see oversea they also have business. competitors also ill interesting. Take over it and use thier business network to extand thier business. Actually this company value at business network. They is more worth.

Posted by Stock33 > 2019-12-01 15:42 | Report Abuse

Again n again always so positive on London Biscuits. Anyone can tell me he is really know it's business or just guessing base on result.

Posted by miker > 2019-12-01 15:48 | Report Abuse

Property, plant & equipment bought from cronies companies with inflated cost. That is how they suck the company's money. If the lonbisc make a lot of money, that is not a problem...

Posted by ks55 > 2019-12-01 15:54 | Report Abuse

Posted by ks55 > Jul 8, 2019 7:56 PM | Report Abuse X

Rule of Thumb, PN17 good for 2 sen or so.
Even though tomorrow can be 10 sen, towards the end it will be 0.5 sen before delisted........

Posted by ks55 > 2019-12-01 15:56 | Report Abuse

Will tomorrow be 2 sen?
Or 1.5 sen?
Or 1.0 sen?

Just wait and see.
Anyway, before delisting should be at 0.5 sen and not more.......

Posted by Stock33 > 2019-12-01 15:56 | Report Abuse

Base on latest qtr:
Impairment loss mostly from receivable from loss 280m.
Latest show only receivable only 6m.
What is the meaning of receivable 6m?
Means the revenue of that qtr 100m was not true where base on normal credit term 60days receivable should be around 60-70m. Do no tell me recent sales for past three month all are bad debts or all are in cash!

Posted by Stock33 > 2019-12-01 16:06 | Report Abuse

Predict hole will be event bigger when impairment loss on asset incurred....
I guess may be another 300m loss... Good luck to minority shareholders!

Posted by i3lurker > 2019-12-01 16:10 | Report Abuse

scrap metal is transacted at RM15.00 per kg or thereabouts depending on market price

so dun be surprised if RM500 million suddenly becomes worth less than RM1 million

Posted by Jeffreyteck > 2019-12-01 17:43 | Report Abuse

Poor regulatory regime and disclosure requirements.

Companies should be required to disclose at least top 5 buyers and %.

Aging schedule of receivables must be disclosed too.

One off impairment means both management and auditors are not doing their jobs and make correct reporting promptly, it cannot be suddenly turn assets into impairment (unless fire without insurance exception cases), situation must have been known earlier and why only disclose on periodical report? Isn't that consider material information?

Authority should not waste its time to organise running event but to spend more time to take prompt actions against listed companies and improve reporting requirements.

Anyway good luck everyone as there may be chance for contra.

Posted by i3lurker > 2019-12-01 17:53 | Report Abuse

looks like a small problem compared to Worldcom or Transmile

ordinary shareholders especially minorities just pay the price lah

Posted by bursabull > 2019-12-01 18:08 | Report Abuse

How can so easily to write off the receivable ? Receivable is not the invoices to the customer ? They don't want to collect back the money or what is the truth ?

Posted by Market82 > 2019-12-01 20:19 | Report Abuse

Compare london product with another branch product. I feel london cake better than them. Still remember doremon logo stock. If bankrutp, that is more unfortunately。

Posted by Lukesharewalker > 2019-12-01 22:55 | Report Abuse

Maybe inter company transactions. Fake orders from KH

Posted by i3lurker > 2019-12-01 23:05 | Report Abuse

does not happen coz Lonbisc took out Bankers Acceptances on those invoices

Banks specifically forbid related companies when issuing out BAs

what happens is Lonbisc types a sales invoice to customer and takes it to banks. Banks pay LonBisc a certain percentage of that invoice and charges interest

over a period of time those BAs grew and grew and grew and grew somemore.
I believe bankers already knew but they have had no choice
or the stack of cards will had collapsed earlier.

TIP :- always look at BAs when looking at accounts of BURSA companies or any other company

what Lonbisc directors dunno is that banks always prosecute their customers for fraud in the case of unpaid BAs arising from fake invoices.
If those BAs were paid its ok

expect jailtime for those Lonbisc directors if those BAs not paid and its fake.


Posted by Lukesharewalker > Dec 1, 2019 10:55 PM | Report Abuse
Maybe inter company transactions. Fake orders from KH

Posted by TheGardener > 2019-12-02 02:12 | Report Abuse

This is one of the Value Trap Counter I know long long long time ago! Serious, I never buy in at all as I know its fake! Anyway, a lot of so call "MASTER OR EXPERT" advice student buy in. On other hand, I would like to ask those "MASTER OR EXPERT" why you need student please? Why you need tuition fee please?

Posted by EatCoconutCanWin > 2019-12-02 11:51 | Report Abuse

Good results. Buy in more

Posted by Qbb99 > 2019-12-02 11:59 | Report Abuse

RTO is possible. A white knight coming...

Posted by i3lurker > 2019-12-02 12:06 | Report Abuse

listing status has no value now coz very easy to list nowadays
at peak time listing only worth RM20 million, its zero now

RTO Lonbisc pay RM400 million get about RM50 million value...

setup totally new company just pay RM100 million more than enough to buy PPE
and buy up those Lonbisc brands at lelong time.

means RTO Lonbisc must pay RM250 million extra

which businessman is so stupid? to pay RM250 million extra?
RM250 million grow on trees?

Posted by i3lurker > 2019-12-02 12:14 | Report Abuse

the only solution is to setup a 2MDB

this 2MDB will pay RM40 Billion to take over Lonbisc

no one will use their own hard earned money to takeover Lonbisc mainly because its no longer fashionable to eat biscuits and cakes

other people's money then can throw freely....

Posted by sasword > 2019-12-02 12:47 |

Post removed.Why?

Posted by mk00001 > 2019-12-02 14:27 | Report Abuse

london Biscuit Bhd, which is facing a winding-up petition, is writing off RM363.16 million of receivables in the fourth quarter ended Sept 30, 2019 (4QFY19).

On top of that, the company also booked in impairment of RM31.04 million on investment loss in 4QFY19, according to its filing with Bursa Malaysia.

The massive impairment of RM394.2 million for the quarter under review was indeed slightly more than the confectionery maker’s annual revenue of RM391.73 million for the financial year ended Sept 30, 2019 (FY19) compared with RM326.36 million in FY18.

Posted by Lukesharewalker > 2019-12-02 19:03 | Report Abuse

Wonder which brave guy is buying at 8 cents

Posted by GuShen > 2019-12-02 20:02 | Report Abuse

LONBISC’s loss before tax RM444mil mainly due to impairment loss of receivable. Net asset per share is negative 0.25.

Posted by GuShen > 2019-12-02 20:04 | Report Abuse

Why the Company impaired all their receivable?

Posted by GuShen > 2019-12-02 20:09 | Report Abuse

This quarter impaired receivables. Coming quarter may make impairment for equipment and machinery probably up to RM200mil to RM300mil. Because the assets is seriously overstated.