Posted by icst1975 > 2021-07-14 14:52 | Report Abuse

When market is doubtful about the financial reports, it also will begin to doubt the integrity of the management team. There is only one way to go for the share price to go. Personally, I think I had more faith in the financial reports of the previous management. At least they reported very little profit or losses in the few years before taken over by the new kid in town who had no experience in building & construction bushiness but magically could turn the company in to flying profit every quarter. Even the most reputable and profitable Companies in this line of business have been struggling in the last two years.

Wake up to the reality ! Even if you are not trained in accounting, if you care to read more carefully the financial reports of AGES it is not that difficult to spot some RED flags. Easy to spot red flags include
1. Profits reported were non cash in nature
3. Without cash from PA and conversion, highly negative operating cash-flow
3. Quarter after quarter, there are suspicious un-justifiable increase in "Good Will, the amounts roughly equalled the "paper profit' made.
4. There were no tax paid or allocated in the financial reports for the last 7 quarters. This clear tells us that the impressive "profits" reported quarter after quarter were just some sort of accounting profits not liable to tax.

To be polite, it is called " creative accounting". To be honest, I think it is very unfair to the investing public. It would be wise to put a big question mark on the integrity of reporting and the best course of action you could take.

Posted by fable > 2021-07-14 15:30 | Report Abuse

Like u said, reputable and profitable company and making losses this 2 years especially the covid season right now. You trust the ex-management which funnel the company money to their own pockets? Who knows what other illegal stuff the ex-management do under the table

Posted by fable > 2021-07-14 15:45 | Report Abuse

Blant accusation again, why are you here commenting instead of reporting it to SC?

Posted by rapparesh > 2021-07-14 15:48 | Report Abuse

slowly recovering back or still consolidating??

Posted by aarowsiewkh > 2021-07-14 15:57 | Report Abuse

Will be consolidating for quite some time, market haven't enter recovery mode yet

Posted by kangedd > 2021-07-14 16:04 | Report Abuse

A viable option for speedy vaccination is by setting up a mobile centre to vaccinate workers on-site


MALAYSIA’S accelerated Covid-19 vaccines rollout may promise a return to normalcy for the construction industry.

Since the indefinite extension of Full Movement Control Order (FMCO), construction companies have faced disruption in their supply chains and restrictions in their operational sites.


Gagasan Nadi Cergas Bhd said the Enhanced MCO (EMCO) announced by the government on July 3 has affected its construction sites in the Klang Valley.

“Our ongoing construction sites in the Klang Valley, namely Bukit Raja, Putra Heights, Serdang, Shah Alam, Serendah, Cyberjaya and Ulu Yam have come to a near-standstill,” Gagasan Nadi group MD Wan Azman Wan Kamal told The Malaysian Reserve (TMR).

According to Wan, under FMCO, only critical works are allowed to commence while suppliers of supporting services (such as steel, concrete and other raw materials) faced difficulties in keeping a smooth supply chain under the more-stringent standard operating procedures (SOPs).

“We opine that halting construction activities is not the solution because workers in the construction site face the same risk of Covid19 spread as when they stay in their hostels and dormitories,” Wan said.

Last week, Master Builders Association Malaysia sent a joint memorandum to the government to reopen the construction industry in stages and order of priority, as was reported by TMR.

Supporting the call, Wan suggested that a viable option to undertake speedy vaccination for the construction sector is by setting up a mobile centre to vaccinate workers on-site.

“Contractors would be able to gather all the workers to undertake the process, keep track and monitor them, as well as minimise movement compared to transporting them to a centre in another location,” he told TMR in an email reply.

Wan added that the outlook for the construction sector is very much dependent on the speed and scope of vaccination for all parties.

“Hitting a high vaccination rate has to be the country’s foremost priority in order to regain economic and social normalcy,” Wan added.

Posted by kangedd > 2021-07-14 16:05 | Report Abuse

Only vaccinate can get construction back to recovery

Posted by aarowsiewkh > 2021-07-14 16:07 | Report Abuse

Malaysia still have way to go since the vaccination rate is so slow right now, even the news stated till 2024 for full vaccination in Malaysia

Posted by aarowsiewkh > 2021-07-14 16:07 | Report Abuse

All we can do is hope for the best

Posted by 240gpark > 2021-07-14 16:37 | Report Abuse

https://www.exchangewire.com/blog/2021/07/14/building-houses-in-the-sand-developing-digital-media-strategies-in-an-era-of-change/

Posted by 240gpark > 2021-07-14 16:38 | Report Abuse

This is something new

Posted by unclekyyisbest > 2021-07-14 16:44 | Report Abuse

When market is doubtful about the financial reports, it also will begin to doubt the integrity of the management team. There is only one way to go for the share price to go. Personally, I think I had more faith in the financial reports of the previous management.


https://www.theedgemarkets.com/article/ageson-sues-former-md-director-and-others-over-alleged-scheme-defraud-company

https://www.theedgemarkets.com/article/ageson-sues-former-md-director-and-others-over-alleged-scheme-defraud-company

https://www.theedgemarkets.com/article/ageson-sues-former-md-director-and-others-over-alleged-scheme-defraud-company

Noted

Posted by Hazmi90 > 2021-07-14 16:49 | Report Abuse

https://www.thestar.com.my/business/business-news/2021/07/13/economy-on-track-for-recovery

Posted by Hazmi90 > 2021-07-14 16:49 | Report Abuse

UALA LUMPUR: Malaysia’s economy is now on the path to recovery and is projected to chart better growth this year, says Senior Minister cum International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali.

He said the brighter economic prospect was attributable to rising global demand, increased public and private sector spending, as well as continued policy support.

"This (brighter prospect) will also be reflected in the recovery in labour market conditions and higher production in the manufacturing sector, particularly in the electrical and electronics (E&E), and the oil and gas facilities, ” he said in a keynote address at the Malaysian Economic Summit 2021 webinar today.

His speech was read by MITI Deputy Minister Datuk Lim Ban Hong.


Mohamed Azmin believes that due to Malaysia’s open economy, enhancement of productivity and economic growth would be further underpinned by an improvement in the global technology upcycle, as well as policy support from various fiscal and monetary measures, including the additional economic stimulus packages.


"This positive outlook is reinforced by the World Bank’s most recent forecast, where it projected the Malaysian economy to grow by 4.5 per cent in 2021, albeit revised down from our own more robust Bank Negara Malaysia’s projections, ” he said.

According to the minister, Malaysia’s economic fundamentals remained resilient even during these difficult times, underpinned by the country’s broad-based economic structure which lent strength to its competitiveness.

He noted that last year, Malaysia ranked 12th in the World Bank’s Ease of Doing Business ranking, 27th in the IMD World Competitiveness ranking and was the fourth out of 17 economies as a manufacturing hub.

"This is significant because our services and manufacturing sectors account for 58 per cent and 23 per cent of the economy, respectively, while the commodity sector accounts for 14 per cent, which reflects the increasing sophistication, depth and complexity of the Malaysian economy, ” said Mohamed Azmin.

Moving forward, the minister said Malaysia has formulated five National Investment Aspirations to serve as a framework in reinvigorating the national investment landscape as well as enhancing long-term national competitiveness.

In this regard, he said Malaysia aims to increase economic complexity by ensuring that the country’s economy is increasingly built on skills-based industries, with significant production capabilities to create high-value products and services.

"We seek to create higher-value job opportunities for Malaysians to ensure that our people are equipped with sufficient skills required for the future.

"We also intend to extend our domestic linkages through integration with the regional economy, and empower more local businesses to better participate in the global value chain, ” he said.

Mohamed Azmin said Malaysia wants investments that are interested to expand across the ASEAN region, and aims to develop new and existing clusters that play a fundamental role in driving economic spill-overs which are the key to delivering holistic ecosystem benefits.

"Finally, we aspire to improve inclusivity by championing equitable growth for the nation, ensuring equal opportunities and adequate safeguards for the people.

"This aspiration seeks to unlock Malaysia’s full potential, fundamentally lowering barriers to access as well as better integrating the economy, ” he said. - Bernama

Posted by unclekyyisbest > 2021-07-14 16:54 | Report Abuse

Build house on sand and sand business is two thing la.

Posted by unclekyyisbest > 2021-07-14 16:55 | Report Abuse

Ageson is on better right now, First point, price is stable, second point vaccine speed is on-going faster.

Posted by swimwithsharkss > 2021-07-14 17:26 | Report Abuse

@icst1975 Appreciate your sentiment to protect retailer, my big question in mind is how do you know it is creative account? What are your evidences?

Posted by icst1975 > 2021-07-14 18:12 | Report Abuse

https://www.theedgemarkets.com/article/ageson-sues-former-md-director-...

My understanding:
1) Prinsiptek Corp Bhd had its name changed to AGES Berhad after current management took over as major shareholders.
2) All debts, guarantees and other liabilities previously given by or incurred by Prinsiptek Corp Bhd will remain as debts/ liabilities and corporate guarantees of AGES Berhad. The same principles applies for the assets owned by and receivables due to by Prinsiptek Corp Bhd are assets and receivables inherited by AGES Berhad. You cannot run away from debts and liabilities by changing name. It is not possible to have the right to inherit the assets and receivables under Prinsiptek Corp Bhd but refuse to inherit the liabilities and payable.
3) All payments which were made under AGES Berhad would be under the purview and scutiny of the current management. Had there been wrongful claims and payment made by AGES berhad, the current management should have put a stop to it. In fact they are answerable to shareholders for negligence and lack of supervision for making payment to fraudulent claims.

4) Statement like "despite Prinsiptek no longer being either a subsidiary or even an associate of Ageson, the company continued to make payments to Maybank in order to discharge its obligation under the corporate guarantee" can be very misleading to the public and the small shareholders shifting the wrongs solely to other people. I would even consider it as a rather irresponsible statement to mislead investors.

5) Losses incurred by the subsidiaries under Prinsiptek Corp Bhd are losses that have to be accounted by AGES, period. The new management must not just keep balloon up the so called Goodwill. I think this is not allowed under financial accounting.

There were so many red flags in the financial reports since the new management took over. It is not difficult to begin to guess that it might just be a smoke screen that can easily confuse the public, and giving them false hope for potential mismangement.

Posted by icst1975 > 2021-07-14 22:48 | Report Abuse

Reference to swimwithsharkss comment above.
1) Please see my earlier comment..... "Even if you are not trained in accounting, IF YOU CARE TO READ MORE CAREFULLY the FINANCIAL REPORTS of AGES it is not that difficult to spot some RED flags.... "

2) Spotting any "incorrect" financial reporting is the serious job of a qualified Company appointed External Auditor. As far as I know, AGES June 2020 FY reported had not been audited and finalised. We are now July 2021.
2.1 there was an earlier but unconfirmed market talk that AGES had appointed an external auditor in April 2020 but that auditor had choose to resign in August 2020, two weeks prior to AGES releasing its Q4 2020 (30 June 2020 ) financial results.
2.2 AGES confirmed external auditor Messrs. Jamal, Amin & Partners ( could be its second external auditor appointed after August 2020 ?) had resigned in March 2021. This was announced to Bursa Malaysia on 24 March 2021. Reason for its resignation was due to Jamal, Amin & Partners had been sanctioned by SC/ Bursa Malaysia's Audit Oversight Board on 17 March 2021 which prohibited the Firm from auditing any public interest entity or schedule fund for twelve months pursuant to Section 31Z(2) of the Securities Commission Malaysia Act 1993.

Although we would not know the precise reasons, in simple layman terms, it probably implied that this external auditor employed by AGES might have been found by SC's Audit Oversight Board to have breach proper auditing procedures in some other company and therefore have been barred from carrying auditing in public listed Companies for a year.
Let us pose this question. If I own a Company and I could have fishy or messy account, would I look for a reputable auditor like KPMG in Serba Dinamk's case or would I find one who can fulfil your fit-for-your-purpose requirement? I think you are smart enough to join the dots in between and I cannot say more.

3) AGES appointed a new CEO, MR KEE YONG CHIN in April 2020. He resigned on 31 Dec 2020. Let me pose this question. The Company I decided to join and headed as CEO for the last 8 months had been able to turn around and performed exceptionally well qurter after quarter, I must be very proud to be part of it. Would I want to resign and get out of the way if there were not “things” I could not live with? As far as I know, AGES had not engage another CEO.
Let us just pose this question. Most investors would agree that the CEO is an extremely important position in a listed Company who can critically influence the performance of a Company. To-date, I am not aware that AGES had appointed a replacement CEO. How did the Company function ?

Perhaps, some investor may say don't worry about CEO lah. Rain or shine AGES can show beautiful quarterly financial report.


DISCLAIMER: The above discussion is intended as sharing of my personal view as exchange of ideas and opinions. There is no recommendation for Buy or Sell on any public listed listed stocks. Please do your own assessment and decision including consulting a qualified financial advisor before you invest or divest in any KLSE listed stocks.

Posted by unclekyyisbest > 2021-07-15 08:27 | Report Abuse

Good morning everyone, for who love ageson and who don't love ageson. Is a new day

Posted by 240gpark > 2021-07-15 09:17 | Report Abuse

https://www.chinapress.com.my/20210714/%E2%97%A4%E5%9B%BD%E5%AE%B6%E5%A4%8D%E8%8B%8F%E8%AE%A1%E5%88%92%E2%97%A2-%E7%AC%AC%E4%BA%8C%E9%98%B6%E6%AE%B5%E5%B7%9E%E5%B1%9E-%E8%B4%A2%E9%95%BF%EF%BC%9A%E4%B8%8D%E4%BC%9A%E5%86%8D%E9%87%8D/

Posted by 240gpark > 2021-07-15 09:19 | Report Abuse

Instead of phase one and two, guess everyone more concern when is the market start operation back.

Posted by swimwithsharkss > 2021-07-15 09:45 | Report Abuse

@icst1975 another reply to you "comment"

Reference to swimwithsharkss comment above.
1) Please see my earlier comment..... "Even if you are not trained in accounting, IF YOU CARE TO READ MORE CAREFULLY the FINANCIAL REPORTS of AGES it is not that difficult to spot some RED flags.... "

^ Just for your information, dont belittle others. I'm auditor. So I know what I'm talking about.

2) Spotting any "incorrect" financial reporting is the serious job of a qualified Company appointed External Auditor. As far as I know, AGES June 2020 FY reported had not been audited and finalised. We are now July 2021.

^ The following Management Discussion and Analysis (“MD&A”) of Ageson Berhad (“Ageson”,“AGB”, the “Company”, “we”, “us” or“our”) and its subsidiaries (“Group”) for the financial year ended 30 June 2020 should be read in conjunction with the Audited Financial Statements for the year ended 30 June 2020 and related notes thereto. The discussion of results, causes and trends should not be construed to imply any conclusions that such results, causes or trends will necessarily continue in the future.

This is an excerpt taken from literally, page 5 of FYE 2020 report in case you didnt read.

2.1 there was an earlier but unconfirmed market talk that AGES had appointed an external auditor in April 2020 but that auditor had choose to resign in August 2020, two weeks prior to AGES releasing its Q4 2020 (30 June 2020 ) financial results.

^ Auditor come and go, especially during bad market condition, they are very harsh to construction companies, i seriously dont see what is the problem.

2.2 AGES confirmed external auditor Messrs. Jamal, Amin & Partners ( could be its second external auditor appointed after August 2020 ?) had resigned in March 2021. This was announced to Bursa Malaysia on 24 March 2021. Reason for its resignation was due to Jamal, Amin & Partners had been sanctioned by SC/ Bursa Malaysia's Audit Oversight Board on 17 March 2021 which prohibited the Firm from auditing any public interest entity or schedule fund for twelve months pursuant to Section 31Z(2) of the Securities Commission Malaysia Act 1993.

Although we would not know the precise reasons, in simple layman terms, it probably implied that this external auditor employed by AGES might have been found by SC's Audit Oversight Board to have breach proper auditing procedures in some other company and therefore have been barred from carrying auditing in public listed Companies for a year.
Let us pose this question. If I own a Company and I could have fishy or messy account, would I look for a reputable auditor like KPMG in Serba Dinamk's case or would I find one who can fulfil your fit-for-your-purpose requirement? I think you are smart enough to join the dots in between and I cannot say more.

^ HAHAHAHA do you even know there is this thing called AOB in SC? Every year, they sanction unsatisfied performance of auditors. So if a listed company appointed one of these auditors, they are in fault?

https://www.sc.com.my/aob/aobs-sanctions <-- for your "negligence" comment.

3) AGES appointed a new CEO, MR KEE YONG CHIN in April 2020. He resigned on 31 Dec 2020. Let me pose this question. The Company I decided to join and headed as CEO for the last 8 months had been able to turn around and performed exceptionally well qurter after quarter, I must be very proud to be part of it. Would I want to resign and get out of the way if there were not “things” I could not live with? As far as I know, AGES had not engage another CEO.
Let us just pose this question. Most investors would agree that the CEO is an extremely important position in a listed Company who can critically influence the performance of a Company. To-date, I am not aware that AGES had appointed a replacement CEO. How did the Company function ?

^ If you follow the company, the key management is the major shareholder, who was framed by the ex-management. Read about why AGES is being intoxicated here : https://www.theedgemarkets.com/article/ageson-sues-former-md-director-and-others-over-alleged-scheme-defraud-company



DISCLAIMER: Discussion then discussion la, disclaimer apa ni?

Posted by memefed > 2021-07-15 09:51 | Report Abuse

ops.. looks like someone got roasted in the very morning.. kekekek

Posted by lok8888 > 2021-07-15 09:52 | Report Abuse

I think to be fair for the management, let's just wait for the annual report for fy 2021. Like swimwithsharks said, fy 2020 annual report was really audited, I don't see any problem there.

Posted by StevenKhoo111 > 2021-07-15 10:00 | Report Abuse

Hi,

Some comments made by this icst guy is factually incorrect. Wanted to input here.

"The construction was financed by banking facilities from Malayan Banking Bhd (Maybank) amounting to RM351.85 million, with Ageson providing a corporate guarantee on the loan.

According to the statement of claim, despite Prinsiptek no longer being either a subsidiary or even an associate of Ageson, the company continued to make payments to Maybank in order to discharge its obligation under the corporate guarantee."

You can run from your wife, but you can't run from 3 things in life.

1. IRB
2. Banker
3. "Donation"

This statement was in the press provided by swimwithsharks.

https://www.theedgemarkets.com/article/ageson-sues-former-md-director-and-others-over-alleged-scheme-defraud-company

With all honesty, AGES new management doesn't look like doing hanky panky stuff. I mean, they did work with MBI Kedah after all, the state owned entity?

Posted by StevenKhoo111 > 2021-07-15 10:07 | Report Abuse

-A+A
KUALA LUMPUR (July 27): Ageson Bhd said it has entered into a joint venture (JV) agreement with Menteri Besar Kedah Incorporated (MBI Kedah) to undertake the mining, supply and exportation of silica sand.

In a bourse filing today, the group said its wholly-owned subsidiary Ageson Enterprise Sdn Bhd (AESB) has entered into 51:49 JV with MBI Kedah to undertake the venture. MBI Kedah is the Kedah state investment arm, and its subsidiary Permodalan Kedah Bhd (PKB) holds a mining lease in Kedah.

Ageson said the estimated initial capital expenditure and operating expenses are approximately RM2 million and it is targeting to kick start the JV project by the third quarter of 2020.

https://www.theedgemarkets.com/article/ageson-forms-jv-kedah-investment-arm-venture-sand-mining

Posted by dfaccountgod > 2021-07-15 10:35 | Report Abuse

Today challenge key level 10 cents!!!

Posted by 240gpark > 2021-07-15 10:50 | Report Abuse

Huat ah , ageson go go !

Posted by 240gpark > 2021-07-15 10:51 | Report Abuse

I think someone need aloe vera.

Posted by unclekyyisbest > 2021-07-15 10:52 | Report Abuse

Why ?

Posted by 240gpark > 2021-07-15 10:52 | Report Abuse

Don't you smell roasted

Posted by Target1 > 2021-07-15 14:16 | Report Abuse

will drop to 0.07 cts ???

Posted by GuanYinMa > 2021-07-15 16:41 | Report Abuse

Ready for boom by Q4 2021

Posted by fable > 2021-07-15 17:21 | Report Abuse

Blooming QR perhaps?

Posted by leekow333 > 2021-07-15 19:23 | Report Abuse

.

Posted by leekow333 > 2021-07-15 19:32 | Report Abuse

https://jackpongblog.blogspot.com/2021/07/ssm-ages.html

Posted by adalee2321 > 2021-07-15 19:35 | Report Abuse

wow

Posted by leekow333 > 2021-07-15 19:37 | Report Abuse

SSM siasiat under Jenayah seksyen 111 to dato seri Larry liew and dato seri chin kok foong ....but this two dato seri did not do announcement in public

Posted by scrown > 2021-07-15 20:12 | Report Abuse

This should some matter to be clarified as normal process from SSM

Posted by fable > 2021-07-15 22:29 | Report Abuse

Isnt this just a standard procedure from SSM for the ex-management case?

Posted by fable > 2021-07-15 22:29 | Report Abuse

Whats your ill-intention to mislead the public?

Posted by swimwithsharkss > 2021-07-15 22:31 | Report Abuse

@leekow333 This is merely a follow up investigation on dilution of a subsidiary.

Pursuant to the dilution of shareholdings, Prinsiptek (M) Sdn Bhd become a non-subsidiary of the
Company. The material litigation in relation to Prinsiptek (M) Sdn Bhd is not compulsory to be disclosed and the Company is of the view that it will not have any significant impact to the financial position of the Group.

Other than the above, there were no material litigations from the end of the current interim financial
period to the date of this report that have not been reflected in this report.

And yes, the dato seri already announced in FY 2019 Q4, hello pls wake up

Posted by swimwithsharkss > 2021-07-15 22:31 | Report Abuse

In case you are so lazy, refer to Note 24 or page 13 of the quarterly report

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=208114&name=EA_FR_ATTACHMENTS

Posted by 240gpark > 2021-07-15 22:33 | Report Abuse

keyboard warrior hired by ex-management spreading wrong info again?

Posted by memefed > 2021-07-15 22:37 | Report Abuse

kekeke.. bangsat nk refer ssm pon slh..

Seksyen 27A , 27B is for the right of SSM for investigation. It is a normal request for the director TO ASSIST with the following sueing on the ex-directors

Posted by 240gpark > 2021-07-15 22:40 | Report Abuse

hahaha, bunch of jokes these keyboard warrior

Posted by VincentLau > 2021-07-15 22:40 | Report Abuse

Nice drama here. Just a bit of insight from an outsider.

Normally, a listed company would not have leaked documents unless they were being targeted by someone holding a grudge against them - which in this case, I dunno, maybe the previous management as the folks in the forum said?

I reviewed the documents (so called bank statement and transaction slips) by one of the accounts here and compare with the latest document, the bank statement was old, and the SSM request was new.

So to conclude? The party with malicious intent could only access old internal documents and fresh exterior documents. The more these people comment, the more the previous dato foo looks guilty lol

Posted by 240gpark > 2021-07-15 22:41 | Report Abuse

only drama is the ex-management which they are going to jail soon, hahahaha

Posted by VincentLau > 2021-07-15 22:47 | Report Abuse

Well I hope the toxic party goes to jail ASAP. Stop this drama lol. This forum is intoxicated.