【问题公司记录专区】 有bad governance的Air Asia?

Mr.Business

YLI, 怀疑又是一个借收购公司转移本身上市公司资产的例子！

Friday June 27, 2008 MYT 2:49:09 PM
YLI paying too high for pipe maker
By JOSEPH CHIN

KUALA LUMPUR: Ductile iron pipe maker YLI Holdings Bhd is paying too high a price for a 51% stake in Laksana Wibawa Sdn Bhd, says Aseambankers Equity Research.

“At the proposed acquisition price of nearly RM48mil, YLI was paying a 34 times historical PER (price-to-earnings ratio) and a 5.2 times P/B 2007 (price-to-book),” it said in a report Friday.

The research house said although Laksana Wibawa, which manufactures mild steel pipes, did fit into YLI’s plans, it was disappointed with the high premium for the stake.

On Thursday, YLI announced it was acquiring the 51% Laksana Wibawa stake from Rahim Ibrahim and Datuk Roslan Saidin. The company posted net profit of RM2.75mil in the financial year ended Dec 31, 2007 while its net asset value was RM18.2mil as at end-2007.

YLI also said the pricing on Laksana Wibawa was based on a discounted cash-flow (DCF) value of RM102mil to RM133mil. However, Aseambankers Research said there were no supporting details.

The research house also said YLI had considerable cash reserve of RM61mil as at March 31 and this would come off quite substantially after paying RM48mil for the 51% stake in Laksana Wibawa.

“We are not positive on this acquisition, due to the pricing. Our main issue is the period of investment return for this new acquisition, as Laksana Wibawa’s historical records are not compelling,” it said.

Aseambankers Research said the period of investment return would also hinge on any larger plans which YLI had for Laksawa Wibawa, to draw synergies.

It revised downwards its target price for YLI from RM1.80 to RM1.15 while its recommendation on the stock was downgraded to fully valued.

Its previous target price of RM1.80 was based on sum-of-parts comprising 8.0 times price-to-earnings ratio (PER) for the current financial year ending March 31, 2009 for its operations, and included cash per share of 65 sen.

However, following the acquisition, it would only accord 8.0 times PER pending further update with YLI’s management.

http://biz.thestar.com.my/news/s ... 144820&sec=business

[ 本帖最后由 Mr.Business 于 27-6-2008 09:54 PM 编辑 ]

Mr.Business

4800万购LAKSANA WIBAWA 51％ 友联出价过高或影响储备金 2008/06/27 17:55:49
●南洋商报

（吉隆坡27日讯）友联工业（YLI，7014，主板工业产品股）以4800万令吉献购LAKSANA WIBAWA的51％股权，分析员认为出价过高且影响现金储备。

亚欧美投资银行指出，虽然LAKSANA WIBAWA公司符合友联工业的输送管制造计划，但对于后者以高价收购表示不乐观。

分析员对此收购计划感到惊讶，同时指出LAKSANA WIBAWA公司过去的记录并不出色，何时取得投资回酬，也取决于友联工业是否有大型计划以便取得协同作用。

友联工业早前发表文告指出，有关估价是依据LAKSANA WIBAWA公司介于1亿零200万令吉和1亿3300万令吉的折现现金流量（DCF）计算，但并没有提供详情。

截至2008年3月，友联工业的现金储备达到6100万令吉，以4800万令吉收购51%股权，将导致现金储备大幅减少。

目标价下修

亚欧美投资银行为此调整友联工业的评级，从原本1.80令吉的目标价值，下修至1.15令吉，同时也下调建议至“充分反映价值”。

LAKSANA WIBAWA公司于1998年开始运作，主要业务为制造镀锌钢管，以及进行钢材和球墨铸铁管（ductile iron pipe）交易。该公司在2007财政年创下275万令吉净利，而截至2007年杪，资产净值达1820万令吉。

http://www.nanyang.com/index.php?ch=7&pg=12&ac=856883

小散户

原帖由 Mr.Business 于 27-6-2008 09:54 PM 发表
4800万购LAKSANA WIBAWA 51％ 友联出价过高或影响储备金 2008/06/27 17:55:49
●南洋商报

（吉隆坡27日讯）友联工业（YLI，7014，主板工业产品股）以4800万令吉献购LAKSANA WIBAWA的51％股权，分析员认为出价过高 ...

怎么最近关于收购的消息都被说成是坏消息了..MAYBANK,COMMERCE,TMI都是酱..反而现在SIME放弃收购XXX是好消息...

Mr.Business

听说海底电缆要20年才回本，根本是社区服务来的。

Mr.Business

不是自己的钱，所以出的价钱很慷慨。我们需要明白，他们这些GLC的CEO的KPI是什么。。。

khunkhun

原帖由 Mr.Business 于 27-6-2008 09:54 PM 发表
4800万购LAKSANA WIBAWA 51％ 友联出价过高或影响储备金 2008/06/27 17:55:49
●南洋商报

（吉隆坡27日讯）友联工业（YLI，7014，主板工业产品股）以4800万令吉献购LAKSANA WIBAWA的51％股权，分析员认为出价过高 ...

那么这样是好事还是不好？
会有什么影响？

web

很好的主意！

建议生意先生把这帖置顶，把第一页当目录，用链接把各课题连接到有关的楼。

web

忘了说 YLI 早被人收购。幕后老板是伤业羔峰的罗渣狸移尸埋。此人爱用上市公司资源来达到个人利益。

Mr.Business

原帖由 web 于 28-6-2008 01:40 PM 发表
很好的主意！

建议生意先生把这帖置顶，把第一页当目录，用链接把各课题连接到有关的楼。

置顶了 (不过我担心网友会没注意置顶帖)，请大家如果有发现一些上市公司的烂或可疑举动，都可以在这里举报。

SoRooter

不用当心，我注意到了进来温故知新

蚂蚁小弟

纯属转帖，不用Google translate是因为词不达意
Kosmo Technology Shocking Deviation Of Accounts
Published on 30-04-2008: Kosmo served with notice of demand for repayment of RM52m loan plus interest



30-04-2008: Kosmo served with notice of demand for repayment of RM52m loan plus interest

PETALING JAYA: Kosmo Technology Industrial Bhd was served a notice of demand on April 30 by solicitor acting on behalf of EON Bank Bhd for the repayment of loan together with interests payable amounting to RM52.03 million by May 6.

Legal proceedings will be instituted against Kosmo if it fails to repay the loan by the stipulated deadline.

According to Kosmo, the reason for the issuance of the said notice was the failure by the company to service the interest payment due and payable resulting in a situation of default under the facility agreement dated Sept 9, 2005.

"The default herein has also give rise to a possible recall (cross default) of the loan facility amounting to RM30 million granted by RHB Investment Bank Bhd pursuant to a facility agreement dated Jan 8, 2007.

"However, no claim has been received as yet from RHB Investment Bank. Both the loan facilities mentioned above are unsecured term loan facilities granted to Kosmo," added the company's announcement.

Kosmo said it was currently encountering cash flow problems and had been unable to meet its obligations in payment of loans and to creditors.

The company is planning to embark on a debt restructuring exercise to address the claims by the lenders as well as creditors and has initiated discussions with parties involved in claiming against Kosmo.

It expected discussion to take about two to three months before any concrete restructuring plans could be formalised.
Couple days later, the Edge highlighted an article called 12 report accounts deviations in a day and on the Star Bizweek, Erral Oh wrote the following Audit-related issues – a yearly affair and I wrote a blog posting on it, Unaudited and Audited Accounts: UnReal or Real?, and Kosmo Technology was one of the companies mentioned.

This morning, I caught the following news clip, Kosmo: We made a loss in 2007

KOSMO Technology Industrial Bhd has revised its report card, saying it now made a net loss of RM141.71 million in the year ended December 31 2007. In February, Kosmo announced an unaudited net profit of RM1.4 million on RM38.42 million turnover for the recent year. Audited group turnover is at RM44.18 million, Kosmo told Bursa Malaysia yesterday. The company also said its annual report 2007 will be delayed.
Truly unbelievable!

From a profit of 1.4 million to a net loss of rm141.71 million!

Holy cow!

And Kosmo last traded at 4 sen!

蚂蚁小弟

Lion Diversified Acquisition of Subsidiary at RM61.55 million!
Lion Diversified announced last night it was acquiring a subsidiary. In local lingo, it's a Kaki-Lang type of corporate exercise. Here is the temporary link to the announcement. ACQUISITION OF A SUBSIDIARY



The Board of Directors of Lion Diversified Holdings Berhad ("LDHB" or the "Company") wishes to announce that LDH Trading Sdn Bhd, a wholly-owned subsidiary of the Company, had on 25 June 2008 completed the acquisition of the entire issued and paid-up capital comprising 3,000,000 ordinary shares of RM1.00 each in Banting Resources Sdn Bhd ("Banting Resources"), a company incorporated in Malaysia, for a total consideration of RM61.55 million ("Acquisition of Subsidiary"). Hence, Banting Resources became a wholly-owned subsidiary of the Company.

Banting Resources, a company incorporated under the Companies Act, 1965 on 26 September 2006, is a property investment company with an authorised capital of RM10,000,000.00 comprising 10,000,000 ordinary shares of RM1.00 each and an issued and paid-up capital of RM3,000,000.00 comprising 3,000,000 ordinary shares of RM1.00 each.

The Acquisition of Subsidiary is not expected to have a material impact on the earnings of the LDHB Group for the financial year ending 30 June 2008 and, on a proforma basis, is not expected to have a material impact on the audited consolidated balance sheet of LDHB as at 30 June 2007.
Here are some of my comments.

1. This is an acquisition which has been completed. It's not a proposal.

2. It's wholly owned subsidiary, LDH Trading Sdn Bhd bought the entire stake in, Banting Resources Sdn Bhd for a total consideration of RM61.55 million.

3. Rm61.55 million and this company doesn't even have the decency to show detailed information of this acquisition. Questions that I can think of.

a. Is the purchase price fair or is it the purchase price exorbitantly high?
b. What it the track record of Banting Resources?
c. What kind of Balance Sheet does Banting Resources have? Is it highly in debt?
d. What does Banting Resources do?
e. Who are the exact shareholders in Banting Resources?
4. If you look at Lion Diversified historical announcements, why are they constant acquisition of subsidiary? I mean seriously, is Lion Diversified in the business of buying its own companies?

5. Here is the link to Lion Diversified last reported quarterly earnings. Quarterly rpt on consolidated results for the financial period ended 31/3/2008 (You will note some drastic increase in trade receivables - and did you see that LionD has investment in quoted securities totalling a massive 237 million?? Wonder what securities man!). In the Balance Sheet, Lion Diversified is noted to have 199.547 million in its piggy bank and with debts totalling 480.681 million. As it is, based on this purchase would cause Lion Diversified to be even more in debt.

Ah, but that's not all.

Let me highlight just a couple the many, many proposals that I saw in its historical announcements. Well there is one proposal where Lion Diversified is purchasing land in China for some 151 million.

And then there is their massive BLAST FURNACE IRON-MAKING FACILITY which is valued at 1.62 Billion!

Wasn't Lion Group a group of company which almost sank a decade ago due to overly aggressive expansion and massive borrowings?

5. Try google the exact phrase "Banting Resources" and see if you can get more info on this company.

How now brown cow?

Do you like what you see or are you simply disgusted?

Mr.Business

Nikko Electronics Bhd突然倒闭。

1 Jul 2008
NEW ADMISSION INTO AMENDED PN17 - NIKKO ELECTRONICS BHD

Bursa Malaysia Securities Berhad ("Bursa Securities") would like to announce that Nikko Electronics Bhd ("NIKKO") is an affected listed issuer pursuant to the Amended Practice Note No. 17/2005 ("PN17").

NIKKO had announced on 30 June 2008 that it was an affected listed issuer pursuant to paragraph 2.1(f) and (g) of PN17.

Bursa Securities would like to emphasize that Bursa Securities will continue to monitor the progress of NIKKO in respect of its compliance with the Listing Requirements of Bursa Securities.

XXXXX

Wednesday July 2, 2008 MYT 3:52:45 PM
Nikko could be penalised, says HR Minister
By SIM LEOI LEOI

KUALA LUMPUR: The Japanese wireless toy manufacturing company Nikko Electronics Bhd, which closed its factory in Prai on Tuesday, is in trouble with the authorities.

Human Resources Minister Datuk S. Subramaniam said the factory could be penalised for failing to inform the Government about its intention to close down.

"Under the law, it has to give us and its workers one month's notice before closing down. It also has to carry out a retrenchment exercise.

"However, it failed to do that. I have directed the Manpower Department director-general to see if Nikko has also failed to adhere to other existing laws," he told reporters Wednesday at his office in the Parliament building here.

Nikko, he added, would be fined or its top management officers jailed if found guilty of such an offence.

"The top management of the company may even be barred from leaving the country," he said.

Subramaniam said after a meeting with the company's officials, Nikko had promised to pay full retrenchment benefits entitled by its workers under the law.

"It told us that it would make the payment within two months and we agreed. We will now keep a close eye on the company to ensure its workers' welfare is protected," he said.

Subramaniam was commenting on Nikko's closure, which left about 950 people jobless.

The company, which is listed on Bursa Malaysia, had attributed the closure to dwindling exports and market demand, and escalating production costs.

Workers only knew of the closure the day the company shut down.

The minister also urged other multinational corporations and companies, which were facing possible shutdown, to adhere to existing laws and regulations.

http://thestar.com.my/news/story ... 02155036&sec=nation

XXXXX

Tuesday July 1, 2008 MYT 6:57:59 PM
Nikko folds leaving almost 1,000 jobless
By LOOI SUE-CHERN

GEORGE TOWN: Japanese wireless toy manufacturing company Nikko Electronics Bhd closed its Prai factory on Tuesday, leaving about 950 employees jobless.

InvestPenang chairman Datuk Lee Kah Choon said the company, which is listed on the Bursa, closed down due to dwindling exports and market demand, and escalating production costs.

"As far as the state government and InvestPenang are concerned, we are looking into measures to ensure the retrenched workers' welfare.

"We are working closely with the Labour Department to compile the workers' reports on their individual situations. We expect that when that is done, the case can be filed at the Magistrate's Court tomorrow for claims," he told a press conference Tuesday.

Lee said the state had tried to contact the factory's managing director in efforts to facilitate amicable solutions for the workers and the factory management. Most of the retrenched workers were from the assembly line, 73 of whom were foreigners.

"We want to meet with them to resolve issues concerning the workers' wages and benefits; to learn of their plans for the factory's land and facilities; and to get the necessary details to help the retrenched workers get new jobs.

"We can help the company with the financial part if they are interested in selling their Prai property. Investors on our reserve list may be interested in taking over the premises for manufacturing activities," he said.

Lee said he did not think Nikko Electronics was planning to relocate its company as its move to close down the factory without giving its employees one month's notice as required by the 1955 Employment Act was damaging to its reputation.

However, it was learned that the company had informed Bursa on Sunday about the situation.

"We are not assigning the blame to any party. Our main task now is to overcome this episode and ensure the workers get their entitlements and help them get re-employed," Lee said.

[ 本帖最后由 Mr.Business 于 2-7-2008 04:28 PM 编辑 ]

蚂蚁小弟

http://whereiszemoola.blogspot.c ... test-quarterly.html

A Brief Look at Mems Latest Quarterly Earnings.

Mems reported its earnings on 30th June 2008 and I decided to have a brief look at the concerns mentioned on the blog posting Mems Asks For Support!!

Let me repost briefly what was said then. I will add in new comments in red fonts.

-----------------------------

2. How is Mems doing now? I took a look at Mems finally released quarterly earnings early this month, A Look At Mems Technology Again

    * Now that Mems had finally reported its earnings and resumed its trading, I thought I take a look at Mems again.

      Quarterly rpt on consolidated results for the financial period ended 31/1/2008

      Net earnings was only 1.434 million from sales revenue of 16.464 million. Only 1.434 million. This is utterly smallish eh? ( Net earnings decreased to 79 thousand from sales revenue of 19.913 million! Rather poor yes? )

      Let's look at the Balance Sheet.


      Trade receivables now totals at 34.998 million. ( Trade receivables has increased to 41.283 million!!!!!!!!! Given the fact that Mems reported a net earnings of a mere 79 thousand, the receivables increased by a whopping 6.285 million! Something is terribly wrong here! )Reported period is at 31st January 2008. Compare to the column on left, receivables were only 22.824 million. Which means receivables increased a whopping 12.174 million. Which is extremely massive when the company's net earnings is only 1.434 million for this reported period.

      Cash and bank balances as at January 2008 shrank to 9.874 when compared to July 2007's balance of 18.995 million. ( Cash balances shrank to 3.191 million! )

      And the below table highlights Mems' liabilities:

      Total loans as at 31st Jan 2008 is at 43.355 million compared to a loan total of 34.267 million in July 2007. An increase of 9.088 million in loans. ( Total loans is now 50.796 million. Increased by 7.441 million! )

      How?

      As it is what do you see?

      I see its net earnings as rather extremely small with low profit margins with a rather below average set of balance sheet. Receivables and debts are increasing while cash is shrinking!

How?

Well, earnings got even worse. Cash balances shrunk while loans increased. And the trade receivables are totally unreal at 41.283 million!!!!!!!!

Mems last traded at 0.085!

Mr.Business

:@ :@
NIKKO ELECTRONICS宣布关闭　947员工丢饭碗

《光华电子新闻》
二零零八年七月二日 凌晨十二时十分        （槟岛西南区1日讯）位于槟城北赖一家挂牌上市公司 NIKKO  ELECTRONICS（日兴电子）属下一间工厂于今日突然向劳工局宣布关闭，致使947名员工宣告顿时失业！这家工厂在未向全体员工作出任何的事前通知及赔偿下，于今日伧促的向劳工局宣布已关闭位于北赖的一家工厂，此种不负责任的作法已引起槟州政府及投资槟城机构的严加关注，并促请厂方管理层应尽快与州政府及投资槟城会晤，以商讨及作出解决员工的赔偿问题及厂方所面对的问题。

李家全：3理由宣告关闭
投资槟城执行委员会主席拿督李家全指出，投资槟城及州政府非常关注上述事件的发展，因为这关系到本地员工的福利等。

他说，厂方是基于3项理由向劳工局作出如是的宣布：即1）产品输出减少，2）成本提高及3）市场需求下跌而作出关闭的举动，不过基于该公司是在没有经过与员工商讨及在伧促的情况下提出，是不能够让人接受的。

李家全称，投资槟城机构将通过劳工局于明日把上述公司提控上推事庭，以确保员工的福利不受影响，同时也希望能够尽快的解决厂方问题。

李家全表示，他曾在今日尝试联络厂方的董事经理以了解上述事件的原由，不过却未有任何的回应。

李氏也否认该家工厂是因为欲搬迁他处而突然宣告关闭，因为这并不符合有关迁移的程序。

李氏因此促请厂方应尽快的与他联络，以便可以为那些面对失业的员工觅职，同时也希望能够协助厂方解决一些难题，以达致双赢的目标。

他希望厂方能够与他会面，以便可以协助厂方寻求新的接管人，或帮助厂方出售产业予其他的投资者。

促尽快解决赔偿金
李氏指出，该厂目前共有947名的员工，仅有73名为外劳及外国人，而其余大部份皆是本地员工，因此他促请管理层应尽快与他会晤，以便可以为员工提出赔偿的解决方案。

据悉，这家公司是一家在我国上市的日资公司，而该厂相信已操作约15年之久，主要是生产摇控无线电玩具，其中大部份为生产线员工。

另一方面，针对这是否是因为投资者对槟州人民及投资环境没有信心的说法时，李家全否认并指这只是一个个案而已。

200员工集体纠察
（北海1日讯）北赖一间工厂从今日开始停产，200名员工受到影响，今日集体前往北海劳工局展开纠察，并成立一个9人小组与劳工局对话，要求厂方给予合理的赔偿。

为数200名员工是于今日上午9时聚集在北海劳工局。

据了解，受影响的部门包括生产部、技工等等。受影响员工的服务期最短是5年，最长是20年，他们是于昨日才接获厂方发出的通知信，告知工厂由7月1日开始停产，导致员工们不知所措。

一名员工苏斯拉（51岁）表示，该工厂近3年来都面对亏损，但是如今随着工厂的停产，也没有给予赔偿，只支付6月份的薪金而已，导致员工生活受到影响。

“尤其是一些已购买房子或车子的更没有能力偿还贷款。”

据一名在生产部印裔员工指出，她的薪水只有700余令吉，4年来公司都没有提高薪金，5年以来也没有发出花红，往后的生活不知何去何从。:@ :@

杰宪

maxis为什么会除牌？？

klagigi

原帖由 杰宪 于 8-7-2008 05:00 PM 发表
maxis为什么会除牌？？

私有化

lancaulan

Xian Leng Holdings Bhd  上星周的

Mr.Business

恶心。。。:@

03-12-2008: JCorp defiant in KFC RPT deals
by Joy Lee May Yen

KUALA LUMPUR: State-owned Johor Corporation (JCorp) defended its decisions on related party transactions (RPT) involving KFC Holdings (M) Bhd and maintained that it would continue to undertake such exercises to leverage on the strength of the group.

Its group chief executive Tan Sri Muhammad Ali Hashim said: “There is nothing wrong with RPT if we are leveraging on our strength as a bigger group. We are open and transparent about it. Having said that, it means that chances are you may have to look forward to more RPTs for adjustments.”

Minority shareholders have protested against its practice of RPTs.

“You have to see it within the context of companies such as Kulim, which has a sizeable land bank. It would be silly of us not to capitalise on the strength of each component. There are bound to be adjustments when we took over KFC,” Muhammad told The Edge Financial Daily yesterday.

JCorp controls KFC via its subsidiary Kulim (Malaysia) Bhd which holds 58% equity in QSR Brands Bhd, which in turn owns 49% stake in the money-spinning fast-food chain operator. Muhammad is the chairman of KFC, QSR Brands and Kulim.

Over the past two years, KFC has entered into a series of arrangements or transactions with related parties. The most recent is the acquisition of land from JCorp for RM10.4 million on Nov 5.

“Kulim is an owner of properties, so is JCorp. If there are properties at the right locations that would be in the long-term interest of KFC and Pizza Hut to own, then we should be selling the land. The investing public has to appreciate this move. There has to be restructuring within the group and there will continue to be RPTs to take advantage of the land bank that we have,” said Muhammad.

He explained that the RPTs were part of KFC’s intention to reverse its earlier divestment policy, which had seen it selling several prime properties, including Wisma KFC in Kuala Lumpur.

“We are looking at enhancing long-term value from the property side. More so with our strong cash position. We have been selling out on our property and now we are reversing that. We are building the asset base,” he said.

Muhammad further said that concerns of the minority shareholders over personal gains from the RPTs were unfounded.

“We are all working for JCorp, which is a public entity. We don’t even have personal interest there, as compared to other RPTs. I think they (the public) shouldn’t treat all RPTs as the same. In our case, we are all representing a public corporation,” he said.

“I think, on that score, we have nothing to hide and we will not shy away from doing it for as long as it is for the good of Kulim and KFC. It is bound to happen again because we are such a large group.”

Asked on the cessation of the Employees Provident Fund (EPF) as a shareholder of KFC in December last year, he said: “We would have liked them to stay but they may have their considerations. We don’t know.”

He did not reply to speculation that EPF may have sold down its shares due to disagreements on RPTs. But he stressed that the provident fund had board representative when RPTs were undertaken.

EPF, fed up with the series of RPTs in KFC and companies under JCorp, gradually sold down its nearly 10% stake in the fast-food operator and ceased to be a substantial shareholder in December last year.

http://www.theedgedaily.com/cms/ ... a-10bbd420-3a6b541f

江湖

我想买KFC, 如果没有这烂的大股东的话