Uncle_Lim see how shallow this huang ah boy.. lol asking people pulak to provide to him.. your cinama bos never teach you one ka? never go out from cinaman shoplot accounting ka? the first time so high was asking about 5 years book audited by kpmg , i ady know this so high level lower than kmpg.. prolly same level as fake accountant LGE which decimal also wrong one..
10/07/2021 6:44 PM

Haha.. ah boy Lim..

Ill be back on Monday waiting for your EY announcement that all is settled.

Dont make everyone here disappointed

Steady Punpipi Conman ? See who is the Real Conman ....pls stay alive well for the audit report ya... See who i the real mccoy ....hahaha
10/07/2021 6:36 PM

No worries.. Ill be here..

I like agitating you.. bursting your bubble.. splashing water on your fire.. tone down your rhetoric..

Pinky Orang dah kasi point by point, tapi leher tu lagi keras dari reinforced steel bar

hahahahaha hopeless
10/07/2021 6:30 PM

Dont pretend you have accounting knowledge..

What your point by point is all hypothetical.. Kebarangkalian... nothing to show.

Give me another 1 listed company in O&G that keeps Gross and Net profit margin stable over 5 years.. Then i buy your hypothetical answer.

Before that, you can start google for all the accounting terms and pretend you are someone from accounting/finance line.
10/07/2021 6:36 PM

Nah.. too much fun agitating you..

I hate Conmen the most.. so will be here posting after your post...

Want me to be invisible.. simple.. you go invisible too..

I didnt know I joined a closed forum only for SD fanboys..

So to be here, i can only say good things everyday like:

Limit UP
GO GO GO
Push to 0.60
Cable can solve everything.
SD will recover
Make Millions?

Haha.. is that the case?

Better you all start a private Delusional Chatroom.. then can share only good things to Shiok Sendiri..

Steady Punpipi Ok ..sure .. EY is KPMG BFF !!!? ....dumb crab ...now EY works for Boss Karim and with Fire Power INED to review the findings ....many ways for Karim to proof Mafia KPMG audit findings negligible and inaccurate ....hahaha . You know I know , only dumb crab huangbk72 and Mickey mouse dont know
10/07/2021 6:04 PM

Haha.. this is the most silliest story I ever heard.. EY working hand-in-hand with SD to make Boss Karim happy.

Like that... no need auditors anymore... every listed companies in Bursa can cook books and settle later..

If you want to write a story, write 1 with better script..

yes Ah Boy Lim... Im asking for it.. in a BIG way..

What you going to do about it?

Sit behind your pc and be a warrior? haha

Hahaa... Conpipi cum Suepipi.


Great words.. lets see who suffers when EY announce findings..

This is a public forum.. personal attacks wont work. So you guys can keep doing it.

My message still remains the same.

EY will confirm KPMG findings.. No doubt.

To those thinking of holding SD beyond the findings announcement date, think again.

Dont be in the room when shit hits the fan

Nice work guys... go on.. keep doing personal attack here..

Dont stop. This thread need big count

also.. since when I say you are a Malay?

Double high on ketum issit?

@Pinky... Did i ever mention you are a girl??

High on ketum issit?

Uncle_Lim Monday news EY will say trivial findings all settled d. Solid insider info. Those who didn't get it yesterday, got luck queue at limit up. iClown will throw at you 8 lot at a time tile close trading
10/07/2021 5:00 PM

Must do a date stamp.. haha

Hunter I dont understand why are you guys fighting on this forum. The only reason we bring-up this counter price last Friday is because of some institutions in Malaysia want us to bring up local owned companies price before closing to attract foreign flow which happened to be SerbaDK have been selected as one of them together with other selected counters.

And I personally selected this company because of giving back to you guys because I was made to understand that some of you suffers badly from this counter and conveniently accused me as the rootcause.

Looks, we have bigger challenges than all these nonsense. I just came back from food distribution activity to the affected folks. Our country has been labelled as failed state by Bloomberg because of politician. The politicians are killing Malaysian.

But we are lucky to have some smart ministers particularly Finance Minister which know how to handle it.

So, can we stop fighting among rakyat. It 's ok if you want to blast any disgusting politicians but don't fight among ourselves.

Thank you.
10/07/2021 5:21 PM

Would the pro SD faction listen? I dont think so.

They will also use Race and Religion when they cannot get what they want. This is the worst kind of people. Dont place too much hope on them.

So.. either you stay in this forum or leave this forum.. No point doing charity work here.. no a single thank you for what happened last Friday.

@
PSAi3alert

Haha.. slight detour now..

7chewe wonder why some naysayer say want to "save" people from buying SDK shares, doesn't do the same to other worst counter, zero fundamentals, straight loss more than 5 years, never pay any dividend and purely goreng. and they are too many out there...

YET they still here, advising bilis, to BUY their sceptic idea..

Ermmm....motive?
10/07/2021 2:40 PM

Simple..

Possible Fraud accounting.

Books good but if its proven cooked, imagine the losses it will create to investors and shareholders.

i kinda agree with Mike.. too many clones here using same type of writing style..

Never knew SD so popular now.. haha

PSAi3alert It will not go to court.

'Ex turpi causa non oritur actio' - a plaintiff cannot sue for relief and damages if it is due own misdeeds.

Turquand rule presumes Najib, as the PM and FM during the material time, is the sole authority of MOF.

The suit can only proceed if IMDB has exhausted all avenues in recovering assets and secret profits that are held in trust by Najib, Jho Low, IPIC, Sheikh Mansour, Riza, Umno and all other parties identified in tracing and following actions.

This is probably an attempt to hustle some money using DPA (Deferred Prosecution Agreement).

I have previously bought a dozen of cigars for RM100k and got them insured. After smoking all of them, I tried to claim for my losses of the cigars due to fire damage. While the suit against the insurance company is still pending, I am now suing my security guards for RM100k due to their negligence in preventing the fire. Will my case be debated in court?


DickyMe You will know when it is debated in court.
10/07/2021 1:04 PM
10/07/2021 1:52 PM



Lets see if the majority is correct or minority is right..

It will go to court unless they amend the charges..

My example would be:

I drive my car and had an accident.. Do i claim insurance or my car manufacturer claims? In case this is too much to understand for the majority here..

My car is SD brand.

Steady Punpipi EGO pun ya rascal......Kurang ajar punya SETAN ...Buat Malu Cina Saja......aduiiiii
10/07/2021 2:17 PM

Haha... more pls .. go ahead

Haha pinky.. no wonder i3 warned me about you.

Go ahead.. do your job

Its refreshing to see the common strategy by pro-SD camp.

When losing.. resort to belittling and threats.

Our Malaysian standard of education has fallen so much that people nowadays cant think straight?

Im talking to Pinky in the whole picture of SD accounts, she comes back and talk to me on 1 part of it.

Prove me wrong.. show me 1 listed entity that can manage to keep their gross profit and net profit margin over last 5 years.. Just 1

Pinky Hahahahahaha lucky none of my auditor's punya surname is "Huang"

Else I will ask my CEO remove my auditor like how Serba fired KPMG too
10/07/2021 1:48 PM

No worries.. just print out our correspondence here and show to your CEO..

See who get fired for not having the relevant knowledge

Pinky If my company has been delivering 15% PAT margin regularly.

And we're not desperate for jobs.

And my CEO go tender for a job that can only net 8% PAT margin.

My Board gonna give him a frying good time at Board Meeting.

Why is this so difficult to understand?
10/07/2021 1:45 PM

There goes your story..

Regardless of having jobs or none... company expenses still runs. No jobs reduces margin.

You need to only get jobs that pays 15% margin... any more or any less, you wont do.. is that what you are saying?

Pinky You know your staff salaries.
You know your material costs.
You know your fixed overheads.
You know your PPE depreciation charges.
You know how much interest your lenders charge you.

You are a listed co. You are answerable to your shareholders. You have been distributing dividends so regular that it has somewhat created an expectation in your shareholders.

E.g. recent past dividend yield of your stock is 6.0%

If there is a job that will give equity holders earnings yield of less than 6.0%, you wouldn't accept it, you wouldn't even tender for the job.

Hard to understand meh?
10/07/2021 1:37 PM


Those cost you shown are internal controllable cost... Even managing it to get 11% Net Profit Margin over 5 years is amazing if it can be done.

The cost you didnt say are the are variables..

1) Tender cost changes during work
2) SD also involved in Oil business, non tender type.. this is subject to changes.
3) Currency fluctuations.. they have annual loss or gain from this.

Based on only the 3 above, its impossible to maintain a constant profit margin.

You are so adamant that you are right, that you only choose points that benefits you.

Steady Punpipi HUANGBK72...ACT LIKE HE OWNS SDK ...TALK NOTHING BUT SHIT ABOUT SDK FROM 0.305
10/07/2021 1:23 PM

You are delusional.. I said dont buy SD since limit down days during mid June.. My comments are all in record, undeleted.

Steady Punpipi 善有善报，恶有恶报；如果奖励没有到，那是因为时间还没有到；当时间到了，一个人会得到他应得的所有奖励

Good will be rewarded with good, and evil with evil; if the reward is not forthcoming, it is because the time has not arrived yet; and when the time arrives, one will get all the reward he deserves

HUANGBK72 ...NEAGATIVE KARMA OLEDI STARTED ON YOU ....MOUTH FULL OF SHITSSS
10/07/2021 1:21 PM

U think you are GOD? where is my negative Karma? haha

1)Your actions since day 1 is purely to drag innocent people to drown with you.

Its super obvious you are trapped in High floor.. if you are trapped, admit life.. why drag people in so you can escape?

2)Buy call since 70c and never ask people to sell... price no in 40s.. how much losses if someone dumb enough to follow you.

The 2 actions above is enough to punish you a lifetime.

Steady Punpipi Huangbk72 You speaks like you own SDK ...even outspoken Karim ..hahaha ...get a life ! Better bring yours negativity and frivolous to your grave ...hahaha. No one is keen on your malicious opinions anymore...all your KPMG mafia cronies has left ...you still hanging at your tombstone !
10/07/2021 1:19 PM

Read my comment above.. im here to stay.. i want to watch your destruction.

Steady Punpipi woof woof...words with spikes .....wait for it ..
10/07/2021 1:16 PM

no worries.. I stand by my assessment of SD since the 1st day I talk here.. Never budge despite being ridiculed and threaten by lawsuit.

EY will confirm KPMG findings.

Hopefully they dont dig up more dirts..usually uncovering skeletons in closet will find more skeletons.

To those pro SD people.. we will have a lot of days to banter till that day.. I will enjoy it everyday.

last word..

I believe in Karma... eventually conpipi will get it bad when its least expected

Steady Punpipi WOOF WOOF ...ADIOUS
10/07/2021 1:12 PM

Good boy Good boy....

So today you want Pedigree or Taste of the wild??

Pinky...

Good to know that its possible to maintain Gross Profit Margin and Net Profit Margin of 5 years for a billion ringgit company dealing in multiple industries and upstream/downstream oil product.

Finally 1 company can do this!!!

All Hail great SD for controlling their tender price, selling price and cost over 5 years. Even other listed companies in same industry as SD cannot do this.

Wow… all the pro SD out in full force..

Good to see you all in high spirits.

Sad to see no one rebut my points, all still skirting around the main issues.

Steady Punpipi Naysayers and sour grapes lived in the past ....we move on to the future ....business as usual ... Hahhaha . Drop a few cents all appears ...pls check on 5th July and 6th July when SDk rocket from 0.385 to 0.485 none appear to comments which means there is something fishy going on ..maybe they are from he person same technique to mislead newbies ... Pls check their comments ....Huang72, Bovic96
10/07/2021 7:43 AM

If count the daily log in here.. I think I’m beating you.

You always hide when counter turns red.. does it mean you have a fish ?

From your buy call and heavy promotion of this counter since high70… it’s losses until now for your effort…. …. For me, it’s winning call cos I request people not to buy. Who has the ulterior motive here ?

PSAi3alert Huangbk72, i3lurker,

Here's the Muddy Waters Capital's paper on NMC when it's market cap was still GBP 5.4B.

https://d.muddywatersresearch.com/content/uploads/2019/12/MW_NMC_12172019-1.pdf

There are also a few papers on Beneish M-Score used to test earning manipulations. One of them is here:

http://journalarticle.ukm.my/10793/1/8601-43000-1-PB.pdf
10/07/2021 12:26 AM

Thanks !!

Very good report you have given… similar case to SD.. abang/adik situation.. guess the ending will be the same.

AlsvinChangan " Also take note, their borrowings increases every year.. no free cash flow.. this will eat into their margin naturally. "

WHY borrowings should increase Cash FLOW?

SD borrowing to expand business
09/07/2021 11:52 PM

I’m saying, borrowings increase finance cost.. regardless of loans, bonds or PP.. all comes with cost

Steady Punpipi To prove Karim's point , he employed the best of the best to shoot himself in the head without strong case against KPMG . That having said I m more confident than before and willing to wait for the endgame results ....bark all you want until the court verdict is out...
10/07/2021 8:08 AM

The buy call never stops… today market is closed.. spend time with your family ( if u have one). Karma always comes back is special ways.

Since you started talking about SD suit against KPMG, I will continue for you.

This is a frivolous suit in which SD has no locus standi to sue since one of the main point of the suit is loss of market capitalization. This is a listed company and the only entity that should sue are the shareholders. Just a smokescreen effort.

Shareholders will have better chance of success if they sue KPMG collectively for previous years auditing since 2016… Because KPMG didnt detect these anomalies in the audited accounts thus causing loss in market capitalization now.

So.. in Essence I’m telling you, there will be no court verdict between SD vs KPMG unless the suit is amended.

I’m surprised to see you don’t know many things, yet talk like you know a lot.

It’s not magic if done by themselves.. it’s what we call cooking… and the chef didn’t do a good job. If it’s good job, you and me won’t be talking now

Pinky Which part of "pricing in financing costs" that you do not understand?
09/07/2021 11:21 PM

Neither am i into winning an argument.. if im proven wrong, I admit.

Let me rephrase my question:

How can SD's profit margin can remain constant over 5 years for both Gross and Net profit Margin taking into account " pricing in financing costs"

They are not doing same thing over and over again for 5 years.. every project they do comes with a different set of cost.

AlsvinChangan Gross Profit / Turnover = XX % same for 2020, 2019, 2018, 2017, 2016?

You take exam for 5 years but got same score 88.8% for 5 years

NOT Possible?
09/07/2021 11:20 PM

You tried taking A level every year for 5 years and get same score?? haha

To me, business is a dynamic entity operating in a fast moving volatile environment. Constants changes.. X will never remain X year to year.

So.. to me, its not possible in business especially in SD industry. Highly volatile. The variation in pricing of upstream and downstream fossil fuel is tremendous.

Also take note, their borrowings increases every year.. no free cash flow.. this will eat into their margin naturally.

So.. its a red light when you see a company's margin remains unchanged over a long period of time.

i3lurker Huangbk72

as a former General Manager - Finance, CFO, Finance Manager, Manager, Finance whatever term used......

I learnt one Very Important lesson.......... => I never argue with my accounts clerks

Please do not demean yourself to their level of thinking.
Otherwise these accounts clerks will become CFO and you will become accounts clerks

kakakakakaka
09/07/2021 11:18 PM

Haha.. i know what you are implying...

Its Friday.. im winding down for a good weekend.. so tonight can share more of my views in SD..

So.. ok also..no big issue.

AlsvinChangan " 1) Take last 5 years Annual report.. calculate the Gross Profit and Net Profit Margin. They are same, unchanged over 5 years. Incredible isnt it when the company if funded by borrowings with increased finance costs, add fluctuating market conditions, it is not possible. "

Please provide more clarify, show real numbers examples
09/07/2021 11:13 PM

Go to their accounts. . see their last 5 years report.

Gross Profit Margin is 18% from 2016 up till 2020

Net profit margin is 11% from 2016 up till 2020.

Magic isnt it.

Pinky My company when doing tender, we price in banking and finance costs, if that's what you're asking.
09/07/2021 11:12 PM

Pls look at my question 1) and 2) above.. this are 2 very simple questions.

Pinky Huangbk72, u never audited or worked in construction/engineering firm before? Ever heard of cost-plus pricing?

If you have the competitive advantage i.e. your services is well sought after, you CAN price your job tender in a way that maintains your profit margin, by pricing in your finance costs.

See concession business like Taliworks for example, they fork out a large chunk of money first, then accounting wise depreciate it over the concession period.

Construction contracts too can be lumpy, you recognise your revenue as you incur your costs, in percentage of completion basis. You have your revenue, but your client are not paying you according to revenue you recognise in your accounts. Go Google what is meant by "Milestone Payments".

I work in engineering/construction, and I do the accounting.
09/07/2021 11:02 PM

Auditing doesnt look at specific industries.. its a general set of entries.

Since you do accounting in the engineering/construction industry, the accounts of SD dont raise red flags for you? if it doesnt, Im suprised.

1) Your company Gross and Net profit margin never moved or changed in the past 5 years? SD is extremely capable to maintain Net Profit Margin at 11% for consecutive 5 years. Your company can do that?
2) Work in Progress or Progressive payment anyone can understand.. then tell me, how come SD for the past 5 years has negative FCF? Why the company FCF and OCF cannot merge over 5 years despite reporting earnings consistently?

Your example " milestone payments" only applies to short term of 1-2 years with addendum... Im looking at SD past 5 years books.

i3lurker Huangbk72

He is not a trader or an investor
he is the lowest of the low
most probably ranked only 25 sen per word.

thats why comes out with RM Trillions
kakakaka who will believe this sort of trash?

but actually Bilis loves all this type of con cheating sweet talks
do you remember the Lebanese conman with the fake USD Billion notes donate fake money to Makna?

Yes I do.. Blow water king, PC.. big news that fizzled out

Im challeging all the fanboys here.. Prove me wrong.. I am reposting my brief analysis of SD accounts below.. Ask any accountants, auditors, finance people...

I have said before, I talk only about the things i know... I dont blabber mouth, talk propaganda. For those that needed an example.. I call a spade, a spade.

Im very sure there are many forumers here that can read the latest unaudited SD-QR report. Even basic accounting knowledge will find many red flags.

But many just look at profit 113M.. but failed to see the many questions littered throughout.

I will highlight a few from the many I found.

1) Take last 5 years Annual report.. calculate the Gross Profit and Net Profit Margin. They are same, unchanged over 5 years. Incredible isnt it when the company if funded by borrowings with increased finance costs, add fluctuating market conditions, it is not possible.

2) The next standout red flag is SD's OCF and FCF. The company's Net Profit Growth is super stable, but its OCF is wild.. like a yoyo. FCF never grow. What happened to all the cash if collected?

3) With PP calls, Net Profit margin of 11% over 5 years, the company is still in negative Free Cash Flow position. Very abnormal. In essence, company revenue is inflated and this is easiest maneuver in books.. inflating receivables. As long as they keep balloning up the Revenue, they can keep hiding the receivables.

4) Their Inventory, PPE and Receivables is almost RM5.6Billion in latest report. This is way high compared to their revenue of RM6.0 Billion.

I dont want to guess the audit queries by KPMG but im certain its much much more than the 5 shown during SD press conference..

Why Im so sure EY will confirm KPMG findings.. simply because the issues raised are tied to the above and qualitative in nature.

To make it easier to understand..

SD is a train with no brakes travelling downhill. In order to not crash, it will have to keep doing the same thing till it became impossible to cover anymore.

Im approaching this from a financial accounting point and i see a train wreck.

Uncle_Lim lol sor chai Huangbk72 think his smart ass.. I read your arguments confirmed you are one of those intern in big 4, act to know everything, but only know sh.it. you senior never teach you ah? oh boy, 5 years in the future I bet you will laughing hard with your comment. I'm investor, positive or negative news, bursa will always have counter to goreng mah.. first time play bursa? here ta or fa you learn also useless lah
09/07/2021 10:35 PM

The lowest class of people in full view now... belittling, threats..

Dont work on me little boy.. Im too seasoned.

You may be an investor.. doesnt prove you are a successful or failed investor... but from your posting, im gravitating towards the latter.

killshorties @Huangbk72 ..not to worry. i have print screen this discussion and in just few more week, or even days when the price rocketing.. i will share this screen shot so everybody can see what kind of person u are.. just a lowballer scaring other people so that you can buy it cheap.....

and make no mistake.. if u ever say here that you winning something when the price sky rocketing, just remember to eat your own sh1t.. lol
09/07/2021 10:21 PM

Let me tell you..

Print out my analysis... ask any person with basic financial background.. See what he/she says.

Prove me wrong immediately.

haha... price skyrocket to 60c?? or 1.60?? big difference in rocket size ya

i3lurker Yup those ratios are way out of line

actually no need to do audit.
Just ratio analysis is enough to tell the truth about the company.

Thats what analysts do.
After that you apply
the balance of probabilities test
and
the comparisons test with previous similar cases
and you have the answer already.


Spot on... never seen SD accounts before and shocked when i started looking at it. Red lights everywhere.. brighter than a Christmas tree or Patpong .. haha

Uncle_Lim sour grape so high:

pearlwhite
huangbk72
09/07/2021 10:13 PM

quite contrary.. im a happy grape now. I dont have any position in SD.. just watching the drama unfold and do my commentary.

Sour grapes are people like you holding positions in SD.. worry everyday.. looking for positive announcement everyday... cheer everyday.. happy some days.. sad most days.

Do a ratio analysis... Red days vs Green days..

killshorties You are rite on Steady Punpipi..did i told everybody, cable will always win.. it so suddenly that Malaysian government comes in to play to sue KPMG for 1MDB case now.. why not in 2018 - 2019 when DOJ US already confirm about 1MDB scandal..

@Huangbk72.. to those talk cock to much with me yesterday about analysis, shove your analysis bullsh1t up your a*s , and now u say u r neutral.. what a jacka**.. this is show u are just those people without direction.. just like lalang... when it comes to cable, everything can be settle... i will never sell u cheap.. lol..

Why so much anger when you just bought in at 0.50.. your reaction doesnt seems to be the case.

Remember today and what you said here..

It will come back to haunt you in a few months time.

This Im very sure.. as sure as EY will confirm KPMG findings.

By the way, you dont have to sell to me cheaply now.. i can get it cheaper in the near future when findings are out.

@ilurker

I felt compelled to do something here.. Im neutral, only looking at this from financial viewpoint.

Tonight had some time available, so share abit lo.. no need fees.. haha