@wallstreetrookie

The St. Goreng is right, Bernie Madoff once said the social security program in USA is a ponzi scheme. Nobody is better at smelling a rat than a rat itself. The St. Goreng is a pump and dump person, and he is seeing the same gambler circling Serba now. Buy early in the morning hoping it goes up and cash out 2 or 3 %. if not, cut loss. gambler control the market now,.

@wallstreetrookie

Karim got try to push Serba up but failed. Around April he spend hundred of millions buying from RM1.6 all the way to RM1.9, but the stock price still goes down to RM1.5

Also in an interview with the xifu show, karim mentioned he wants Serba to double in market cap by the end of this year, then double again next year.

Karim really try very hard to push up the price but failed. KPower and SCIB is easier because they are small.

the problem with Serba is they do not have much cash. if their cash position is strong, they have nothing to fear... no idea if they can even refinance their bond.

play too many games already this karim. he is too focused on the stock price. i really dislike ceo that talked about their stock price. TopGlove CEO also did the same, said will be bigger than MBB and will hit RM30... then when it reaches RM29... down and down and down until now.

karim in an interview with xifu show mentioned he target to have serba stock price double by the end of this year, and then double again next year.... who knows... maybe really double from bottom up lah after it reaches 10 cents

@Ron90

This part I agree with you, the warrant. Whether he pump up kpower and scib... nobody knows, but the immediately sold kpower warrant to cash out and go pump up Serba is a red flag to me. When asked why he sold the warrant, he said it is a reward to the shareholders.

And he bought Serba from 1.60 to 1.90... then it went down to 1.50+ before it collapse. Goes to show it is better to take care of the company instead of focusing so much on the stock price. He did the same with Serba's warrant too.... sell and buy mother shares.

I've never seen any CEO that does this, why? weird.

anyway, have you received the defamation letter form yinson's lawyer? i hope you appear in theedge, cant wait to see your face, hopefully you are handsome.... become prison is a lonesome place... dont drop your soap ya....

Wah... really Calvin power... can bring down the price. can bring it down somemore?

Serba in Mandarin sounds like 死吧！

Calvin, why you hate Yinson so much?

@Choivo Capital

1. Min purchase is USD200K, you pooled money together with friends/families?
2. If Serba default, how long will it take to get paid? Years?

Cheers,

@RJ87

Don't get me wrong, I also have position in Serba. Whether Karim cook his books or not I dont know, only time will tell. By October we'll know, if BDO refuses to sign also, then it is game over. And if BDO agrees to sign, damage is done already, I think impossible to go back up. Either way, Serba will find it hard to survive, their cash flow is so tight, with this problem, they have enough cash for 12 months only, their next loan will be too expensive and their next PP might flop, what else can they do? Rights Issue? 100% gone case

@RJ87

Read the Bursa reply lah. Serba says KMPG middle east made a mistake. walao eh. Why need to fly? If your Honda car got problem, need to fly mechanic from Japan to solve meh? or send car back to japan meh? Here got Honda Malaysia, so Honda Malaysia solve the problem or update the software or whatnot.

@RJ87

No need to fly lah. All big 4 including KMPG have offices in almost every countries. KPMG in middle east can verify for them.... and KMPG middle east did and came back with the report, have you not read?

@Hotstuff

Do tell us the taste of your shit, coz I am very sure you will eat it.

@saidora: "The fact is even after KPMG raised red flags in early May, Karim has not sold any of his shares. last Thursday and Friday he even added more of his SCIB shares. He is a very confident man."

My Reply - Do you know what does conman stands for? Con in Conman stands for Confident... thus Confident Man.

@RISK8888

What issue resolve? That 3rd party auditor needs 2 months to audit. Karim stock will be on the downtrend until it is proven that he did not cook the books. So far, KPower and SCIB both have similiar financial traits. PP, High Receivables, High Debt, every quarter good earnings even during lockdown.

bought on 25th leh, only announced on today 27th.

"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that you'll do things differently." - Warren Buffett

Unfortunately, Karim's reputation is as good as gone until the audit thing is resolved. Which will last until August. Not a buy or sell advice, just know that market sentiment for his stocks are bad and will take a long time for him to repair.

"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that you'll do things differently." - Warren Buffett

Unfortunately, Karim's reputation is as good as gone until the audit thing is resolved. Which will last until August. Not a buy or sell advice, just know that market sentiment for his stocks are bad and will take a long time for him to repair.

*Serba’s external auditor on statutory accounts 26 May 21 briefing:*

- Cannot mention specifically what issues triggered this, only mention – no RPT involved, - not backdated (only relates from 2020 financial onwards which will stretch to 18months due to FYE change), no worst case guidance

- Doesn’t involve other listed companies i.e. SCIB/ KPOWER

- FYE change from Dec to June is to comply with KPMG request (concurrently), b) KPMG requested an independent review is to ensure accuracy of findings for the additional procedures required for points raised by them, c) the whole audit process being reviewed, not on a particular project or subsi, but for all operations especially in view of COVID19 in certain geography and KPMG wants independent review especially for things not within their normal scope

- Mentioned that KPMG started highlighting points since Oct 20 and Serba had been engaging with KPMG on their issues, but KPMG’s request for independent audit was only made in Apr 21. Serba did not receive reports or claims of fraud. What has been highlighted by KPMG is already addressed, right now just require process of independent review to solidify Serba’s efforts with KPMG

- Mentioned COVID19 also caused delays in auditing process (due to so many countries and JV structures in Serba) and streamlining accounting issues raised by KPMG

- No indication from banks to stop banking facilities at this point

*We already have a non-consensus call of HOLD with TP of RM1.78* My view:

I studied Back in AR 2019, the independent audit report (done by KPMG) covered a few Key Audit Matters
a) Revenue recognitions from O&M and EPCC – they inspected and verified how revenues were earned and the receivables.
b) Material on site balance (inventory) in locations like ME and Malaysia – they reevaluated the inventory controls and counts / purchase
c) Trade receivables and contract assets – Tested accuracy and process of receivables including any impairment assumptions

Now linking to what they said that COVID-19 delayed the audit process, my guess is it makes sense if *COVID-19 would have complicated the actual counting of revenues and inventories especially overseas operations*.

However, in my view if this is the case, *it is not an issue major enough to force upon special audit. Not all auditors will want to ultimately damage their big client* with such negative sentiment. Some auditors may not force their precious client to do special audit and just accept, since the client mentioned they already responded to the issues and requests raised

But I was also made to understand that despite KPMG having audited them before, this time the request is more stringent because some of the auditors are new personnel, who probably have “different standards” and want to understand their operations more hence requiring an external auditor party. Bursa also forced them to make this special audit announcement when they informed Bursa of the FYE change. So, along with COVID, it is kind of a triple whammy scenario

Retailers were spreading few weeks ago that Block 7, the client of the RM8b EPCC job in ME, is now co-owned by Serba. *We understand this is not RPT but is part of its asset ownership strategy. And Block 7 is not one of the issues raised by the auditors*.

Overall, *there may be knee jerk reaction to Karim stocks but the speed of which the issues will be resolved (assuming they are not serious or fraudulent) should offer bargaining opportunities*, especially with KPOWER/ SCIB which have nothing to do with Serba’s special audit issue.

*Serba’s external auditor on statutory accounts 26 May 21 briefing:*

- Cannot mention specifically what issues triggered this, only mention – no RPT involved, - not backdated (only relates from 2020 financial onwards which will stretch to 18months due to FYE change), no worst case guidance

- Doesn’t involve other listed companies i.e. SCIB/ KPOWER

- FYE change from Dec to June is to comply with KPMG request (concurrently), b) KPMG requested an independent review is to ensure accuracy of findings for the additional procedures required for points raised by them, c) the whole audit process being reviewed, not on a particular project or subsi, but for all operations especially in view of COVID19 in certain geography and KPMG wants independent review especially for things not within their normal scope

- Mentioned that KPMG started highlighting points since Oct 20 and Serba had been engaging with KPMG on their issues, but KPMG’s request for independent audit was only made in Apr 21. Serba did not receive reports or claims of fraud. What has been highlighted by KPMG is already addressed, right now just require process of independent review to solidify Serba’s efforts with KPMG

- Mentioned COVID19 also caused delays in auditing process (due to so many countries and JV structures in Serba) and streamlining accounting issues raised by KPMG

- No indication from banks to stop banking facilities at this point

*We already have a non-consensus call of HOLD with TP of RM1.78* My view:

I studied Back in AR 2019, the independent audit report (done by KPMG) covered a few Key Audit Matters
a) Revenue recognitions from O&M and EPCC – they inspected and verified how revenues were earned and the receivables.
b) Material on site balance (inventory) in locations like ME and Malaysia – they reevaluated the inventory controls and counts / purchase
c) Trade receivables and contract assets – Tested accuracy and process of receivables including any impairment assumptions

Now linking to what they said that COVID-19 delayed the audit process, my guess is it makes sense if *COVID-19 would have complicated the actual counting of revenues and inventories especially overseas operations*.

However, in my view if this is the case, *it is not an issue major enough to force upon special audit. Not all auditors will want to ultimately damage their big client* with such negative sentiment. Some auditors may not force their precious client to do special audit and just accept, since the client mentioned they already responded to the issues and requests raised

But I was also made to understand that despite KPMG having audited them before, this time the request is more stringent because some of the auditors are new personnel, who probably have “different standards” and want to understand their operations more hence requiring an external auditor party. Bursa also forced them to make this special audit announcement when they informed Bursa of the FYE change. So, along with COVID, it is kind of a triple whammy scenario

Retailers were spreading few weeks ago that Block 7, the client of the RM8b EPCC job in ME, is now co-owned by Serba. *We understand this is not RPT but is part of its asset ownership strategy. And Block 7 is not one of the issues raised by the auditors*.

Overall, *there may be knee jerk reaction to Karim stocks but the speed of which the issues will be resolved (assuming they are not serious or fraudulent) should offer bargaining opportunities*, especially with KPOWER/ SCIB which have nothing to do with Serba’s special audit issue.

*Serba’s external auditor on statutory accounts 26 May 21 briefing:*

- Cannot mention specifically what issues triggered this, only mention – no RPT involved, - not backdated (only relates from 2020 financial onwards which will stretch to 18months due to FYE change), no worst case guidance

- Doesn’t involve other listed companies i.e. SCIB/ KPOWER

- FYE change from Dec to June is to comply with KPMG request (concurrently), b) KPMG requested an independent review is to ensure accuracy of findings for the additional procedures required for points raised by them, c) the whole audit process being reviewed, not on a particular project or subsi, but for all operations especially in view of COVID19 in certain geography and KPMG wants independent review especially for things not within their normal scope

- Mentioned that KPMG started highlighting points since Oct 20 and Serba had been engaging with KPMG on their issues, but KPMG’s request for independent audit was only made in Apr 21. Serba did not receive reports or claims of fraud. What has been highlighted by KPMG is already addressed, right now just require process of independent review to solidify Serba’s efforts with KPMG

- Mentioned COVID19 also caused delays in auditing process (due to so many countries and JV structures in Serba) and streamlining accounting issues raised by KPMG

- No indication from banks to stop banking facilities at this point

*We already have a non-consensus call of HOLD with TP of RM1.78* My view:

I studied Back in AR 2019, the independent audit report (done by KPMG) covered a few Key Audit Matters
a) Revenue recognitions from O&M and EPCC – they inspected and verified how revenues were earned and the receivables.
b) Material on site balance (inventory) in locations like ME and Malaysia – they reevaluated the inventory controls and counts / purchase
c) Trade receivables and contract assets – Tested accuracy and process of receivables including any impairment assumptions

Now linking to what they said that COVID-19 delayed the audit process, my guess is it makes sense if *COVID-19 would have complicated the actual counting of revenues and inventories especially overseas operations*.

However, in my view if this is the case, *it is not an issue major enough to force upon special audit. Not all auditors will want to ultimately damage their big client* with such negative sentiment. Some auditors may not force their precious client to do special audit and just accept, since the client mentioned they already responded to the issues and requests raised

But I was also made to understand that despite KPMG having audited them before, this time the request is more stringent because some of the auditors are new personnel, who probably have “different standards” and want to understand their operations more hence requiring an external auditor party. Bursa also forced them to make this special audit announcement when they informed Bursa of the FYE change. So, along with COVID, it is kind of a triple whammy scenario

Retailers were spreading few weeks ago that Block 7, the client of the RM8b EPCC job in ME, is now co-owned by Serba. *We understand this is not RPT but is part of its asset ownership strategy. And Block 7 is not one of the issues raised by the auditors*.

Overall, *there may be knee jerk reaction to Karim stocks but the speed of which the issues will be resolved (assuming they are not serious or fraudulent) should offer bargaining opportunities*, especially with KPOWER/ SCIB which have nothing to do with Serba’s special audit issue.

Bonus and free warrant + good price target (RM3.00) by IB. Why wont fly? 30% up.

RM280 bil needed to upgrade water infrastructure — Tuan Ibrahim

https://www.theedgemarkets.com/article/rm280-bil-needed-upgrade-water-infrastructure-%E2%80%94-tuan-ibrahim

Sell now and move to recovery stocks like KPower and SCIB. Regain your paper loss.

Sell now and move to recovery stocks like KPower and SCIB. Regain your paper loss.

This is the standard playboy by almost every gov when it comes to getting the country out of recession... build build build spend spend spend borrow borrow borrow

GKent will benefit greatly when Malaysia gov borrow and spend to boost the economy

https://asia.nikkei.com/Economy/Singapore-to-fund-infrastructure-with-debt-as-COVID-swells-deficit

I dont forsee any more bad news. how low can it go? The only way is up from now. not to mention in a recession, the fastest way to boost the economy is to launch projects, gov will do this, and I see gov will spend money building new hospitals, hopefully LRT4 and replace all aging water meters. spend spend spend. gkent will benefit from gov projects just like how gov spend their way out of the recession in 2008.

@Vincenteoh29

Your definition of fly is not the same as mine. I like those slow flying, you want the rocket type. Remember, if rocket up will rocket down too. Better fly slow

Tomorrow GKent fly. Buy early morning, thank me later.

Will budget 2021 pass? Tengku Razaleigh and a few BN MPs refuses to support the budget, if Budget fails, market will crash? Buy now or sell? How? If budget fails, parliament dissolve? market crash?

Will budget 2021 pass? Tengku Razaleigh and a few BN MPs refuses to support the budget, if Budget fails, market will crash? Buy now or sell? How? If budget fails, parliament dissolve? market crash?

Will budget 2021 pass? Tengku Razaleigh and a few BN MPs refuses to support the budget, if Budget fails, market will crash? Buy now or sell? How? If budget fails, parliament dissolve? market crash?

Will budget 2021 pass? Tengku Razaleigh and a few BN MPs refuses to support the budget, if Budget fails, market will crash? Buy now or sell? How? If budget fails, parliament dissolve? market crash?

Will budget 2021 pass? Tengku Razaleigh and a few BN MPs refuses to support the budget, if Budget fails, market will crash? Buy now or sell? How? If budget fails, parliament dissolve? market crash?

Will budget 2021 pass? Tengku Razaleigh and a few BN MPs refuses to support the budget, if Budget fails, market will crash? Buy now or sell? How? If budget fails, parliament dissolve? market crash?

Will the market crash if budget 2021 cannot be passed this coming Thursday (26/10/2020)? These are the 4 possible scenarios:

1. Parliament will be dissolved and a snap election will be called
2. A state of Emergency in the whole country will be declared by YDPA
3. Muhyiddin will resign and YDPA will appoint an interim PM
4. YDPA will appoint a new PM who has majority MPs support. A new budget 2021 also will be tabled by the new appointed PM.

Will the market go down? Will it crash? Take profit now or wait?

Will the market crash if budget 2021 cannot be passed this coming Thursday (26/10/2020)? These are the 4 possible scenarios:

1. Parliament will be dissolved and a snap election will be called
2. A state of Emergency in the whole country will be declared by YDPA
3. Muhyiddin will resign and YDPA will appoint an interim PM
4. YDPA will appoint a new PM who has majority MPs support. A new budget 2021 also will be tabled by the new appointed PM.

Will the market go down? Will it crash? Take profit now or wait?

Will the market crash if budget 2021 cannot be passed this coming Thursday (26/10/2020)? These are the 4 possible scenarios:

1. Parliament will be dissolved and a snap election will be called
2. A state of Emergency in the whole country will be declared by YDPA
3. Muhyiddin will resign and YDPA will appoint an interim PM
4. YDPA will appoint a new PM who has majority MPs support. A new budget 2021 also will be tabled by the new appointed PM.

Will the market go down? Will it crash? Take profit now or wait?

TP3.80

You guys been warned. Dont cry when it drop to so low. Good luck.

Will the market crash if budget 2021 cannot be passed this coming Thursday (26/10/2020)? These are the 4 possible scenarios:

1. Parliament will be dissolved and a snap election will be called
2. A state of Emergency in the whole country will be declared by YDPA
3. Muhyiddin will resign and YDPA will appoint an interim PM
4. YDPA will appoint a new PM who has majority MPs support. A new budget 2021 also will be tabled by the new appointed PM.

Will the market go down? Will it crash? Take profit now or wait?

Will the market crash if budget 2021 cannot be passed this coming Thursday (26/10/2020)? These are the 4 possible scenarios:

1. Parliament will be dissolved and a snap election will be called
2. A state of Emergency in the whole country will be declared by YDPA
3. Muhyiddin will resign and YDPA will appoint an interim PM
4. YDPA will appoint a new PM who has majority MPs support. A new budget 2021 also will be tabled by the new appointed PM.

Will the market go down? Will it crash? Take profit now or wait?

Will the market crash if budget 2021 cannot be passed this coming Thursday (26/10/2020)? These are the 4 possible scenarios:

1. Parliament will be dissolved and a snap election will be called
2. A state of Emergency in the whole country will be declared by YDPA
3. Muhyiddin will resign and YDPA will appoint an interim PM
4. YDPA will appoint a new PM who has majority MPs support. A new budget 2021 also will be tabled by the new appointed PM.

Will the market go down? Will it crash? Take profit now or wait?

Will the market crash if budget 2021 cannot be passed this coming Thursday (26/10/2020)? These are the 4 possible scenarios:

1. Parliament will be dissolved and a snap election will be called
2. A state of Emergency in the whole country will be declared by YDPA
3. Muhyiddin will resign and YDPA will appoint an interim PM
4. YDPA will appoint a new PM who has majority MPs support. A new budget 2021 also will be tabled by the new appointed PM.

Will the market go down? Will it crash? Take profit now or wait?

Will the market crash if budget 2021 cannot be passed this coming Thursday (26/10/2020)? These are the 4 possible scenarios:

1. Parliament will be dissolved and a snap election will be called
2. A state of Emergency in the whole country will be declared by YDPA
3. Muhyiddin will resign and YDPA will appoint an interim PM
4. YDPA will appoint a new PM who has majority MPs support. A new budget 2021 also will be tabled by the new appointed PM.

Will the market go down? Will it crash? Take profit now or wait?

Will the market crash if budget 2021 cannot be passed this coming Thursday (26/10/2020)? These are the 4 possible scenarios:

1. Parliament will be dissolved and a snap election will be called
2. A state of Emergency in the whole country will be declared by YDPA
3. Muhyiddin will resign and YDPA will appoint an interim PM
4. YDPA will appoint a new PM who has majority MPs support. A new budget 2021 also will be tabled by the new appointed PM.

Will the market go down? Will it crash? Take profit now or wait?

Will the market crash if budget 2021 cannot be passed this coming Thursday (26/10/2020)? These are the 4 possible scenarios:

1. Parliament will be dissolved and a snap election will be called
2. A state of Emergency in the whole country will be declared by YDPA
3. Muhyiddin will resign and YDPA will appoint an interim PM
4. YDPA will appoint a new PM who has majority MPs support. A new budget 2021 also will be tabled by the new appointed PM.

Will the market go down? Will it crash? Take profit now or wait?

Will the market crash if budget 2021 cannot be passed this coming Thursday (26/10/2020)? These are the 4 possible scenarios:

1. Parliament will be dissolved and a snap election will be called
2. A state of Emergency in the whole country will be declared by YDPA
3. Muhyiddin will resign and YDPA will appoint an interim PM
4. YDPA will appoint a new PM who has majority MPs support. A new budget 2021 also will be tabled by the new appointed PM.

Will the market go down? Will it crash? Take profit now or wait?

Will the market crash if budget 2021 cannot be passed this coming Thursday (26/10/2020)? These are the 4 possible scenarios:

1. Parliament will be dissolved and a snap election will be called
2. A state of Emergency in the whole country will be declared by YDPA
3. Muhyiddin will resign and YDPA will appoint an interim PM
4. YDPA will appoint a new PM who has majority MPs support. A new budget 2021 also will be tabled by the new appointed PM.

Will the market go down? Will it crash? Take profit now or wait?

Will the market crash if budget 2021 cannot be passed this coming Thursday (26/10/2020)? These are the 4 possible scenarios:

1. Parliament will be dissolved and a snap election will be called
2. A state of Emergency in the whole country will be declared by YDPA
3. Muhyiddin will resign and YDPA will appoint an interim PM
4. YDPA will appoint a new PM who has majority MPs support. A new budget 2021 also will be tabled by the new appointed PM.

Will the market go down? Will it crash? Take profit now or wait?