I see your distrust simply because you couldn’t see actual product.

On your house on moon:

1] Do you have External audit report to verify the house valuation?

2] Can you submit license from Bursa Malaysia stating your construction business and your shares are traceable?

3] Do you have independent Architect Certification to tell me the construction on moon progress?

4] Can you show your Architect Drawings endorsed by Government?

5] Did you win any independent Awards such as Best Property Design which we saw Sunway Group, GAMUDA Group and Sime Group won?

If your answers above are YES, I am interested. Just not taking your word for it, I am sure you understand.

This is Corporate Governance that is much higher intensity on ALL listed companies in Bursa.

Of course, there are companies who fall through the cracks of supervision such as S Dinamik but that is extremely rare. If you score 99.93% in exam, aren’t you top scholar? Bursa has that score and ARBB is under this scrutiny.

My take is ARBB is deeply undervalued and looking to see its expansion in SEA region via Mergers and Acquisitions especially now with its listed subsidiary in NASDAQ. ARBIOT is valued at US$102.5million or over RM470million. Just this subsidiary ie not counting other businesses of ARBB such as Agro-tech, CRM, CloudSec, Cloud computing, ARBB as parent is valued at RM124mil.

Including its subsidiary of ARBB (NASDAQ) , ARBB (M) fair value needs to be at least 68sen per share. Notwithstanding the fact that ARBB-PA will auto convert to ordinary shares next year, the valuation is 52sen. that is 50 bagger potential.

Note: Caveat Emptor. I own both ARBB and ARBB PA and continue to buy.

See good article on how undervalued ARBB is.
https://klse.i3investor.com/web/blog/detail/Potentialinvestment/2022-08-15-story-h1627922367-ARB_BERHAD_Nasdaq_Spinoff_Explained

This is addressed before. Independent parties with low ethical threats of self interests have verified ARBB Financial Statements that the businesses it reported are legit. See my earlier posts.

If one doesn’t trust the Corporate Governance system, then Stock Market investment is not suitable.

On 16 Mac, 2023, an announcement on change of address to Menara 106. Good idea to visit and verify if one is saying that ARBB is not telling the truth to Bursa. But why one be suspicious on this?

Could it be Menara 106 hasn’t update their tenant listing? It is new building, right?

Source: Bursa 2023, Change of address https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3337281, visited on 25 May

on a positive note, delighted to have an SAP professional of 15 years contributing. Thank you, sting79.

If possible, I would be grateful if you tell me the differences between SCICOM Berhad, ARBB and SAP in terms of target customers as in are they direct rivals or the complement one another? Best hear from expert like you.

Re-posted and inserted “ ___ “ for emphasis

SAP HOLDINGS "of Asia" is Here!

SAP is world leading "CRM and ERP provider" with market valuation at EURO60BILLION or RM290 BILLION.

ARBB offers the SAP solutions at affordable price about 70% less in pricing "compared to SAP Holdings" in South Asian countries with proven profitability since 2019.

+++++++++++++++++++++++++++++++++
Clarifications
The context of my posting is ARBB offers ERP solutions that is so attractive making it the SAP of Asia. SAP offers ERP solutions in which ARBB can under-cut on pricing with its own Customised ERP solutions.

I didn’t mean that ARBB is able to buy from SAP and then resell it at 70% less. How can that be unless done so at a loss?

I am being quoted out of context.

Confident it clarifies.

ARB Bhd is well positioned to focus on this largely underserved SME segment.

In other words, to have bare essentials ERP and out-price SAP are plausible.

Are the Reported Financial Statements reliable?
External Auditors are bound by Auditing Standards to obtained SUFFICIENT APPROPRIATE AUDIT EVIDENCES (SAAE) to form an opinion on ARBB’s Financial Statements including the Revenues segments.

Again, if you see my earlier posts, SAAE are strongest audit evidence that ARBB is legit on its operating businesses.

To state that Financial Statements are absurd or foolish is to accuse the External Auditors failure in delivering their duty to express an opinion based on SAAE.

ARBB Audited reported is UNQUALIFIED Audit Opinion meaning that one can rely with relative confidence on its reported finances similar to other listed entities such as Maybank, Sime Darby or Small firms.

Can anyone give evidence(s) that EA have failed to in obtaining SAAE on Financial statements thus making it unreliable?

Can anyone provide evidences:
[1] that cast doubts on ARBB’s reported profits of RM25million over last 4 quarters giving PE ratio of 5times based on current market capitalisation of RM124million?
[2] to state that ARBB’s Net tangible asset is 31 sen per share which is over 65% discount as its market price at 10.5 sen (at time of writing)?

Source: Fortune (2023), SAP vs Oracle ERP Pricing , https://www.forbes.com/advisor/business/software/sap-vs-oracle/, visited on 25 May

Note: I have earlier posted SEVEN reasons why ARBB’s financial reports up to year 2022 are reliable for investing decision.

Context of pricing ERP.

ERP systems are usually customised. For SME (Small-Mid sized firms) don’t need a full suite of ERP system. SAP Business One Perpetual License at US$3,213 per user. if you put 10 users for 5 departments, over 5 year period, the costs RM8.87million. SAP is too expensive for SMEs using a five year subscription contract cost Thus, many independent ERP providers can compete with prices as little as RM0.5million per year or RM2.5million over 5 year contract can find a niche market or 70% less to SAP Business One Perpetual License.

ARB Bhd is well positioned to focus on this largely underserved SME segment.

I am delighted when there are differences in opinions. Arguments backed by facts are powerful.

Accusations that there are no products visible is shallow. Why? Independent parties have to express opinions on Financial Statements.

External Auditors are bound by the best audit practice issued by World No. 1 body IFAC (International Federation of Accountants)

To state Serba Dinamik only reinforce two points:

1. Didn’t External Auditors find out the irregularities? Of course, the damage was done, but was uncovered, nonetheless.

2. Aren’t one conveniently overlooking the External Auditors work over 99.93% or over 1,400 public listed companies which reported Unqualified Financial Statements.

Thus, if ARBB wishes to defraud the public, shouldn’t it do so via Private limited (Sdn Bhd) instead of risking it in public eye under EA scrutiny?

Oh yes, I see the users like to hurl insults and blanket statements. Well, I suggest to desist from it as it reflects your upbringing by parents. ( I ignore such negativities)

Upgrade the forum to facts exchange and some of contributors do which I highly appreciate.

FACT 03: ARBB strategically collaborated with BFI Asia , leading ASEAN Management consultancy, to provide Working From Home environment, company secretaries and SMI firms. Saves costs and time for CLIENTS which need to comply with Company Law to attend meetings albeit remotely. Target revenues are RM100million in 24 months which is end 2024. Actively seeking to link with other management consulting firms such as Eurogain, Malaysia’s leading franchise development platform, as launchpad to reach out frachisors outlets on software which may include AI and Data Analytics.

Result: ARBB is expanding its Software development by integrating to real users.

Disclosure: Investor for over 3 decades. Constantly looking for buy severely undervalued companies with sustainable competitive advantages (Michael Porter,1995)

Be cautions when others are greedy, be greedy when others are cautious (Warren Buffett, 1997)

Source: https://theedgemalaysia.com/article/arbs-unit-eyes-rm100-mil-revenue-within-24-months-bfi-asia-collaboration

FACT 02: ARBB (M) wanted to expand via Acquisitions in Malaysia.

Result: In 2021/2, it made two strategic acquisitions. Walk the Talk is important as it improves shareholders confidence.

Disclosure: I am not paid or related to any key management in ARBB. Opinions expressed are mine. Caveat Emptor. Please do your own due diligence and facts findings before investment decision.

FACT 01: ARBB announced it plans to go for NASDAQ Listing. Then it posted on Q1 2023 they did submit but there was delay.

Result: Achieved. ARBB (NASDAQ) now listed and valued at US4.86 per share or market capitalisation of US$116million or RM522million. ARBB (Malaysia) owns 95% of ARBB (NASDAQ). The parent ARBB (M) now has current valuation of ONLY RM134million. Bear in mind that ARBB (M) has other business besides ARBB (NASDAQ) such as Cloud service and ERP.

How would you like to buy a house for RM134,000 but the house comes with gold bars worth RM522,000?

Do your math, if you must, please.

Disclosure: I am a shareholder of ARBB and ARBB PA. May continue to buy in next 72 operational hours of writing.

Sources:
ARBB IOT listing in NASDAQ, 2023, https://www.klsescreener.com/v2/announcements/view/4628521

ARBB PA ways to convert to ARBB Ordinary Shares:

1. ONE ARBB PA + RM0.13 = ONE ARBB ordinary Share
or
2. FOURTEEN ARBB PA = ONE ARBB Ordinary Share.

Usually ARBB PA behaves like ordinary warrants except that it converts automatically to ordinary shares. Valuation is about 30%-80% premium to Parent shares depending on how Undervalued Parent shares are.

Best part is ARBB has made improvements in
1] securing new contracts and future revenues at RM40milion
2] joint ventures with IT Platform worth RM60million
3] Started Hydroponics using IOT on most expensive Japanese fruits - Winter Melons. the expected Profits are projected RM4mil to RM12mil per year depending on the weather conditions.
4] Successful listing in NASDAQ as ticker ARBB (Nasdaq) with international investors exposure. If ARBB (Nasdaq) flies, put on your seat belts for ARBB (Bursa)

You know the best part? All teh above is not even priced in the ARBB and ARBB PA. Better yet, the prices keep falling. What a Bargain!

Be cautions when people are greedy, be greedy when people are cautious. (Warren B.)

Disclosure: I am happy owner of ARBB and ARBB PA and am still buying in the next 72 hours.

NOTE: I am not paid by any parties including ARBB Management to post the all my prior and current analysis.

Caveat Emptor

ARBB PA ways to convert to ARBB Ordinary Shares:

1. ONE ARBB PA + RM0.13 = ONE ARBB ordinary Share
or
2. FOURTEEN ARBB PA = ONE ARBB Ordinary Share.

Usually ARBB PA behaves like ordinary warrants except that it converts automatically to ordinary shares. Valuation is about 30%-80% premium to Parent shares depending on how Undervalued Parent shares are.

Best part is ARBB has made improvements in
1] securing new contracts and future revenues at RM40milion
2] joint ventures with IT Platform worth RM60million
3] Started Hydroponics using IOT on most expensive Japanese fruits - Winter Melons. the expected Profits are projected RM4mil to RM12mil per year depending on the weather conditions.
4] Successful listing in NASDAQ as ticker ARBB (Nasdaq) with international investors exposure. If ARBB (Nasdaq) flies, put on your seat belts for ARBB (Bursa)

You know the best part? All teh above is not even priced in the ARBB and ARBB PA. Better yet, the prices keep falling. What a Bargain!

Be cautions when people are greedy, be greedy when people are cautious. (Warren B.)

Disclosure: I am happy owner of ARBB and ARBB PA and am still buying in the next 72 hours.

NOTE: I am not paid by any parties including ARBB Management to post the all my prior and current analysis.

Caveat Emptor

You risk-rewards returns of ARBB WA is outsized as it has potential 50 bagger returns vs ARBB parent at 6 bagger potential.

Do note that ARBB PA is automatically converted to ordinary shares on January 2024 with every 14 ARBB PA to 1 ordinary shares. Thus your investments is not expired but you gain by owning ARBB shares at that date. This ARBB PA is unlike other warrants which expire and is worthless there after.

This is similar to Warren Buffett’s holding Preference shares and convertible to ordinary shares in Goldman Sachs. He pocketed billions on that.

To exciting future

SAP HOLDINGS of Asia is Here!

SAP is world leading CRM and ERP provider with market valuation at EURO60BILLION or RM290 BILLION.

ARBB offers the SAP solutions at affordable price about 70% less in pricing compared to SAP Holdings in South Asian countries with proven profitability since 2019.

Exclusive few Malaysian companies with listing in USA’s NASDAQ as ARB IOT (NASDAQ - Ticker Sign ARBB) which is currently valued at RM466million . Parent ARBB (Malaysia Ticker sign is also ARBB (M)) owns 94.5% ARB IOT.

ARB IOT contributes approximately 60% of Profits and Revenues. ARB - CRM Division makes up the balance 40%.

If you include the TOTAL value of ARB IOT and CRM divisions, you will have market valuation of RM466million (60% of parent value) and RM310.5 (40% of parent value) bringing total Market Capitalisation to RM776million.

Now, ARBB is valued at RM144million giving an upside of 540% or from current price at 12sen to 64sen. if you include the ARBB PA the valuation will shoot through the roof at 1sen to 50 sen a piece. A 50 bagger for ARBB PA.

This is CONSERVATIVE as ARBB is now expanding South Asian Market. At current projected profits at RM45million (2023) with and using peer PE Ratio at 20 times like MYEG and Datasonic it brings the valuation of RM900million or ARBB Share price at 75sen and ARBB PA at 61sen a piece. A 6 bagger for ARBB Berhad.

At current price at 12 sen and 1 sen, this is bargain of the decade when the company is NET cash position at RM54million.

Caveat Emptor. Please do your due diligence research when investing.

Disclosure: I own both ARBB n ARBB PA and May continue to buy in next 72 hours from 10 April 2023.

Sources:
https://www.nst.com.my/business/2023/04/895844/arb-sqv-group-launches-smart-office-solutions-smes

https://www.nst.com.my/business/2023/04/897270/arb-iot-gets-listed-nasdaq-us4-share

https://menafn.com/1105960799/ARB-IOT-Group-Limited-Listed-On-NASDAQ-Stock-Exchange-Under-The-SymbolARBB


Google Search: NASDAQ: ARBB

ARB Bhd with SQV Group Sdn Bhd (SQV) has officiated the Professional Services Hub, a smart office solution that incorporates the internet of things (IoT) powered by ARB's IoT platform. ARB, in a statement, said by capitalising on IoT-driven office solutions, companies can substantially reduce expenses and share resources, enabling them to concentrate on their primary business objectives. (NST)

SQV is Malaysia leading franchise consultancy with Malaysia Book of Records Holder for "Most Number of SME Operators Coached in Franchise Licensing"

Comment: this translates to RM40 million expected revenues in next two years.

Growth in ASEAN countries on track.

ARB. iot Nasdaq listed is worth US$103.5million.

The parent company which owns 94.5% ARBIOT has current market capitalisation is RM144million.

Do the math please.

Disclosure : I own both ARBB n ARBB PA and May continue to buy in next 72 hours from 10 April 2023.

ARB Bhd's unit, ARB IoT Group Ltd, has officially listed on the NASDAQ capital market with an initial public offering (IPO) of 1.25 million ordinary shares. Each share is priced at US$4.00 and has been approved for listing on NASDAQ, and started trading on April 5 with the ticker symbol of 'ARBB'. (NST)

On red flag, I will not go that far. Naturally, I will go hmmm... what does the accounts mean?

There are already contractors drawings in the prospectus. The Projects are based in Gua Musang, 80 green houses in Hulu Langat and 120 greenhouses in Semenyih.

ARBB QTR 2 report:

Highlights:
1] POSITIVE: Strong revenues growth at RM176.2 mil in Qtr ended Jun 22 which is +28% increase compared to Qtr ended Mac-22. Larry Liew reported that the strength is derived from IOT

2] NEGATIVE: The Rights issue at RM72.99mil raised on 17 Feb ’22 was fully invested/utilised by date June-22. This is unusual as it takes only 4 months to fully construct 200 glass houses for Hydroponics project with IOT devices. There is no further announcement, thus my humble opinion this is lack of transparency.

Await the latest audit report on this matter.

3] POSITIVE: Proposed listing for ARB-IOT (AIGL) division in NASDAQ with issue price at US$4/share. Listing between 9% to 25% of AIGL. This is huge positive as it captures investors excitement that AIGL division revenues grew from RM45million to RM470million between 2019 to 2022 which is 2300% increase or 575% increase per year!

Qtr 4 in 2022 will be interesting time to watch on how the listing will turn out.

4] NEGATIVE: Selling up to 25% of AIGL means less profits recognition for ARBB in exchange for unlocking values and still maintain managerial controls.

Disclosure: I am long on ARB Berhad and ARB PA and may decide to increase my shareholdings in next 96 hours.

Note: Caveat Emptor

I recall when I saw TopGlove listed, the market cap was RM200million compared to now RM6,780 million due to its explosive growth in demand.

With current trend on Working from Home (WFH), online shopping, B2B, B2C trends, Gadgets installed with software IOT, these are strong upward trend for ARBB.

Smart to list AIGL (IOT division) in NASDAQ as this increases international clients and investors confidence on company’s visibility.

At time of writing, ARBB up 12.5% to 13.5sen and ARBB PA up 14% to 4sen.

Just started uptrend.

Disclosure: I am long on ARBB and ARBB PA. And may increase shareholdings in the next 72 hours.

NOte: Caveat Emptor

NASDAQ is World’s No.1 Financial Hub for Technology stocks. It listing requires parent ARBB to offer 9% to 25% of ARBB IOT (AIGL) to general investing (USA) public.

Indicative price is RM17.78 per share (At time of writing, ARBB is at RM0.13 per share)

NASDAQ listed companies including Microsoft, NVIDIA, META, CERENCE, ROKU are the largest in the world with combined market cap of over US$19 Trillion

While costly to list AIGL in NASDAQ , certainly the benefits of gaining international recognition for its technology will be tailwind for the stocks.

Disclosure: I am long on ARBB and ARBB PA. And may increase shareholdings in the next 72 hours.

NOte: Caveat Emptor

ykyew11, Good day.

I get it. Using Street smart intelligence to evaluate ARBB as to why the BOD change External Auditors 3 times with the 2nd firm not even start any audit work. Unusual practice, to say the least.

If you are right about your intuition, I must say as investors we are disadvantaged in that the Fin Statements are unreliable and even result in criminal-imprisonment charges on the entire BOD.

Thusfar, I have yet to see any concrete evidences of misstating/fraudulent Financial statements which are strong enough to be admitted to court. That is how the Corporate and Legal framework work

Note: I may add positions in ARBB and ARBB PA in the next 72 hours of writing.

My background: I am Brand Director with world leading Biotech platform listed in American’s NYSE which has >40 years research using >100 PhD scientists that provide PATENTED Nutri-ceutical solutions for diabetes , hypertension, cardiovascular disease, cancers and other chronic diseases.

We look forward to ARBB’s new auditor Cheng & CO to their Audit report year ended 30 June 2022 (15 months)

Of course, I am confident Messrs ykyew11 will be the first to inform us.

Total fines were over US$165 million (RM730 million) from BIG 3 audit firms. Audit business is profitable and yet risky.

Of course, I am confident the newly appointed Auditor will discharge their professional duties well. if they do, well that is GOOD NEWS for their business.

Additional sources:
1] https://www.scmp.com/news/asia/southeast-asia/article/2184302/malaysia-fines-audit-firm-deloitte-serious-breaches-linked

2] https://www.reuters.com/article/us-malaysia-politics-1mdb-deloitte-idUSKBN2AV10Y

3] https://www.mof.gov.my/portal/en/news/press-release/malaysia-receives-rm340-92-million-from-kpmg-as-1mdb-settlement

Note: Yeoh Kian Teck
03322/08/2021 J Chartered Accountant of

RSM
A licensed Audit Partner has endorsed the Audit Report that the Fin Statements are fairly presented.

Auditor’s Address:
Messrs RSM Malaysia (AF 0768)
5th Floor Penthouse, Wisma RKT, Block A No. 2, Jalan Raja Abdullah,
Off Jalan Sultan Ismail,
50300 Kuala Lumpur.
Tel: 03-2610 2888
Fax: 03-2698 6600

Present your findings of supposedly irregularities to them, they will act as it is in their interests to avoid being sued. Case: KPMG, Deloitte and Ernst & Young paid over US$100million in out of Court settlement relating to 1MDB Audit Reports.

Can any firm want bankruptcy risk because a small firm like ARBB pays them couple thousands of Ringgit in audit fee? Would you?

Source: ARBB Auditor's Report 2020, Page 133-7, Bursa Saham website, https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=206611&name=EA_DS_ATTACHMENTS , Visited on 30 July 2022

A Fun Fact.

Pancreatic cancer is indeed a silent killer because it doesn’t have nerves to signal pain. when surrounding organs like gall, liver are cancerous, usually it is too late

Encourage you guys, do a yearly blood test. CUT PAIN, CUT (HOSPITAL Exorbitant) COSTS if detected early.

Similarly, ARBB, if there are any matters amiss, we will detect this on annual check up which is why we have Auditor's Reports

read it. you will understand the business better.

Disclosure: I am part owner of ARBB business via ordinary shares and PA (aka warrants), thus, I am biased in favour of ARBB wonderful management.

Note: I am not paid by any party to provide above opinion.

My background: I was Senior Audit Lecturer in Chartered Accountancy known as ACCA Course for > 20 years, before. Now I am Brand Director with world leading Biotech platform listed in American’s NYSE which has >40 years research using >100 PhD scientists that provide PATENTED Nutri-ceutical solutions for diabetes , hypertension, cardiovascular disease, cancers and other chronic diseases.

ykyew11, hi there

Fast you got the announcement on auditor change.

If a person does Blood test which shows high CA-19 which measures cancer especially in pancreas, you can take that report to 100 hospitals, they will tell you the same result.

Similarly, if ARBB report card is brought to any audit firm, the results are the same.

Thusfar, there is high relative assurance that ARBB Financial statements are reliably fairly presented.

In other words, no issue in changing Audit firms. All Audit firms must use the WOrld’s highest audit standards based on IFAC to obtain Sufficient Appropriate Audit evidence to substantiate their audit opinion.

Professional skepticism arises when you look into the financial records, internal controls, corporate governance to evaluate the company performance.

Please see my earlier posts where there are SEVEN Major factors to support my relative confidence in ARBB management.

But I do change my mind if I see something amissed. So keep your factual feedback coming, we all benefit.

Note: Caveat Emptor.

For CEO Larry Liew to accept a press release via NST demonstrates commitment to transparency.

I recall, Transmile Berhad (now defunct) has to refund the purchase price in full to Kuok Empire when there were alleged fraudulent overstatement in revenues. Why Kuok Empire could get a full refund when the share prices plummeted over 98%? Educated guess is the written agreement stipulates so.

Reasons for non disclosure of 4 clients with ARBB accounting for 93% of its revenues could be due to :
1] Clients request anonymity as per written agreement. My guess is the clients are Chinese firms operating in Malaysia as Larry has strong ties with China while working there.
2] Competitive advantage in not revealing the names which benefits rivals
3] Timing difference, in which, ARBB applies for patents and locks in clients before advertising it has strong client base.

Well, your guess is as good as mine.

I agree with Messrs PSAi3alert telling who are the clients will keep investors informed but really, is that necessary? There will be no end to request information. We leave the management to do their job while watch how authorities like Bursa + External audit firm + News releases to act as Check and balance.

Case in point, NST reported that Larry Liew slated to put IOT division for NASDAQ listing. IOT is experiencing impressive growth which augurs well when listing.

Thusfar, Larry Liew has delivered on his promises barring unforeseen circumstances.

Watch not what he says, but , what he does (Jim Rickards, 2018). The Financial report card will tell us.

Disclosure: I am part owner of ARBB business via ordinary shares and PA (aka warrants), thus, I am biased in favour of ARBB wonderful management.

Note: I am not paid by any party to provide above opinion.

My background: I was Senior Audit Lecturer in Chartered Accountancy known as ACCA Course for > 20 years, before. Now I am Brand Director with world leading Biotech platform listed in American’s NYSE which has >40 years research using >100 PhD scientists that provide PATENTED Nutri-ceutical solutions for diabetes , hypertension, cardiovascular disease, cancers and other chronic diseases.

Source: https://www.nst.com.my/business/2022/05/797693/arb-aims-maintain-earnings-growth-erp-iot-business-segments

SAMCHEM records earnings in Ringgit (RM). This means any overseas earnings on back of weaker RM translates to stronger Profits after tax.

This is tailwind to business. Think of you receiving income from Viet Dong which is at 2 year high against RM

Stocks with ROE at 29% is highly attractive with dividends at 5.8% with current shares at 78sen is rare opportunity.

Disclosure: I am long on SAMCHEM

PSAi3alert, Hi

1] Auditors based on Audit Report has performed ADDITIONAL Audit Procedures to have sufficient evidences in high risk area such as receivables. They have no KEY AUDIT MATTERS to highlight if there are any irregularities or misstatements.

2] I am delighted to hear your opinions substantiated by evidences.

Reposted your stand as: ====>PSAi3alert Disclosure: I am of the opinion that the business, customers, revenue and financials of ARBB are all fictitious .

If you are analysing to see if the Financial Numbers are logical or otherwise, this is educated guess. It is insufficient evidence to be admissible in court.

3] Of course each investor has different risk appetite and one may feel the investment in ARBB is too much to accept despite the fact that it has net cash position, proven growth since 2019 and bright investment outcomes from new businesses such as hydroponics project.

4] Security Commission is working with Bursa in which the latter is entrusted with regulatory work. Thus one can submit to either parties.

Source: https://www.sc.com.my/resources/media/media-release/sc-and-bursa-malaysia-announce-the-setting-up-of-a-regulatory-subsidiary

PSAi3alert has good heart to empower the general investing public, I really respect that. Posted >880 comments here. You are much more powerful and believable to your fans when you also investigate or probe using BURSA REGULATOR

Encourage PSAi3alert to write in to BURSA ALERT Regulator like I did last July 1st, 2022 (see my earlier posts). That way, more scrutiny on ARBB managerial performance , thus encouraging them to deliver fantastic business growth and be well paid for that.

Please visit below to communicate with BURSA REGULATOR, it is quite a good experience.

https://bursa2u.bursamalaysia.com

Disclosure: I am part owner of ARBB business via ordinary shares and PA (aka warrants), thus, I am biased in favour of ARBB wonderful management.

Note: The above is for education purpose and I am not paid by any party to provide above opinion.

My background: I was Senior Audit Lecturer in Chartered Accountancy known as ACCA Course for > 20 years, before. Now I am Brand Director with world leading Biotech platform listed in American’s NYSE which has >40 years research using >100 PhD scientists that provide PATENTED Nutri-ceutical solutions for diabetes , hypertension, cardiovascular disease, cancers and other chronic diseases.

Messrs PSAi3alert concern on ARBB changing External Auditors 3 times over period of 3 years as red flag alert.

I beg to differ as this is BETTER for ARBB Shareholders. Why? 4 reasons.

1] Best audit practice is to CHANGE Audit Partners within 7 years. ARBB changed Audit FIRM every year which is better as it reduces Familiarity threat of too cosy friendly relationship between Audit Partners and ARBB Management.

Audit firms work for ARBB’s shareholders and not management. That is why their appointment must be approve at EGM/AGM.

2] changing auditors doesn’t absolve the previous auditors’ duty from reporting irregularities (if any) to shareholders otherwise they face significant fines which can bankrupt them or revoking audit license.

Case: Infamous 1MDB, we saw KPMG agreed to pay RM334 MILLION (US$80 million) to Ministry of Finance for not discharging their professional duties to 1MDB shareholders aka Malaysian taxpayers from 2010 to 2012.

Think about it, the audit firm stands to incur major losses or even bankruptcies if they don’t exercise their professional due care. So why would the three Audit firms collude to defraud with ARBB management if they stand to lose so much?

3]ARBB Non-Executive Directors (NEDS who are not involve in day to day management but are paid a MODEST fee to review ARBB’s audit and control matters) have in their interests to exercise due care to recommend new Auditors .

Would NEDs collude with ARBB management for a couple thousands ringgit and face reputation disaster as other firms or businesses will distance themselves.

4] To have 3 independent Audit Firms to look into ARBB is even BETTER as there are fresh pairs of eyes or perspectives.

Admittedly, I cannot guarantee that firm financial position is 100% guaranteed accurate as we seen Serba Dinamik case. But think of it, that is ONE black sheep amongst almost 2300 Listed members in BURSA. meaning 99.96% of BURSA firms financial reports are relatively reliable is highly comforting to shareholders.

Such high assurance is safer than we driving on our deadly Malaysian roads, don’t you think?

Disclosure: I am part owner of ARBB business via ordinary shares and PA (aka warrants)

NOte: The above is for education purpose and I am not paid by any party to provide above opinion.

My background: I was Senior Audit Lecturer in Chartered Accountancy known as ACCA Course for > 20 years, before. Now I am Brand Director with world leading Biotech platform listed in American’s NYSE which has >40 years research using >100 PhD scientists that provide PATENTED Nutri-ceutical solutions for diabetes , hypertension, cardiovascular disease, cancers and other chronic diseases.

Source: https://www.theedgemarkets.com/article/kpmg-pay-rm333-mil-malaysian-govt-1mdb-settlement-mof

Messrs PSAi3alert has good factual research followed by personal interpretations. That is applying Business mind to figure out if ARBB is valuable company or otherwise.

The concerns are what accounts for high revenues and high dependence on 4 clients.

This is not unusual as there are many industries which have few major customers such as:
Malakoff depends on Tenaga as only customer
Gas Malaysia depends on Petronas as major supplier for gas
Telekom broadband revenues are dependent on sales to mobile network like Celcom, Digi, Umobile.

What I must be concern is how sustainable ARBB on just 4 clients in 2020 accounting for 93% of its revenues? We need not look further but obtain the WORLD’S BEST AUDITING STANDARDS that all Audit firm use.

See the 2020 Audit Report, page 134

Recoverability of trade receivables and deposits
Refer to Note 5(f) Significant Accounting Estimates and Judgements, Note 13 – Trade Receivables and Note 14 – Other Receivables, Deposits and Prepayments.
The key audit matter
The Group has significant trade receivables and deposits as at 31 December 2020. The management made significant judgement over assumptions about risk of default and expected loss rate.
How the matter was addressed in our audit
We performed the following audit procedures, among others:
• Developed understanding of the design and implementation of controls associated with the monitoring of outstanding receivables and deposits impairment calculation.
• Developed understanding of significant credit exposures which were significantly overdue or deemed to be in default through analysis of ageing reports.
• Obtained confirmation of balances from selected debtors and suppliers.
• Checked subsequent receipts, customers/suppliers correspondence, and consider level of activity
with customers/suppliers and management’s explanation on recoverability with significantly past due
balances.
• Assessed the reasonableness and calculation of expected credit losses as at end of the reporting
period.

AUDITOR’s FINDINGS:
We have determined that there is “NO KEY AUDIT MATTER" in the audit of the separate financial statements of the Company to communicate in our auditors’ report.

MEANING
External auditor has raised concern that the receivables are possibly not recoverable and they embarked on Obtaining Sufficient Appropriate Audit Evidences to find out more. They opined that the revenues and receivables are fairly stated.

Thank Mesrrs PSAi3alert for giving us another perspective. With External auditors accessing all and I mean ALL ARBB’s internal information and files, they have provided us relative assurance that 2020 financial performance report card is reliable.

Disclosure: I am part owner of ARBB business via ordinary shares and PA (aka warrants)

NOte: The above is for education purpose and I am not paid by any party to provide above opinion.

Source:
ARBB Annual Report 2020, RSM Audit Report , page 134, https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=206611&name=EA_DS_ATTACHMENTS

Typo error above

ARBB Rights Issue was >Rm72million.

Fun Fact

I wrote in to Bursa Regulator on 1/July 2022

Received BURSA’s reply on 22/July/2022.

So, (potential) Investors, BURSA Regulators with >4000 employees are doing their work to safeguard our interests.

Relatively safer to invest in public listed companies compared to Private limited.

See my earlier posts if ARBB is similar to SERBA DINAMIK.

You will enjoy 7 Corporate Governance factors that increases your confidence in ARBB.

Note: Caveat Emptor.

The reply demonstrates that BURSA Regulator is very well aware that ARBB is a legitimate company.

ARBB has EXCELLENT track record with strong competitive advantages in Software industry. Also, the firm experienced explosive growth from loss making in 2018 to now generating RM91,083,000 net Profits on revenue of RM446,440,000 in the past 15 months ending 31/Mac/2022.

Extremely undervalued company with a Market Capitalisation of about RM146,000,000

Disclosure: I am long on ARBB and ARBB PA.

Caveat: This is not recommendation to invest as you are encouraged to do your research before deciding.

if you want to lodge complaints to BURSA Regulator on any listed Bursa Companies, please register at link below:

https://bursa2u.bursamalaysia.com

If you want to see the company’s uncensored financial performance please visit

Source: https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3259759

My Inquiry to BURSA Regulator:

On 17/Feb/2022, ARBB had a Rights Issue and fully subscribe at 608.2 million shares at RM0.12 per share giving a total new capital injection of an RM72.99million. There is no progress report on the implementation of its hydroponics business in the recent quarterly report. We hope that BURSA as regulator requires ARBB management to demonstrate transparency and accountability on the progress.


BURSA Regulator replied me below:
The status of utilisation of proceeds from Rights Issue of approximately RM72.99 million has been disclosed in a note, B5 (b) of the announcement of the quarterly results for the financial period ended 31 March 2022 which has been announced on 18 May 2022.

The status of the utilisation of proceeds thereof will be disclosed in the Company’s subsequent quarterly financial results announcements.

Thank you and have a good day.


Bursa 2U
Bursa Malaysia Berhad
Our Ref: CAS-26691-N3J6T2
CAS-26692-B6T1H6 

As investors, we want ARBB/PA to appreciate in value to reflect its strong business growth we seen in past 14 SUCCESSIVE QUARTERS since 2019.

I wrote to Bursa Malaysia to inquire below and was pleased that they are monitoring this company for full compliance. ARBB raised >RM74million in rights issue and BURSA Regulator is monitoring the progress of the business.

Please see below.

Samchem is the Maybank of SEA countries in the Lubircant/oil distribution with major presence in Malaysia, Vietnam, Indonesia and Singapore

With ROE 30% and PER at 5x this is very rare opportunity to accumulate at such low price.

Mr Market is caught irrational in selling down shares.

Disclosure: I am not paid or represent any company. Thus, you are advised to research before buying the shares.

I am long on SAMCHEM and may purchase more in next 72 hours

I have been to Satay Restaurant packed with customers with RM50,000 in revenue PER DAY. That is superb Tier 1 Business

Now, we have a Monopoly of stock exchange trade with RM1.2 Billion to RM2.5 Billion PER DAY , yes repeat with a “B”illion every single trading day

This is MOAT competitive advantage that is very difficult to break (Warren Buffett, 1994)

You want to invest in Bursa stocks with

1] 44% ROE
2] 16 times PER
3] >5% dividend yield

This is opportunity to lock in at low prices. I have no idea what the share price will be tomorrow or next week but I do know it will rise over next 3-5 years.

Thanks to more companies going for listing as Malaysia economy has continuous growth since 1957 except for 4 recessionary years.

Disclosure:I am not paid or represent any company, thus, please research before buying the shares.I am long in BURSA Berhad - wonderful business.

Kahfui1221: excellent principle to use - margin of safety. If you are crossing a bridge with a 9.5 tonne truck, choose a bridge that is 15 tonnes endurance rather than one which is 10 tonnes. (Warren Buffett)

from 11sen to 93 sen = that is >800% upside with little downside.

For ARBB PA now at 2.0sen, the fair price will be 79 sen as the exercise price is 14 sen. That is 40 TIMES increase or 4000% upsides. Do note that the Warrant expires in early 2024.

ARBB needs to expand and continue to focus on businesses in

+ Virtual AGM software
+ e-secretary
+ e-filing linking with SSM
+ expanding IOT in Hydroponics
+ ERP based on CRM tools.
+migration of manuals filing to e-cloud filing is the trend now

Larry Liew announced on need to expand regionally ie SEA Countries. Borderless business.

Returns & Risks rewards are much in favour staying invested.

Disclosure: I am not paid or represent the company and thus you are encouraged to do your own research before investing. Long on ARBB and ARBB PA

When I purchase gloves and masks for personal use, I choose based on price rather than quality. Gloves are homogenous product. Now there are oversupply.

Contrast with ARBB which I had opportunity to meet with its marketing head and was impressed that it is working to be first in the country to link its company secretary services to SSM (Company Registrar)

My business partners were so interested that they went ahead to explore their cooperation opportunity with ARBB.

This is differerentiated services and especially useful for company secretaries who want to get

+ e-signatures
+ virtual attendance of Board meeting without requiring Directors to be physically present
+ paperless work.
+ high time efficiency
+ cloud storage capabilities

Understand that ARBB has already linked up with >200 Company Secretrarial firms.

Disclosure: My personal footwork is in the ordinary course of my healing consultancy business and the above doesn't represent the firm or advise to buy/sell.

I am invested in ARBB and ARBB PA. As usual, been buying shares steadily and may continue do so in next 72 hours.

You made strong accusations against ARBB and CEO.

It is your duty to proof your assertions.

Let us hear it

Do YOU have any evidences to proof frauds/negligence, Messrs Line?

Yes or No

We appreciate you much because you cared for investors including uncles n aunties. So now, present your evidences.

failing to understand the business is different from fraud/negligence.

If anyone does suspect fraud/negligence, by all means, do submit the evidences to Bursa and give us a copy of that powerful email letter

Indeed, this is excellent help, we highly appreciate.

Do YOU have any evidences to proof this, Messrs Line? Yes or No
Do your own research before investing before taking Business risk.

Disclosure: I am Long on ARBB and ARBB PA and looking to increase holdings.

Bursa Regulatory Body roles are many which include monitoring any market misconduct. Any company that changes its core business(es) must report transparently.

Since 2017, ARBB has gradually exited logging business and succeeded in diversifying to IT businesses.

In 2022, ARBB’s Net profits after tax is at peaked RM91million (15 months period) for a market capitalisation of RM120million, this is deep discounted value.

Bursa is closely watching and no evidence of malpractice, thus far. Otherwise the company is given ONE DAY to respond to their queries.

One has to understand the business based on disclosures that all listed companies in BURSA has to publish.

Invest in your Circle of Competence.

Otherwise, investors have very little reason to suspect malpractice.

There are >3,700 NASDAQ Listed Info Tech based companies with businesses such as Online shopping, ERP subscription based, IOT subscription based, ordering online for new dentures (yes, fake teeth).

the average valuation ranged from 15 to 45 time of revenues.

Grabcar was smart to list in NASDAQ, a household name, where people say, “Why not you grab your food?” has a turnover US$670million but with a market capitalisation of US$10.5 “B”billion (yes spelled with a “B”)

ARBB is applying for listing with NASDAQ for its IOT division which has a turnover of US$64million. Valuing at 15 times turnover , market capitalisation will be US$970million or RM4,270 million.

That is an upside from current market capitalisation from RM120million to RM4,270million or 35 times or rise from RM0.105 to RM3.50.

NASDAQ is capital allocation for Global investors that ranged from Japan to Germany. They will note that

ARBB IOT sales performance are:
March 2021: US$2.2 million
March 2022: US$64.3million
An increase of 29 TIMES!

imagine what is the impact on ARBB listed IOT shares in NASDAQ when they saw Grabcar explosive growth, they will invest on ARBB explosive growth too except that ARBB mother shares haven’t move which is still at super low valuation price at RM0.10

The bigger excitement is ARBB PA increasing from RM0.02 too RM3.38 which is >150 bagger.

You need to be right once, and you will be rich. (Warren Buffett, 2017)

Disclosure: I am long on ARBB and ARBB PA and may increase long position in next 72 hours