Serba Dinamik Press Release 26-May-2021

https://docdro.id/BXpqyA0


SERBA DINAMIK HOLDINGS BERHAD EYEING TO COMPLETE STATUTORY AUDIT AND INDEPENDENT REVIEW

The Group is targeting to finalise its audited financial results by end September and annual report by October

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KUALA LUMPUR, 26 MAY 2021 - Serba Dinamik Holdings Berhad (“Serba Dinamik Holdings” or the “Group”), a global integrated engineering services provider, today announced that the Group has responded to matters brought up by its external auditor, KPMG PLT (“KPMG”) pertaining to its annual statutory audit for the financial year ended 31 December 2020 (“FYE2020”).

Group Managing Director / Group Chief Executive Director of Serba Dinamik Holdings, Dato’ Dr.Ir. Ts. Mohd. Abdul Karim bin Abdullah (“Dato’ Karim”) expressed, “The Group’s management has taken prompt action to address the matters much earlier prior to the announcement made to Bursa Malaysia on 26 May 2021. As far as we are concerned, we have not changed our business structure materially since the initial public offering (“IPO”) in 2017 and have worked with KPMG, whose auditors are familiar with our operations, since 2013. As far as the management is aware, we have been conducting our business professionally”.

“We have also engaged potential international independent firms to assess the veracity and accuracy of the matters brought up by the external auditor after consulting with Bursa Securities as time is now of essence given that we need to prepare for the Group’s annual report for publication by 31 October 2021, resulted of change of our financial year end to 30 June. The audit for FYE2020 has had its share of challenges given the impact of the COVID-19 pandemic in the markets where the Group has a presence at more than 20 countries. This has certainly presented challenges to finalise the financial statement”.

“We are in the midst of finalising the terms of appointment of the independent firm and are expected to confirm the appointment as soon as possible. We will accord the to-be-appointed independent firm the time and space to verify the matters with accuracy and veracity. We will be updating promptly any material developments in a transparent manner”.

“We understand the concerns of our stakeholders and shareholders and ask for their understanding and patience on the matters raised. Please be assured that the Board and management remain committed in safeguarding your interests. In the meantime, day-to-day operations will continue and we appreciate the support of stakeholders and shareholders in resolving this matter”.

Serba Dinamik Press Release 26-May-2021

https://docdro.id/BXpqyA0


SERBA DINAMIK HOLDINGS BERHAD EYEING TO COMPLETE STATUTORY AUDIT AND INDEPENDENT REVIEW
The Group is targeting to finalise its audited financial results by end September and annual report by October

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

KUALA LUMPUR, 26 MAY 2021 - Serba Dinamik Holdings Berhad (“Serba Dinamik Holdings” or the “Group”), a global integrated engineering services provider, today announced that the Group has responded to matters brought up by its external auditor, KPMG PLT (“KPMG”) pertaining to its annual statutory audit for the financial year ended 31 December 2020 (“FYE2020”).

Group Managing Director / Group Chief Executive Director of Serba Dinamik Holdings, Dato’ Dr.Ir. Ts. Mohd. Abdul Karim bin Abdullah (“Dato’ Karim”) expressed, “The Group’s management has taken prompt action to address the matters much earlier prior to the announcement made to Bursa Malaysia on 26 May 2021. As far as we are concerned, we have not changed our business structure materially since the initial public offering (“IPO”) in 2017 and have worked with KPMG, whose auditors are familiar with our operations, since 2013. As far as the management is aware, we have been conducting our business professionally”.

“We have also engaged potential international independent firms to assess the veracity and accuracy of the matters brought up by the external auditor after consulting with Bursa Securities as time is now of essence given that we need to prepare for the Group’s annual report for publication by 31 October 2021, resulted of change of our financial year end to 30 June. The audit for FYE2020 has had its share of challenges given the impact of the COVID-19 pandemic in the markets where the Group has a presence at more than 20 countries. This has certainly presented challenges to finalise the financial statement”.

“We are in the midst of finalising the terms of appointment of the independent firm and are expected to confirm the appointment as soon as possible. We will accord the to-be-appointed independent firm the time and space to verify the matters with accuracy and veracity. We will be updating promptly any material developments in a transparent manner”.

“We understand the concerns of our stakeholders and shareholders and ask for their understanding and patience on the matters raised. Please be assured that the Board and management remain committed in safeguarding your interests. In the meantime, day-to-day operations will continue and we appreciate the support of stakeholders and shareholders in resolving this matter”.

no way of knowing... by the time we know, already too late. we can only look at the price and volume, if volume up and price up, this is good news. If we panic sell, lose also. in the end, only god can decides.

Both are unrelated, only share a single majority shareholder. Both have different auditors, management, lawyers, offices, team and more.

Therefore tomorrow is a good buying opportunity.

Question:

Lau Chee Leong, a shareholder of the Company, asked the following
questions:-

(a) Can Dato’ Karim stop selling the Company’s shares?
(b) Most of the Company’s projects were awarded by Serba Dinamik Holdings Berhad, when can the Company receive projects independently?

Response:

(a) Dato Karim thanked the shareholder for the question and took note of his suggestion. He further explained that sale of shares could create liquidity in the stock market.
(b) The Company has been independent in the tender process in which the projects were awarded by the consortium based on the Company’s proven strength and capability in both local and overseas market.

As they say, we are all Ikan Biliks. Only the big boys can decide.

Individual Insiders 49.5%
Institutions 32.6%
General Public 13.5%
State or Government 4.4%

Most probably the 13.5% General Public will panic sell. Institutions and big funds was already briefed on this auditing thing in last Meeting. They already knew this KPMG thing, which is why they never sold.

The only remaining question is, will they buy up if price drops? We'll only know at the end of the day. My advice is it is too late to panic, wait till Friday. If directors and funds went shopping when it crash or if it crash, then this KPMG thing is not an issue.

From what I understand, the directors knew about this at least 1 month ago, not a last minute thing, thus nobody dump their shares causing a sudden drop probably means it is a minor issue, right?

@noah

Say if the external auditor audited and found no problem or only minor problem, and KPMG agrees to sign off, is this a good sign?

It has something to do with their Middle East accounts, which is unaudited. I think this is the part where KPMG wants to know more.

https://youtu.be/gTyN00ueLoU?t=6045

@johnmasino

I own SCIB but RM50million is a bit crazy. Last qr profit was just RM14m. The other half is because of some lawsuit they won, thus it shows RM30m.

If this QR can get RM18m already consider very good.

@RJ87

He almost reach the 30% threshold. I dont think he wants to go beyond 30%.

I think best to wait for a few days and see. If really go down and EPF buys, it can only mean 1 thing.

@lee901

EPS actually went down from peak of 9 to now 4 to 5.

@RJ87

After the PP (which Karim subscribed).... Karim spends RM100 millions to buy up more shares in the open market.

If I know my company is in big trouble or have fake accounts, why in the world do I want to buy more and more of the company shares?

Thus, this is a small accounting error, or a self inflicted wound to silence the critics once and for all. Once it is audited by a 3rd party, nobody can say the accounts are fake anymore.

29.62% Mohd Abdul Bin Abdullah
17.55% Abdul Bin Sahib
11.16% Employees Provident Fund of Malaysia
5.78% Kumpulan Wang Persaraan
4.8% Permodalan Nasional Berhad
3.74% State Financial Secretary
2.23% Awang Bin Awang Putera
1.99% Credit Suisse, Investment Banking and Securities Investments
1.54% Lembaga Tabung Haji, Endowment Arm
1.08% Public Mutual Berhad
0.92% Principal Global Investors, LLC
0.8% AIA Investment Management Private Limited
0.67% BlackRock, Inc.
0.64% Perbadanan Nasional Berhad, Asset Management Arm

@Zackmeiser

EPF knows everything. Look at ATAIMS. EPF has been selling since January and ceased to be a majority shareholder by March, EPF sold everything. Then last week ATAIMS is under investigation by USA for forced labour.

EPF started selling AA on Feb 2020.

https://www.theedgemarkets.com/article/epf-no-longer-substantial-shareholder-airasia

Big Brother knows.

Quote: "Statutory Audit is done annually to form an opinion on the financial Statement of the Company i.e. whether they are showing the true and fair views of the affairs of the Company or not Whereas Internal Audit is done basically to detect and prevent errors and frauds."

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A minor discrepancy only. I believe someone wrote an article about Serba last month on the many dealings, especially Karim's dealings in middle east. Like how he never mention the Block 7 is a RPT and etc or how he has shares in EFIRE Capital Holdings Limited and whatnot. He also mentioned those accounts in middle east are not audited. Do note that most of Serba's profit is from Malaysia. I wont be surprised it has something to do with Block 7 or EFIRE Capital, which contributes close to 0 to Serba's profit for now.

What are the possible outcome?

Scenario 1. The error is small or insignificant, a self inflicted wound done on purpose so that they can hire a 3rd party to verify Serba's book, if it is found to be in order, the stock price will fly. This is done on purpose to silence the critics once and for all on Serba cooking their books. This cooking rumors has been around for so long, time to put an end to it by launching an investigation from another audit firm.

Scenario 2. There is a small error and action has been taken to rectify it to prevent this from repeating in the future. Serba received a warning from SEC.

Scenario 3. F***.... Run. Buy Charcoal... goodbye mama.

:)

Start with the letter I and ends with R

Don't worry, small accounting error. Everything will be alright.

Buy SKP... soon all ATAIMS product will be banned by USA and Dyson got no choice but to outsource majority to SKP.

later before closing is limit up or limit down? I invested all of my life savings, should I cut loss?

Pump and Dump

How does an investor exercise the OR? Call the broker and pay XXX fees before the expiry? if OR is RM0.05 and you have 1000 units, that means you will pay RM500 to the broker in exchange for new shares?

VSolar is a pump and dump syndicate stock lah... if really want solar. KPower got LSS4, now doing PP to fund the project.

What do you meant by complete system? including the trains and software? what system?

So, if my friend choose not to exercise, the OR share will burn/delist, right? what will happen to the mother share? as in will the number of units reduce?

In normal cases, what will the share price be? go down after RI is completed?

The Saudee-OR.... is it free like warrant or how does it works? How RI works?

Can someone explains to me how this RI works. Say if I invested RM1000 for 1000 units in Saudee, what happened to my shares after they issue OR?

I am asking for a friend that invested in Saudee. I dont know how OR works. Thanks.

Calvin Tan is Pump and Dump mastermind. Wrote so many article on how palm oil company will make crazy profit... today a few palm oil company qr out liao, how? got super profit or not? lao sai got lah... Calvin Tan dont even understand the palm oil industry, probably never even eat palm oil but only buy olive oil.

Calvin Tan is Pump and Dump mastermind. Wrote so many article on how palm oil company will make crazy profit... today a few palm oil company qr out liao, how? got super profit or not? lao sai got lah... Calvin Tan dont even understand the palm oil industry, probably never even eat palm oil but only buy olive oil.

Calvin Tan is Pump and Dump mastermind. Wrote so many article on how palm oil company will make crazy profit... today a few palm oil company qr out liao, how? got super profit or not? lao sai got lah... Calvin Tan dont even understand the palm oil industry, probably never even eat palm oil but only buy olive oil.

HAP SENG PLANTATIONS HOLDINGS BHD profit also down... all QR out. Rubbish lah... you are no different from KYY. at least KYY is honest about his sins. you dare to talk about god somemore.

GenP profit also down.... haiyah... you city boy dont know what is palm oil. dont talk lah. make people lose money.... you sinner. Jesus save you from your sins, you pump and dump sinner.

Palm oil price went up so much, how come SOP profit is more or less the same for the past few quarters? Inno somemore make less?

U dont understand palm oil... you are a pump and dump... a sinner. you need Jesus to save you from your sins. How many people lose money following your pump and dump articles?

Jesus save this Calvin Tan boy, he needs a heart.

Jesus died for our sins, and since I am perfect and dont want to waste his sacrifice, I decided to do 'Pump and Dump' thing - to sin. If not, he died for nothing.

Also, commit 1 sin go to hell, commit 100 sins also go to hell. I might as well go down to hell as a Legend.

Everybody, all in Jaks, Calvin Tan's fav stock.

Anson was bad mouthing it today morning and yesterday, this means he not yet bought any.... goes to show traders never make any money. Buy and hold is the best strategy.

PP is here boys. Last June 2020 also do PP.... after 6 months fly. As long as they can secure projects and grow the earnings, nothing to worry. PP to grow earnings is better than PP to pay debt like AA.

Average down boys.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3159745

Anyone any idea what will the outcome be for GKent? Any insider wanna hint us anything?

https://www.klsescreener.com/v2/announcements/view/3363357

I pray to Thor. You know why? Jesus promised to get rid of sinners, guess what? He failed. But Thor promised to get rid of Ice Giants... do you see any Ice Giants here? I rest my case.

RHB Report

Reiterate BUY, MYR2.53 TP offers 57% upside, with c.3% yield. Its steady growth trajectory is likely to continue backed by strong orderbook and replenishments, especially on the ICT segment. We are long term positive on the recent efforts exploring into space technology but near term earnings impact is rather minimal. Our recommendation is premised on improving operating cash flows without the need to trigger further cash calls.


Results preview. We estimate 1Q21 core earnings to be MYR160-170m which is QoQ weaker (4Q20: MYR187m) due to seasonally lower O&M activities in Malaysia and the Middle East but still YoY stronger (1Q20: MYR135m) backed by a better contribution from all core businesses.


Decent replenishments. Serba Dinamik’s orderbook remains solid at MYR18.9bn as of Mar 2021, with EPCC being its largest contributor (47%), followed by O&M (42%) and ICT (11%). The company is eyeing to expand its orderbook by 15-20% to c.MYR22bn which means it will have to win MYR10bn contracts this year, or slightly lower than the MYR11.5bn amount of wins in FY20. In order to achieve this, it will have to secure c.MYR3-4bn work orders via a renewal of contracts from existing clients. The remaining new wins of MYR6-7bn could be coming from the MYR20bn tenderbook, with an even split between domestic and overseas.


Strong growth from its ICT segment. Although it only accounted for 6% of FY20 topline, the ICT segment is expected to deliver a strong growth in the next few years. The MYR7.7bn worth of Abu Dhabi innovation hub project is currently at the engineering and design stage and construction work should commence in 2H21. Piling work for the MYR1.5bn data centre project has started in April and construction work should accelerate in 2H21 as well. We are guided the portion from the two projects will be recognised under the ICT division. Meanwhile, the company is exploring areas in space technology which includes collaboration with the Malaysian Space Agency (MYSA) and various local colleges and universities for R&D works and talent development. In order to strengthen its internal capability, it partnered with Swissto12, a private technical arm based in Switzerland, which manufactures satellite components via 3D printing technology. This is positive in the long term as near-term earnings contribution could be only minimal.


Keep BUY. Note that our FY21 revenue growth projection of 9% remains more conservative than management’s guidance of 15-20%. We keep out TP at MYR2.53, pegged to an unchanged 14x FY21F P/E. Downside risks include lower-than-expected orderbook replenishment, weaker-than expected margins, and weaker-than-expected operating cash flows

What kind of weed are you smoking? I want some.

Jesus is a God? I thought he is a prophet/messenger, son of God, when he became a God himself?

you a pump and dump person is a CHRISTIAN???? Holy moly.... this is news to me. Do you also pray to God of Prosperity?

U must be a cityboy and dont understand how the palm oil industry works. do you know what season is it now? it is burning season soon.

and do you know who is the biggest palm oil buyer from Malaysia? if your answer is China, then I rest my case. It is India, not in a covid warzone.

I think if you read the RHB report, they say this quarter they will make RM180m, slightly less than previous quarter. However, the good news is Block 7 investment started piling in April 2021, and will accelerate in second half of 2021, thus the best quarter will be the one at the end of 2021.

i am amazed by the fact that AA still has a market cap of RM3B.... the real value is RM0. TF sucked it dry from 2016 to 2019. For those clueless, go read up how he milked it dry.

it is cheaper to start a new budget airline than to save AA.

A businessman with good relationship with politicians or head of other states in middle east. this was why he was able to secure so many new gov projects. This pic itself tells as KPower and SCIB grows, they will be able to secure bigger and bigger projects.

Just invest and hold for long term.

https://www.facebook.com/mustapamohamedjeli/posts/10159429390170039

A businessman with good relationship with politicians or head of other states in middle east. this was why he was able to secure so many new gov projects. This pic itself tells as KPower and SCIB grows, they will be able to secure bigger and bigger projects.

Just invest and hold for long term.

https://www.facebook.com/mustapamohamedjeli/posts/10159429390170039

The target is 50 CU stores this year, I think it is very hard to achieve this. So, get ready for a few more bad quarters. Their debt and assets all ok, they can weather this storm.

Their best bet now is to close down unprofitable shops, convert as many good myNEWS location to CU and then rebrand the old myNEWS to something else, like MaruMart, to cater for the mid to B40 groups - Food on the go for the average income earner.

@AllanTingAS

Any Tom Dick and Harry also know 3 to 4 years down the road glove will be over supplied, which is why the stock price of TopGlove or Supermax or Harta are doing down. Honestly, I dont even know what the board is thinking. Go lah do something else... maybe go into subcon also good, anything but glove. gila lah this gkent.

Faster cut loss and buy KPower (Solar and Renewable Energy, will fly soon when LSS4 is announced) and also SCIB, will fly when Sarawak got announce new projects. Faster, cut loss and regain your losses by investing in KPower and SCIB. All the best.