https://www.freemalaysiatoday.com/category/nation/2024/01/20/over-rm323k-lost-daily-from-burst-pipe-under-sungai-perai/

@cheeseburger There is actually an operating profit MARGIN CAP of 10% on water operators, and the cap has likely been factored in the tariff itself (I have not heard of profit claw-back for regulated utilities anywhere in the world). However, the water sector is usually regulated based on water accounting standards (known as either WARGA/WIRA/RWA in Malaysia), not financial reporting standards. If the water accounting standards in Malaysia follow the international practice in the sense that they use current-cost accounting, then the profit reported to SPAN will likely be lower than the profit we see in financial reports, which is based on historical-cost accounting.

www.buletinmutiara.com/span-adjusts-water-rates-new-tariffs-effective-from-feb-1-2024/: The actual hike is RM0.22/m3 to RM0.62/3 for the first 20 m3 of monthly domestic consumption. Similarly, tariff + electricity charge on domestic consumption is RM1.17/m3 for monthly usage between 20 m3 and 35 m3, and RM2.07/m3 for monthly usage above 35 m3.

FAQ released by SPAN confirmed that there will be ICPT mechanism for water operators: www.span.gov.my/document/upload/RXVrajDKL5HM2r0FgvKfLZPrg5ZKPcG1 (add .pdf). Water bills will be split into two parts: (1) base tariffs that are revised every three years; and (2) electricity surcharge/discount that is revised every year.

Seems like there will be an announcement of water tariff hike tomorrow: https://www.chinapress.com.my/?p=3769371. If PBA share price rises tomorrow, then it means that corporates should not be involved in CSR initiatives, assuming that the market is semi-strong form efficient: https://klse.i3investor.com/web/blog/detail/neohjiaen/2023-11-24-story-h-214216010-PBA_Holdings_Berhad_The_Aberration_Named_as_CSR

It's because much of these negative FV/outstanding liabilities was accumulated from 2Q...

Hi Sslee, your first question can be partly answered using contents in this first write-up. Since PETRONM does not use hedge accounting, what it recorded as FV G/L of derivatives in P&L is intuitive: refining margin spiked in 2Q and crashed in 3Q, hence its derivatives used for hedging had a FV loss in 2Q and gain in 3Q, including those that were unrealised and intended for hedging of future sales.

For Hengyuan which has adopted hedge accounting, its FV loss of derivatives in 2Q was not fully reflected in P&L, with unrealised FV losses recorded in OCI. In 3Q when the matching hedged sales occurred, these FV losses were recycled to be recognised in P&L. As to why didn’t those derivatives turned profitable when the refining margin crashed in 3Q, it’s also a question that I have.

For your second and third question, my next write-up may provide the explanation. The hints are Hengyuan presents its OCI net of reclassification adjustments; and realised hedging losses for refining margin swaps are recognised in “Purchases.”

Anyway, thanks for sharing your complaint to Bursa on JAKS few years ago. I did refer to your case before filing my complaint on YNH Property.

https://klse.i3investor.com/web/blog/detail/koonyewyinblog/2021-11-09-story-h1593748000-Never_buy_stocks_in_anticipation_of_future_profit_Koon_Yew_Yin

@Hunter_x_Hunter May I know what did you mean by HLIB's "misleading public" - this is a relatively serious accusation. I have read the whole report and there isn't anything that indicates so. Core net profit is indeed non-IFRS profit as commented by @vcinvestor, and HLIB has disclosed the adjustments they did. If you meant their forecast for a weaker 2Q, you can't judge that it's misleading until the result is out three months later. Comparing the information contained in HLIB's report and management's discussion in the quarterly report, it seems to me that the analyst has talked to the management post-result.

Thank you @ASOH77. I actually don't have private info about the company and its products other than what is available on its website. Had to google search for images on the back of their products since I am not in Malaysia currently. Have added hyperlinks to those one act and two regulations cited in case you are interested. By the way, please don't be too discouraged with this potential labelling issue, whether as an investor or as a consumer. I believe that the management did not know "fresh milk" carries a regulatory definition, and that they outsource both the designs and compliance checks of packaging to the same party (this is a common practice at least among small-scale packaged food producers) who messed up. As a consumer, I would still buy only their yoghurt drinks and automatically go for their chilled "fresh milk" products when other brands don't offer good discounts.

Ignoring that antibody response ≠ effectiveness, (1) the study by Yale University: 2 CoronaVac + 1 Comirnaty = 2 Comirnaty; (2) the study by Sinovac: 3 CoronaVac > 2 CoronaVac. How did Pharmaniaga conclude that: 3 CoronaVac > 2 CoronaVac + 1 Comirnaty from these simultaneous equations is a mystery.

@SarifahSelinder Interesting info on auditors' responsibilities. Unfortunately I am not an accounting professional so I don't know the details. In the first place, it could be me who are wrong about this.

@AlsvinChangan These four companies classify their perpetual bonds as equity. If you check their statement of profit or loss, the distribution paid to perpetual bond holders are not deducted from profit or loss. I have even cross checked these figures in the cash flow statement, and those distributions are indeed separated from finance costs deducted from profit or loss.

@SarifahSelinder IAS 33/MFRS 133 paragraph 3: "An entity that discloses earnings per share shall calculate and disclose earnings per share in accordance with this Standard."

@SarifahSelinder auditors memang perlu audit EPS juga kerana ia diikat bawah peraturan IFRS/MFRS. Dan ya, saya akan jumpa mereka hari isnin ni.

@SarifahSelinder memang saya dah fikir tentang kemungkinan untuk ubah denominator, tetapi unit untuk "perpetual" tak sama dengan unit untuk saham, dan "perpetual" yang saya bincang tak boleh ditukar kepada saham. Dan sebab Dialog jatuh beberapa hari yang lalu, pergi tanya Macquarie. Laporannya memang bagus.

@i3lurker ... that's harsh. Unfortunately Yinson's perps may indeed be required to be classified as equity. Have to take any further argument on that issue to IASB instead. @benlim yup, treating perps like preferred shares is what I argued for as well.