Posted by treasurehunt > 2021-10-29 22:46 | Report Abuse

Police and forensic auditors are now gathering evidences to charge people to the court. That's why it takes longer time.

Extracted announcement in April 21:
* Dato Sri Mahmud has agreed to the Board’s request and we have informed the authorities accordingly. *

Posted by Jenny > 2021-10-29 22:47 | Report Abuse

投资前请自己勤力做功课，搞清楚公司的前景和现在所面对的问题。如果你连自己要投资的公司都搞不清楚，随随便便一个标题都会吓到你的，然后把自己手头上的股票乱丢一通，这样亏钱不是亏的很冤枉？很多文章都是喜欢放大大的标题来误导人的，也不能怪别人，怪就怪自己懒惰不去了解自己所投资的公司。

Posted by treasurehunt > 2021-10-29 23:06 | Report Abuse

Whistle blowing ---> Reviewed by the BOD ---> Reported the authorities (police) ---> Engaged KPMG MRC to do independent review in May 21---> Independent review report is ready in August 21 ---> Forensic audit has been carrying out from August 21 until now ---> Authority brings the case to the court later.

Posted by treasurehunt > 2021-10-29 23:13 | Report Abuse

Forensic audit investigations may expose, or confirm, various kinds of illegal activities. Normally, instead of a normal audit, a forensic audit is used if there is a possibility that the evidence gathered would be used in court.

The forensic audit process is similar to a traditional financial audit — planning, gathering evidence, and writing a report — with the additional step of a possible appearance in court. The lawyers on both sides offer evidence that the crime is either discovered or disproved, which decides the harm sustained. They explain their conclusions to the defendant should the case go to trial before the judge.

Posted by Luckyboy88 > 2021-10-30 05:41 | Report Abuse

Hmm, a bit disappointed with the 1 month extension. Already prepared myself emotionally to face it bad or good.

Do not too obsess with the outcome and miss out the fundamental which I believe is the driving force 4 share price 2 recovery. Alleged fraud already past tense.

When CMS traded around 1.1 in July 21 i ask myself ' wtf happens to this company?'
The 1st thing I did was a quick fundamental screen before moving into news of the alleged issues.

I'm glad to share it to u today as below.

How strong is CMSB?

29th Oct 21, the government will introduce a ONE-OFF corporate tax of 33 percent for any income after RM100 million(profit be4 tax) for the year 2022.

- out of all KLSE components, 2 companies fail to make it which are Genting and GenM that had badly effected by pandemic.

How's other fares, I choose a few techs darling for comparison :

1) MI - 44.3m(2018), 52.9m(19), 54m(20), 48.6m(21 until 3rd qr)
2) UWC - 18.9m(2019), 57.8m(20), 91.5m(21)
3) Penta - 57.1m(18), 83m, 70.9m, 53.5m (3qrs)

Where else 4 CMS :
265.7m(2018), 160.3m, 194.7m, 125.2m( until Q2)

*** pls take note that all figures are PAT ( After 24% tax deduction) and I choose tech cos it bullish outperform income due to shortage supply that enjoys it best valuation currently.

Conclusion : the above companies still need some catch up and our CMS already qualify in just 2 quarter. Alamak! Taxman coming 4 more. UWC 2021 admitted.

The new tax is call ' cukai makmur' in BM, which means CMS has been prosperous since many years back and many more to come. Lucky no back dated calculation, hahaha!

STRENGTH TO STRENGTH COMPARISON :

*** used 4 rolling qr eps and compare with on PAR companies across industry best. All are The edge BRC ( Billions Ringgit Club) as benchmark.

1) CMSB - 26.61 eps @ 1.43
2) Inari (tech/semicon) - 8.96 @ 3.87
3) Dialog (o&g) - 9.62 @ 2.830
4) PMETAL (industrial) - 8.99 @ 5.56
5) VS (tech/EMS) - 6.41 @ 1.58
6) ABMB (finance) - 25.87 @ 2.75

in order for Inari shareholders to equalize the efficiency of CMS annually eps ( the amount of net profit earn per single share), investor need to buy 26.61/8.96= 2.97 x (X amount of shares needed) to achieve same earning.

3.87 x 2.97 = 11.49 ( amount invested)
1.43/11.49 = 0.13 ( just fractional amount inari value at)

Same goes to 3,4,5 and very near to ABMB.

*** CMSB deserves the conglomerate title and didn't lose face at all if standing side by side with these best of the best. My TP 2.0 is not merely pluck from sky. Most important is futures results, PAT just more than 30m per qr. Why I say 30m, because give more market also fail to appreciate it, lol!

Legal investigation will only be 3rd after shock ( earthquake synology). Blast is when news of 'fraud' amplifier by SD where most investors in dark. 2nd wave was KPMG hints out the the possibles cause and estimated damage and calm market down.

That's why I say : BUYING CMS FUTURE!!

Q2 as (heart stabilize/comfort) pills had assured fundamental are intact. Q3 expecting soon (outperform results) more important than finding.

stay neutral and think for yourself, bet or not.

Posted by monetary > 2021-10-30 06:24 | Report Abuse

esg issue. funds keep selling. price difficult to move. has to answer the investing community. can't drag on.

Posted by monetary > 2021-10-30 08:44 | Report Abuse

CMS put in fridge. Harvest next yr when profit materialised. Budget alrdy tabled but share price no goreng. The window of goreng news is over.

Posted by TedTock > 2021-10-30 09:55 | Report Abuse

The window staring at everyone’s face was when it inched close to RM1 just recently. Some people here came just to make snarky remarks at the time.

Posted by SLLEE5732 > 2021-10-30 12:12 | Report Abuse

https://klse.i3investor.com/blogs/logicdiary/2021-10-30-story-h1592974608-CMSB_2852_BUDGET_2022_SARAWAK_BIGGEST_WINNER.jsp

Posted by stockfreak > 2021-10-30 12:34 | Report Abuse

I think EPS is not important anymore as most companies will try to reduce profit by purchasing lands to avoid the hefty corporate tax.

Posted by treasurehunt > 2021-10-30 12:47 | Report Abuse

CMSB koyang kaki earning money most of the time. They don't need to do spend time managing the associates ie, Sacofa, OM Sarawak, Kenaga & KKB

Posted by treasurehunt > 2021-10-30 12:52 | Report Abuse

CMSB get most of the construction contracts in Sarawak through JV in SEDC & PPES which are the Sarawak government arms. Cements business is automatically dependent on the construction jobs progress in Sarawak.

Posted by Jenny > 2021-10-30 12:55 | Report Abuse

能够得到买点的砂劳越主题股已经不多了，serbadk, scib 这些已经没法得到投资者的青睐了。所所有热钱都会集中在有潜力和被低估的公司譬如CMSB。星期一早上是很好的机会给你买入了，记得去捡便宜货。预计星期一早上会有panic sell的，哈哈。 别说我bojio.

Posted by Jenny > 2021-10-30 13:02 | Report Abuse

我朋友在那边做 工程师的，他说目前还没运营。他是第一批人。现在正在under training 。不过很多机器都setup好了。等外国的vendor, engineer进来setting就可以试跑了。 也请了很多operator。有兴趣也可以申请去那边做
https://www.mpa-mpas.com/career

Posted by treasurehunt > 2021-10-30 13:11 | Report Abuse

MPA還有請員工喔! 我還以為前任的GMD在六月份講爽而已。

Posted by Jenny > 2021-10-30 13:18 | Report Abuse

快的啦，我朋友说公司管理层，老板还急过他。哈哈
他现在都gaji buta爽歪歪的在那边。

这个网页也显示MPA Malaysia 2018, 2019 都有赚钱啦。基本上Sarawak 分行开始营运后预计也会有贡献的。不怕啦。


https://www.emis.com/php/company-profile/MY/Malaysian_Phosphate_Additives_Sdn_Bhd_en_4212867.html

Posted by treasurehunt > 2021-10-30 13:27 | Report Abuse

Jenny. 多謝了.有人還以為MPAS是一間空當當的廠呢!

Posted by monetary > 2021-10-30 15:03 | Report Abuse

walao. 听到我heng hup hup. Jenny 姐星期一记得大大力推喔。

Posted by Luckyboy88 > 2021-10-30 17:58 | Report Abuse

Haha! Every good investors will use all means to search for best wealth generating assets. If extra 9% is too much to swallow, one can turn to companies ( gross profit less than 100m), unstable/fluctuating earning companies where there is room for tax deferral. Best still constantly lost making 1, no need pay tax. Want tips on these type of companies?

1st 100m profits is just general guideline. For sure there are Clauses like lost transfers among associations/subsidiaries, sudden purchase of luxury assets and etc. Marginal corporates can engage Tax Consultants for advices but biggest earning companies how to run?. Tax consultant can help reduce taxable amount on marginal companies but not 100% tax obligation relief on extra tax rate. Anything involve transactions involves loan, stamp duties, RPGT, contracts so other parties still pay taxes. Dun copy bad apple way in tempering accounts. Be patriotic and treat this as 1 time National Service for Malaysia.

*** according to Bloomberg data, there are only 125 companies qualify for it. ( CMS kena, best company mah). Should learned from Tan Sri Teh by asking serious question to FM :

" entra 1 OFF mo man Thai, but how can government assure tax payers the accountability, transparency, in distribution of funds among people and effected economy sectors. How it will benefits recovery rate and the growth projection in term of GDP on larger prospective. "

Factors determine the upward movement of CMS share price :
1) how well can cahaya produce profits. EPS, growth rate, sustainability are key measurements.

2) how serious BOD uphold the rule of law's in bringing those culprit to justice.

3) best practice of upholding best ESG codes to avoid reoccurrence.

4) way of sharing fruit of prosperity with minority shareholders.

EPS VERY IMPORTANT!

Posted by stockfreak > 2021-10-30 18:45 | Report Abuse

I meant when corporate tax goes up so much next year, EPS of all companies will drop and companies will also try hard to lower the EPS by going into expansion, ie, buying land, build new production line, etc.

Posted by Luckyboy88 > 2021-10-30 18:59 | Report Abuse

Until it gazetted into law, meantime tax consultant need time to digest too. Good businesses to them, haha!

Eps decrease, but net assets increase mah. I'm not TC, can't help. Fundamental speaks.

Posted by Luckyboy88 > 2021-10-30 19:01 | Report Abuse

Where else KPMG outcomes :

1) lost of small amount, probably less than 30m.

*** bad news turn superb good news cos knowingly price at deep bottom. (hardly scratched)

2) more than 30m<200m, price adjust back lower. 3rd wave wouldn't be as serious as before cos investors can quantify the actual lost. Many buyers willing to support if cheap lelong again. (full of bruises)

3) serious damage of >200m, even though CFO is key management personnel, his authority is limited and subjected constant scrutinised by BOD plus feedback by fellow colleagues. Very unlikely happen. (

Posted by Luckyboy88 > 2021-10-30 19:07 | Report Abuse

(crippled)

Posted by Wyko > 2021-10-30 19:32 | Report Abuse

aiyaa.... deadline extened to end of Nov pula..

Posted by treasurehunt > 2021-10-30 20:33 | Report Abuse

Redeemable preference shares (Level 3) RM 23.4 million as at 30 Jun 21

Annual Audited Accounts 2020 (Note 22 ii):
Ownership interests 26.7% in COPE-KPF Opportunities 1 Sdn. Bhd. and COPE Opportunities 2 Sdn. Bhd. are held through redeemable preference shares vide respective shareholders’ agreements.

Posted by treasurehunt > 2021-10-30 20:37 | Report Abuse

Investments in investment securities (Money Market Funds Level 1 ) RM 154 million as at 30 Jun 21
Level 1 - Quoted prices in active markets for identical assets or liabilities.

Investments in investment securities (Income Debt securities Level 2 )RM 255 million as at 30 Jun 21
Annual Audited Accounts 2020 (Note 43 v):
At the end of the reporting date, the Group’s investment securities portfolio mainly
invested in government bonds and AAA rated bonds. The maximum exposure to
credit risk is represented by the carrying amounts in the statement of financial
position.

There is no history of default on these bonds and there is no indication that these
bonds may default. The Group is of the view that the loss allowance is not material
and hence, it is not provided for.

Posted by treasurehunt > 2021-10-30 20:38 | Report Abuse

Investments in Derivative Assets ( Sacofa warrants ) RM 97 million as at 30 Jun 21
Purchase Costs in 2015 - RM 35 million
Fair value now - RM 97 million

Annual Audited Accounts 2020 (Note 30):
The determination of the fair value of derivative financial assets that are linked to and
must be settled by delivery of unquoted equity instruments is subjective and involves
significant judgement and uncertainties due to the use of assumptions and certain
unobservable inputs. The Group’s and the Company’s investment in warrants were valued
using the Binomial approach and is sensitive to data inputs including stock price, strike
price, risk-free rate and volatility.

On 23 October 2015, the Group and the Company acquired 18,444,697 warrants of SACOFA Sdn.
Bhd. (“SACOFA”) for a purchase consideration of RM35,413,818 representing a warrant price of
RM1.92 each. The original expiry date of the warrants was 25 January 2020 but was extended to 25January 2022. Each warrant entitles its holder to subscribe for one new SACOFA ordinary share at an exercise price of RM1.50 at any time during the exercise period.

Posted by treasurehunt > 2021-10-30 21:01 | Report Abuse

I used to presume that the Investment in Securities carried high risks due to lacking of sufficient information. In fact, it's actually not that complicated after finding out the information from the Annual Audited Accounts.

Posted by Jenny > 2021-10-30 21:47 | Report Abuse

都说了之前的亏损已经被记录了。 KPMG 的报告不会再显示亏损的啦。别误导人啦。基本上CFO是被内部人金手指举报他疏忽而导致某些project亏损的。这个是不是夺权之类的把戏就自己想吧。管理层要求调查那些由CFO 管理的合约是不是因为个人疏忽而导致亏损的，管理层也说了这部分的调查报告已经完成了，不会有further 亏损啦。现在调查的部分是more on 收集证据来起诉CFo 啦。所以 KPMG要求更多的时间来调查管理层也很乐意的批准，急什么勒？呵呵

这家公司从2018希盟执政后就开始一直被人乱丢，
2018一直被丢到1块多，然后才慢慢爬回3.5～4块。2019又因为国盟上台，政治不稳定跟随大市一直滑落。2020又因为covid又从2块多跌到1块，然后2020尾又爬上2块多，以为会一路北上的。哪里知道2021突然出来个程咬金，呵呵。
2021, CFO 被内部人金手指举报股价又被人恐慌无理以为是假账被人乱丢所以才跌到1块多，现在又慢慢的拉升。呵呵

我个人是非常谢谢公司内部的金手指，不然的话我是没可能买在1块多的。

公司基本面，没变动，每个季度都赚钱。
买股就是买在别人恐慌卖出，公司基本面稳稳的你就快快入手了。

星期一早上一定会有便宜货的，因为有很多傻瓜师奶乱丢的。。不急等那些师奶丢完先。。才买入。呵呵。

Posted by albertwkm > 2021-10-30 21:54 | Report Abuse

强龙不压地头蛇 CMSB在砂拉越商界基本上是螃蟹横着走 哈

Posted by albertwkm > 2021-10-30 22:29 | Report Abuse

小小的風波 白毛只要打个电话就完事了 就看心情怎样咯

Posted by The_JQuestion > 2021-10-31 00:43 | Report Abuse

why ppl still optimistic let me tell u when mondaaay market open u btr stay in front of ur PC anything imediately sell,because its gonna drop 10% or MORE...for sure
just no limit down or BIG WWATERFALL but FOr sure GAP DOWN

Posted by monetary > 2021-10-31 05:50 | Report Abuse

poor ppl fear market plunge. rich ppl fear market never plunge. kikiki....

Posted by kevinobc > 2021-10-31 06:28 | Report Abuse

https://www.theedgemarkets.com/article/budget-2022-sarawak-can-spend-rm1b-month-development-next-year-%E2%80%94-cm

Posted by BE_GREEEEEDY > 2021-10-31 07:17 | Report Abuse

damn good !..immediate TP RM 2.00 ++

Posted by Sky Liew > 2021-10-31 08:00 | Report Abuse

Just passion wait chance buy

Posted by monetary > 2021-10-31 09:03 | Report Abuse

rumour. cement price hike by 10% soon.

Posted by treasurehunt > 2021-10-31 09:14 | Report Abuse

Jenny. 聽說從今天開始Sarawak cement售價漲. 有沒有這回事?

Posted by LogicTradingAnalysis > 2021-10-31 09:14 | Report Abuse

https://klse.i3investor.com/blogs/logicdiary/2021-10-30-story-h1592974608-CMSB_2852_BUDGET_2022_SARAWAK_BIGGEST_WINNER.jsp

above have list down all the budget that benefit to CMSB.. lets go up up tomorrow

Posted by treasurehunt > 2021-10-31 09:17 | Report Abuse

LTA. Do you have any news about Cement price increase in Sarawak from this month onwards?

Posted by Sky Liew > 2021-10-31 10:56 | Report Abuse

Actually cmsb is contribution from sub many
So tax won’t impact much

Posted by partimeshark > 2021-10-31 12:00 | Report Abuse

all buy buy buy

Posted by PatienceWin > 2021-10-31 13:05 | Report Abuse

Wow.. rm1b per month to spend is a lot

https://www.theedgemarkets.com/article/budget-2022-sarawak-can-spend-rm1b-month-development-next-year-%E2%80%94-cm

Posted by 123hooRAY > 2021-10-31 13:13 | Report Abuse

sorry pls excuse my amateur knowledge, if the price of cement hike, does it mean that company will show better profit? Considering that cost of production also hike (raw material)

Posted by Luckyboy88 > 2021-10-31 14:53 | Report Abuse

Every time when there is price hike in raw material like sugar, tea power, coffee power, kopitiam will increase prices for drinks they offer.

Eg sugar increase 50 cents per kg, but every drink kopitiam charge 20 cents more. Can u recall back what was the price of a cup of teh ping 5 years ago?? Now many charge rm2. 6.
Price stays when raw material adjust lower.

Cement is a control item. It's std across Malaysia but normally east Malaysia distributors are allow to charge extra to cover logistic cost.
This ceiling price increase is inevitable cos local producer eg Mcement, Hume industry already operating under extremely challenging environment. 1 reason is raw materials price catching up fast.

*** this isn't the case for CMS as it bundled it products in projects. High margins in government is an open secret, just compare net margin for CMS with Mcement or others.

*** Next increase will not be 10%, rather few % but this will serve a big lifeline for industry players. Its bonus 4 CMS.

Posted by 123hooRAY > 2021-10-31 15:04 | Report Abuse

thank you very much for your explanation ^

Posted by treasurehunt > 2021-10-31 15:15 | Report Abuse

Luckyboy88. I don't know the pricing structure of cements in Sarawak. Cement is a control item in Malaysia but CMSB managed to fetch 18% (2ndQtr 21) Net profit margins before tax whereas the players in West Malaysia are suffering losses or break-even.

Posted by Luckyboy88 > 2021-10-31 19:28 | Report Abuse

Latest statistics showed cements, concretes and steels take up 23 to 30% of total building cost or projects.

For those interested, there are many more modelling, softwares(tools) to help civil engineers or surveyors to calculate construction cost. DOSH (statistics Dept) or CIDB (Construction Industry Development Board) have all the comprehensive numbers.

1) Sarawak is the biggest state in Malaysia. Its also the richest in term of natural resources.
2) smallest population per land size.
3) few of the least or under develop states.
4) last bastion or fixed deposit for current ruling govn.

*** CMS is actually a private and state government initiative. Initially aimed setup is to
Spearhead, explore and develop Sarawak.
- see the number of quarries licences it hold. This put cahaya in advantage in access to raw materials. Close collaboration enables CMS access to 1st hand information and always got the upper hand on its competitors.

Direct access of 2-3B out of 12B (2022 state's development budget) will make CMS buzy for few years. It still got hands on other successful bidders in supplying construction materials.
Remember too the lucrative net margin, like what I had highlighted in Tower tenders.

IF U THINK CMSB JUST RM1. 5 COUNTER, STOP WASTING UR TIME, ENERGY AND CAPITAL HERE. SELL AND LOOK FOR BETTER OPTIONS.

*** take example Mmccorp, when price traded around 0.8 to 1.0, not many knows its a gems until Syed Mokhtar privatised at 2.2. He is very happy for minorities to walk away, hahaha!

Posted by Luckyboy88 > 2021-11-01 00:09 | Report Abuse

www.civil-engineering-calculators.com/Quantity-Estimator/Cement-Concrete-Calculator

Posted by Luckyboy88 > 2021-11-01 00:11 | Report Abuse

www.civil-engineering-calculators.com/Quantity-Estimator/Construction-Cost-Estimator-Calculator