"W16Y --> Last Quarter Result, Error done by previous CFO , Liew. In fact, no losses. Liew tender resignation & left Tomypak. New CFO being hired."
I don't think Liew resigned because of error in the last quarter result. Moreover, Liew is the finance manager of Tomypak Flexible Packaging Sdn Bhd, not the finance manager of the listing entity Tomypak Holdings Berhad.
The last quarter result, i.e. 4th quarter 2017 was released on 28 February 2018 and Liew resigned on 28 February 2018. The presumption of Liew resigned because of error made in the last quarter result is not making sense.
Fact error had been made. Liew was the finance person in-charged. The accounts was definitely done before the 28th, just announced on 28th. Maybe u r right ... he know he is going to resigned... hence he just doesn’t borther to do his job properly. However, good job to the managent, able to reversed back the last Quarter losses.
it is tax incentives help, i still prefer operation can make profit. Moreover, Q4 sales drop is not a good sign. I hope the management can boost the sales since new plant phase 1 is full commercial run now.
something wrong here....... 1st, based on result, why finance manger can create losses to tomypak ? i asked my sister who is accountant too. accountant is compiling the data, do report........ they are not doing business or production, so, i think liew should not be blamed....
W16Y, can i know who told you the CFO created the problem ? if really the fact, this should be confidential information also, right ?
2nd, the expansion of tomypak looks like failed..... why sales not increased..... ? according to announcement, the poor result due to high depreciation, fixed cost, finance...........
If an error was made, especially on accounting manner. How can big amount of tax incentives can be left out. CFO should be held responsible. He was the person incharged before he resigned . That’s common sense. Moreover, what it is related to ur accountant sister ? Real joker
i m not accountant. I only asked my sister's opinion who is accountant.... don't be so angry and said that i m joking ....
from announcement of result, business dropped and poor performance especially after expansion....... unfair to us as shareholders especially after fund raising....... Can 1 person, CFO, caused the poor performance, likes sales drop, high depreciation, high interest ....... There is BOD, two or 3 chartered accountnat in BOD, BOD should responsible....
Also, something wrong, if really due to tax incentive mistake, why this revised figure can only be announced after 2 months of CFO left ?
We can ask the BOD and auditor during the AGM. To see what's going wrong with this company.
@mlim, do you plan to attend this coming AGM? For accounting problem, i also want to know what happen. In my opinion, i don't think expansion is fail but the expansion is slower than my expectation at least half year, need the management to explain. In addition, phase 1 still not running full capacity and phase 2 commercial run in Q3, is the management able to get more customer orders? Otherwise the depreciation charges, overheads and start-up cost will be very high. This is my concern too.
Everyone is aware of of the drop of sales, new financial accounting standard on the depreciation, higher fix cost that result in lower profit. We know how to read financial report and understand the business & industry.
My question here, as a professional accountant , how about a huge tax incentives can be left out? If was FY end 17. Sudden Liew left end feb. and new CFO appointed. (maybe u can check that with ur sis) if she can miss that out ?
Of coz , board have to be responsible too. Even the auditors. But at least they manage to identify it and take back into accounts and make an announcement. (Should able to know better during the AGM)
Can argue Migration and Expansion plan take longer time than expected. But it was a 7years plan when they announced 2 years ago. Overhead and startup cost definitely will be high. Phrase 1 capacity can’t be coverings the entire new factory overhead. I guess We can only be able to see improvement beginning 2nd half 18 onwards .
itg100y, due to the investment in tomypak, I made loss... sure will go and ask more questions..... if not wrong, watch dog went for last agm... they should go and ask more for this time............
w16y, i m not accountant, i don't know there is new accounting standard on depreciation......Same doubt to the market....... if it is really big tax incentive, the auditor should be aware more earlier b4 they made quarterly announcment in feb ...... i asked my sister, she totally agreed to my point....... also, my sister said that, based on tomypak's size of companies, not many companies in 1 group, and the other subsi is very small trading co, auditor should finish the job b4 announcement made................. My sister's co is audited by kpmg also, 5 active companies with sales more than RM500mil, and 1 co in S'pore with sales more than RM50mil, they complete the job b4 announmenet made.
Itg100y, do you agree my point, do you know that they have 7 years plan ?????? i attended the agm three times, never heard........
The Board of Directors (“Board”) of Tomypak Holdings Bhd (“Tomypak”) recognises that it has the overall responsibility for the conduct and performance of Tomypak and its subsidiaries (“the Tomypak Group”). It takes the role of providing the necessary stewardship and oversight on behalf of all shareholders to insure that the Tomypak Group performs. Its main focus is on setting the overall strategic directions that the Tomypak Group should embark on to create value for its shareholders. The Board also review and provide guidance on critical and material business issues and in specific areas such as corporate governance, risk management, business strategies, internal controls, investors relations and shareholders communications. During the FY 2017, one of the key matters that the Board undertook other than the routine tasks was to review and to provide guidance to the management in the development of a 7-year Strategic Plan to chart the future direction that the Tomypak Group should embark on given the various strengths and opportunities, as well as threats and weaknesses that exists within the Tomypak Group and in the environment. This Strategic Plan encompasses key areas such as Market, Operational, Organizational, Financial as well as Environmental Social Governance issues.
hahaha, in this forum, this will be my last comment :
W16Y, looks like you are very familiar tomypak, and you know a lot of things that market may not know....... also, shareholders likes me (loss 20 cts each share) are unhappy..... but, you very support the co.
there are 2 executive directors in the bod, previous and now, don't tell me that you are lim hun swee, or tan see yin ? hahahaha....... or, you are new CFO ?
forgot already, tan see yin is the executive director and chartered accountant........ if we read the directors profile of annual report.......
This is because I read annual report & announcement made in Bursa And I don’t rely on accountant sister to tell me things. Worse still, question has been raised by other shareholder during previous AGM on the 7 years strategic plan. Wonder if you are listening ? Or were you really there. I m a shareholder who lost more than 20% too.
I raised the question regarding the “tax incentives” how about being left out by the CFO. While you start talking about your accountant sister. Definitely I will question the BOD on how about this happen.
As an investor , we clearly want to know , the direction and future growth of the company.
While I am not privy to the information whether Tomypak's Q1 FY18 is bad/good or not, I do not think the late release of the result related to the bad performance. Instead, I'd see it as a move to save costs to have the board meeting (to approve the quarterly result and AGM on the same day.
It's understood that the company's AGM is to be held on this Friday (1 June), it's not only the time for shareholders to meet the directors' once a year, it is probably also a time for the directors to meet to have their board meeting and to approve some of the board agenda at the day of AGM (usually in the afternoon after the AGM).
As directors do not meet everyday, probably they only meet few times a year (usually 4 to 5 times), and many directors are not staying at the same city, especially independent directors of non-KL based PLCs are from other cities. In the case of Tomypak, one of its ED Tan, the Tan Sri Chairman, the largest shareholder & non-independent director Yoong, they are from KL.
If you have checked the date of the Q1 results for the past 3 years, you will realise all the date of announcement for Q1 results were released on the same day with the AGMs. However, for this year, the AGM day is set on 1 June, which is a day after the last date (31 May) for December year end companies to release their Q1 result, so this could be the first time for the company to release its first quarterly result before its AGM. Probably the directors may need come to Senai a day earlier to have their board meeting to approve the announcement of Q1 results, then only to attend the AGM at the next day.
This indeed is a good practice. First, the board is not rushing to end the AGM in order to attend another board meeting on the same day, so that shareholders would be given more time to discuss with the board on the company's matters. Second, every shareholders are given fair chance to acquire shares with the release of quarterly results before the AGM. As I noted the company shares price tend to move higher on the day of the AGM, probably because shareholders who attended the AGM in the morning got hints or indications from the board or management on the Q1 results and they bought the shares ahead before the Q1 results approved and released later in the evening.
In the last Q report Q4'17, there was a major error on the amount of tax incentives, that caused the report to show a big loss of RM-3.9m instead of profits, so maybe this time they want to be more vigilant, to spend more time to double-check the report before releasing the report to Bursa...
It's quite an embarrassment to the BOD which signed and declared that the report was correct...
I told ppl KAREX fair price is 0.50 when its traded at 1.6x end of last year. They also responded the same way as you did. Now they can buy at that price. All u need to do is just be patient.
Can give him 0.52 sen ... he need another 2sen advice (please DBT to me ) ... we won’t justify valuation based on 1 quarter result. It was a transition period , actual performance should reflect 2nd Half 2018.
Chairman has been accumulating from the market after the AGM. There have to be something positive for a 90yrs old man still investing , he definitely has confidence and believe in the growth of the Company and industry. We should be aware how wise and smart elder people now days , like our PM and the rest of elderly . At their age, ain’t amount money anymore. Is more like doing something right , for a better future. I believe the chairman forsee great future in this company. As an investor , better to follow the wise than being left out , looking silly. Cheers !
26 june, amendment of quarter announcement ………. within 4 months period : 2 quarterly announcement made, two amendments done , annual report also need amendments...…. poor management or finance team ??? be careful this stock..... don't know the figure right or not ??
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
DickyMe
14,892 posts
Posted by DickyMe > 2018-04-05 21:20 | Report Abuse
No offer. See you below 60 sen.