(21-07-2015, 06:58 PM)CY09 Wrote: [ -> ]It is a busy day for sgx having to send so many queries. To facilitate the processing of trade with caution announcements, I will strongly advise sgx to just draft them now for these companies will say we are not aware
While I do not think we will see another blumont fall out, I still think this episode will go down in flames. Any buddies of a contrarian view? Such as foreland customers giving them a huge order or qingmei business picked up suddenly?
No one know better than the management. The management has already replied, that they aren't aware of any possible explanation. I guess the scenarios are unlikely.
http://infopub.sgx.com/FileOpen/Response...eID=360776
(not vested)
The trade with caution announcements have got to be one of the lamest regulatory tools I have come across.
It is akin in my view to a teacher bringing a student who smokes and caught luring the others to smoke as well in front of the whole student community and then asking "excuse me, is there anything wrong with smoking?" to which the smoker replies "I'm not sure leh" then the teacher proceeds to inform the students "ok, all of you may try smoking but just be careful ya".
Ok I admit to being sarcastic but other than a tool which acts to cover SGX's behind by enabling them to tell the uncle and aunties investors "I already told you so", I really don't see what intrinsic benefit there is to it.
(22-07-2015, 09:06 AM)sgpunter Wrote: [ -> ]The trade with caution announcements have got to be one of the lamest regulatory tools I have come across.
It is akin in my view to a teacher bringing a student who smokes and caught luring the others to smoke as well in front of the whole student community and then asking "excuse me, is there anything wrong with smoking?" to which the smoker replies "I'm not sure leh" then the teacher proceeds to inform the students "ok, all of you may try smoking but just be careful ya".
Ok I admit to being sarcastic but other than a tool which acts to cover SGX's behind by enabling them to tell the uncle and aunties investors "I already told you so", I really don't see what intrinsic benefit there is to it.
Smoking is a bad example. May be an example of road safety is more appropriate. We all know car can kill, and we can't ban car from road. The best the school can do is to remind student, the danger, and put up all feasible precautionary measures, e.g. volunteer to control traffic near school, etc. etc.
(provide an alternative view)
Look like a two days wonder. Pump and dump
Hope nobody get caught
(Not vested)
(21-07-2015, 11:53 AM)CY09 Wrote: [ -> ]I will like to take this momentous moment to announce that foreland is now 0.052, a 200% increase from its previous price 2 days ago.
Of course, many of my other favourites have followed suit, Qingmei, China Sports, Oceanus etc. If you asked me what has happened; my answer will be a penny rally on "worthless stocks". And it will be interesting to observe how long this rally will last as it is recent
Quoting from the lyrics of a song by Taylor Swift:
"It will leave you breathless or with a nasty scar"
Three months on, Foreland has retreated to 0.022, while another of my favorite, Qingmei is now suspended. Oceanus has plunged deeper into the ocean
I have taken the time to review Foreland's Q2 results. Decent results, but I think there will be more write offs coming for Foreland, especially for the PPE figure on the balance sheet
A pretty damning report. Thankfully BDO has done a honest job, only thing being the extremely long time it took to get the report out.
http://infopub.sgx.com/FileOpen/Ann%20Fo...eID=406468
Executive Summary
http://infopub.sgx.com/FileOpen/Executiv...eID=406469
Now it will be of interest to see the action that SGX takes with regards to Foreland and its management!
What is most disturbing is that a bank like Industrial and Commercial Bank of China (“ICBC”) could not give bank confirmations on Fulian’s bank account and fixed deposit account(s). Reason being
"ICBC’s officers told us that they were not able to extract any information of past customers from their system owing to a recent upgrade in their computer systems. All historical data of past customers is not kept with their branches. "
still at this counter? gosh, the auditor work is machiam policing sia...
move on already lah...
I think policing work is good. If nothing is done, it would send a signal that this type of things are acceptable, which is not good for us investors.
(18-10-2015, 09:20 PM)CY09 Wrote: [ -> ] (21-07-2015, 11:53 AM)CY09 Wrote: [ -> ]I will like to take this momentous moment to announce that foreland is now 0.052, a 200% increase from its previous price 2 days ago.
Of course, many of my other favourites have followed suit, Qingmei, China Sports, Oceanus etc. If you asked me what has happened; my answer will be a penny rally on "worthless stocks". And it will be interesting to observe how long this rally will last as it is recent
Quoting from the lyrics of a song by Taylor Swift:
"It will leave you breathless or with a nasty scar"
Three months on, Foreland has retreated to 0.022, while another of my favorite, Qingmei is now suspended. Oceanus has plunged deeper into the ocean
I have taken the time to review Foreland's Q2 results. Decent results, but I think there will be more write offs coming for Foreland, especially for the PPE figure on the balance sheet
I don't think there's much that SGX can do
They are not a regulatory body, all they can do is give reprimand, shine a spotlight on questionable behavior
Technically SGX is a regulator but bite is only to the point of companies keen to remain listed
Similarly Companies Act can only penalise companies that are keen to remain registered in Singapore. When it is just a holdco with little local assets or biz but with offshore assets, things become a bit more complicated.
I think this is a good example of being wary of too-good numbers vs reality, especially when cash keeps building up but no cashflow eg working capital needs, dividends, market buybacks, sensible asset purchase, etc that can show us the money.