Fujian Zhenyun

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#21
(05-10-2014, 02:34 PM)CY09 Wrote: Hi Touzi,

You have to scan the annual report, 1 of the sections will have to declare the interest rates its cash is earning as well as the interest charged for its loans.

For FJZY, its found in section 5 & 29. In section 5, it shows their interest expense is higher than the interest earn by their cash parked in banks. For section 29, the group's cash is earning an interest of 0.37% and loans interest rates by the bank ranges from 5.3-10.9% p.a. Just going to say, the figure looks ridiculous.

For comparison with other Sgx listed companies in the interest they earn, the dukang thread has it.
http://www.valuebuddies.com/thread-2151-page-6.html


I have not looked at their financial statements, just sharing my thoughts.

I think their auditors would have performed procedures to check on the bank balances and the procedures would have been thorough especially this is a listed company. However, there are still cases of frauds happening which had occurred in the past.

That's the beauty of investing in S-Chips. High risk high gains. S-chips not for the faint-hearted. Smile
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#21
(05-10-2014, 02:34 PM)CY09 Wrote: Hi Touzi,

You have to scan the annual report, 1 of the sections will have to declare the interest rates its cash is earning as well as the interest charged for its loans.

For FJZY, its found in section 5 & 29. In section 5, it shows their interest expense is higher than the interest earn by their cash parked in banks. For section 29, the group's cash is earning an interest of 0.37% and loans interest rates by the bank ranges from 5.3-10.9% p.a. Just going to say, the figure looks ridiculous.

For comparison with other Sgx listed companies in the interest they earn, the dukang thread has it.
http://www.valuebuddies.com/thread-2151-page-6.html


I have not looked at their financial statements, just sharing my thoughts.

I think their auditors would have performed procedures to check on the bank balances and the procedures would have been thorough especially this is a listed company. However, there are still cases of frauds happening which had occurred in the past.

That's the beauty of investing in S-Chips. High risk high gains. S-chips not for the faint-hearted. Smile
Reply
#22
Why S-Chips? Because some of the S-Chips auditors (if not all) are paid for their "creativity". From the past I have seen, bank balances tend to be the beauty of such "creativity".
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#22
Why S-Chips? Because some of the S-Chips auditors (if not all) are paid for their "creativity". From the past I have seen, bank balances tend to be the beauty of such "creativity".
Reply
#23
(04-12-2014, 12:47 AM)butcher Wrote: I have not looked at their financial statements, just sharing my thoughts.

I think their auditors would have performed procedures to check on the bank balances and the procedures would have been thorough especially this is a listed company. However, there are still cases of frauds happening which had occurred in the past.

That's the beauty of investing in S-Chips. High risk high gains. S-chips not for the faint-hearted. Smile

A high risk high gain mentality and a focus on low valuation alone, seems like more of a betting in casino, unlike the concept of value investing followed in VB. Tongue

(not vested)
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#23
(04-12-2014, 12:47 AM)butcher Wrote: I have not looked at their financial statements, just sharing my thoughts.

I think their auditors would have performed procedures to check on the bank balances and the procedures would have been thorough especially this is a listed company. However, there are still cases of frauds happening which had occurred in the past.

That's the beauty of investing in S-Chips. High risk high gains. S-chips not for the faint-hearted. Smile

A high risk high gain mentality and a focus on low valuation alone, seems like more of a betting in casino, unlike the concept of value investing followed in VB. Tongue

(not vested)
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
Reply
#24
(04-12-2014, 03:17 AM)valuebuddies Wrote: Why S-Chips? Because some of the S-Chips auditors (if not all) are paid for their "creativity". From the past I have seen, bank balances tend to be the beauty of such "creativity".


Bank balances are the easiest area to be audited among all. For example, an external confirmation from the bank is already a very reliable form of evidence. However, depending on geographical areas, the auditors may have staff (its own or from its network offices overseas) to send staff to the bank branch or HQ to request for the confirmation directly due to past frauds events. However, if the company management is all out to hide, they can even set up a brick and mortar branch and hired people to wear the uniforms etc. all set up to con the auditors.

Don't think auditors will want to risk their reputation and jail sentence to engage in such creative or fraudulent acts. The fees will be high if the job is risky in their sense. Higher risks involved higher fees
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#24
(04-12-2014, 03:17 AM)valuebuddies Wrote: Why S-Chips? Because some of the S-Chips auditors (if not all) are paid for their "creativity". From the past I have seen, bank balances tend to be the beauty of such "creativity".


Bank balances are the easiest area to be audited among all. For example, an external confirmation from the bank is already a very reliable form of evidence. However, depending on geographical areas, the auditors may have staff (its own or from its network offices overseas) to send staff to the bank branch or HQ to request for the confirmation directly due to past frauds events. However, if the company management is all out to hide, they can even set up a brick and mortar branch and hired people to wear the uniforms etc. all set up to con the auditors.

Don't think auditors will want to risk their reputation and jail sentence to engage in such creative or fraudulent acts. The fees will be high if the job is risky in their sense. Higher risks involved higher fees
Reply
#25
http://infopub.sgx.com/Apps?A=COW_CorpAn...J2ODV6hCEw

Self imposed suspension. Seems to be initiated by the ID's.
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#25
http://infopub.sgx.com/Apps?A=COW_CorpAn...J2ODV6hCEw

Self imposed suspension. Seems to be initiated by the ID's.
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#26
Another down.... Who's next? Sino Grandness?
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#26
Another down.... Who's next? Sino Grandness?
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#27
To all invester of this chip, I think you should not procrastinate when market open. Just sell. Think safety first. Don't hope against hope.
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#27
To all invester of this chip, I think you should not procrastinate when market open. Just sell. Think safety first. Don't hope against hope.
Reply
#28
Sell + short to cover back your losses.

Having seen the downfall of dozens of S-chips, I will avoid buying S-chips at all cost. There are many other undervalued counters out there.

Smile
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#28
Sell + short to cover back your losses.

Having seen the downfall of dozens of S-chips, I will avoid buying S-chips at all cost. There are many other undervalued counters out there.

Smile
Reply
#29
(27-12-2014, 01:09 PM)yewkim Wrote: To all invester of this chip, I think you should not procrastinate when market open. Just sell. Think safety first. Don't hope against hope.

Already suspended... I wondering if there is chance to even sell it....
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#29
(27-12-2014, 01:09 PM)yewkim Wrote: To all invester of this chip, I think you should not procrastinate when market open. Just sell. Think safety first. Don't hope against hope.

Already suspended... I wondering if there is chance to even sell it....
Reply
#30
(27-12-2014, 01:38 PM)desmondxyz Wrote:
(27-12-2014, 01:09 PM)yewkim Wrote: To all invester of this chip, I think you should not procrastinate when market open. Just sell. Think safety first. Don't hope against hope.

Already suspended... I wondering if there is chance to even sell it....

things doesn't looks so rosy for Fujian Zhenyun I think.

Thought their auditors were Mazars, however read on SGX website and CNA their auditors are now Foo Kon Tan GT. Noted their auditors cannot start interim work now. Think a lot of issues to cleared up.
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#30
(27-12-2014, 01:38 PM)desmondxyz Wrote:
(27-12-2014, 01:09 PM)yewkim Wrote: To all invester of this chip, I think you should not procrastinate when market open. Just sell. Think safety first. Don't hope against hope.

Already suspended... I wondering if there is chance to even sell it....

things doesn't looks so rosy for Fujian Zhenyun I think.

Thought their auditors were Mazars, however read on SGX website and CNA their auditors are now Foo Kon Tan GT. Noted their auditors cannot start interim work now. Think a lot of issues to cleared up.
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