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I'm absolutely agree with what you have mentioned. I've vowed i don't trust and i don't touch China stock.
Obviously I am disappointed with this counter. I reckon we gave the ex-CEO one chance after the IPO fiasco but seems that all good faiths have been misplaced. one by one china counter gives investors this kind of shock and I wonder whether those with good Book Value, good net cash/shares are all reliable.
I see china stock will be badly hit again. Almost all result turn ugly. I start to think whether we can get good china stock to list in singapore. To be frank we are catching all the junk that filter out by HSI. So what you have quantity but the rate of getting rotten is so negative to all investors of big or small. It is very negative for our bourse as people will fully discount those listed here. Mind you our index makes up of s-shares counter as well and if things get rotten, we will see our index free falling.
Is it time we readjust our portfolio and only punk the s-shares when bulls are around and liquidate all once the bears give us some tell tale sign that they are going to take over.......
Disappointed and money loss is such irrating not become due diligence not done but con by dwindler.
CIMB-GK Research 26 February 2009
Suspend coverage
Fibrechem-Audit issues
Audit issues. Fibrechem posted during the lunch break that it has appointed Nicky
Tan as an independent investigator and financial advisor. The official announcement
says that there were certain difficulties encountered by auditors during the finalization
of the audit of the group's trade receivables and cash balances. In short, accounting
fraud - the worst-case scenario for the company. CEO James Zhang has offered to
resign from his position as CEO and acting CEO Mr. Xu Xu Hui, takes his place.
No information flow. We are still hitting a brick wall in getting any access to
management or board member. Phone calls are unanswered - all we know is that the
management team is currently in China.
Balance sheet shows no warning signs. We attach the last reported balance sheet
of the firm. Revenue per quarter is about HK$480m while full-year revenue run-rate is
HK$1.9bn to HK$2.0bn. Trade receivables stand at HK$280m. Although revenue
growth was growing, trade receivables had not grown by much. Assuming all the
current trade receivables are fictitious, net cash of HK$544m (S$0.12 per share) will
be halved. Bigger problem would be if trade receivables have been made up all along
and clients had been fictitious. This could transpire into a situation where even the
cash on the balance sheet is not real. It is pointless to speculate at this point. Shares
remain suspended, book value is S$0.62 but accuracy is in serious doubt, fair value is
impossible to ascertain.
Suspending coverage. Our last target price was S$0.72 and our last rating was
Outperform. We are suspending coverage on this stock until further information is
disclosed.
See Miss Tan, fr nTan Ent Conltn can rescue them or not. So far she didn't any coy, getting fr help fr her coy. Paper said.
Investor x their fingers loh. Though d night period is longer than day time. Cheers, folks.
jensonlaw ( Date: 26-Feb-2009 08:40) Posted:
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I don't think you can see any daylight anymore. Caveat Emptor.
AK think, thats much depend what is/are the findings n their impact on d coy loh. Hope there is only minor finding to save d investors.
tajixu ( Date: 25-Feb-2009 13:39) Posted:
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Fibrechem appoints investigator after audit ‘difficulties’
Fibrechem Technologies, a maker of chemical fibre products, said the company will appoint an investigator after encountering “difficulties” in the audit of its trade receivables and cash balances, says Bloomberg.
NTan Corporate Advisory Pte will be appointed as an independent investigator and financial adviser, the company said in a statement to Singapore’s stock exchange. James Zhang, the company’s executive chairman and chief executive officer, has offered to step down from his position and will cooperate with the board, while Executive Vice Chairman Xu Xu Hui will serve as acting CEO, the statement also said.
Fibrechem dropped 40% to 10.5 cents on Monday before the shares were suspended.
This counter has been suspended. Will it end up like Ferrochina?
Trading halted.
Any insider knows why this counter shits like hell today? Cos of poor result???
I look at the transactions history for the past few days and I found that there are people behind pushing up the stock price at the last 15 minutes. Also other than the last 15 min, the rest of the day would see ppl pushing it down for someone else to pick it up...
THis is a good counter comparable to china sky. Yet it moves little..... Continue to monitor and past history shows that it can jump crazily.....esp sentiments have change positively...
no action taken yet.. of course i want to buy.. but i want to buy cheaper than Temasek, jia lat.. hope it can come down somemore..
Temasek average price now is USD 21..
Livermore ( Date: 30-Aug-2008 12:56) Posted:
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Wow you also buy Merrill Lynch share huh
jackjames ( Date: 30-Aug-2008 12:14) Posted:
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not sure any of you guys see the transaction of fiberchem yesterday "real -time", there is a time where there is no sell queue, and while i am ready to key in 0.57.. someone key in 0.52, straightaway 0.52 buy up.. then, silence for few minutes, and more people noticed and willing to sell below 0.52... heeee.. 0.475, good run up... hit my averaging cost, will unload half shares when it cross over my 15% gain first.. which is 0.56.. cheers... in this volatile market, keep some for quick profit, and some for long term (if the company is good of course la).
the next good bargain stock, Li Heng, Chinahongxin, yangzhijiang, cosco, all worth to bet for long term...
shit.. merilly lynch hit USD 29, just 4 days ago only USD 23... sianz !
base on past history... sep will give another one... but much lesser
Ah haha, yea dividends were not bad. When are they declaring again?
i bought because of fat dividend.. hey bro, i am looking into SIA engineering now, heee.. so cheap now... after XD, heee...
Haha congrats. I'm heavily vested but still a bit sad to see it shoot up, wanted to buy more 1st lol
heee.. today break my purchase price, but i am holding for long term !
i think there are merits to its operations. Take a close look at the AR and the value chian. Its getting beaten down for nothing