Post Reply
21-40 of 98
Don't be amazed. This stock is cornered and is being manipulated.
It's just that SGX is not vigilant and relies on the shit that is given to
them and can be satisfied so easily with mere input from the 3 wise
men in Xpress Print.
I am frequently amazed by the (illogical) behavior of the market...and this counter a perfect example of it.
|
Like that ahh...A Ai I.one bohh.....later, just hope it'll not be... A high flyer stock that once touched $3.80 dot com time and now..J
|
Its good that the authorities are clamping down on these infractions!
Like I have said before "Avoid this stock:" at all costs. The authorities
got to dig deeper just like NKF.
From your Inside Out Source.
Be Cautious argh! There are many other stocks that you could make money!......
There's no smoke without fire...
xpress mgmt got bad record before renaming it to xpress. if the mgmt dun chnagehow to have good result?
I think there's something suspicious going on in Xpress.
|
Article in BT
Published January 5, 2007 
|
|
Xpress Holdings: cause for concern?
By MICHELLE QUAH
XPRESS Holdings' latest announcement on the Accounting and Corporate Regulatory Authority's refusal to grant it an extension of time - to get its accounts audited and hold its annual general meeting - may well raise many questions for shareholders.
There could be concerns, not just about Xpress breaching an AGM deadline, but about the root cause of that breach: the auditors' refusal to sign off on Xpress's FY2006 accounts and the company's decision to subsequently sack the auditors.
The developments could lead one to question just why Xpress's auditors have refused to pass the company's accounts and whether the company was justified in sacking them - matters which turn the spotlight on Xpress's financial situation and its level of corporate governance.
What's happened
To better understand the arguments, it's important to know how Xpress came to be in this situation. The company had last November asked its external auditors, Deloitte & Touche, to resign, after it failed to convince the auditors of the validity of certain transactions involving a subsidiary in China.
Deloitte had doubts about certain revenue items recorded in the statements of Precise Media Group (PMG), and the cost of Xpress's investment in PMG and the goodwill from the purchase, recorded in Xpress's books. (Xpress had raised its stake in PMG in June, from 60 per cent to 100 per cent, in a $27.5 million deal.)
Deloitte also raised concerns about PMG's internal controls.
Xpress said it took pains to 'render all assistance' to Deloitte, providing documentation that would give the latter the required level of confidence. But despite additional work performed, Xpress said Deloitte was still unable to satisfy themselves as to the validity of the transactions and refused to sign off on the accounts.
Xpress then hired Foo Kon Tan Grant Thornton as an independent accountant to review its financial results. Foo Kon concluded that 'Deloitte's observations are mostly correct' - but added that alternative evidence could be obtained, and was obtained, to make up for the existing deficiencies in supporting documents.
Foo Kon 'indicated its willingness to act as Xpress's auditors'. Xpress then asked Deloitte to resign and moved to hire Foo Kon, whose findings it accepted. Shareholders will vote on the switch in auditors, at an upcoming extraordinary general meeting on Jan 15.
Shareholders' chance to question
Shareholders would be well-advised to take this opportunity to question Xpress about its financial situation and its decision to sack its auditors.
The fact that Deloitte has steadfastly refused to sign off on Xpress's accounts - and instead opted to resign - should raise questions for shareholders as to the validity of Deloitte's concerns. That's not to dismiss the contrary findings of Foo Kon; rather, it's to tell shareholders that, as investors, they should seek greater clarity on such issues of concern.
On the point of PMG's internal controls system, for example, both Deloitte and Foo Kon have expressed similar apprehension - and Xpress has said it will address the issues raised by Foo Kon. Shareholders should push the company for more details as to what it intends to do - and make sure the management sticks to its promises.
Shareholders should also probe further into the company's decision to sack Deloitte. Gavin Hinks, editor of Accountancy Age, said recently in a comment about a similar case in the US: 'Offloading an auditor in such circumstances raises some interesting questions. Surely the point of an auditor's role is to raise these issues and if the executives don't like it, they really should just wear it and sort out the figures.'
These are points which Xpress shareholders should raise with the company and the board - until they're satisfied that management and board members take the requisite amount of effort to resolve the thorny issues with Deloitte.
Shareholders should be convinced of Xpress's reason for switching auditors. Xpress should also be willing to stand behind the validity of the transactions in question, to the satisfaction of its shareholders.
Foo Kon has its reasons for signing off on a set of financial statements which Deloitte has passed on. Shareholders would do well to ask Foo Kon for those reasons - if only to gain comfort as to the state of Xpress's accounts. |
CFD service means they loan you the money with a small interest for you to continue holding your stock till the day you decide to actually contra, but max period is 30 days. This is a good service in itself.
speculate can but dun hold for long term. this counter has "dubious" acct pratice and "suspicous" mgmt. it renamed its name to xpress after some restructuring. they seem to some insiders who like to manipulate this counter for speculation..
CFD incurs charges too. No SGX fees but there is brokerage fees. Nobody will provide a contra like environment for contra players to play without charging a fee. Please take the fee into the calculation for profits.
Caution on xpress... TA charts show that is on a downtrend now
Brokerage is the same or less than that for normal trading. Financing I understand is 4-8% p.a. You can trade up to 5x of your paid margin deposit. Suggest you call Phillips for more info.
Hi ipunter, what are the fees involved to cover back the position?
You can try opening a CFD account with POEMS.
Then you can short many stocks on the list with contra up to one month, rather than the broker's one day or SGX's 3 days.
you can short sell on a trading day but you must buy back on the same trading day to close your position! This is not advisable as it involves a lot of mental stress and anguish if it turns out the other way. My trading strategy is 30-1. Out of 30 trades, only 1 trade would be to short.
Hi, can somebody tell me if I can sell this share short without holding to it's main share ? I hv the intention to buy back if/ when it drops , but not within the day. Too bad there is no put warrant on it.
"Father, in my life I see
You are God who walks with me
You hold my life in your hands
Close beside you, I will stand
I give all my life to you.
Help me Father to be true"
XPRESS HOLDINGS LTD
(Company Registration No. 199902058Z)
FULL YEAR FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT FOR THE FINANCIAL YEAR ENDED 31 JULY 2006 ? CLARIFICATION ANNOUNCEMENT
The board of directors of Xpress Holdings Ltd (the "Company") would like to clarify the following matters as requested by the Singapore Exchange Securities Trading Limited ("SGX-ST") on 29 November 2006.
1. Nature of the amount due to Mr Fong Kah Kuen
Response: :
The nature of the amount due to Mr Fong Kah Kuen ("KK Fong") arose from a dividend declared by PMG prior to the acquisition of PMG by the Company in December 2005, when PMG was still a private group of companies. Pursuant to a subsequent agreement with KK Fong, the Group has allowed PMG to pay down this amount when there are funds surplus to working capital requirements.
2. Noted that the Company has attributed the increase in the trade and other receivable to the higher revenue of PMG. In this regard, please provide details for the increase in Group balances in Trade Receivables and Other Receivables and prepayments, including the nature for the latter.
Response: :
Company") would like to clarify the following matters as requested by the Singapore Exchange Securities Trading Limited ("SGX-ST") on 29 November 2006.
1. Nature of the amount due to Mr Fong Kah Kuen
Response: :
The nature of the amount due to Mr Fong Kah Kuen ("KK Fong") arose from a dividend declared by PMG prior to the acquisition of PMG by the Company in December 2005, when PMG was still a private group of companies. Pursuant to a subsequent agreement with KK Fong, the Group has allowed PMG to pay down this amount when there are funds surplus to working capital requirements.
2. Noted that the Company has attributed the increase in the trade and other receivable to the higher revenue of PMG. In this regard, please provide details for the increase in Group balances in Trade Receivables and Other Receivables and prepayments, including the nature for the latter.
Response: :
|
S$ ?000 |
FY06 |
FY05 |
|
Group without PMG |
PMG |
Group with PMG |
Group without PMG |
|
Trade receivables (net) |
4,081 |
4,639 |
8,720 |
4,456 |
|
====== |
====== |
====== |
====== |
|
Other receivables |
2,618 |
571 |
3,189 |
249 |
|
Deposits, prepayments |
887 |
1,977 |
2,864 |
125 |
|
----------- |
----------- |
----------- |
----------- |
|
3,505 |
2,548 |
6,053 |
374 |
|
====== |
====== |
====== |
====== |
The Company acquired PMG in FY06. The increase in Group balances in trade receivables was primarily due to consolidating the trade receivables balances of PMG as at year-end.
The increase in Group balances in other receivables was mainly due to $2.39m income of the Company, outstanding as of year-end, resulting from:
a) $0.99m from sale of annual report image library photos, search engine and design templates;
b) $0.9m from consulting fees on corporate identity re-branding and development projects, and conducting production coordination, and supervising print projects; and
c) $0.5m on disposal of two print machines.
To-date, $1.4m of the $2.39m has been collected.
1
The increase in Group balances in prepayments was mainly due to:
a) $0.6m accrued remuneration payable to the Chief Executive Officer ("CEO") for his uncompleted service from 1 August 2006 to 31 July 2007. The Company issued 15 million new ordinary shares in 8 May 2006 to the CEO to satisfy practically all of the remuneration payable to him for his two years? service agreement with the Company, beginning 16 February 2006; and
b) PMG $1.8m deposits in advance, mainly to suppliers.
By Order of the Board
XPRESS HOLDINGS LTD
Sam Chong Keen
Chief Executive Officer
30 November 2006
