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Dear Friends, Investors & Traders of i3 Investor Forum 

 

See this

Posted by Petronas > Jun 1, 2021 6:03 PM Report Abuse 

Serba Dinamik name will be changed to Serba Dynamite.
I think this is more appropriate name now. Hahaha.

 

I saw this comment at 6.03pm. From Dinamik to Dynamite? It sets me thinking.

Better warn all dear i3 Formers to be very careful now less they get hurt

 

And these are all the Red Flags found in this Ticking Time Bomb

 

First see the Feb 2021 results of Serba

 

SUMMARY OF KEY FINANCIAL INFORMATION
31 Dec 2020

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
31 Dec 2020
31 Dec 2019
31 Dec 2020
31 Dec 2019
$$'000
$$'000
$$'000
$$'000
1 Revenue
1,815,648
1,360,549
6,014,075
4,528,621
2 Profit/(loss) before tax
227,324
139,118
706,337
544,828
3 Profit/(loss) for the period
202,103
140,248
632,089
497,983
4 Profit/(loss) attributable to ordinary equity holders of the parent
202,149
140,883
631,745
496,640
5 Basic earnings/(loss) per share (Subunit)
5.45
3.80
17.03
13.39
6 Proposed/Declared dividend per share (Subunit)
1.60
1.40
5.45
7.51
   
AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7 Net assets per share attributable to ordinary equity holders of the parent ($$)
0.8900
0.660

A careless perusal will show a very nice result

Revenure jumped from Rm1,360,549,000  to Rm1,815,648,000

Up Rm455,099,000 or Up 33.4%

Profit is Rm202,149,000

EPS is 5.45 

NAV up from 66 sen to 89 sen (impressive? or too good to be true? we shall SEE)

And a dividend of 1.60 sen

From all points Results look excelent (on the face value not until )

Not until?

NOT UNTIL YOU GO AND STUDY THE DETAILS IN THE BALANCE SHEET VERY VERY VERY CAREFULLY

Please go look up Feb 2021 Result of Serba in Bursa Website & follow as we explain in details

See this

Trade and other receivables
 
Rm1,865,070,000 (At 31.12.2020)
Rm1,256,132,000 (At 31.12.2019)
 
SO RECEIVABLES AFTER ONE YEAR HAS INCREASED BY RM608,938,000
 
THAT"S RM609.9 MILLIONS (IOU) THIS IS NOT CASH BUT RECEIVABLES ONLY
AND TOTAL RECEIVABLES BALLOONED TO RM1.865 BILLIONS!!!
 
Debts owed by Who? Will they be collected? If not when will they turn into BAD DEBTS?
 
See What Calvin Johor Sifu Taught About Receivables
 

4. RECEIVABLES IS NOT CASH


This was when I bought into Megan Media at around 67.5  cents. From

the Balance Sheet Megan Media showed a P/E of only 3. NTA at over

Rm2.00. It also pay a small dividend.

So many have been tricked by the “blue ray” disc hype touted by

Megan Media Bosses. However, My Johor Sifu stood his ground &

rejected buying into this popular stock which so many others bought.

 

Why? He questioned the High Amount of RECEIVABLES In Megan

Media’s Accounts. RECEIVABLE IS NOT CASH. What is CASH Then?

According to my Johor SIFU The Smart Accountant, “CASH IS ONLY

CASH IF THE CASH IS RECEIVED AND DEPOSITED SAFELY IN

THE BANK”.

Megan Media could not collect those (IOU) Or Receivables which are fake anyway. Finally unable to pay Bank Loan ....

Megan Media went

bankrupt and got delisted. It was found out later that all the Blue Ray

Disc Factories were non existent. RECEIVABLES WERE ALL FAKE OR

FICTITIOUS.

 

Take a look at the Megan Media Result of Year 2006 (15 years ago)

 

SUMMARY OF KEY FINANCIAL INFORMATION
31/10/2006

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
31/10/2006
31/10/2005
31/10/2006
31/10/2005
RM'000
RM'000
RM'000
RM'000
1 Revenue
238,134
248,323
468,499
497,182
2 Profit/(loss) before tax
18,641
11,150
37,165
26,615
3 Profit/(loss) for the period
15,173
3,957
28,620
16,926
4 Profit/(loss) attributable to ordinary equity holders of the parent
15,173
3,957
28,620
16,926
5 Basic earnings/(loss) per share (sen)
7.45
1.93
14.06
8.27
6 Proposed/Declared dividend per share (sen)
0.00
0.00
0.00
0.00
 
AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7 Net assets per share attributable to ordinary equity holders of the parent (RM)
2.4800
2.3100
 
From the Above Everyone Gone GaGa Chasing Megan Media. But just like Serba the Profits were parked Under "RECEIVABLES" AND NO CASH
 
So many were conned kaw kaw. Remisiers, Accountants also got conned
 
My Johor Sifu did audit. He does not trust receivables but CASH AND CASH IN THE BANK ONLY!
 
 
 
SO SERBA PROFITS WERE NOT REAL PROFITS BUT (IOU) RECEIVABLES
 
 
Look at Cash
 
Cash and cash equivalents
RM836,352,000 (31.12.2020)
RM 1,306,590,000 (31.12.2019)
 
AFTER ONE YEAR CASH HAS DROPPED BY RM470.2 MILLIONS
 
NOW LOOK AT BANK BORROWINGS
 
Loans and borrowings
 
3,127,514,000 (31 December 2020)
2,938,624,000 (31 December 2019)
 
DEBT HAS INCREASED BY RM188.9 MILLIONS TO RM3.127 BILLIONS
 
 
What Kind of Balance Sheet is this?
 
From the Cooked Up Presentation that look so good
 
To the Horror of Horrors Results in the Balance Sheet?
 
Now Let Us Dig Further:
 
 
Where Did Serba Get So Good Profits last 5 Years
In the Annual Report they look like Going Up In a Straight Line
 
How Come Serba Did So Well While Petronas' Top OGSE Companies like Dayang, Penergy, Carimin, Uzma & Sapura Energy were all Struggling to Survive?
 
Aha! Serba got profits from these places
 
See
 
 
For the quarter ended 31 December 2020 (“Q4FY20”), the Group recorded revenue of RM1,815.6 million which was 33.4% higher than corresponding quarter of the preceding year (“Q4FY19”) due to strong activities from O&M and EPCC segment. The gross profit for the quarter stood at RM307.8 million or 17.0% of total revenue. The Group also recorded profit before taxation of RM227.4 million, 63.5% higher as compared to profit before taxation of RM139.1 million in Q4FY19.
O&M contributed 82.5% of revenue in Q4FY20 with an increase of RM338.0 million or 29.2% against Q4FY19. The increase was due to higher activities from our MRO activity in Middle East region such as Oman as well as Malaysia. The segment recorded gross profit of RM255.3 million in Q4FY20.
 
Profits came from Middle East such as OMAN?
 
 
ICT segment boost its revenue to RM113.0 million in Q4FY20, higher by RM56.4 million compared to Q4FY19. This evidenced the Group’s initiative to expand its operation in ICT business activities worldwide. Aside from the contribution of the existing contracts which is related to customised solutions involving software developments, the increase was also contributed by contracts in UAE and Qatar for services relating to Extended Reality (“XR”) training applications
 
UAE & QATAR AGAIN?
 
 
 
EPCC revenue recorded a total of RM203.0 million in current quarter, higher by RM59.1 million as compared to Q4FY19, which contributed 11.2% of the Group’s revenue in Q4FY20. Revenue from EPCC segment was derived from our various contracts in UAE, Turkmenistan and Malaysia. The segment recorded a gross profit of RM29.0 million yielding a gross margin of 14.4%.
 
UAE & TURKMENISTAN? SO OBSCURE PLACES?
 
Got Payment or Not?
 
NO!
 
No wonder must ask for Money by private placement
 
See
 
On 5 May 2020, the Company has completed the private placement exercise, in which the Company has issued 306,507,000 new shares with an issue price of RM1.49 per placement share.
 
Whoever swallowed these PP shares at Rm1.49 have lost 44% By now. Too bad.
 
SERBA will yet need to borrow more money & Place out More PP Shares
But all look bleak as S&P Global Has Downgraded SERBA from B+ to a B-
 
The Cost of Funds will be harder to get. And if get will incur higher Bank Interest
 
It looks like Serba trying to Cook Its Book again ana again Until KPMG objected
 
Is there Misappropriation of Funds like IMDB
 
Especially the faraway clandestine jobs done in Foreign Lands?
 
If So It will be very bad. If not it will still die a slow death by the Horrible Debt Load
 
Will it end up like Sendai with High Receivables and price crashed from Rm1.50 to 23.5 sen due to Receivables turned Bad Debt
 
Or will Serba end up like Transmile 2 or Megan Media?
 
Nobody can tell for now
 
Since Auditor also find irregularies in May 2021 result (now delayed) things look quite horrible
 
Better stay aside and watch
 
Don't be itchy to go for a punt
 
These things might happen
 
With S&P Global Downgrade
 
BIG FUNDS AFTER GETTING QUORUM APPROVAL MIGHT START TO UNLOAD
 
THOSE WHO SUFFERED LOSSES MIGHT FACE MARGIN CALL. IF MARGIN NOT MET THEN FORCE SELLING COMMENCE
 
ALL MIGHT GO INTO PANIC SELLING AS WELL
 
SO PLEASE STAY SAFE
 
IT IS BETTER TO BE SAFE THAN SORRY
 
BEST REGARDS TO ALL i3 FORUM FRATERNITY
 
 
Calvin Tan Research
 
Please Do Your Own Due Diligence & Investigation
 
In Doubt Consult your Remisier, Fund Manager, Accountant or Auditor

https://klse.i3investor.com/blogs/www.eaglevisioninvest.com/2021-06-02-story-h1565990659-SERBA_DINAMIK_TURNING_INTO_SERBA_DINAMITE_I3_FORUMERS_PLEASE_BE_VERY_CA.jsp
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