F@@L愚人's comment on PARKSON. All Comments

F@@L愚人
46 Like · Reply
Below 0.2 is Good time to accumulate for long term shareholder…

Do your own homework before you buy.

Hahaha
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Auditor Consultant
cheng Rpt is a neutral things if it is done properly and within armlength basis

not to say all motive and etc bad thing

this all depends on the executor for the rpt

this is why LHDN. now mandate TPD transfer pricing documentation

there are full TPD and limited TPD depend on threshold

there are many method of tpd

cup
tnmm
psm
cpm
rpm

I know this bcoz I was doing this before

to answer you second question, whether stock or cash, it depends
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2 Like · 1 week · translate
Auditor Consultant
cheng

orson

I like analysis bcoz

as u could see the scope of analysing a business or Co is so wide

not merely number

but rationale behind the number.
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1 Like · 1 week · translate
cheng
thanks for sharing, AC. I can understand the amount of prep work required behind the scenes.
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Orson Chin
明白老闆的動機是什麼。。 很多東西就看的懂
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Auditor Consultant
是的,有些出了名的老板,自己知道就好

有些的rpt 确实是neutral 的

看老板的为人
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1 Like · 1 week · translate
Orson Chin
分析 。。。 最重要的是老闆操作。。
其他的檯面上的都是別人想讓你看到的
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Auditor Consultant
所以啊,要账目要normalise

不然会很惨

以后e Invoice了,很难做假账了

必须高功夫
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1 Like · 1 week · translate
Han
我想請問一下,2022年9月青岛商场脫售時,公告有說公司以RM182M的價格,脫售了價值RM176M商場預,預計獲得RM 1.2M 的收益.
但是爲什麽會在完成脫售協議的2023財年的Q4反而認列RM 83M的impairment loss呢?

脫售商場賺RM1.2M, 為什麽不是Exceptional items gain RM1.2M?反而是RM 83M的impairment loss?
我重新翻了年報和Q4財報,還是不太明白這個脫售青岛商场爲什麽會變成impairment loss?

是不是當初公司的買進這個產業的成本價是RM 265M ,現在以RM 182M賣掉,所以要認列一筆RM 83M 的impairment?
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3 Like · 1 week · translate
Caleb Lau
不知道是不是和IAS 36有关系。。。
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cheng
3rd floor incoming?
1 Like · 1 week · translate
tim foo
Cheng,昨天看了各位师傅意见讨论,希望如此,哈哈...
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cheng
Indeed, tim foo. Lots of good sharing by shareholders here and it helps to validate our own assumptions; minimize biases if you will. PRG results will be released on 23rd and AGM + PHB results will be on 29th. You can expect volatility during these period of time.
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2 Like · 1 week · translate
cheng
KUALA LUMPUR (May 17): Malaysia’s economic growth accelerated faster than expected in the first three months of 2024, thanks to higher household spending. stronger investment activities, and improvement in tourist arrivals. Gross domestic product grew 4.2% year-on-year (y-o-y) in January-March 2024 when compared to the same period in 2023, Bank Negara Malaysia announced on Friday. The reading is higher than the median estimate of 3.9% y-o-y growth in Bloomberg's survey of economists. On a seasonally adjusted basis, GDP rose 1.4% quarter-on-quarter. “Growth in 2024 will be driven by resilient domestic expenditure with additional support from the recovery in external demand,” Bank Negara Malaysia said in a statement.
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2 Like · 1 week · translate
Auditor Consultant
Han

when free baru reply u

now busy preparing company or business expansion plan for a big group conglomerate

might fly to China soon for business trip there for business expansion

not parkson but a related industry
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Like · 1 week · translate
Auditor Consultant
see the key word here ar

Hahahha China China China

China economy is booming soon!
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1 Like · 1 week · translate
Zhikang Sim
看comment 一直pop 我还以为30sen 了==
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Han
AC,我在網上在查了查,好像有點弄明白了,你看下我理解的對不對。
Q4的RM 83M 是來自Impairment of goodwill,和公司脫售產業后有沒有虧錢並沒有關係,goodwill只是一種會計手法。

每年公司都必須在Q4做Impairment tests for goodwill(商譽減值評估),這個test的目的是重新測goodwill裏的東西具有在未來創造現金流的能力,如果已經不具備在未來創造現金流的能力了,就必須做goodwill impairment.
這裏會用到一個叫做Cash Generating Unit(CGU)(中譯:最小的現金產出單元)的方式來做量尺去做計算。

因爲公司脫售了青島的產業,所以這個青島的產業已經不能為公司帶來未來的現金流了,這個部分在年尾的goodwill Impairment Test就會中槍,必須為青島產業做goodwill impairment。

Impairment tests for goodwill只在Q4才做,而這項test會嚴重影响当年的净利润,所以很多時候我們會看到公司明明Q1,Q2,Q3都在賺錢,但是一到Q4就來個變臉。

所以當我們看到公司脫售了一筆產業后,就要留個心眼去提防一下Q4的goodwill Impairment Test會不會中一筆Impairment of goodwill。
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2 Like · 1 week · translate
Han
我還網上看到不少關於goodwill有趣的案例。
impairment goodwilll是一個管理層可以調節盈利的手法,
因爲impairment goodwilll越少,當期的賬面盈利就越高,所以一些公司的管理層會用各種手法去做調節。

比如Impairment tests for goodwill並沒有很硬性的規定,所以公司有能力根據自己的“計劃”去調節自己impairment,要股價弱一點,impairment就多做一些,要股價強一點,impairment就盡量延後。(馬來西亞的賬目對Impairment有沒有比較嚴苛我就不清楚,我看到案例中好多中國的公司把impairment goodwilll玩到天花龍鳳。
有些公司的goodwill / asset的比例連年上漲,公司一直用各種手法不做goodwill減值,結果炸彈越滾越大,一旦goodwill減值就是斷崖式下跌。goodwill這個部分計算相當複雜,也沒這麽直觀,對投資者來説根本防不勝防。
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1 Like · 1 week · translate
Eugene Ng
Han 非常感谢你的分享,我一直不懂为什么一间公司明明赚钱的,什么原因要弄个 impairment on goodwill来搞到亏钱,问了很多都没有回应,自己又不是finance/accounting 的料,现在终于有的眉目了。
Like · 6 days · translate
Eugene Ng
Han, 那么Q42023 的impairment on goodwill 不一定是“必须”做的,是可有“伸缩性” 的?是否管理层不想股价上太块所以才特地做这个动作?要不然,如果2023 Q2,Q3, Q4 连续都盈利上升,股价肯定飞高。
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F@@L愚人
通常Q4 都会做烂帐/impairment 的。。。
因为之后要出年报,auditor 也会叫你做。
3 Like · 6 days · translate
xiao ming
Q4是做烂帐,想问Q3通常是什么原因
Like · 6 days · translate
F@@L愚人
应该说
那些评估后收不回的烂帐通常也会在最后一季注销
2 Like · 6 days · translate
Auditor Consultant
Han

as per financial reporting standard, a company must perform annual impairment review assessment on goodwill

so it is normal that a company only performs in Q4 because the basis is supportable when one has 1 full fiscal year info for him or her to perform impairment assessment
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2 Like · 6 days · translate
Auditor Consultant
Impairment losses from assessment is a non cash item

as a result, in the cash flow statements, you could see that impairment of assets be adjusted before arriving into cash flow from or used in operating activities.

sames goes to ECL on receivables

due to the reason above, when we use discounted cash flow to assess the value of a company, we will adjust the non cash items

in MnA we will take normalised ebitda

exclude all judgmental elements such as impairment and ECL
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1 Like · 6 days · translate
Auditor Consultant
normalisation of financial statements line items are so so crucial to eliminate all abnormalities that could distort financial positions and performance

so remember to exclude one off event, abnormal items, which are not meaningful when we assess profrmance of a business or co
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2 Like · 6 days · translate
Auditor Consultant
Cheng and Fool, the above link is my sharing on why I always emphasized on Quality of Earning Assessment because every distortion in PnL will affect the Value of the Investee which will affect decision making process. Also, I touch topic on Handshakes Report to let retail investors know that we could actually get to know all via Purchase of Handshakes Report. Last but no least, try to perform FRS adjustments on your own to see the impact! In a nutshell, reading and seeing Financial Statements or Announcement of Results are not so crucial, UNDERSTANDING the Rationale behind the Numbers is the most important in every investment decision.
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3 Like · 6 days · translate
cheng
Thanks, AC. Will have a look at it. Agreed with you on quality of earnings. Normalized earnings, scaled to revenues, adjustments to non-recurring items / expenses, operating margins and operating income are necessary to handle PHB's report :) The MUGC during the pandemic was a good wake up call for PHB management and forcing them to make difficult but necessary actions that led to PRA and PRG turnaround from years of losses since FY2015 to net profit :) What used to be internal problems (excessive # of stores pushing for SSS, inefficient operations) + external problems (cyclical, industry / state of economy) leading to years of losses is no longer the case now. Its marching towards cyclical and industry dependent firms; seasonally strong in Q1, Q2, Q4 and strong consumer consumption/spending economy is necessary. Q1'24 economic data and fiscal/monetary policies for Malaysia and China pointing to favorable tailwinds for Parkson in FY2024 from consumer consumptions perspective :)
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3 Like · 5 days · translate
Auditor Consultant
in a nutshell, as retail investors, we need to be sensitive to numbers and do not be misled by numbers

a bottom line item of net profit might become ebitda loss after normalisation

so must exclude all judgmental numbers which cause uncertainty

also s investors we need to be highly sensitive to macro and micro economic

do not just rely on past tense reports

I knew many ppl are over focusing on afs
to me, it is what it is.

as long as mgt adopt change mgt

must be forward looking
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4 Like · 5 days · translate
Han
Eugene Ng 以我不專業的知識,我查到每年年尾是Impairment tests for goodwill是必須做的,但是計算方式十分複雜,而要impairment多少,公司好像有能力影響。
可能只是單純必要的impairment,但也不排除公司玩impairment來壓低股價。

這個goodwilll不影響公司實際盈利,還是像AC這樣拿exclude one off event, abnormal items的盈利和現金流來看比較合理吧。
反正現在最有效的估值方式還是以實際未來能賺到現金流爲主。
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5 Like · 5 days · translate
Eugene Ng
Han,非常谢谢你的分享
1 Like · 4 days · translate
F@@L愚人
我刚刚买了1 lot 推上去了

其它靠你们了
1 Like · 4 days · translate
听见股市
wa 1lot...还是算了吧. 拿来买奶茶喝等业绩出比较好
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cheng
You can post the questions in the AGM on the net gain/loss for the disposal of Qingdao properties, Han. It is not easy to reconcile the numbers in the balance sheet unless you have accounting and taxation background. Its complicated to reconcile due to changes in the different line items in the balance sheet and timing of the sales / deal closures / deposits / final payment . There's the deposits and final payment, there's the taxation part and there's the bookkeeping part for numbers associated to Qingdao properties like goodwill and accumulated depreciation / amortization over the years. Goodwill cannot be depreciated :) Following is my estimation on the sale for Qingdao properties based on limited knowledge: it was sold at estimated 177M. The netbook value was 81M, and goodwill of 63.5M. The net gain/loss for the disposal prior to tax = 177M-81M-63.5M = 32.5M. Should be less than 32.5M depending on the tax. A 30% tax will bring the amount to 22.7M; plus minus if you will depending on the taxation. Just my opinions, could be wrong. Hope it helps.
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3 Like · 4 days · translate
Zhikang Sim
讲到会飞还是在265而已哈哈开玩笑
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Auditor Consultant
patient patient

later if got time, I upload info in my blog about China info and projection
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Auditor Consultant
cheng
fool

going up gradually

I could foresee breaking 0.30 by next week

then slowly going up to 0.35 then 0.40

result is the driver

China domestic demand is the driver
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2 Like · 4 days · translate
听见股市
data shows china ppl savings decreased a alot last month april. it mean spending and investing momentum is picking up. good sign for economy recovering.
2 Like · 4 days · translate
cheng
Thanks, AC. Waiting for PRG results.
2 Like · 4 days · translate
Auditor Consultant
China's retail sales rose by 2.3% year-on-year in April 2024, missing market forecasts of 3.8% and moderating from a 3.1% growth in the prior period. It was the 15th straight month of increase in retail trade but the softest gain in the sequence, highlighting challenges the central government faces in reviving weak consumption by delivering various stimulus measures. Sales growth eased for grain and food oil (8.5% vs 11.0% in March), home appliances (4.5% vs 5.8%), and oil products (1.6% vs 3.5%). In addition, turnover fell for clothing (-2.0% vs 3.8%), gold, silver, and jewelry (-0.1% vs 3.2%), office supplies (-4.4% vs -6.6%), car (-5.6% vs -3.7%), and building materials (-4.5% vs 2.8%). By contrast, sales quickened for personal care (4.4% vs 3.5%), furniture (1.2% vs 0.2%), and communications equipment (13.3% vs 7.2%). On a monthly basis, retail trade was almost flat, edging up by 0.03%, after the prior 0.26% gain. For the first four months of the year, retail turnover grew by 4.1%.
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2 Like · 4 days · translate
Auditor Consultant
The retail sales in China is gradually growing which is more stable and steady. source: National Bureau of Statistics of China
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Auditor Consultant
The above link --- Parkson Retail Group Limited (SEHK:3368) Financials > Key Stats and Financials > Ratios
1 Like · 4 days · translate
cheng
thanks, AC. I liked the handshakes report. power of analytics. way faster than going through the rpt and checking for names in top30 shareholdings.
1 Like · 4 days · translate
Auditor Consultant
Parkson Holdings Berhad (KLSE:PARKSON) Financials > Key Stats
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Auditor Consultant
cheng

now everything is about big data and data analytic

I have few good analytical tools which help me to screen many bad and good stocks
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1 Like · 4 days · translate
Auditor Consultant
by the way, Parkson is getting better if we check the ratio
1 Like · 4 days · translate
Auditor Consultant
here got big Kaki

who is the substantial shareholder that acquired 4.88 mio units parkson

听见股市的版主真的很有钱啊

若你很早买在低点 185 到200你就赚多了
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1 Like · 4 days · translate
Auditor Consultant
看过了projection

parkson 应该会慢慢长大

买它就一定要等

不是不涨只是时机未到
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1 Like · 3 days · translate
Zhikang Sim
还在260 啊那么好的公司没人要嘛呢
1 Like · 3 days · translate
TL Bo
哈哈哈 同感 zhikang sim 说到天花乱坠
我也是醉了
1 Like · 3 days · translate
Ng NG
buy Amazon share better lol
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小毛狸
hoot jer wahahaha!!!
1 Like · 3 days · translate
Caleb Lau
Aeon之前也是没人要的好公司哦 :)
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小毛狸
是不是好公司因人而异但是最近风大他有开大火就够了!
1 Like · 3 days · translate
Caleb Lau
至少在成本控制上可以看到它很大的改善。。。
1 Like · 3 days · translate
Auditor Consultant
good or bad

u could see from the various financial ratio

Improvement is there for us to witness

be it prg or phb
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3 Like · 3 days · translate
Orson Chin
不要這麼快起。。。盤整多幾個月。。。我小票還沒印出來
1 Like · 3 days · translate
F@@L愚人
去年年尾
南昌新店

http://xhslink.com/nJydVJ
4 Like · 2 days · translate
Auditor Consultant
https://devotee-of-john-templeton.blogspot.com/2024/05/parkson-holdings-berhad-klseparkson_22.html

Not too worried because my old friend is one of the investors within the top 15 individual shareholders

He hold significant stakes ..and no worry..why should we be worried

Just top up more and more to wait for time to Harvest 我的老朋友拿着非常非常多票,我不怕,只怕没钱,必须跟Orson借钱了。
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4 Like · 2 days · translate
Kenny Koh
今天265继续加码 昨天去parkson 买东西, 人很多一下 Parkson gogogo
3 Like · 1 day · translate
Zhikang Sim
哪里的parkson? 我这里的没什么人
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小毛狸
我这边的不能说没有人只能说连苍蝇都没有!哈哈哈哈
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Kenny Koh
Parkson imago
2 Like · 1 day · translate
cheng
PRG results will be released today and followed by AGM & PHB's results on 29th. Volatility ahead :)
4 Like · 1 day · translate
restart
最近风这么大,还不要开船?
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Auditor Consultant
船很慢,因为太多人了,很重

哈哈哈哈。。。。

万事俱备,只欠东风。。就等今晚的大风了
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Like · 1 day · translate
restart
@Auditor Consultant , 你问一下中国朋友,是否直播带货开始被中国政府打压?听说头部那几个最近不怎么直播了,好像怕了政府。希望这样能帮到门店生意就好了。
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Vincent Chin
想起哥哥的歌。。。风继续吹,不忍别离。。
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Kenny Koh
来了来了 是你吗...
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小毛狸
等开大火 加风吹啊吹 很快就好了
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tim foo
我还没买够,再盘整255给我啦。
1 Like · 1 day · translate
restart
我等很久了,尽早开船吧,最好直接跳高涨吧
1 Like · 1 day · translate
tim foo
等得越久,收获越大,有听过吗?哈哈。。
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听见股市
prg report out. operating profit increase almost 40% to 143m yoy. with prg and pra both profit contribution. looking forward to phb impressive qr on 29 may
2 Like · 1 day · translate
Ng NG
where to see reports?
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Auditor Consultant
that why I said long long time ago ma

China Econ is back on track d

later I will try calling my friend in Shanghai and Shenzhen to obtain further update
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1 Like · 1 day · translate
Auditor Consultant
for q2 the result will be even better

gov intervention is more soon

gov China wanna encourage spending

as per my friend in HK and Shenzhen

now every weekend HK ppl go to spend in mainland

so this is like a booster for China econ
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1 Like · 1 day · translate
restart
HK ppl go to Shenzhen only, not whole China. Q2 and Q3 sure better than Q1 because China Goverment selling super long term (30 years) bonds 1 trillion to rescue economy.
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Auditor Consultant
I am planning to relocate to Shanghai or Shenzhen very soon

due to more business opportunities and more lobang to earn fast money soon
2 Like · 1 day · translate
Auditor Consultant
政府经常会给很多grant or incentive 来支持内需,内在消费

government of China will provide assistance to public to increase their spending so as to boost up econ
1 Like · 1 day · translate
Auditor Consultant
dear all investors

later tonight I will perform analysis to help enhance understanding of some followers

hopefully info is useful for your investment decision
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2 Like · 1 day · translate
F@@L愚人
可以安全的说这季度的业绩没问题。

继续加油
3 Like · 1 day · translate
Auditor Consultant
是的,q2 也不会是问题

哈哈哈

我等着我的duty relocation to China Shanghai and Shenzhen

因为中国越来越多商机了
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2 Like · 1 day · translate
Auditor Consultant
Congrat Cheng, Fool

our forecast, projection, expectation are in line with the actual results

micro and macro economics are so important in making investment assessment
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2 Like · 1 day · translate
Auditor Consultant
是时候看下一只黑马了

要不要分享呢

还在犹豫不决
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6 Like · 1 day · translate
听见股市
用最简单的数学,这季度prg 和pra 理应可以让母公司phb有超过30m 的利润,eps 2.7cent.
2 Like · 1 day · translate
Auditor Consultant
https://devotee-of-john-templeton.blogspot.com/2024/05/impressive-results-of-parkson-retail.html

#Parkson Retail Group Limited

Closure of Non-Performing Asset (Qingdao) as the 1st step to unlock value of the business by cutting down losses and cash outflows

Q2 would be better

Need to monitor NCL position
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2 Like · 1 day · translate
cheng
3rd floor incoming?
2 Like · 22 hours · translate
Small Potato
dont rocket up yet, come back 255 let me pick up more first....
1 Like · 22 hours · translate
CHONG HON LEONG
i want 0.22
2 Like · 21 hours · translate
cheng
I want 0.50 by year end
7 Like · 15 hours · translate
Kenny Koh
270 last call 咯 过了就没有咯
Like · 14 hours · translate
TL Bo
Notion 不香吗?一个星期都100% profit了
这里还要喊到年尾 哈哈哈
1 Like · 14 hours · translate
Ng NG
long term investment, I go for Amazon
1 Like · 14 hours · translate
Kenny Koh
各花入各眼 萝卜青菜 各有所爱 一个星期慢了咯 上去云顶只需要几秒罢了
Like · 14 hours · translate
小毛狸
notion 爽啦!parkson 也爽
2 Like · 14 hours · translate