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Need help explaining accounts
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kingkongdong
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17-Oct-2012 10:06
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Just have a look at all those questionable assets they acquired recently. It's like they when on asset acquisition binge right after TDR. I am surprise SGX never questioned them on any of those aquisitions. I am guessing coz they are corporate governance award winners for so many years running, plus they have outsourced to third party internal auditor, whose MD just happens to be the ex-chief of internal Auditor for the Singapore Exchange, plus the size of individual acquisitions although multiple and significant together, all perhaps help them fall under SGX radar screens? Seriously, They better keep an eye on this company. And please don't expect to rely on their independent directors, I have serious reservations on at least one of them. Also have a look at inventory in 2nd quarter, they even loading this dispite the marine sector being in doldrums. Tax expense allocation? Those numbers for real? Can we rely on their unaudited numbers? Especially after the 2 page fisco on 4th quarter? Come on, who in their right mind does that on 4th Quarter, knowing full well it is gonna get audited? Looking at their balance sheet, I can't help but think that BH is going to self implode soon. Perhaps one round of diluation before delisting? At best rights issue, worst, share placement to certain " third parties" . oh well.... |
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kingkongdong
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17-Oct-2012 08:40
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After all that digging, there is one thing I realise. There's a high possibility BH Global might be going to delist soon. |
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3110029
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13-Oct-2012 13:12
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No thanks are needed, I was glad to do it.
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kingkongdong
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12-Oct-2012 19:32
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Your right! Thanks for clarifying it for me. Forgot about the dividend. I m the kind of lazy ass that stops after the first few pages of the report. Thanks again |
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3110029
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12-Oct-2012 19:17
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Hi, Net profit for the period 5,001 Less dividend 3,360 Less Additional investment in subsidiaries 287 You may get this from page 7 of the report....look for accumulated profits column.
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kingkongdong
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12-Oct-2012 18:50
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Thank you for taking the time to do this. Yes, the numbers look right. Taken from pg4 of their 2 Quarter results. But why is the growth in accumulated profits for the period so low at $1.354m (70.898m - 69.544m) with reference to pg 2 of this report, shouldn't it be $3.893m (after less non-controlling interest)? Now I m confused?
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3110029
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12-Oct-2012 18:22
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Hi, I m not guru. As your question attract my attention so I try to find out..... Here's my working which based on the financial statement in SGX @ 31.07.2012 and some extract from internet. Kindly correct me, if i m wrong. Thank you. http://i48.tinypic.com/2j349bs.jpg |
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kingkongdong
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12-Oct-2012 17:35
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For the first 2 quarters (1st half) they reported: Net comprehensive income: $3.89m Less Exchange differences on translation of the financial statements of foreign entities (net): $2.14m Less Non-controlling interest: $1.21m They shld still ve a tiny profit of $0.54m for half yr. So I don't get it how NAV can fall from 25 cents to 23cents? Thanks for the help. I think i m seriously damn dong. need to hit the books more and brush up on my accounting. |
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kingkongdong
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12-Oct-2012 16:48
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Hi, Thank you for the reply. Truly Appriciate it. I do know what translation reserves are. But the profits in 1st and 2nd quarter I was referring to, already accounted for translation reserves. Yet they saw NAV fall 2 cents. |
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3110029
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12-Oct-2012 11:31
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Hi, This is mainly due to Translation reserves under Shareholders' equity in the company's balance sheet. You may google search " translation reserves" if you want to know how its work.
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kingkongdong
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11-Oct-2012 16:45
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I guess there's not one out there capable or willing to help me solve the mystery of the disappearing NTA.... 2 cent in NAV can't just go poof?? can it? At 480m shares outstanding, that works to approximately $9.6m. For a tiny company like this, that's pretty material in my opinion. Looks like they are up to something.... oh well.
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kingkongdong
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05-Oct-2012 14:45
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so can anyone help me out? Really need help to understand here. Thanks in advance | ||||
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kingkongdong
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05-Oct-2012 11:39
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Sorry, I such a dong. But I don't understand? How can liabilites affect NAV? Wouldn't it appear on asset side as well? I am looking at their total comprehensive income for the period. It should have taken into account even things like translation lost. It shows a profit. Sorry for asking, but could you help me elaborate? |
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BellaVida
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05-Oct-2012 11:28
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due to increase in liabilities? | ||||
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kingkongdong
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05-Oct-2012 11:02
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any guru can help me explain something in the accounts. Full yr 2011, they show NTA of 25cents per share. Mar 2012 (1st quarter) they report profit but NTA fall to 24cents. Jun 2012 (2nd quarter) they also report profit but NTA again fall to 23cents. During that period no new shares issued. 480m outstanding. I know this are unaudited accounts, but this looks strange to me. Can any accounts people help me understand this? |
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