Wednesday, December 21, 2005

Move Over Who?: Part V

So Kenanga remained positively optmistic on Karensoft prospects based on the premise that Karensoft's Execsuite software will take off.

Meanwhile, the stock continued to slide.

And on the 25th March, Karensoft ended the trading day at 0.65.

Well, that's down a whopping 31 sen or 32% from the day Kenanga boldly proclaimed Karensoft's potential product winner.

And the next day, all hell broke loose.

28th March 2005.

The sell-off. Karensoft lost 20 sen on that trading day.

Karensoft ended that day at 0.45.

And of course the Bursa querried but as usual the answer given was rather lame.

Two tradings later, Karensoft closed at 0.235.


So at 0.235, this was getting rather malu for Kenanga. So they had to explained themselves and explain to the poor investors who had followed their rather shockingly poor investment advice. Remember it was just in Dec 2nd that Karensoft was trading at 0.96. Now it was at 0.235. So Kenanga fast-fast wrote the following:
Investment case weakened by poor equities market

Here's a complilation of comments again on this issue.

So we have Kenanga iniating coverage on Karensoft at a price of 0.96. Price now 0.235.
Ahem.... so they do an update.... (decent thing to do... BUT isn't it too bloody late? from 0.96 to 0.235... i wonder how many Kenanga's followers has gone to holland orediii????)

So anywayyyyyyyy....

1. they start with Investment case weakened by poor equities market? LOL!!!! comeon.... where there is honey, there is money la!!!!!..... so if Karensoft is really that good.... why aren't those local fm buying their story? What a poor lame excuse, really!

2. Postponement of companies placement shares! Again simple logical question is needed to be asked. If Karensoft potential really good, why no buyers for their placement shares? Why not laku?

3. WORSE of all.... look at their insinuations! Quote: karensoft could be an attractive merger or acquisition target for it remains an attractive software house. Omiiiiiiiigosh!!!!!! Wow! Ini macam olso can, ka?

Soooo...... do we really need research coverage such as this????

==>> The insinuations of the potential merger is soo, soo scandalous. Karensoft at this moment of time is a poor recommendation. Why can't they simply admit they have flawed? To throw in this insinuation is simply giving investors/punters/speculators false hope. Isn't it? Look at the share price today. It is trading at a price of a mere 6.5 sen!

Kenanga is now negative, because Karensoft can NOT proceed with a PP. Like that one, also can .....! Yes, this is very strange, either their software is very good, and then money will come in, or it isn't. Still, the scale of their operations is so unbelievable small.

I think this CCH is also one "interesting" guy:
Contents :
We refer to your letter dated 29 March 2005 in respect of the unusual market activity of KarenSoft Technology Berhad (the "Company" or "KRNSOFT")'s shares. In accordance with the Corporate Disclosure Policy on Response To Unusual Market Activity pursuant to paragraph 9.11 of the Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of KRNSOFT after having made due enquiries, wishes to inform that, to the best of its knowledge, the Board of Directors is not aware of:-

1. any undisclosed material development in the Company's business; or
2. any other reasons to account for the unusual market activity.
This announcement is dated 29 March 2005.

(b)Disposed by CCH
29/03/2005 3,541,900
30/03/2005 1,542,600
31/03/2005 1,480,300
01/04/2005 6,104,100
04/04/2005 2,906,000

Circumstances by reason of which change has occurred : FORCE SELLING BY BROKERS
Date of notice : 06/04/2005

(c)Volume and share prices of Karensoft for the past few days:
29/03/2005 7,719,200 (RM0.34)

30/03/2005 9,365,300 (RM0.33)
31/03/2005 8,341,300 (RM0.29)
01/04/2005 13,921,600 (RM0.23)
04/04/2005 10,768,500 (RM0.26)
05/04/2005 2,320,800 (RM0.26)
06/04/2005 2,493,400 (RM0.25)


Shocking? More to follow!... Wait for Part VI!!!

Quick ref:

Move Over Who?
Move Over Who?: Part II
Move Over Who?: Part III
Move Over Who?: Part IV