Monday, May 14, 2007


My Dearest Smart Investor,

The following is a compiled quarterly tables on TransMile. Data is taken from Bursa Website.

The following table is taken without that quarterly earnings reported on Feb 2007.Have a look.

1. Clear built up in receivables.

2. nett debt kept on increasing!

Now the most important thing I would ask is where is the wealth generated?

From 04 Q3 to 06 Q3, the company said it generated sales of 1.476 billion ringgit and it said it earned 200.881 million.

Good numbers but look at the cash position. For a company earning 200.881 million, this company went from a nett debt of 123.861 million to 680.819 million!

The following table showed the inclusion of 06 Q4 earnings.

Quarterly rpt on consolidated results for the financial period ended 31/12/2006

Profits and cash increased substantially. nett debt decreased.

Somehow.. the numbers do not tally...

And given such data... perhaps... an investment in transmile could be questionable!