Tuesday, January 29, 2008

A look at MaeMode again

Last April 2007, I thought I saw some decent earnings for MaeMode and because of that I made a posting on the stock. ( See: MaeMode). However, as impressive as the earnings were then, I was turned off by the classical debt build up.

Well, MaeMode just announced its earnings tonight.

See Quarterly rpt on consolidated results for the financial period ended 30/11/2007

Hence, I thought this blog posting should be of interest. Let's see how the stock fundamental is stacking up. Who know that perhaps I might have been prejudiced in my views?

Here is the table I have compiled. I added in a new column. The trade receivables column. Have a look below.

Cash position wasn't any better. And this is despite a private placement done recently. (according to its cash flows, this raised some rm12.768 million)

What was most worrying was the new column, the trade receivables.

It's simply massive!


Back in 2004, its receivables was a mere rm67.475 million.

Some 3+ years later, the receivables have blown to a an incredible rm271.231 million!

This is a massive warning sign, yes?

I hope I am not WRONG!


madcap said...

Double negatives can be tricky. I think you mean to say "I hope I am wrong" because "I hope I am not wrong" means "I hope I am right"! Which would be to twist the knife in the side of those who hurt from maemode investments. :)

kayroll said...

moola, your analysis is backed by numbers. As long as your numbers are correct, you CANNOT be wrong. This company is like a time bomb. People call it TIME bomb because it is not the matter of IF, the question is WHEN will this stock takes its turn to plunge!