Blogged several times before
- 12 Aug 2010: Swee Joo In Deep Water
- Feb 2010: More Losses Recorded By Swee Joo!
- Dec 2009: Review of Swee Joo's Earnings
- Aug 2009: Featured Report: KN on Swee Joo **
- Aug 2009: A Quick Look At Swee Joo's Earnings
- Jul 2009: iCapital And Swee Joo
- Feb 2009:Update On Swee Joo's Earnings
- Nov 2008: Shipper Swee Joo Announces Losses
Swee Joo announced its earnings on 30th Aug 2010.
It reported some 6.575 million losses and total losses for the year totalled 38.827 million.
Total cash stands at 12.102 million but total borrowings stands at 383.552 million.
Today, the stock is getting hammered. Stock is now trading at 19 sen!
Posts
17 comments:
really delayed reaction..
Many things in life... is delayed.
:P
i wonder ttb is still invested
If you are interested (are you? :p2 ), you can look it up via their annual reports. :-)
For the financial year ended 31 May 2010, your Fund sold its entire holdings in Astro All Asia
Network plc, Kuala Lumpur Kepong Berhad, Lion Diversified Holdings Berhad, Poh Kong
Holdings Berhad, Swee Joo Berhad and Telekom Malaysia Berhad. In addition, it substantially
sold its holdings of Hai-O Enterprise Berhad. These sales generated realised gains of
RM32.724 million with a cost of RM53.772 million.
i guess they sold.. but at 65% loss
better than holding onto it i guess
oO oO
!!!!
Cashed out so much?
Did you compare what's said in their recent Q4 earnings notes?
:P
They lost so much?
That posting on Jul 2009, http://whereiszemoola.blogspot.com/2009/07/icapital-and-swee-joo.html
That research report by iCap were posted despite the discalimer that The publisher and associates have an interest in Swee Joo.
On one hand, it's nice that they put the disclaimer... but what for?
Let me paste what I wrote back then:
------------------
Now this comes back to the issue of iCapital's recommendation on 20th July 2007.
Armed with only two set of quarterly earnings, iCapital investment advisory makes a bold buy call on Swee Joo. And what sticks out like sore thumb was the vested interest declared.
The publisher and associates have an interest in Swee Joo.
And with iCapital.Biz purchasing this stock around the same period, don't you think the above disclaimer statement is rather imbiquious?
Who were the ones that had the vested interest in Swee Joo back on 20th July 2007?
no.. what was said?
yala.. swee joo overexpanded and took on too much debt
too many delivery of new ships and even have to cancel 2 tugboat orders..
alot of times they delayed their ship departures because it was not at full capacity so their customer also not happy (service deterioration)
LOL!
You go see what was said loh.
Yes, Swee Joo case is yet another example why using debts to build up a business empire is risky!
Oops! You got those comments from iCap's Q4 notes. :P
Swee Joo Bhd-Behind The Curtains of Deceit
Last few weeks have been accompanied with some luck with the trail of money that had been lost by SJB. Public funds being mismanaged for individual benefits.Clearly a case of CBT.Not to level of shaking the world.Sufficient to shake investors.
The trail goes through series of not so complicated string of companies related to The Sim family and their cronies.Thinking the losses can be blamed on freight downfall.Look who controls the Key posts? Think again,do not assume.
It does not end at 1 point. Ships ordered in China have been breaking down very consistently.Who was/were the people involved in buying these ships? It is very common in China for shipyard to entertain or “”take good care”” in any way Buyer insist. With ships breaking down,I am of the opinion some one was well “taken cared for””
Cronies are friends,relatives,cousins ,some distant relatives and even some intenal staff ,who willingly assist for some moneytary rewards.Obvious case of money being diverted through various channels to avoid suspicion. The case is not as complicated as the Barring Bank case or Carrian Group fraud many years ago.
SJB had been in existance since the days of founder,old man of the Sim Clan.Roughly over 40 years of experience,over 100 years of collective experience.Many bears and bulls passed during this period.Roughly a cycle lasts between 10 to 13 years. SJB formerly was not listed,therefore all money was forked out of own pocket.
During the initial stages of listing ,cash grossed substantially.Within 3 years,group conveniently declares Practise Note -17(PN 17).Losses are have accumulated total worth of assets.Default payment with few banks and some private entity.
Skimmed through their pass reports and garbage bins.
Statement made by Chairman / MD. Some extracts to tickle-tickle
“”Fleet Expansion Programme: Right Mix of Vessels for Right Routes
We have successfully implemented our fleet expansion strategy for 2009 by taking delivery of a total of 10 new vessels. This gives our fleet a wide variety of ships and the flexibility to cater the diverse needs and expectations of our customers through 'the right mix of vessels for the right routes'.
“”It is a well known fact that vessels has been laid up all over the world due to low freight rates and non feasibility of operating in the current negative economic environment.””
+++
Whole world is laying up vessels.These guys expanding with buying 10 ships. 2 were already declined for delivery.So there goes the deposit from public funds.Are the existing units effeciently/diversely deployed? Doubtful it was ensured to protect interest of the Investors.
MD's Statement
The domestic liner services did not see major lay ups as compared to the international shipping lines. This has to do with our smaller domestic liner industry whereby the entrance of new players and vessels over the years has been quite manageable.
+++
Compare Chairman's statement and MD's statement,there is fine line of contradiction.
One guy is saying lay up due to low freight.MD in next statement saying domestic liner did not see any major lay up. Economically Malaysia was also affected by the currency crisis.
Who is telling the truth? Was the Chairman/Board painted with bright colours?
“”The Liquid Bulk Division saw the arrival of 2 chemical tankers during the year namely MV Asia Success and MV Asia Bright to add to its fleet. This will increase the total capacity for the transportation of palm oil products to 57,565 metric tonnes. This sector was hit by dropping freight rates due to overcapacity in the market. We have since seen rates recovering although still a distance from its high before the economic downturn.
The palm oil products freight rates hit the bottom during mid-2009, but has since picked up its' rising momentum since August 2009. Improvement has been observed in various destinations and cargoes quantities, especially China, the top importer of Malaysian palm oil in 2009””
There is low freight ,lay ups,over supply,,,,,,,,,,,,,,,,,,,,,,,how many ships were deployed to capitalise the “”Improvement has been observed in various destinations and cargoes quantities, especially China, the top importer of Malaysian palm oil in 2009”” ???????
Skimmed through their pass reports and garbage bins.
Statement made by Chairman / MD. Some extracts to tickle-tickle
“”Fleet Expansion Programme: Right Mix of Vessels for Right Routes
We have successfully implemented our fleet expansion strategy for 2009 by taking delivery of a total of 10 new vessels. This gives our fleet a wide variety of ships and the flexibility to cater the diverse needs and expectations of our customers through 'the right mix of vessels for the right routes'.
“”It is a well known fact that vessels has been laid up all over the world due to low freight rates and non feasibility of operating in the current negative economic environment.””
+++
Whole world is laying up vessels.These guys expanding with buying 10 ships. 2 were already declined for delivery.So there goes the deposit from public funds.Are the existing units efficiently/diversely deployed? Doubtful it was ensured to protect interest of the Investors.
MD's Statement
The domestic liner services did not see major lay ups as compared to the international shipping lines. This has to do with our smaller domestic liner industry whereby the entrance of new players and vessels over the years has been quite manageable.
+++
Compare Chairman's statement and MD's statement,there is fine line of contradiction.
One guy is saying lay up due to low freight.MD in next statement saying domestic liner did not see any major lay up. Economically Malaysia was also affected by the currency crisis.
Who is telling the truth? Was the Chairman/Board painted with bright colours?
“”The Liquid Bulk Division saw the arrival of 2 chemical tankers during the year namely MV Asia Success and MV Asia Bright to add to its fleet. This will increase the total capacity for the transportation of palm oil products to 57,565 metric tonnes. This sector was hit by dropping freight rates due to overcapacity in the market. We have since seen rates recovering although still a distance from its high before the economic downturn.
The palm oil products freight rates hit the bottom during mid-2009, but has since picked up its' rising momentum since August 2009. Improvement has been observed in various destinations and cargoes quantities, especially China, the top importer of Malaysian palm oil in 2009””
MD's Statement
The domestic liner services did not see major lay ups as compared to the international shipping lines. This has to do with our smaller domestic liner industry whereby the entrance of new players and vessels over the years has been quite manageable.
+++
Compare Chairman's statement and MD's statement,there is fine line of contradiction.
One guy is saying lay up due to low freight.MD in next statement saying domestic liner did not see any major lay up. Economically Malaysia was also affected by the currency crisis.
Who is telling the truth? Was the Chairman/Board painted with bright colours?
“”The Liquid Bulk Division saw the arrival of 2 chemical tankers during the year namely MV Asia Success and MV Asia Bright to add to its fleet. This will increase the total capacity for the transportation of palm oil products to 57,565 metric tonnes. This sector was hit by dropping freight rates due to overcapacity in the market. We have since seen rates recovering although still a distance from its high before the economic downturn.
The palm oil products freight rates hit the bottom during mid-2009, but has since picked up its' rising momentum since August 2009. Improvement has been observed in various destinations and cargoes quantities, especially China, the top importer of Malaysian palm oil in 2009””
There is low freight ,lay ups,over supply,,,,,,,,,,,,,,,,,,,,,,,how many ships were deployed to capitalise the “”Improvement has been observed in various destinations and cargoes quantities, especially China, the top importer of Malaysian palm oil in 2009”” ???????
+++
Chemical tankers carrying palm oil? Purchased at price of USD22,100,000.00 with low feight rates? Come on guys,don't need an economic graduate like 1 of the Directors point out business is heading for deluge. Even at the peak of ship prices. Chinese built vessels did not fetch such high price. Korean and Japaese ships ,better quality fetch lower price for the same size ships.
Another Executive Director made a statement that freight had dropped from USD30 to USD16 per metric ton.To qualify the statement,this was true during the peak of currency crisis. The rates have far bygone since the lowest However has not reached the USD30 per ton yet.Still lingering around USD25 per ton.The statement is misleading to public.Why? Cover ups happening internally?
There are many other ships are carrying oil for for Petronas and Shell.They are still around doing business. So blaming freight is no longer a reason.
Do the math and Risk assessment Or has it ever been done if palm oil fails to sustain the IRR?
Hhhhmmmmm something is wrong here. Has SJB loaded any other cargoes than palm oil since the day ships were delivered? Go to the internet,see the price difference between palm oil carrier and chemical tanker.
Singapore brokers and internet data gives some ideas about market rates. Some alternate plan never been prorposed by Management and Board. So what were the Directors and Board doing? Would they sit to drag their behinds if money is forked out of pocket?
The MD is not located in Kuching.The Bloke is located in Bintulu,having to manage other private family owned businesses.It also involves shipping and trading various commodities. Some say ships engine oil is supplied from 1 of the subsidiaries.Obviously there will be an element of price difference from actual supplier to end user(SJB).How much profit (aka muck up) is uncertain!!!
Is there element of distraction between own business or interest for listed company?
Board Of Directors-Are they really qualified and competent to manage public trusted funds? Results really show the entire or majority Directors were totally incompetent to manage the company.
In the Corporate Governance page sates “”Board of Directors undertakes full responsibility for direct and indirectly approving and deliberating business strategy””
Doubtful from the outcome Directors have fulfilled their responsibilities.Some have conflict between their private interest and their duties.””
Did they really fulfill their responsibilities?
As shareholder,there is no surprise the company is bought over by friendly crony soon at discounted rate. After the gold dust settles,someone within present organisation will buy over. I have lost substantial amount in the shares. More than 50% of the purchased price.To me the shares are a write off.
Hopefully Bursa sees this post.Catch hold of senior and mid management level to get the truth.
Now coming to most interesting part of all.How did they loose money and where the money went?
Stay Tuned for next episode.............The broth thickens further.
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