【SUPERMX 7106 交流专区】速伯玛

Mr.Business

那要看你想买入的原因了，我只是从基本面上分析，觉得她们的处境很危险。哈。

单单从基本面来看，APLI是短期内不能投资了, 长期则要看重组计划如何。可是APLI的问题多多，Supermax管理APLI两年多了，问题还是一大堆。
至于Supermax，我对她的management有点怀疑。今年KLSE的假帐新闻特别多呀。。。

slayer_boxer

明白，收到

我的结论：　我不会碰这个counter

谢谢

Mr.Business

原帖由 Mr.Business 于 3-11-2007 01:18 AM 发表
。 。 。 截止30/06/2007, Supermax的Equity是RM269542K，短期债务共RM75633K，而长期债务共RM149874K，D/E是0.84。 。 。

补充一下，以上资料是没有考虑Supermax收购Seal Polymer的活动的，Supermax收购Seal Polymer之后，Supermax的Equity将是RM396488K，而债务共是RM371220K，D/E是0.94。

资料来源。。。

[ 本帖最后由 Mr.Business 于 3-11-2007 02:05 AM 编辑 ]

khliew7

原帖由 Mr.Business 于 3-11-2007 02:00 AM 发表


补充一下，以上资料是没有考虑Supermax收购Seal Polymer的活动的，Supermax收购Seal Polymer之后，Supermax的Equity将是RM396488K，而债务共是RM371220K，D/E是0.94。

资料来源。。。

来自星洲日报的新闻：

亞太工業驚爆虧損擴大 速伯瑪需承擔270萬                                                                  

• 大馬

  2007-11-02 11:53        
                                                            （吉隆坡訊）速伯瑪（SUPERMX，7106）12.9%子公司亞太工業（APLI，5479）剛“清理”完財務，就爆出調整後2007財政年業績虧損擴大至2011萬令吉，導致速伯瑪必須間接承擔270萬令吉虧損，兩家公司股價被沽下跌。
不過亞太工業近期業績開始反虧為盈，令分析員對速伯瑪維持“買進”評級，目標價為3令吉10仙。
亞太工業暴跌18%
受到負面消息衝擊，速伯瑪股價一度跌6仙至2令吉21仙，閉市掛2令吉26仙，下滑1仙；亞太工業則以全日最低價31仙收市，暴跌7仙或18.42%。全場成交量3856萬1000股，是最熱車股項，顯示賣壓沉重。
亞太工業業績經過稽查師畢馬威會計事務所（KPMG）調整後，其截至今年6月30日止財政年虧損從450萬令吉擴大4倍至2110萬令吉。
其中，會計事務調整的項目包括：扣除730萬令吉的雙重營業額計算，加入延遲收到單據的350萬令吉原產品成本、2001至2004年的180萬令吉額外稅務開銷和170萬令吉的貨品滯銷下調評價等。
這是亞太工業連續第3年嚴重虧損，2005與2006財政年虧損分別為為2340萬令吉與2750萬令吉。其股東基金也從前期的6700萬令吉暴跌至4640萬令吉。
亞太工業納入PN17公司
由於該公司繳足資本3億4760萬令吉，現有股東基金不足繳足資本的25%，因此已被列入PN17公司。不過，管理層已在8個月前提呈重組計劃。
在營運上，該公司在2007財政年第3與第4季已成功反虧為盈，主要是越南業務的生產線與鍋爐已經在今年7月修好。
由於速伯瑪持有亞太工業12.9%股權，將承擔270萬令吉虧損，因此大馬研究下調2007財政年淨利4.8%至5610萬令吉。雖然數額不大，不過料將導致管理層積極拉回投資者信心的行動造成打擊。


                星洲日報／財經．2007.11.02

[ 本帖最后由 khliew7 于 3-11-2007 10:57 AM 编辑 ]

khliew7

这是去年年尾的一则新闻：

增持亞太工業股權？鄭金森：持股已足

Updated : 28-12-2006
Media : 中國報
Story By : N/A
www.biznewsdb.com

（梳邦再也28日訊）針對速伯瑪機構（SUPERMX）是否進一步增持亞太工業（APLI）股權至32.9%一事，身兼2家公司的董事經理鄭金森說：“目前的持股權足以掌控公司運作”。

他表示，速伯瑪機構當初決定購買亞太工業12.9%股權，是以投資為出發點。

目前，速伯瑪機構持有斯保利工業（SPOLYMR）23.9%股權，及擁有亞太工業12.9%股權；鄭金森上月表示，增持斯保利工業與亞太工業股權的機會永遠開放。

速伯瑪機構擁有的股東權限，可增持上述2家公司股權至32.9%。

此外，鄭金森說，儘管亞太工業目前背負龐大壞帳，基于速伯瑪機構為公司股東，又是行內專才，有信心能夠處理所在的問題。

“其他投資者欲掌控亞太工業，將非常困難，因該公司存在許多問題，如呆帳不容易管理等。”

“速伯瑪機構屬內行人，較一般人清楚及熟悉這行業的運作，由我們來管理會變得事半功倍。”


看来，当时郑金森已经知道APLI内部的问题，不过，不懂他知不知道问题到底有多严重。。。。

khliew7

原帖由 8years 于 1-11-2007 10:30 PM 发表
摆明是有心做假账。。。。。。。。。。

APLI做假帐是毋庸置疑了。只拥有APLI股权12.9%股权的SUPERMAX竟然能管理APLI，到底APLI是不是故意让SUPERMAX中这个陷阱呢？

我到觉得SUPERMAX方面不会做假帐。记得之前的生產丁晴手套廠商遭侵權訴訟的案件吗？当时TOPGLOVE和KOSSAN等手套公司都提出上诉，唯有SUPERMAX没有这么做，而乖乖作出赔偿，因为SUPERMAX用了生产丁晴手套的知识产权来生产自己品牌的手套。这么诚实的管理层，应该不会作假帐吧。。。。

8years

“SUPERMAX竟然能管理APLI”

1。只有管理不当才会出现假账。
2。就讲supermax太忙没有时间去看apli财务报告--〉更糟，就代表管理层没有注意财务问题，而管理财务的高层贪污烂权做假账。这样的人竟然在supermax里面做高层，你自己看看supermax里面有几多问题还没有爆光啦。
3。用人不当是为庸才，假账爆光没有人负责下台--〉官官相护，问题依然存在，迟早爆发更大问题

帮supermax讲话就好像在说“阿x拉没有错，是他下面的人吃钱吧了嘛，关他什么事？“
要知道上梁不正下梁歪这千古道理

khliew7

原帖由 8years 于 3-11-2007 02:45 PM 发表
“SUPERMAX竟然能管理APLI”

1。只有管理不当才会出现假账。
2。就讲supermax太忙没有时间去看apli财务报告--〉更糟，就代表管理层没有注意财务问题，而管理财务的高层贪污烂权做假账。这样的人竟然在super ...

不懂APLI最近两季开始出现盈利会不会又是假的？到底SUPERMAX管理的APLI会不会有更好的表现？让时间为我们证明吧。。

为什么APLI突然间会暴发假帐呢？是有人告发的，还是auditor在审查时发现的？如果假帐这么容易就被揭发，而SUPERMAX在管理APLI时却没有发现，这的确是SUPERMAX在管理上的问题。

而假帐才揭发几天而已，到底有没有人会为这假帐问题而负责呢？我们大概可以从这里开始重估SUPERMAX管理层的能力了。

谢谢8年提醒，让我更深入的了解假帐背后的问题。

為了 起見 ，各位大大與其  等待11月supermx公佈「好消息」，不如壯士斷 臂。

留得青山在，不怕沒柴燒。

再說，今年的手套股在油價、膠價挺升當中，營利打了折，不如求去

Mr.Business

新闻。

APLI restructuring up next

Updated : 03-11-2007
Media : The Star
Story By : ERROL OH

NOW that Seal Polymer Industries Bhd is a wholly-owned subsidiary following a general offer, Supermax Corp Bhd can turn its attention to the corporate restructuring of 12.9% associate APL Industries Bhd (APLI). And it is about time too.

Almost three years after Supermax took control of APLI, the latter remains the black sheep of the family, with its operational weaknesses and three-year streak of losses. Says an analyst, ¡§Since the management change at APLI, we've been told several times that the company would turn around soon, but we're still waiting.¡¨

For example, in APLI's annual report 2006, which was released last December, chairman Tan Sri Dr Abdullah Mohd Tahir wrote, ¡§I am confident that with the untiring efforts put in by the management team, the restructuring plan will be successfully carried out and the group would be able to achieve its profit in no time.¡¨

Certainly, things did not get much better last week. On Wednesday, the glove-maker issued its audited accounts for financial year ended June 2007 (FY07), and that led to a double blast of bad news.

Blow No.1 is the disclosure that after audit adjustments, APLI's FY07 net loss is far more than the figure reported in the fourth-quarter results released on Aug 29. Instead of RM4.5mil, the company sustained a loss of RM21.1mil. The net profit variance was mainly due to accounting treatment issues raised by auditors KPMG.

The second surprise is APLI's classification as a PN17 company as a result of its shareholder's equity of RM46.4mil being less than 25% of its paid-up share capital of RM347.6mil. This is connected to the company's loss-making position because the accumulated loss of RM49.6mil ate into the shareholder's equity.

PN17 status is essentially a red flag to indicate that the company may be in some form of financial distress. Under Bursa Malaysia's Practice Note No.17/2005 (hence the term PN17), APLI has eight months to submit to the Securities Commission and other relevant authorities, a plan to regularise its financial condition.

APLI chief executive officer Datuk Seri Stanley Thai, who is also executive chairman of Supermax, says the management had begun looking at options to put the company on a firmer financial footing even before last Wednesday's announcements.

¡§We have been planning to do this for some time. It's not the result of APLI falling into PN17 category. Whether it is in PN17 or not, it will undergo restructuring. Common sense tells you that after Supermax has taken Seal Polymer private, we'll look at APLI next,¡¨ he adds.

From three to two

In 2005, Supermax opted for growth via mergers and acquisition when it became a substantial shareholder of APLI and Seal Polymer. The former acquired the 12.9% stake in APLI in February that year and three months later, it picked up a 17% equity interest in Seal Polymer.

Almost immediately, Supermax began running the day-to-day operations of the two other companies. The intention all along was that there would be manoeuvres that will eventually see three listed glove manufacturers becoming one, with Supermax, of course, as the holding company.

It quickly became apparent that Seal Polymer, which specialises in making nitrile gloves, would be the first to be fully absorbed. Supermax increased its shareholding in Seal Polymer to 23% in September 2005, thus allowing Supermax to equity account its share of Seal Polymer's earnings.

After a false start in 2006, Supermax initiated a merger it announced last March that it would take Seal Polymer private via a scheme of arrangement under Section 176 of the Companies Act 1965.

This involves Supermax, which already had a 28.7% stake then, acquiring the rest of the Seal Polymer shares at RM1.10 each. The conditional voluntary take-over offer was completed on Sept 18.

APLI's troubles ¡V a lot of debts had to be written off, its existing plants were old and there were massive headaches at its new facility in Vietnam ¡V meant that it was an unpalatable merger candidate. In APLI's annual report 2006, Thai acknowledges that it is the group's weakest link.

Not that Seal Polymer was problem-free. In August last year, it announced that its FY06 net profit had been slashed by almost half after its accounts had been audited.

The company said the deviation between the audited and the unaudited figures was mainly due to disruptive changes in the accounts personnel and the accounting system. This episode and the persistent problems at APLI have hurt Supermax's image and credibility.

Speaking about last week's developments at APLI, an analyst who covers the stock says, ¡§It is indeed a surprise. And the market doesn't like this kind of surprises.¡¨ APLI was the most active stock last Thursday and it tumbled from 38 sen to 31 sen.

Long journey to recovery

Supermax invested in APLI at 60 sen per share. It bought 45 million shares in February 2005 and has not bought anymore since then. Thai says this was because the focus was on stabilising and fortifying the business, and not on financial and corporate revamp.

He explains, ¡§Nothing is more important than the business itself. Our priority earlier was to change the business model and strengthen the customer base.¡¨

Among other things, the new APLI management stopped selling to ¡§poor quality¡¨ customers and secured new customers, streamlined operations to boost productivity and efficiency, addressed the problems at the Vietnam plant, and centralised certain functions.

Thai says the management recognises that APLI is ailing but has chosen to take a step-by-step approach to turn it around, instead of taking drastic measures from the get-go.

¡§Our investment in APLI is for the long term. We know that it is taking a long time to restructure the company but at least, we have kept alive a very ill patient. What's important is that this patient can be treated, and hopefully, he can recover to full health,¡¨ he adds.

The proposed restructuring is likely to be announced soon. ¡§We've had several rounds of meetings with our advisers and merchant bankers. It's a matter of working out a scheme that meets the requirements,¡¨ says Thai.

He declines to confirm if APLI will be taken private, although most observers believe that this will be the case. Given that the stock is now trading at about half of Supermax's entry cost, the price may be tempting enough for Supermax to buy a lot more APLI shares.

APLI's regularisation plan will surely have to cover its capital structure, given the accumulated loss of almost RM50mil and the non-distributable merger deficit of RM252mil, a legacy of the restructuring done prior to APLI's listing in 2000.

¡§We have improved the operations and the business. Now it's time to clean up the balance sheet,¡¨ says Thai.

http://www.biznewsdb.com/english ... ulan=11&kw=wwqq

XXXXX

02-11-2007: APLI falls on PN17 status

Email us your feedback at fd@bizedge.com

KUALA LUMPUR: APL Industries Bhd’s (APLI) share price fell seven sen or 18.4% to 31 sen yesterday after the company announced that it was now an affected listed issuer under the amended-Practice Note 17/2005 of the listing requirements of Bursa Malaysia Securities effective Oct 31.

The stock was the most actively traded, with a total of 38.56 million shares done at between 31 sen and 36 sen.

APLI, which is owned by glove maker Supermax Corporation Bhd, announced on Wednesday that its shareholders’ equity on consolidated basis amounting to RM46.44 million was less than 25% of its total paid-up capital of RM347.61 million. The company now has to submit a regularisation plan within a stipulated timeframe.

Due to various reasons, APLI on Wednesday also announced a RM16.57 million variance in its net loss for the year ended June 30, 2007 with the audited loss at RM21.09 million versus the unaudited amount of RM4.52 million.

http://www.theedgedaily.com/cms/ ... a-17ebe660-ff013986

Mr.Business

请看回我的第46楼，如果我的怀疑属实的话，Supermax的麻烦会更大。。。

原帖由 khliew7 于 3-11-2007 10:56 AM 发表
。。。由於該公司繳足資本3億4760萬令吉，現有股東基金不足繳足資本的25%，因此已被列入PN17公司。不過，管理層已在8個月前提呈重組計劃。。。

"管理層已在8個月前提呈重組計劃"？有这回事吗？APLI有向Bursa呈报吗？

Mr.Business

原帖由 khliew7 于 3-11-2007 12:41 PM 发表
APLI做假帐是毋庸置疑了。只拥有APLI股权12.9%股权的SUPERMAX竟然能管理APLI，到底APLI是不是故意让SUPERMAX中这个陷阱呢？

我认为Stanley Thai当年太心急了，想跟top Glove争第一，想到越南发展，所以没有调查清楚就买进APLI的12.9%股份，接收APLI的管理权。
Stanley Thai是中了APLI的前任老板的陷阱了，不然前任老板会这么好，Supermax只有12.9%股份却能接管APLI？后来我们知道APLI的前任老板留给Supermax好多纪念品：
1. 烂帐大堆；
2. 少还税；
3. 少还EPF；
4. 越南工厂的boiler有问题，导致工厂从2006年5月开始停产。

Mr.Business

Supermax的危机。
1. 假帐疑云。

原帖由 khliew7 于 3-11-2007 12:41 PM 发表
我到觉得SUPERMAX方面不会做假帐。记得之前的生產丁晴手套廠商遭侵權訴訟的案件吗？当时TOPGLOVE和KOSSAN等手套公司都提出上诉，唯有SUPERMAX没有这么做，而乖乖作出赔偿，因为SUPERMAX用了生产丁晴手套的知识产权来生产自己品牌的手套。这么诚实的管理层，应该不会作假帐吧。。。。

原帖由 khliew7 于 3-11-2007 03:13 PM 发表
不懂APLI最近两季开始出现盈利会不会又是假的？到底SUPERMAX管理的APLI会不会有更好的表现？让时间为我们证明吧。。

为什么APLI突然间会暴发假帐呢？是有人告发的，还是auditor在审查时发现的？如果假帐这么容易就被揭发，而SUPERMAX在管理APLI时却没有发现，这的确是SUPERMAX在管理上的问题。

APLI的帐目有8条疑问，所以APLI做假帐是毋庸置疑了。
Net Profit Variance in Audited and Unaudited Accounts:
1. Accounting treatment for land lease rental fees payable in respect of the unoccupied plot.
2. Classification of certain machineries and equipment installed at Vietnam plant resulting in depreciation not charged.
3. Damaged machinery parts not written-off.
4. Computation of deferred tax asset and deferred tax liability.
5. Accounting treatment on settlement of corporate tax underpaid.
6. Downward revaluation of finished goods
7. Billing of finished goods sent to specific plant of an affiliatedcompany for QC and packing and onward shipment to external customers.
8. Purchases of raw materials not taken up due to timing differences.

既然都是假帐，那APLI最近两季出现的盈利当然就是假的了，其实我相信假帐的目的就是为了让人们相信APLI已经转亏为盈。

为什么APLI突然间会暴发假帐呢？是有人告发的，还是auditor在审查时发现的？我相信是新法令执行和当局越看越紧，因此auditor （他X的，又是KPMG）不敢放水，所以假帐才暴发出来。

是不是SUPERMAX在管理上出现问题呢？请大家看看APLI的2006年报的CEO's Statement，看Stanley Thai讲过什么。
On February 18, 2005, Supermax Corporation Bhd (“Supermax”) acquired 12.9% Stake in APL Industries  Bhd (“APLI”). In any acquisition, staffs change, rationalization and streamlining of the operations are inevitable. There was a massive change in personnel at all levels. There was a complete change of management and technical staffs & replaced with new staffs including technical personnel. These are some of the drastic steps that the new management has taken, besides changing the work culture and the mind set of the entire APLI Group.
A completely new Sales & Marketing team was set up in July, 2005 and to date we are pleased to share with you that we have managed to eliminate poor quality customers and have replaced with credible & better quality customers including the MNCs.
To date, we have also put in place a strengthened technical team and also a stronger & more effective Internal Audit team at APLI and at Group level too. A Chief Operating Officer has been recruited to spear head & to oversee the running of day to day operation of the APLI Group.
The entire Finance & Accounting team has been relocated to Supermax’s Headquarter effective from November 15, 2006.

现在在APLI工作的人根本都是Supermax的人了。同一批人同时管理APLI和Supermax，APLI暴发假帐，我们又如何肯定Supermax没有同样的事情在上演？我是认为做假帐的目的不是弄钱，只是为了让人们相信APLI已经转亏为盈，可是没有用，投资者将对Supermax再次失去信心。。。

[ 本帖最后由 Mr.Business 于 3-11-2007 11:55 PM 编辑 ]

8years

另一个做假账吃投资者钱的家族
Foo Wan Thot @ Foo Wan Kang (Chairman)
Lee Son Hong (Chief Executive Officer)
Foo Wan Kong (Executive Director)
Loke Hook Beng (Non-Executive Director)

apli从2000上市以来亏钱连连，管理层在上市时就将大部分股权卖出，然后再慢慢吃干内部资金，家族在这骗局里面差不多收集了近亿的资产。

然而没有像到比大众投资者更白痴的supermax管理层竟然会相信有便宜的公司可以买进。结果就中招。

Mr.Business

Yo, 8年兄很勤劳做功课哦。。。

家族在这骗局里面差不多收集了近亿的资产?有近亿这么多？可以讲讲看吗？

[ 本帖最后由 Mr.Business 于 3-11-2007 10:39 PM 编辑 ]

8years

这可以证明supermax管理层已经从apli的deal里得到很多利益（吃钱）。所以不能说supermax管理层，而是根本就是有心吃钱。在手套和做生意也那么久，不要告诉我他连
Foo Wan Thot @ Foo Wan Kang (Chairman)
Lee Son Hong (Chief Executive Officer)
是什么人都不知道。

我们普通投资者被骗是应该因为我们没有那方面的咨询。怎么可能连行业老二也会被骗，根本就是
一早设定的内部吃钱骗局。

8years

从上市时卖出的股权，再加上内部的工钱（白拿公司薪水），再加上买卖货物里的抽水，等等。
大概就接近亿的数目。

不要忘记，再apli亏钱的同时是手套行业大好的时候，每个人都赚钱，为什么apli不能赚？？就是因为赚到的钱全部进了管理层的手里。

8years

还有apli一直以来都是kpmg做audit的。果然kpmg是最多假账的公司，有买kpmg做帐的公司赶快卖啦，不然你就是下个假账受害者

有买kpmg而中招的投资者，那时我只会讲一句，歹你死

Mr.Business

Supermax的危机。
２. PN17疑云。

原帖由 Mr.Business 于 2-11-2007 11:02 PM 发表
最新发现。
我发现当APLI于26/05/2006宣布FY2006Q3的业绩是，APLI的Equity已经只有RM85065K，少过Share CapitalRM347612K的25%。APLI在当时已经应该进入PN17，为何到现在才宣布呢？我会再查查清楚，如果属实我会向Securities Commission投诉，所以呢，有APLI／Supermax的网友或者可以考虑卖出APLI／Supermax。

APLI于31/10/2007宣布成为PN17公司：
Pursuant to the Paragraph 8.14C of the Listing Requirements (“LR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”) and Practice Note No. 17/2005 (“Amended PN17”), the Board of Directors of APLI wishes to announce that, based on the consolidated audited financial statements for the financial year ended 30 June 2007, as announced 31 October 2007, APLI is considered an Affected Listed Issuer as the Company’s shareholders’ equity on consolidated basis amounting to RM46.435 million is less than twenty five percent (25%) of its total issued and paid-up share capital of RM347.612 million of the Company and such shareholders’ equity is less than the minimum issued and paid-up capital as required under Paragraph 8.16A(i) of the LR (“the First Announcement”).

可是当APLI于31/102006宣布FY2006的Annual Audited Accounts时，APLI的Equity就已经只有RM67041K，少过Share Capital RM347612K的25%。APLI在当时已经应该进入PN17，为何过了一年现在才宣布呢？很明显的，APLI的管理层(也就是Supermax的管理层)已经犯下大错了，因此我决定向Securities Commission和Bursa投诉。

现在Media，分析员和投资者还不知道APLI和Supermax的问题的严重性，有买进APLI和Supermax的网友要小心考虑。。。

资料来源：
APLI的FY2006的Annual Audited Accounts。

[ 本帖最后由 Mr.Business 于 3-11-2007 11:00 PM 编辑 ]

8years

你有买apli么？？怎样投诉？？