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!

Insane!

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!