Mems: Part VI

For quick references to the past blog postings on Mems:

1. Mems..
2. Mems: Part II
3. Mems: Part III
4. Mems: Part IV
5. Mems: Part V

I just noted that Mems just announced its quarterly earnings. Let's use Part IV as a quick reference on how Mems had been doing.

Let's brush all this aside and look at how Mems have done since listing.

Quarterly rpt on consolidated results for the financial period ended 31/7/2004

1. Sales 10.732 million.
2. Net Profit 2.348 million. (margin 21.8%)
3. Piggy Bank 56.017 million.
4. Loans 5.02 million

Quarterly rpt on consolidated results for the financial period ended 31/10/2004

1. Sales 12.037 million.
2. Net Profit 3.119 million. (margin 25.9%)
3. Piggy Bank 49.794 million.
4. Loans 4.884 million

Quarterly rpt on consolidated results for the financial period ended 31/1/2005

1. Sales 12.254 million.
2. Net Profit 3.202 million. (margin 26.1%)
3. Piggy Bank 45.856 million.
4. Loans 4.259 million

Quarterly rpt on consolidated results for the financial period ended 30/4/2005

1. Sales 12.226 million.
2. Net Profit 3.290 million. (margin 26.9%)
3. Piggy Bank 45.856 million.
4. Loans 4.259 million

Quarterly rpt on consolidated results for the financial period ended 31/7/2005

1. Sales 11.712 million.
2. Net Profit 4.095 million. (margin 34.9%)
3. Piggy Bank 38.265 million.
4. Loans 3.808 million.

Quarterly rpt on consolidated results for the financial period ended 31/10/2005

1. Sales 11.061 million.
2. Net Profit 3.009 million. (margin 27.2%)
3. Piggy Bank 29.658 million.
4. Loans 3.893 million.

==> 28th March 2006

Quarterly rpt on consolidated results for the financial period ended 31/1/2006

1. Sales 12.322 million.
2. Net Profit 3.4.23 million. (Half ytd net profit 6.432 million)
3. Piggy Bank 22.508 million. (where da moola?)
4. Loans 3.396 million.

And I wonder about the issues I mentioned in Part IV

How?

That's how Mems had performed since listing, which was pretty decent i think. Yes, the cash flow is a bit questionable but all in Mems is decent. (Oooh.. cash flow looking really questionable!)

Did Mems deserve the rather optimistic projections, assumptions from folks in CIMB, OSK and even S&P?

How?

For me, i believe this is a rather simple example of an overly-hyped stock which simply failed to meet their expectations. It reminds me of Warren Buffett's mumbling that when the tide resides, we will know who has been swimming naked. Well, from Mems actual reported quarterly earnings, we can clearly see the nakedness in Mems share price and of course the insane earnings projections assigned to Mems.

So curious to know... since Mems has not meet these so-called expectations... i wonder... i really wonder... did Mems failed or did the market itself failed? What do you reckon?