Shooting Gold!

Gold has been shooting once again.

I am sure you would have noticed. (Hmm.. market up, gold also up? lol)

Did you see how fast it shot up on the hourly chart? :D



And on the slightly longer outlook.


Them guys better pump up the volume much faster, else how would Gold Prices might Rise 20% to 30% By Year-End??

Life is great. :D

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AIG: Nothing But A Ponzi Scheme

I was curious when I saw the following article published on the New York Times: After Rescue, New Weakness Seen at A.I.G.

One passage caught my attention.

• But state regulatory filings offer a different picture. They show that A.I.G.’s individual insurance companies have been doing an unusual volume of business with each other for many years — investing in each other’s stocks; borrowing from each other’s investment portfolios; and guaranteeing each other’s insurance policies, even when they have lacked the means to make good. Insurance examiners working for the states have occasionally flagged these activities, to little effect.
  
  More ominously, many of A.I.G.’s insurance companies have reduced their own exposure by sending their risks to other companies, often under the same A.I.G. umbrella.

Oh lord!

Investing in each other's stocks? Borrowing from each other's investment portfolio?

Left hand to right hand and back to left hand?

Gosh!

And the following blog, TruthInGold calls it nothing but a Ponzi Scheme in its posting, AIG Is Still Working It's Ponzi Scheme and it too highlights the very same article.

• "[State regulatory filings] show that A.I.G.’s individual insurance companies have been doing an unusual volume of business with each other for many years — investing in each other’s stocks; borrowing from each other’s investment portfolios; and guaranteeing each other’s insurance policies, even when they have lacked the means to make good."
  
  The article goes on to quote a former chief insurance examiner for Louisiana who states: "If A.I.G.’s incoming premiums shrink, he warned, 'the whole thing’s going to collapse in on itself.'”
  
  That, my friends, is definitionally a Ponzi scheme. It's no different than what Madoff was doing.
  
  Nothing has been written truthfully about why the Govt did not put AIG into bankruptcy. But let's examine that. We know that $182 billion (that we know about) has been funnelled thru AIG into several banks, most notably Goldman Sachs. But we don't know how much each bank received and we don't know how that money was used. That's one of the primary reasons the Fed does not want to be subjected to the scrutiny of a public audit and Bernanke refuses to talk about that money flow, which comes from U.S. taxpayers, while he's under oath in front of Congress.
  
  IF AIG HAD PUT INTO BANKRUPTCY, the way it should have been given its hopeless condition of insolvency, AIG's hidden financial data (aka off-balance-sheet derivatives agreements, etc) would have been exposed by legal discovery for all to see. Look at Enron as an example, we had no idea whatsoever just how fraudulent Enron's business was until everything was exposed in bankruptcy court. The numbers were staggering. AIG's balance is many multiples larger than was Enron's, so it is very safe to assume that AIG's fraudulent business deals are as well. The above NY Times article exposes some of this fraud.
  
  To further this analysis, had AIG been put into bankruptcy, the big Wall Street firms who had their liability exposure, which was at least $10-20 billion for Goldman Sachs alone, would not have been able to access any of the funding used to keep AIG breathing - they would have had to stand in line with unsecured creditors waiting for any crumbs that might have been left on the table after the liquidation process finished and the lawyers were well-fed.
  
  The bottom line is that AIG's financial condition gets worse every day and it should have been thrown into bankruptcy immediately when it hit the wall last year. It was not put into chapter 11/7 because then Tim Geithner and Hank Paulson would NOT have been unable to channel over $100 billion in taxpayer money to the Wall Street firms who made failed business bets on AIG.

Here's another article worth reading: Joe Cassano: The Man Who Crashed The World

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This Company's Earnings Soared 27-fold

Here's a financial news report that should win an award!

• YHS’ 2Q net profit up 27-fold
  Written by Loong Tse Min
  Friday, 31 July 2009 10:54
  
  PETALING JAYA: Drinks and food products maker YEO HIAP SENG (M) BHD (YHS) posted a 27-fold jump in net profit to RM2.1 million in its second quarter (2Q) ended June 30 from RM79,000 a year earlier, mainly due to higher sales in all sectors, festive sales in Indonesia and favourable foreign exchange rates.
  
  Revenue rose 10% to RM142.25 million from RM129.33 million due to higher turnover in all sectors, including export sales. Earnings per share rose to 1.4 sen from 0.05 sen.
  
  It declared an interim dividend of three sen per share less tax, totalling RM3.44 million.
  
  Cumulatively, for the six months to June 30, YHS posted a net loss of RM6.59 million versus a net profit of RM1.3 million a year earlier, mainly due to the impairment of an investment recognised in 1Q.
  
  Revenue fell 3.5% to RM271.09 million from RM280.8 million.
  
  In its 1Q, YHS had written down RM7.81 million in an investment in quoted securities. Coupled with lower sales and competitive pricing, the company had posted a quarterly pre-tax loss of RM8.91 million.
  
  YHS said the economic situation had improved but competition continued to be severe with aggressive pricing. “The company will continue to take necessary measures to protect its market share,” it said.
  
  
  This article appeared in The Edge Financial Daily, July 31, 2009. (source: here )

How on earth could they come out with such an header??? Sigh!!!

I will not add further except the following screen shot of YHS recent quarterly earnings.

Oh yeah... market is hot.

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So Why Is IOI Corp Raising RM 1.2 Billion?

Posted this morning: IOI Corp: If Investors Are Not Happy

Saw some extra comments made on the Financial Edge Daily's version: IOI’s Lee: Dividend payouts not in jeopardy

• On the use of the RM1.2 billion proceeds, Lee said, “The funds will be kept for investment opportunities.”
  
  On whether any investment targets had been identified, he said: “Not yet. When we have, we’ll let you know.”

Huh?

Raise fund so that they can have extra cash?????

Holy cow!

What if they do another Menara Citibank fiasco and lose rm 73 million???

Not possible????

Is such corporate practise even acceptable?

Can they do a corporate fund raiser without knowing their investment targets???

Sigh!

Why can't they decide their investment target and let their minority shareholders know first????

Yeah, and if IOI investors are not happy.....

I wonder what award they got last night!

Sigh!

Where is MSWG?

Sigh!

You know, when you were small, not too long ago, and you wanted some extra pocket money for that new ______ , you would ask your parent yes?

And would our parent just hand us the moolah, without asking why?

And if our parents asked us why... can we turn around and tell our parents "Well Dad, if you are not happy........ "

Can you ever imagine this happening?

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Featured Report: OSK On Astro All Asia Again!

Sometimes when you continue writing on a subject, your readers get tired of it and you, the writer also get sick of it too.

However, sometimes, it really gets so ...... stunning, that you are really left speechless.

I was left speechless when I saw OSK's report on Astro All Asia.

Back on 21st July 2009, I wrote the following. Featured Report: OSK Research On Astro All Asia
And today, if I am not mistaken, it's only 31st July 2009.

Anyway, as I had summarised, the following were the recommendations from OSK on Astro since Dec 2008.

1. 16 Dec 2008. Trading Buy Maintained 2.90.
2. 4th Feb 2009. Downgrade to Neutral. TP downgraded to 2.20.
3. 17th Feb 2009. Neutral maintained. 2.20.
4. 4th March 2009. Neutral maintained. 2.20.
5. 18th March 2009. Neutral maintained. TP downgraded to 2.00.
6. 17th April 2009. Trading Buy upgrade. TP upgraded to 2.92.
7. 21st May 2009. Trading Buy maintained. 2.92.
8. 1st June 2009. Trading Buy maintained TP upgraded to 3.50.
9. 15th June 2009, Trading Buy maintained 3.20-3.50.
10. 20th July 2009. Trading Buy maintained. TP upgraded to 4.20.

Yes, their last report was titled 'Windfall for Shareholders?' (I wonder what's the question mark for. Isn't it redunant since OSK takes into consideration that it would most likely to happen?)

Here's the link to the previous screenshot again. here

And here's their today report.

• In a swift move that is not totally unexpected, Astro said it will be raising the subscription price for its popular sports package by RM12/mth w.e.f. Aug 1. We estimate the price hike would increase our FY10/11 core earnings by 8.3%-16.2%, all else being equal. Historical precedence would suggest little down-trading activities from price hikes and where we expect the re-pricing to mitigate the pressure from escalating content cost going forward. Maintain TRADING BUY rating with a revised target price of RM3.92 based on DCF (WACC-10.5%).

I do not know to laugh of loud or cry.

The very same analyst that made the wild calls since Dec 2008, had forgotten that his last call, was on 20th July 2009 ( I wonder how many days ago) and on that day, he rated Astro to be a trading buy with a price target of 4.20.

Now he revised the price target to 3.92.

From 4.20 to 3.92, that's a rather hefty revision DOWNWARDS, yes????

And see how nicely he just mentioned as a 'revised price target'.

Now this isn't too accurate, eh?

Some might call it being snakey too!

If anyone did not read or follow his previous calls, would they have known that this is a price revision downwards????

And yeah... hey, it's still a TRADING BUY Maintained!

No one does it better hor?

And for the record again...

1. 16 Dec 2008. Trading Buy Maintained 2.90.
2. 4th Feb 2009. Downgrade to Neutral. TP downgraded to 2.20.
3. 17th Feb 2009. Neutral maintained. 2.20.
4. 4th March 2009. Neutral maintained. 2.20.
5. 18th March 2009. Neutral maintained. TP downgraded to 2.00.
6. 17th April 2009. Trading Buy upgrade. TP upgraded to 2.92.
7. 21st May 2009. Trading Buy maintained. 2.92.
8. 1st June 2009. Trading Buy maintained TP upgraded to 3.50.
9. 15th June 2009, Trading Buy maintained 3.20-3.50.
10. 20th July 2009. Trading Buy maintained. TP upgraded to 4.20.
11. 31st July 2009. Trading Buy maintained. TP revised to 3.92.

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IOI Corp: If Investors Are Not Happy

Posted a few days ago: Comments On IOI's Right Issue: Version II

Now from an investor point of view, we all knew that IOI said it made huge profits the last year. More precisely from quarterly earnings ended 31/12/2007 to quarterly earnings ended recently on 31/3/2009, IOI said it made some 2.276 Billion in net earnings.

And yet the company said it wants to raise some 1.2 billion in a new rights issue.

Surely, it's not logical and neither is it any comforting for its shareholders.

Why the rights issue? What happened to all the big money made?

And then there was the Menara Citibank fiasco. Article entitled: IOI Corp wins bid for Menara Citibank? A rm586 million to buy an office building. And it ended up in a horror story. Yup, it lost some rm73 million when IOI abruptly decided NOT to proceed with the deal. Yes, the press was not impressed at all. IOI Corp should better explain why it’s losing its RM73mil deposit.

The following comments were raised in that article.

• So, why is that changed in three months? Was there an exodus of tenants from Menara Citibank? Did the rental income drop? Was there a collapse in office space prices? Why is the acquisition not strategic anymore?
  
  Why could not IOI Corp have foreseen these problems earlier? After all, the subprime crisis was already upon us. Why did it pay the deposit which it now has most likely lost if it had felt there could be problems?
  
  IOI Corp’s explanation is poor at best and we really don’t know what it is at worst. Investors certainly expect a lot more from this company, once the darling of the stock market. And so should regulators. Minority shareholders certainly have a right to be seriously upset.
  
  Coming so soon after its recent debacle where it reported foreign exchange losses of over RM312mil for the quarter to end-September, the latest episode will put another dent in its reputation, largely unsullied until the forex episode.

And needless to say there wasn't any clear explanation till this very day.

And on Business Times IOI Corp chief says rights plan won't affect dividend payout

• IOI Corp Bhd does not expect its proposed rights issue to affect its ability to pay dividends in the short term and says its major shareholder is ready to pick up shares that are not taken up.
  
  "Not really. Well, if they (investors) are not happy, then we (Progressive Holdings Sdn Bhd) can take it up," IOI Corp (1961) executive chairman Tan Sri Lee Shin Cheng said yesterday.

Did not like what I read at all.

Sorry... just me.

This rights issue is not about it affecting its ability to pay dividends.

It's all about IOI Corp being transparent on why such a huge rights issue coming on the back of a period where IOI made a lot, lot of money. Where did the money go? Why does IOI need the rights issue?

And to say.. if investors are not happy, they will take up the rights issue ... is simply lacking in taste.

How can he say like this? I mean this is rather arrogant, yes?

So if investors are not happy, should they sell their shares?

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Lack Of Interest In US Treasury Action!

On CNBC: Weak Treasury Auctions Raise Worries About US Debt Burden

• The U.S. Treasury sold $39 billion in five-year debt Wednesday in an auction that drew poor demand, raising worries over the cost of financing the government's burgeoning budget deficit.
  
  It was the second lackluster showing in as many days, convincing analysts that the stellar results of debt auctions just a few weeks ago were a fluke and that Thursday's $28 billion seven-year offering could suffer a similar fate....

Concerns and worries.

Do see this posting also: Who Is Going To Lend US Money To Fund Its $2 Trillion Deficit

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End Of Recession?

Here's an interesting report: The End Of Recession?

And Calculated Risk posting in response is worth reading too. A Few Comments on Housing Reports

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Goldman Sachs: The Engineer Of Every Market Manipulation

Matt Taibbi on how Goldman Sachs has engineered every major market manipulation since the Great Depression ..... here

The videos on youtube.

The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.

Any attempt to construct a narrative around all the former Goldmanites in influential positions quickly becomes an absurd and pointless exercise, like trying to make a list of everything. What you need to know is the big picture: If America is circling the drain, Goldman Sachs has found a way to be that drain — an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy.

They achieve this using the same playbook over and over again. The formula is relatively simple: Goldman positions itself in the middle of a speculative bubble, selling investments they know are crap. Then they hoover up vast sums from the middle and lower floors of society with the aid of a crippled and corrupt state that allows it to rewrite the rules in exchange for the relative pennies the bank throws at political patronage. Finally, when it all goes bust, leaving millions of ordinary citizens broke and starving, they begin the entire process over again, riding in to rescue us all by lending us back our own money at interest, selling themselves as men above greed, just a bunch of really smart guys keeping the wheels greased. They've been pulling this same stunt over and over since the 1920s — and now they're preparing to do it again, creating what may be the biggest and most audacious bubble yet.

The basic scam in the Internet Age is pretty easy even for the financially illiterate to grasp. Companies that weren't much more than pot-fueled ideas scrawled on napkins by up-too-late bong-smokers were taken public via IPOs, hyped in the media and sold to the public for megamillions. It was as if banks like Goldman were wrapping ribbons around watermelons, tossing them out 50-story windows and opening the phones for bids. In this game you were a winner only if you took your money out before the melon hit the pavement.

It sounds obvious now, but what the average investor didn't know at the time was that the banks had changed the rules of the game, making the deals look better than they actually were. They did this by setting up what was, in reality, a two-tiered investment system — one for the insiders who knew the real numbers, and another for the lay investor who was invited to chase soaring prices the banks themselves knew were irrational. While Goldman's later pattern would be to capitalize on changes in the regulatory environment, its key innovation in the Internet years was to abandon its own industry's standards of quality control.

Goldman's role in the sweeping global disaster that was the housing bubble is not hard to trace. Here again, the basic trick was a decline in underwriting standards, although in this case the standards weren't in IPOs but in mortgages. By now almost everyone knows that for decades mortgage dealers insisted that home buyers be able to produce a down payment of 10 percent or more, show a steady income and good credit rating, and possess a real first and last name. Then, at the dawn of the new millennium, they suddenly threw all that shit out the window and started writing mortgages on the backs of napkins to cocktail waitresses and ex-cons carrying five bucks and a Snickers bar.

And what caused the huge spike in oil prices? Take a wild guess. Obviously Goldman had help — there were other players in the physical-commodities market — but the root cause had almost everything to do with the behavior of a few powerful actors determined to turn the once-solid market into a speculative casino. Goldman did it by persuading pension funds and other large institutional investors to invest in oil futures — agreeing to buy oil at a certain price on a fixed date. The push transformed oil from a physical commodity, rigidly subject to supply and demand, into something to bet on, like a stock. Between 2003 and 2008, the amount of speculative money in commodities grew from $13 billion to $317 billion, an increase of 2,300 percent. By 2008, a barrel of oil was traded 27 times, on average, before it was actually delivered and consumed.

The history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled-dry American empire, reads like a Who's Who of Goldman Sachs graduates. By now, most of us know the major players. As George Bush's last Treasury secretary, former Goldman CEO Henry Paulson was the architect of the bailout, a suspiciously self-serving plan to funnel trillions of Your Dollars to a handful of his old friends on Wall Street. Robert Rubin, Bill Clinton's former Treasury secretary, spent 26 years at Goldman before becoming chairman of Citigroup — which in turn got a $300 billion taxpayer bailout from Paulson. There's John Thain, the asshole chief of Merrill Lynch who bought an $87,000 area rug for his office as his company was imploding; a former Goldman banker, Thain enjoyed a multibillion-dollar handout from Paulson, who used billions in taxpayer funds to help Bank of America rescue Thain's sorry company. And Robert Steel, the former Goldmanite head of Wachovia, scored himself and his fellow executives $225 million in golden-parachute payments as his bank was self-destructing. There's Joshua Bolten, Bush's chief of staff during the bailout, and Mark Patterson, the current Treasury chief of staff, who was a Goldman lobbyist just a year ago, and Ed Liddy, the former Goldman director whom Paulson put in charge of bailed-out insurance giant AIG, which forked over $13 billion to Goldman after Liddy came on board. The heads of the Canadian and Italian national banks are Goldman alums, as is the head of the World Bank, the head of the New York Stock Exchange, the last two heads of the Federal Reserve Bank of New York — which, incidentally, is now in charge of overseeing Goldman.

But then, something happened. It's hard to say what it was exactly; it might have been the fact that Goldman's co-chairman in the early Nineties, Robert Rubin, followed Bill Clinton to the White House, where he directed the National Economic Council and eventually became Treasury secretary. While the American media fell in love with the story line of a pair of baby-boomer, Sixties-child, Fleetwood Mac yuppies nesting in the White House, it also nursed an undisguised crush on Rubin, who was hyped as without a doubt the smartest person ever to walk the face of the Earth, with Newton, Einstein, Mozart and Kant running far behind.

Rubin was the prototypical Goldman banker. He was probably born in a $4,000 suit, he had a face that seemed permanently frozen just short of an apology for being so much smarter than you, and he exuded a Spock-like, emotion-neutral exterior; the only human feeling you could imagine him experiencing was a nightmare about being forced to fly coach. It became almost a national cliché that whatever Rubin thought was best for the economy — a phenomenon that reached its apex in 1999, when Rubin appeared on the cover of Time with his Treasury deputy, Larry Summers, and Fed chief Alan Greenspan under the headline the committee to save the world. And "what Rubin thought," mostly, was that the American economy, and in particular the financial markets, were over-regulated and needed to be set free. During his tenure at Treasury, the Clinton White House made a series of moves that would have drastic consequences for the global economy — beginning with Rubin's complete and total failure to regulate his old firm during its first mad dash for obscene short-term profits.

After the oil bubble collapsed last fall, there was no new bubble to keep things humming — this time, the money seems to be really gone, like worldwide-depression gone. So the financial safari has moved elsewhere, and the big game in the hunt has become the only remaining pool of dumb, unguarded capital left to feed upon: taxpayer money. Here, in the biggest bailout in history, is where Goldman Sachs really started to flex its muscle.

It began in September of last year, when then-Treasury secretary Paulson made a momentous series of decisions. Although he had already engineered a rescue of Bear Stearns a few months before and helped bail out quasi-private lenders Fannie Mae and Freddie Mac, Paulson elected to let Lehman Brothers — one of Goldman's last real competitors — collapse without intervention. ("Goldman's superhero status was left intact," says market analyst Eric Salzman, "and an investment-banking competitor, Lehman, goes away.") The very next day, Paulson greenlighted a massive, $85 billion bailout of AIG, which promptly turned around and repaid $13 billion it owed to Goldman. Thanks to the rescue effort, the bank ended up getting paid in full for its bad bets: By contrast, retired auto workers awaiting the Chrysler bailout will be lucky to receive 50 cents for every dollar they are owed.

Immediately after the AIG bailout, Paulson announced his federal bailout for the financial industry, a $700 billion plan called the Troubled Asset Relief Program, and put a heretofore unknown 35-year-old Goldman banker named Neel Kashkari in charge of administering the funds. In order to qualify for bailout monies, Goldman announced that it would convert from an investment bank to a bank-holding company, a move that allows it access not only to $10 billion in TARP funds, but to a whole galaxy of less conspicuous, publicly backed funding — most notably, lending from the discount window of the Federal Reserve. By the end of March, the Fed will have lent or guaranteed at least $8.7 trillion under a series of new bailout programs — and thanks to an obscure law allowing the Fed to block most congressional audits, both the amounts and the recipients of the monies remain almost entirely secret.

Converting to a bank-holding company has other benefits as well: Goldman's primary supervisor is now the New York Fed, whose chairman at the time of its announcement was Stephen Friedman, a former co-chairman of Goldman Sachs. Friedman was technically in violation of Federal Reserve policy by remaining on the board of Goldman even as he was supposedly regulating the bank; in order to rectify the problem, he applied for, and got, a conflict-of-interest waiver from the government. Friedman was also supposed to divest himself of his Goldman stock after Goldman became a bank-holding company, but thanks to the waiver, he was allowed to go out and buy 52,000 additional shares in his old bank, leaving him $3 million richer. Friedman stepped down in May, but the man now in charge of supervising Goldman — New York Fed president William Dudley — is yet another former Goldmanite.

The collective message of all of this — the AIG bailout, the swift approval for its bank-holding conversion, the TARP funds — is that when it comes to Goldman Sachs, there isn't a free market at all. The government might let other players on the market die, but it simply will not allow Goldman to fail under any circumstances. Its edge in the market has suddenly become an open declaration of supreme privilege. "In the past it was an implicit advantage," says Simon Johnson, an economics professor at MIT and former official at the International Monetary Fund, who compares the bailout to the crony capitalism he has seen in Third World countries. "Now it's more of an explicit advantage."

Fast-forward to today. It's early June in Washington, D.C. Barack Obama, a popular young politician whose leading private campaign donor was an investment bank called Goldman Sachs — its employees paid some $981,000 to his campaign — sits in the White House. Having seamlessly navigated the political minefield of the bailout era, Goldman is once again back to its old business, scouting out loopholes in a new government-created market with the aid of a new set of alumni occupying key government jobs.

Gone are Hank Paulson and Neel Kashkari; in their place are Treasury chief of staff Mark Patterson and CFTC chief Gary Gensler, both former Goldmanites. (Gensler was the firm's co-head of finance.) And instead of credit derivatives or oil futures or mortgage-backed CDOs, the new game in town, the next bubble, is in carbon credits — a booming trillion- dollar market that barely even exists yet, but will if the Democratic Party that it gave $4,452,585 to in the last election manages to push into existence a groundbreaking new commodities bubble, disguised as an "environmental plan," called cap-and-trade. The new carbon-credit market is a virtual repeat of the commodities-market casino that's been kind to Goldman, except it has one delicious new wrinkle: If the plan goes forward as expected, the rise in prices will be government-mandated. Goldman won't even have to rig the game. It will be rigged in advance.

See Matt Taibbi react to Goldman Sachs' excuse

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My first blogversary!

Happy blog birthday to me, happy blog birthday to me, happy blog birthday to me-e-eh (inhale) happy blog birthday to me!

In case you haven’t realised by now, yes, it’s my first blogversary. It seems insane to think I started Movie Mazzupial on this day a whole year ago. Alas, 286 posts later, here I am still ranting and raving about anything semi-movie related.
Over the past few weeks, when my brain has gone for a wander mid-conversation, I’ve pondered about what to write/do on my blogversary. I tend to get uncomfortable when it comes to celebrating my own birthday so I figure there is no harm in celebrating this one properly.
That is, I have caught and trained 13 marsupials and shaved this web address into their fur. I intend to release them at the entrance to the nearest shopping centre and let their frenzied rampage be its own kind of celebration/marketing ploy. My plan (code named Mission: Mazzupial Mayhem) does not go into effect until 2100hours. In the meantime, I thought I would share some personal reflections about this blog.

• Surprisingly, I’ve kept to my original mission statement and avoided any posts about the exploits of my personal life. Except for the post about my friend who broke her vagina because, well, that was simply too good NOT to share.


• Originally I was inspired to start this by the brilliance of good friend Rickis’ much wittier and substantial blog. That has not changed, however, the pool of writers who now inspire and entertain me has grown to include the likes of Siamese Saffron, King Of New York Hacks, Fuck You Penguin and Little Bohemian.


• A fitting tagline for this site finally occurred to me a few weeks ago in a dream which may or may not have featured Mark Wahlberg.


• Within a year some friends have gone and others nearly been lost which makes me appreciate having this outlet to write about things I love, however trivial that may seem to some.


• I have maintained this site for a year, which is approximately 11 months and 15 days longer than any relationship I’ve maintained with a member from the opposite sex.


• A newspaper journalist by trade, I founded Movie Mazzupial as a way to improve my writing and vent all the film thoughts I had going on in my head. After the first few months I began to realise how much I loved writing about movies and started treating this blog as a portfolio of movie related stories. Without revealing too much, a year on this site has helped me take those few important steps closer to my dream career.


• Damnit! I did not want to get soppy and here I am preaching about dreams coming true if you work hard enough and blah blah blah.


• Thanks to this blog I have met an awesome bunch of like-minded people on the 20 something bloggers network. They were even helpful enough to suggest some ways to celebrate my first blogversary. These included strippers, a vlog (which it turns out is not a vampire-hog like I originally presumed), commemorative post, getting hammered, strippers, give-away’s and strippers. Er, thanks guys.


• I have had the opportunity to meet some amazing up and coming filmmakers, actors, producers, special-effects experts and bring their work to you. With an exciting trip on the horizon, I hope to give you some more juicy juice in the next month.


• 365 days does not change the fact that despite being of indigenous New Zealand heritage, I do not appreciate being called `cuz’ or `Maori-a’. Unless it is amongst the select group of friends with whom racist and parental jokes are allowed.


• I have broadened my readership from two faithful subscribers to a bunch of peeps from all around the globe. I hope you continue to find something mildly interesting on this site so you keep coming back and sharing your opinions with me.

Due to unforeseen circumstances Mission: Mazzupial Mayhem has been aborted.

Instead, I made this to celebrate –

A HAPPY BLOG BIRTHDAY MOVIE MAZZUPIAL CAKE!

Note the talented artwork to make the chocolate cake resemble a marsupial, complete with musk stick whiskers and licorice ears.

(above and below) The mixing process, from scratch mind you.

Waiting for my baby to cook . . . .

. . . .aaaannndd out of the oven.

Icing, icing baby.

Ta-da!

Hmmm, not too far away from my original sketch.

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RCE Capital's Private Placement

You could not ask to write a much better script. :)

Last night the Edge Financial Daily uploaded this.

• RCECap fixes placement price
  Written by The Edge Financial Daily
  Monday, 27 July 2009 22:26
  
  KUALA LUMPUR: RCE CAPITAL BHD has fixed the issue price for its private placement of 71.09 million shares of 10 sen each at 55.03sen per share.
  
  In a statement today, RCE Capital said the price was a discount of 10% to the five-day weighted average market price from July 20 to 24 of 61.15 sen per share.
  
  It said the private placement was expected to be completed by mid-August.

Private placement fixed at 55.03 sen.

Hmm.... my a private placement. Now this is a good reason to buy up the share.

And this morning, the Edge Financial MADE another posting.

• RCE Capital up in very active trade
  Written by Joseph Chin
  Tuesday, 28 July 2009 09:49
  
  KUALA LUMPUR: Shares of RCE CAPITAL BHD was the most active counter in early trade on July 28 in the absence of corporate news except that it had fixed the placement shares at 55.03 sen each.
  
  At 9.44am, it was up three sen to 65.5 sen with 7.31 million shares done.
  
  The company announced on July 27 the private placement of 71.09 million new shares of 10 sen each to investors was fixed at 55.03 sen.
  
  RCE Capital said the issue price was arrived at after applying a discount of 10% based on the 5-day weighted average market price of RCE shares from July 20 to 24 of 61.15 per share.
  
  With the price-fixing of the placement Shares, the company said it expected the private placement to be completed by mid-August.

Hmm.... private placement. Benefiting those placement buyers. Let's get active yo!

And then K&N Kenanga decides to issue a buy report on RCE.

Its buy target 70 sen. LOL!

Talk about sweet, sweet timing.

Life is simply grand.

Let's push up the shares so these private placement buyers could get rich fast!

Sweetness!

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Share BuyBacks: Parkson Holdings Part II

It's been a long time since I had updated on Parkson's share buybacks.

I've compiled a table and loaded it into this posting. Do note that due to sheer size of the table and that I am but human, error in data entry could happen. It's too huge for me to check back. :P

*************

As per my entries, it would appear that Parkson had spend some 93 million in share buybacks.

Average cost is around 4.42.

Oops.... how much is Parkson trading now? hmmmm..... LOL! Yeah... see, I am posting something positive, eh?

Ho ho ho.... how? Value woh... buy ah?

**************
Anyway... cough... cough... cough....

if the current share price of Parkson isn't taken into consideration... aren't you shocked at the monetary value of the share buybacks?

At least 93 million woh.

When I first blogged on this issue, almost exactly a year ago, Pakson Holdings Share Buybacks, Parkson back was sitting on a whopping 'paper loss' of around some 6.4 million. Now it's sitting on 'paper gains'. (Success story? LOL! See, I do give credit when credit is due)

How now my dearest?

:D

***************

harlooo... this is just a mere observation. And if you insist it's a tip... lol.... don't blame me if you don't lose money.

**************

ps... do you think it's ironic? Parkson has stopped buying back their shares since end March 2009. Their shares had been moving higher and higher since then. LOL! Maybe as some uncle would proclaim... Parkson is jinko to their own shares! LOL!

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Maxbiz: The Dog Ate My Assets!

Do you remember them school days. You forgot your homework and as kids, we would come out with some of the daftest and silliest excuses in our attempt to cover up.

I was less than impressed when I highlighted Maxbiz and its missing 40 million assets in the posting, Honey Did You See My Missing 40 Million Assets?

On the Edge Financial Daily, Maxbiz fails to trace missing assets and by jolly, they did lose a car (as suggested in the earlier blog post!)!

Sorry but it's not even funny.

It's simply ludicrous.

What on earth is happening in this company?

• KUALA LUMPUR: Maxbiz Corp Bhd said today its missing assets of RM40.3 million could have generated sufficient returns to cover a RM1.8 million loan given to its subsidiary Mayford Garments Sdn Bhd (MGSB) by RHB Bank Bhd.
  
  It said a winding-up order was made against MGSB on Feb 28, 2007 by RHB Bank as the company had defaulted on the RM1.8 million loan. Maxbiz said attempts were being made to resolve the matter with RHB Bank.
  
  The missing assets comprised plant and machinery, a motor vehicle, office equipment, furniture and fittings, with a net book value of RM40.29 million as at Dec 31, 2006. The asset cost was RM64.44 million as at that date.
  
  Maxbiz said directors who were appointed on June 26, 2007 and Nov 26, 2007 had failed to communicate with the former directors of MGSB over the missing assets. It has lodged police reports over the matter.
  
  Maxbiz said it had written off its entire investment of RM47.11 million in MGSB last year.

How could plant and machinery go missing?

And these missing assets comprising of plant and machinery, motor vehicle, office equipment, furniture and fittings carried a net book value of rm40.29 million??????????????

??????

( Off topic: See this is why I personally would not invest using book value yardsticks. There is always a chance of the company inflating their book value. )

And needless to say, when I visited Bursa website for more info on Maxbiz, I get such announcements.

• MAXBIZ CORPORATION BERHAD ("MAXBIZ") - Monthly Status Announcement on Default in Payment Pursuant to Practice Note No. 1/2001
• Quarterly rpt on consolidated results for the financial period ended 31/3/2009

This announcement in May 2009 was worth noting: MAXBIZ CORPORATION BERHAD ("MAXBIZ" or "the Company") - Deviation of Results

• Pursuant to Paragraph 9.19 (34) of the Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of MAXBIZ wishes to announce that the Company's loss after taxation for the financial year ended 31 December 2008 has deviated by 1135% from the unaudited loss after taxation of RM6.227 million as announced on 2 March 2009. The audited loss after taxation stated in the audited accounts now stands at RM76.926 million.

WISHES to announce? Duh! Rather poor choice of word, no? I mean, is the company so happy that there is such a massive deviation in earnings????

Omigosh... from 6.227 million losses corrected to rm76.926 million!!!!!!!!!!!!!!

!!!

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Bringing the BIFF

Everyone loves a good biff, especially when it has absolutely nothing to do with The Footy Show. Here, I’m speaking about the one and only Brisbane International Film Festival also known as BIFF. The Gold Coast, being the cultural vacuum that it is, us film geeks eagerly await the annual BIFF where a selection of films from around the world are screened over the course of one and a bit weeks. This year I’ve been lucky enough to work with some of the BIFF crew by putting together articles on various films for the website and daily newsletter. With dozens of movies crammed into the 11-day event it would be easy to miss some of the real gems. The good news is I’ve taken a look at the complete line-up of films screening at this year's festival and even watched some of them early. So, the following is my list of the films you MUST SEE or die at this year's BIFF. For you international readers this can be a handy guide of limited release films you should keep an eye out for in the coming weeks/months.

An Education – the opening night film starring Peter Sarsgaard and set in the 60s. The Sars-man in a film with romance, drama and intrigue sounds like too rare an opportunity to miss.

BALIBO – the notorious tale of five young, Australian journalists who were executed while reporting on Indonesia’s invasion of East Timor in 75. An impressive Aussie cast including Gyton Grantley, Nathan Phillips and Anthony LaPaglia expose the Australian and Indonesian governments shameless efforts to cover-up this important story.

Coraline – has been covered extensively on this blog given its beautiful visuals and dark storyline. Directed by Henry Selick, director of the classic Nightmare Before Christmas, Coraline follows the adventures of a young girl who discovers a secret door leading to an alternative reality.

500 Days of Summer – a last minute addition to the festival line-up, this quirky, nontraditional love story deserves to be seen purely because it features the talents of Movie Mazzupial favourite Joseph Gordon Levitt. It also stars everyone’s favourite indie film star Zoey Deschanel.
CHE: Parts One & Two – director Steven Soderbergh’s stunning two-part opus based on the life Che Guevara and starring Benicio Del Toro in the title role. You’ll be hard pressed to catch this screened back to back anywhere else in Queensland.
Away We Go – highly peculiar, yet, interesting film which looks at the journey of two thirtsomethings who discover they’re going to have a baby. Instead of settling down and preparing, the couple take to the road to visit old friends. This is the latest thing from the amicable Sam Mendes and marks a return to his off-beat indie roots.

The September Issue – one of the most anticipated documentaries of the year, this film delves into the life of legendary Vogue editor-in-chief Anna Wintour in the lead-up to the massive September issue.
Jules And Jim – this French film from the 60s is a classic love-triangle with arguably the most recognisable face in French cinema –Jeanne Moreau.
Moon – one of the films I’m most looking forward to, this sci-fi thriller i

s the debut feature from David Bowie’s son Duncan Jones and stars Sam Rockwell in what is said to be the performance of his career.
The Missing Person – a private detective is hired to follow a missing person but what started as a simple job rapidly develops into a complex mystery. Full of double-crosses and classic noir moments, this is a film not to be missed by lovers of all things noir.

The Strength of Water (below)– having Maori parentage, I like to pay special attention to films from indigenous New Zealand filmmakers. The Strength of Water is definitely worth the gaze. A unique look at the complexity of grief through the eyes of a 10-year-old living in an isolated Maori community. Beautiful, naturalistic, creative and moving. A must-see.Van Dieman’s Land – the infamous tale of Australia’s very own Hannibal Lecter gets the big screen treatment from a filmmaker heading for the stratosphere.Subdivison – Brisbanite Ash Bradman (from Nova radio fame) wrote and stars in this appealing comedy set in semirural Hervey Bay. Fans of Aussie films like Crackerjack, The Castle and Kenny are likely to enjoy this.
The Cove – along with Cathy Henkel’s The Burning Season, this has to be one of the most important documentaries of the year and looks at the culling of dolphins in the picturesque town of Taiji, Japan. Part horror film, part espionage thriller and part environmental documentary, The Cove is all part's essential viewing.
It Might Get Loud – there’s no time for air guitar in this documentary which takes the audience on a candid trip into the world of three of rock’s most iconic electric guitarists; Jimmy Page (Led Zepplin), the Edge (U2), and Jack White (The White Stripes).

Black Dynamite – if I even have to explain to you the plot of this film, given the sheer volume of posts about it on this blog, then you deserve to be pimp-slapped into a China cabinet. Here’s your chance to see what all the fuss is about.

Dead Snow – Tarantino and Rodriguez fans, like myself, are likely to adore the work of the Norwegian lads behind this low-budget, horror slapstick about Nazi zombies. Writer/director Tommy Wirkola and writer/star Stig Frode Henriksen have been pipped for big things since their debut short Kill Buljo and their first feature doesn’t disappoint. Catch their work before it explodes as their next film Hansel and Gretel: Witch Hunters has been picked up by The Weinstein Company (bada-boom).

Storage – a tense, edge-of-your-seat psychological thriller from Brisbane filmmaker Michael Craft and starring Gold Coast actor Matt Scully in the lead role. An impressively clever debut from Craft who shot the film in storage facilities in and around Brisvegas. Creepy.
The Horsemen – containing what is said to be one of the `most amazing fight scenes captured’ is there really any other reason to see this?

Ticket prices are cheap as chips compared to a normal outing at the movies and BIFF is running a series of workshops where you can meet the director, producer, writer and/or stars of some of the films. For session times, film details and all the nitty-gritty check out their website here.

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Oldman suddenly cool, and down with the kids

BATMAN 3 TO START FILMING NEXT YEAR?!

I’m sorry if my overuse of capitals hurt your eyes, but really, your pain pales in insignificance compared to the prospect of Batman 3 getting underway next year!!!

After the colossal success of The Dark Knight, rumours surrounding director Chris Nolan’s third Batman film have been flying out of every A-Lister's orifice. The latest comes from cast member and all-round stellar chap Gary Oldman who plays police commissioner Gordon in the films. Whilst taking part in a panel at Comic-Con with Denzel Washington and Mila Kunis to promote their latest film The Book of Eli, some ballsy person probed Oldman on the latest Batman 3 news. He had this to say:

“We’re starting filming on the next Batman next year. So it won’t be out for another two years at least, I think. But you didn’t hear it from me!”

Actually, Oldman, we did hear it from you since you’re the only semi-reliable person to dish anything about the movie in recent months. Hmmm, another two years you say? That would make a new Batman film due for release around 2012-ish which sounds about right considering Nolan is busy festering away on his latest project Inception. What’s that? Nolan is making a non-Batman film? Yes, kids, believe it or not he’s extremely good at it too. For those wanting to hear all about Nolan’s sci-fi actioner, stay tuned as I intend to post a full run-down on Inception in the next few days.

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More On IOI Corp

Posted yesterday. Comments On IOI's Right Issue: Version II

In that posting I highlighted one simple issue.

From Feb 2008 quarterly earnings (for period ended 31/12/2007) to Feb 2009 quarterly earnings (31/12/2008), IOI announced it made some 2.2 Billion in earnings. And despite making so much money, rm2.276 Billion in this period, IOI's net debt actually increased by 1.918 billion.

My inquisitive mind, asked where did the money go.

Got the following comment.

• jitseng said...
  The money to stock buys back.The used about 1.6b

Now if I search Bursa website, I would find this announcement dated 22/6/2009. Notice of Shares Buy Back - Immediate Announcement

In it, it states that the cumulative shares bought back was 291,244,500.

Now I give it a benefit of a doubt, and make a simple goofy assumption that all the shares bought back was during this period and I would also assume what jitseng is saying is correct.

So assuming IOI spend some 1.6 billion in share buybacks.

Now I am more dumbfounded because I would look at it in an even more simplistic manner.

This company made some 2.2 Billion in profits and then it spends some 1.6 billion in share buybacks.

Errr..... wazzap doc?

Does this sound like a good business economics at all?

Does such a corporate exercise makes business sense at all?

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Is The Local Retailer Not In The Market?

Some had been concerned with the lack of volume in the local market.

Without volume, it means that there is not much buying interest.

And without the buying interest, how high can the stock market go?

On Star Biz on Saturday Whither stock market?

• Of volumes and liquidity
  
  A dealer who has been trading the Malaysian market over the last 10 years says it is getting increasingly difficult to do so. He adds that foreign transactions have been insignificant. Over the last two weeks, locals made up some 80% of the volumes.
  
  “Yes, you see 1 billion volumes being transacted in the last two weeks, but there’s no real liquidity in the market. Retailers are definitely not in. They are actually very few participants in the market. It is just the institutions that are supporting the market,” the dealer says.
  
  On this note too, he says foreigners do not view Malaysia as an attractive market.
  
  “They cannot short our market because it goes up very easily. Under the FBM 30 index, the top 5 stocks already make up some 50% of weightage. Once these stocks move, the index goes up, hence there is no opportunity to short. And for the foreigners to buy now, there is no upside. Hence what do they do? Exit the market of course,” says the dealer.

Firstly, who the dealer? Dealer from which company?

Anyway, this unknown dealer does have a point or two.

• ......... but there’s no real liquidity in the market. Retailers are definitely not in. They are actually very few participants in the market. It is just the institutions that are supporting the market,”

Is this point valid?

Is there a lack of volume?

If so... is the retailers not in the market?

Why?

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Comments On IOI's Right Issue: Version II

Posted Comments On IOI's Rights Issue yesterday.

Got the following comments...

• 棕油网 said...
  moola, please refer to three items into one,
  
  there are short term fund 1,905,639
  short term deposit 268,556
  cash and bank 341,407
  
  just look back to Humeind, their piggy cash slump after exchange with Evergreen Fibreboard, but later the director gave a clue to the cash position.

Yeah, I goofed up. :p2

I missed out the short term fund and my attempt in the corrections looks so freakingly messy.

Hence this posting.

Let me start over again.

Feb 2008, Quarterly rpt on consolidated results for the financial period ended 31/12/2007

Total cash should be 427.109 + 531.574 + 692.897 = 1651.580 million (or 1.65 Billion)

Short term + long term borrowings = 205.697 + 3363.589 = 3569.186 million (3.569 Billion!)

Which means from a cash/debt position, IOI's is in a net debt position of 3.569 - 1.651 = 1.918 Billion.

Now let's look at the money earned during this period

1. Quarterly rpt on consolidated results for the financial period ended 31/12/2007
Net earnings: _______________ 581.191 million

2. Quarterly rpt on consolidated results for the financial period ended 31/3/2008
Net earnings: _______________ 601.639 million

3. Quarterly rpt on consolidated results for the financial period ended 30/6/2008
Net earnings: _______________ 597.284 million

4. Quarterly rpt on consolidated results for the financial period ended 30/9/2008
Net earnings: _______________ 290.500 million

5. Quarterly rpt on consolidated results for the financial period ended 31/12/2008
Net earnings: _______________ 168.586 million

6. Quarterly rpt on consolidated results for the financial period ended 31/3/2009
Net earnings: _______________ 37.362 million

Adding it all up (did you note the drastic decline in earnings?), I got 2276.562 million (or 2.276 Billion) (hope I did not goofed up again. )

So during this period, IOI made 2.276 Billion.

However, as per IOI's last reported quarterly earnings was on 15th May 2009, Quarterly rpt on consolidated results for the financial period ended 31/3/2009, it showed that IOI cash balances were 268.556 + 341.407 + 1905.639 = 2515.602 million (or 2.515 Billion)

Short term + long term borrowings = 37.771 + 5682.610 = 5721.381 million (5.721 Billion!)

Which meant, from a cash/debt position, IOI's net debt = 5721.381 - 2515.602 = 3205.779 million (or 3.205 Billion!).

Compare to 31/12,2007, IOI was in a net debt of 1.918 billion.

Which means despite earning 2.276 Billion in this period, IOI's net debt increased by 1.918 billion.

Where did the money go?

Yes, I am aware that during a major acquisition or in IOI's case, the privatisation of IOI Properties, cash position does weaken.

Would this be the case?

Now IOI Properties privatisation was completed in April 2009. Now I would use Feb 2009 earnings as a reference point (would I be goofing up here?). Quarterly rpt on consolidated results for the financial period ended 31/12/2008

Total cash = 1005.374 + 397.354 + 445.530 = 1848.258 million or 1.848 Billion.

Short term + Long term borrowings = 73.453 + 3816.098 = 3889.551 million or 3.889 Billion.

Net debt = 3.889 - 1.848 = 2.041 billion.

Ahh...

Which meant that IOI's cash/debt position did not deteriorate as suggested.

However, if we minus the May's earnings, IOI still made a lot of money.

How much? Try 2276.562 - 37.362 = 2.239 Billion.

Yet again... despite making sooooooooooo much money, IOI's balance sheet did NOT reflect the richness gained from the CPO bull run.

Another issue, as seen in May 2009 earnings, IOI was in a net debt of 3205.779 million. In Feb 2009, it was 2.041 billion.

Which meant IOI net debt increased by some 1.164 Billion.

And all this from IOI's Privatisation. (Would I be a goofer to say this?)

Now isn't it ironic that IOI's proposed rights issue amounts to some 1.2 billion?

Would I be goofy to suggest that this rights issue is paying for the privatisation of IOI Property?

How?

Would you be happy?

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Comments On IOI's Rights Issue

On Star Business. in the article, Report: New IOI debt sign of ‘more subdued outlook’, several research houses gave their opinions.

I was not impressed with the last few passages.

• ........... A local brokerage said while the rights issue might not be ideal, it was probably the easiest and fastest way to raise the required funds in the current tight capital market.
  
  IOI was likely to use the proceeds to refinance some of its convertible bond issues, of which one is due in 2011 and another in 2013, it said.
  
  A bank-backed research house, meanwhile, believed IOI was building its war chest for major acquisitions given that it was in a healthy financial position.
  
  IOI’s free cashflow for FY10 is estimated at about RM1.5bil versus capex needs of RM500mil. As at May 8, unutilised proceeds from the third exchangeable bonds totalled RM732mil.
  
  Regional plantation companies also seemed to be on a fund-raising spree, the research house said, noting that Wilmar International Ltd was listing its China operations in Hong Kong while Indofood Agri-Resources was mulling a 1 trillion rupiah bond issue.

Not too impressed with this un-named bank-backed research house.

Which research house is this?

Why give such comments and chose to be an unknown?

How accurate is the healthy financial position mentioned by this unknown bank-backed research house?

Me?

I would question the healthy financial position.

Let me prove what I am saying.

Earlier this year, I wrote the following posting. IOI Earnings Results And Flashback On What Has IOI Done The Past One Year

Let me re-cycle some stuff.

Here's the objectivity of this simple exercise. Since 2008, the CPO had the mother of all bull runs. All planters made insane profit. Money were like falling from the sky. Yes?

So a comparison from a quarterly reports then and compare to present day, and see how healthy is IOI's financial position.

Would this not be logical?

Anyway, from that posting... , I want to use the quarterly earnings reported on Feb 2008.

:: ..... I start with looking at what was on IOI's books back exactly a year ago, Feb 2008, Quarterly rpt on consolidated results for the financial period ended 31/12/2007

Short term funds+cash and bank balances = 427.109 + 531.574 = 958.683 million.

*** Errata !!! ***.

Missed out the short term funds. Looks like my eyes are short! :p2

Total cash should be 958.683 + 692.897 = 1651.560 million.

Short term + long term borrowings = 205.697 + 3363.589 = 3569.186 million (3.569 Billion!) ( you can verify this on this screenshot here )

Net debt position = 3569.186 - 1651.560 = 1917.626 million

IOI's last reported quarterly earnings was on 15th May 2009. Quarterly rpt on consolidated results for the financial period ended 31/3/2009

Short term funds+cash and bank balances = 268.556 + 341.407 = 609.963 million.

*** Erata !!! ***

Total cash should be 609.963 + 1905.639 = 2515.602 million

Short term + long term borrowings = 37.771 + 5682.610 = 5721.381 million (5.721 Billion!)

Net debt = 5721.381 - 2515.602 = 3205.779 million

How?

*** Errata ***

Cash balances of 958.683 million had diminished to 609.963 million!
Loans ballooned from 3.569 Billion to 5.721 Billion!!

IOI as at 31/12/2007 was in a net debt of 1917.626 million. IOI latest earnings as at 31/3/2009 saw IOI having net debt of 3205.779 million.

I do not know but would this be the definition of a healthy financial position when cash had diminished and loans ballooned? when during a period when IOI saw CPO crude prices hit record highs, their net cash position actually deteriorated?

Now consider this also.

Anyone want to count the 'money' made by IOI during this period?

1. Quarterly rpt on consolidated results for the financial period ended 31/12/2007
Net earnings: _______________

2. Quarterly rpt on consolidated results for the financial period ended 31/3/2008
Net earnings: _______________

3. Quarterly rpt on consolidated results for the financial period ended 30/6/2008
Net earnings: _______________

4. Quarterly rpt on consolidated results for the financial period ended 30/9/2008
Net earnings: _______________

5. Quarterly rpt on consolidated results for the financial period ended 31/12/2008
Net earnings: _______________

6. Quarterly rpt on consolidated results for the financial period ended 31/3/2009
Net earnings: _______________

So where all the money go when IOI was making big money?

Dividends? Maybe IOI paid out a lot of dividends?

Second interim dividend
Interim Dividend
Interim Dividend
Interim Dividend

And then there was the privatisation of their listed subsidiary, IOI Properties. ( see Big Ouch For IOI Properties! )

How?

If you are an IOI Corp shareholder, how would you evaluate your investment?

Don't you find it incredible that after the biggest ever bull run in the CPO prices that IOI Corp want to raise some 1.22 billion in a rights issue?

How my dearest?

***************************
Many thanks to 棕油网 for pointing out that I had made some error. :D

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