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CHINA S-CHIPS RECOVERY 2020 TOP POTENTIAL
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sengsk
Elite |
20-Feb-2019 12:08
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AVOID ! Ugly Chart ! |
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Starship
Supreme |
04-Feb-2019 17:35
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Neverending stream of Clown Acts in SGX Circus..............................  Y Like This? Published February 04, 2019By Mak Yuen Teen On 21 January 2019, Y Ventures Group, which listed on Catalist in July 2017, announced material errors in its unaudited results for the six months ended 30 June 2018. The cumulative effect of these errors resulted in the profit and loss position being overstated by about US$1,303,463. The &ldquo profit&rdquo of US$143,330 announced back in August 2018 has now turned into a loss of US$1,160,133. The company disclosed that US$1,453,873 was erroneously recorded as inventories (or an overstatement of nearly 25%) US$20,453 was erroneously recorded as property, plant and equipment US$172,238 was erroneously omitted as trade and other receivables and US$196,869 was erroneously omitted as administrative expenses. The company said that its audit committee and board &ldquo have observed that there were certain inadequacies in the Company&rsquo s internal controls which led to the lapses in recording of transactions&rdquo . Y Ventures blamed the errors on &ldquo administrative inadvertences&rdquo , which therefore joined terms such as &ldquo administrative oversight&rdquo and &ldquo inadvertent omission&rdquo into the lexicon of excuses when companies make erroneous disclosures. SGX Queries Following the announcement of the errors and the release of the restated results, SGX Regco issued two detailed sets of queries. In response to the first set of queries, Y Ventures said that there was an entry of incorrect unit costs for inventories as at 30 June 2018, which it explained was due to the company using Excel to reconcile inventory on a monthly basis. It said that such a system was adequate at listing as the company had one key supplier which accounted for a majority of the Group&rsquo s purchases. According to the company, it has now developed an in-house computerised Inventory Management System (IMS). For the understatement of administrative expenses, it said that certain intercompany transactions and balances were not fully reconciled and eliminated as at 30 June 2018, but it now carries out consolidation of accounts on a monthly basis instead of half-yearly, which will enable management to detect any discrepancies in a more timely manner. The company also said that insufficient manpower and expertise in the Finance and Accounting department had contributed to the errors, and that manpower has now been increased. Catalist rule 719 requires an issuer to have adequate and effective systems of internal controls (including financial, operational, compliance and information technology controls) and risk management systems. Section 199(2A) of the Companies Act requires every public company and every subsidiary company of a public company to devise and maintain a system of internal accounting controls. Inventory errors Let us look more closely at the circumstances surrounding the errors and the company&rsquo s explanations. First, it is quite surprising that for a company which calls itself a &ldquo data analytics driven e-commerce retailer and distributor with presence on multiple online marketplaces in different jurisdictions&rdquo and which repeatedly touts its data analytics capabilities in its offer document, to be using Excel to reconcile its inventory on a monthly basis with unit costs manually keyed in. This was apparently the case until as late as about one year after its listing, and possibly later. External and internal auditors The company said that the company&rsquo s external auditors, Baker Tilly LLP, &ldquo have confirmed that they are not aware of any material misstatements relating to the prior periods that will require them to modify or withdraw their audit opinions for the financial years ended 31 December 2014, 2015, 2016 and 2017&rdquo . Did the external auditors do additional work in order to provide this confirmation in light of the errors that have now being discovered by management? In its disclosures and responses to queries on how the errors were discovered and what transpired after that, there was no mention about the external auditors being asked to review the past audited financial statements &ndash the actions described by the company were focused on the results for the half-year ended 30 June 2018. Dividend policy There are other concerns with certain statements by the company. Under &ldquo investment merits&rdquo in the offer document, it said that &ldquo For FY2017 and FY2018, [it] intends to declare an annual dividend of not less than 20.0% of our net profits after tax attributable to our shareholders for the respective financial year&rdquo . The company reported profits attributable to shareholders of the company of US$0.29 million, US$1.67 million and US$1.53 million in FY2014, FY2015 and FY2016 respectively before its listing, and then reported a loss of US$0.79 million in FY2017 after listing. Since the company made a loss in FY2017, no dividend was in fact paid. In the FY2017 annual report, the company changed its tune about the dividend policy as it now said: &ldquo The company does not have a fixed dividend policy. The issue of payment of dividends is deliberated by the Board annually, having regards to various factors (e.g., Company&rsquo s profit, cash flow, capital requirements for investment and growth, general business conditions and other factors as the Board deems appropriate)&rdquo . So, was the &ldquo dividend policy&rdquo expressed in the offer document inaccurate, or an administrative inadvertence? Delay in disclosure Catalist Rule 703 requires the immediate announcement of material information which is necessary to avoid the establishment of a false market in the issuer&rsquo s securities or would be likely to materially affect the price or value of its securities. Section 203 of the Securities and Futures Act (SFA) states that &ldquo a person&hellip must not intentionally, recklessly or negligently fail to notify the approved exchange of such information as is required to be disclosed by the approved exchange under the listing rules&rdquo . Some thought should be spared for those investors who bought shares of the company during this period, when they were trading as high as 30 cents. The day after the errors were announced, the shares closed at 18.7 cents and continued to tumble to 8.1 cents by 1 February 2018. On 1 November and 2 November 2018, Prism Investment Ventures Limited, a pre-listing investor whose moratorium ended in July 2018, sold two blocks of shares at 28 cents and 22 cents per share respectively, reducing its total stake from 11.11% to 4.03%. The share price had closed at 30 cents on 31 October 2018. Investors may be concerned as to whether this substantial shareholder was aware of the undisclosed material information when it sold the shares. Regulators need to investigate to ensure that this was not the case. Change in CFO The circumstances surrounding the resignation of the former chief financial officer (CFO) &ldquo to pursue other career opportunities&rdquo , which was announced by the company on 31 August, may also warrant scrutiny. Assuming that the company had announced as soon he gave notice of his resignation (which is required by the listing rules), the fact that he left the next day without serving any notice period may raise questions as to whether it was related to the errors in the accounts &ndash especially since it was not only 17 days after the incorrect results announcement. More timely action needed My view is that trading in the stock should have been suspended immediately once the material errors were discovered and a thorough special audit ordered then by SGX Regco. The internal control weaknesses appear to be systems and process-related, which in turn increase the risks of human errors and fraud. There must therefore be doubt about the accuracy of the previous unaudited and audited financial statements of the company, including those prior to listing, notwithstanding the confirmations received from the external auditors and others. Given the circumstances, I also believe the special auditor should only report to SGX Regco to ensure absolute objectivity in its findings. The relevant regulators must then follow up timely with any necessary action for breaches in the listing rules, Securities and Futures Act and even Companies Act. https://governanceforstakeholders.com/2019/02/04/y-like-this/ |
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Starship
Supreme |
29-Jan-2019 10:01
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Another ugly clown stock in SGX Circus..............  |
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guards80
Supreme |
28-Jan-2019 13:32
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Hot stock: Y Ventures down 21% on accounting errors for H1 2018 earningshttp://www.businesstimes.com.sg/companies-markets/hot-stock-y-ventures-down-21-on-accounting-errors-for-h1-2018-earnings |
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chinton86
Master |
27-Jan-2019 09:06
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Sold it off at 27cents | ||||
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Sgvale
Supreme |
26-Jan-2019 08:52
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If this one like this Clearbridge will be next. Same shareholder
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bwavep
Senior |
26-Jan-2019 02:06
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cimb cut tgt from 56c to 10c. so now investors know how much stock one can put into certain sell side analyst paper vision! Erroneous accounting reveals dismal situation ■ YVEN announced several erroneous accounting entries that led to it restating its 1H18 results that turned into losses. ■ It expects to report losses for FY18, citing adverse impact from competing manufacturers selling directly to consumers and higher opex. ■ We think concerns over continuing losses are yet to be priced in, based on current consensus estimates. Downgrade to Reduce. the below extracted from the co' s website. wah, the company certainly knew how to drive the data for ipo. this must be what they mean by ' smart data' ! Singapore-founded data driven e-commerce companySmart Data. Better Sales.
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Berani
Elite |
25-Jan-2019 12:51
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any chance to go back 0.60 again?
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chinton86
Master |
13-Sep-2018 18:05
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Load but have to wait awhile before it climb...At least a quarter or 2 | ||||
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ahjuma
Member |
13-Sep-2018 12:28
Yells: "annyeonghaseyo" |
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Bro SG Yuan possible to advice on this stock' s movement? i' m stuck at high... not sure if its good time to load since the price is attractive now. thank you!! |
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WSJ.Shares
Veteran |
13-Sep-2018 11:01
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wah, what happen to this counter? give some tips lei.... seems like gem but the price like sinking ship :) | ||||
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lifeisgood
Supreme |
01-Aug-2018 11:13
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Printing coins worth $20 - $50 million in an ICO soon. Good business model. No share dilution. Better than share placement and rights issue. Sure a hell lot better than issuing debts. | ||||
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Lucas4
Veteran |
01-Aug-2018 10:11
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the stock revive | ||||
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Berani
Elite |
07-May-2018 15:41
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Y venture and clearbrisge same shoreholder. up and down together
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Berani
Elite |
05-Apr-2018 17:15
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last minute push up... very likely tomorrow see 0.6 again
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Berani
Elite |
05-Apr-2018 09:11
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look like power up again
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Lucas4
Veteran |
28-Mar-2018 14:44
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i like the stock, always up powerful | ||||
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Lucas4
Veteran |
28-Mar-2018 12:56
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power again | ||||
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icecream
Member |
22-Feb-2018 10:39
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https://www.theedgesingapore.com/y-ventures-says-prelim-talks-parties-jv-opportunities regarding the query |
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Lucas4
Veteran |
21-Feb-2018 11:09
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kana query | ||||
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