Duty Free Intl    Last:0.069    -0.001

Duty Free

Many  companies and even individual has brushes with the tax authority. Is part and parcel of business.

Even Messi, Ronaldo and Jose Mourihno having some dispute with tax authority.

I think eventually the case will be settled in private with a much reduced payment. Anyway $40M ringgit is only about 1.5 cents SGD per share.

In this case the tax claim is only restricted to PERAK  customs  and not other states. Perhaps one of the manager there trying to pull a fast one and hope to earn more $$$. Anyway Duty Free is very confident of winning. If they win the case, u can bet the share price will rocket.

 

alexchew      ( Date: 01-Dec-2017 15:50) Posted: note the time period.. if the custom wins, it will have the ability to open up more periods? It only until nov 2016 and goes back to 2014 only... and it will affect their margins gg forward, their dividend will not be able to sustain if add all these additional cost in. Hell of a gate open this time.. Lots of uncertainty. They should quickly engage a tax consultant and give them the all green light that wat they are doing is all ok. Instead of the usual replies, will defend their rights... who knows how long this will last.. uncertainty is nv gd for a share price.. nngeeh      ( Date: 01-Dec-2017 12:45) Posted: Could be related to the announcement yesterday asa below. If the custom wins, Duty Free might need to pay up to $40M MYR ...... the selldown could be due to this uncertainty.   Seruntun Maju Sdn. Bhd. (" SMSB" ) has received the bills of demand dated 14 November 2017 from the Royal Malaysian Customs of Perak Darul Ridzuan (" Customs" ), which SMSB received on 21 November 2017, demanding payments of customs duties, excise duties sales tax and Goods and Services Tax (" GST" ) as follows:- i) RM15,400,962.14 claimed under the Customs Act 1967, for the period of 15 November 2014 to 30 September 2016. ii) RM23,560,972.94 claimed under the Excise Act 1976, for the period of 15 November 2014 to 30 September 2016. iii) RM377,704.90 claimed under the Sales Tax Act 1972, for the period of 15 November 2014 to 30 September 2016. iv) RM2,255,346.88 claimed under the Goods and Services Tax Act 2014, for the period of 15 November 2014 to 30 September 2016. The said Bills of demand were raised by the Customs Department who alleged that SMSB did not comply with certain conditions of a duty-free shop located at the border of Perintah Tetap Kastam Bil 55. The Company, after consultation with its solicitors, strongly believes that there is no legal and/or factual basis for Customs Department to arrive at their decision to raise the said Bills of demand. This is especially when SMSB&rsquo s duty free shop is located outside the principal customs area. The solicitors of SMSB will be taking the necessary defence actions on its behalf.

 

Dividend payout by Duty Free International

The 1st and 2nd interim dividend paid out by Duty Free international in 2015 was around $50M ringgit which translate to 1.75 cents SGD dividend.
==> $40M ringgit is only about 1.5 cents SGD. And the share price has already dropped from 28 cents to 25.5 cents ==> investors already factored in the loss of 1.5 cents SGD. And Duty Free International is very confident of winning the case.

nngeeh      ( Date: 01-Dec-2017 12:45) Posted: Could be related to the announcement yesterday asa below. If the custom wins, Duty Free might need to pay up to $40M MYR ...... the selldown could be due to this uncertainty.   Seruntun Maju Sdn. Bhd. (" SMSB" ) has received the bills of demand dated 14 November 2017 from the Royal Malaysian Customs of Perak Darul Ridzuan (" Customs" ), which SMSB received on 21 November 2017, demanding payments of customs duties, excise duties sales tax and Goods and Services Tax (" GST" ) as follows:- i) RM15,400,962.14 claimed under the Customs Act 1967, for the period of 15 November 2014 to 30 September 2016. ii) RM23,560,972.94 claimed under the Excise Act 1976, for the period of 15 November 2014 to 30 September 2016. iii) RM377,704.90 claimed under the Sales Tax Act 1972, for the period of 15 November 2014 to 30 September 2016. iv) RM2,255,346.88 claimed under the Goods and Services Tax Act 2014, for the period of 15 November 2014 to 30 September 2016. The said Bills of demand were raised by the Customs Department who alleged that SMSB did not comply with certain conditions of a duty-free shop located at the border of Perintah Tetap Kastam Bil 55. The Company, after consultation with its solicitors, strongly believes that there is no legal and/or factual basis for Customs Department to arrive at their decision to raise the said Bills of demand. This is especially when SMSB&rsquo s duty free shop is located outside the principal customs area. The solicitors of SMSB will be taking the necessary defence actions on its behalf. Just4win      ( Date: 01-Dec-2017 12:37) Posted: I am too puzzled. Anyone can share thots here

 

Yah true m'sia boleh

 

note the time period.. if the custom wins, it will have the ability to open up more periods? It only until nov 2016 and goes back to 2014 only... and it will affect their margins gg forward, their dividend will not be able to sustain if add all these additional cost in. Hell of a gate open this time.. Lots of uncertainty. They should quickly engage a tax consultant and give them the all green light that wat they are doing is all ok. Instead of the usual replies, will defend their rights... who knows how long this will last.. uncertainty is nv gd for a share price..

nngeeh      ( Date: 01-Dec-2017 12:45) Posted: Could be related to the announcement yesterday asa below. If the custom wins, Duty Free might need to pay up to $40M MYR ...... the selldown could be due to this uncertainty.   Seruntun Maju Sdn. Bhd. (" SMSB" ) has received the bills of demand dated 14 November 2017 from the Royal Malaysian Customs of Perak Darul Ridzuan (" Customs" ), which SMSB received on 21 November 2017, demanding payments of customs duties, excise duties sales tax and Goods and Services Tax (" GST" ) as follows:- i) RM15,400,962.14 claimed under the Customs Act 1967, for the period of 15 November 2014 to 30 September 2016. ii) RM23,560,972.94 claimed under the Excise Act 1976, for the period of 15 November 2014 to 30 September 2016. iii) RM377,704.90 claimed under the Sales Tax Act 1972, for the period of 15 November 2014 to 30 September 2016. iv) RM2,255,346.88 claimed under the Goods and Services Tax Act 2014, for the period of 15 November 2014 to 30 September 2016. The said Bills of demand were raised by the Customs Department who alleged that SMSB did not comply with certain conditions of a duty-free shop located at the border of Perintah Tetap Kastam Bil 55. The Company, after consultation with its solicitors, strongly believes that there is no legal and/or factual basis for Customs Department to arrive at their decision to raise the said Bills of demand. This is especially when SMSB&rsquo s duty free shop is located outside the principal customs area. The solicitors of SMSB will be taking the necessary defence actions on its behalf. Just4win      ( Date: 01-Dec-2017 12:37) Posted: I am too puzzled. Anyone can share thots here

 

steady.... malaysia is a special country... many things can settle with money... just see how Najib lead msia~

who know insider purposely acting with the custom officer short sell this counter then push it back to 0.3 level? let see~

Just4win      ( Date: 01-Dec-2017 13:17) Posted: Thanks for sharing, nngeeh. Yes, certainly not good  piece of news. nngeeh      ( Date: 01-Dec-2017 12:45) Posted: Could be related to the announcement yesterday asa below. If the custom wins, Duty Free might need to pay up to $40M MYR ...... the selldown could be due to this uncertainty.   Seruntun Maju Sdn. Bhd. (" SMSB" ) has received the bills of demand dated 14 November 2017 from the Royal Malaysian Customs of Perak Darul Ridzuan (" Customs" ), which SMSB received on 21 November 2017, demanding payments of customs duties, excise duties sales tax and Goods and Services Tax (" GST" ) as follows:- i) RM15,400,962.14 claimed under the Customs Act 1967, for the period of 15 November 2014 to 30 September 2016. ii) RM23,560,972.94 claimed under the Excise Act 1976, for the period of 15 November 2014 to 30 September 2016. iii) RM377,704.90 claimed under the Sales Tax Act 1972, for the period of 15 November 2014 to 30 September 2016. iv) RM2,255,346.88 claimed under the Goods and Services Tax Act 2014, for the period of 15 November 2014 to 30 September 2016. The said Bills of demand were raised by the Customs Department who alleged that SMSB did not comply with certain conditions of a duty-free shop located at the border of Perintah Tetap Kastam Bil 55. The Company, after consultation with its solicitors, strongly believes that there is no legal and/or factual basis for Customs Department to arrive at their decision to raise the said Bills of demand. This is especially when SMSB&rsquo s duty free shop is located outside the principal customs area. The solicitors of SMSB will be taking the necessary defence actions on its behalf.

 

Falling.... next time have to avoid low liquidity counter

out of this with some loss. Will recuperate loss from other counters next week

 

Thanks for sharing, nngeeh.
Yes, certainly not good  piece of news.

nngeeh      ( Date: 01-Dec-2017 12:45) Posted: Could be related to the announcement yesterday asa below. If the custom wins, Duty Free might need to pay up to $40M MYR ...... the selldown could be due to this uncertainty.   Seruntun Maju Sdn. Bhd. (" SMSB" ) has received the bills of demand dated 14 November 2017 from the Royal Malaysian Customs of Perak Darul Ridzuan (" Customs" ), which SMSB received on 21 November 2017, demanding payments of customs duties, excise duties sales tax and Goods and Services Tax (" GST" ) as follows:- i) RM15,400,962.14 claimed under the Customs Act 1967, for the period of 15 November 2014 to 30 September 2016. ii) RM23,560,972.94 claimed under the Excise Act 1976, for the period of 15 November 2014 to 30 September 2016. iii) RM377,704.90 claimed under the Sales Tax Act 1972, for the period of 15 November 2014 to 30 September 2016. iv) RM2,255,346.88 claimed under the Goods and Services Tax Act 2014, for the period of 15 November 2014 to 30 September 2016. The said Bills of demand were raised by the Customs Department who alleged that SMSB did not comply with certain conditions of a duty-free shop located at the border of Perintah Tetap Kastam Bil 55. The Company, after consultation with its solicitors, strongly believes that there is no legal and/or factual basis for Customs Department to arrive at their decision to raise the said Bills of demand. This is especially when SMSB&rsquo s duty free shop is located outside the principal customs area. The solicitors of SMSB will be taking the necessary defence actions on its behalf. Just4win      ( Date: 01-Dec-2017 12:37) Posted: I am too puzzled. Anyone can share thots here

 

you may be right..... Najib needs $$$, have to get from everywhere possible.

nngeeh      ( Date: 01-Dec-2017 12:45) Posted: Could be related to the announcement yesterday asa below. If the custom wins, Duty Free might need to pay up to $40M MYR ...... the selldown could be due to this uncertainty.   Seruntun Maju Sdn. Bhd. (" SMSB" ) has received the bills of demand dated 14 November 2017 from the Royal Malaysian Customs of Perak Darul Ridzuan (" Customs" ), which SMSB received on 21 November 2017, demanding payments of customs duties, excise duties sales tax and Goods and Services Tax (" GST" ) as follows:- i) RM15,400,962.14 claimed under the Customs Act 1967, for the period of 15 November 2014 to 30 September 2016. ii) RM23,560,972.94 claimed under the Excise Act 1976, for the period of 15 November 2014 to 30 September 2016. iii) RM377,704.90 claimed under the Sales Tax Act 1972, for the period of 15 November 2014 to 30 September 2016. iv) RM2,255,346.88 claimed under the Goods and Services Tax Act 2014, for the period of 15 November 2014 to 30 September 2016. The said Bills of demand were raised by the Customs Department who alleged that SMSB did not comply with certain conditions of a duty-free shop located at the border of Perintah Tetap Kastam Bil 55. The Company, after consultation with its solicitors, strongly believes that there is no legal and/or factual basis for Customs Department to arrive at their decision to raise the said Bills of demand. This is especially when SMSB&rsquo s duty free shop is located outside the principal customs area. The solicitors of SMSB will be taking the necessary defence actions on its behalf. Just4win      ( Date: 01-Dec-2017 12:37) Posted: I am too puzzled. Anyone can share thots here

 

still too expensive for the risks

angmohlin      ( Date: 28-Nov-2017 14:58) Posted: NAV 16 cents, EPS about 2 cents so PE 13.5 times, DPS 1.6 cents yield about 5.9%. ​ I am wondering why share price has been keep on dropping, very strange.  alexchew      ( Date: 28-Nov-2017 14:38) Posted: what will happen when share buyback stops is e question.. Is it a fair value now i am struggling to understand currently

 

Could be related to the announcement yesterday asa below. If the custom wins, Duty Free might need to pay up to $40M MYR ...... the selldown could be due to this uncertainty.

 

Seruntun Maju Sdn. Bhd. (" SMSB" ) has received the bills of demand dated 14 November 2017 from the Royal Malaysian Customs of Perak Darul Ridzuan (" Customs" ), which SMSB received on 21 November 2017, demanding payments of customs duties, excise duties sales tax and Goods and Services Tax (" GST" ) as follows:-

i) RM15,400,962.14 claimed under the Customs Act 1967, for the period of 15 November 2014 to 30 September 2016.

ii) RM23,560,972.94 claimed under the Excise Act 1976, for the period of 15 November 2014 to 30 September 2016.

iii) RM377,704.90 claimed under the Sales Tax Act 1972, for the period of 15 November 2014 to 30 September 2016.

iv) RM2,255,346.88 claimed under the Goods and Services Tax Act 2014, for the period of 15 November 2014 to 30 September 2016.

The said Bills of demand were raised by the Customs Department who alleged that SMSB did not comply with certain conditions of a duty-free shop located at the border of Perintah Tetap Kastam Bil 55.

The Company, after consultation with its solicitors, strongly believes that there is no legal and/or factual basis for Customs Department to arrive at their decision to raise the said Bills of demand. This is especially when SMSB&rsquo s duty free shop is located outside the principal customs area. The solicitors

of SMSB will be taking the necessary defence actions on its behalf.

Just4win      ( Date: 01-Dec-2017 12:37) Posted: I am too puzzled. Anyone can share thots here ? dragonboy76      ( Date: 01-Dec-2017 11:28) Posted: Keep dropping. Any reason?

 

I am too puzzled.

Anyone can share thots here ?

dragonboy76      ( Date: 01-Dec-2017 11:28) Posted: Keep dropping. Any reason?

 

Current price way below the placement in Mar 17 of 38 cents, I am wondering why the strategic investors have had subscribed so high price.

 

Better run road. Something is not right

dragonboy76      ( Date: 01-Dec-2017 11:28) Posted: Keep dropping. Any reason?

 

Keep dropping. Any reason?

 

there is an announcement yesterday mentioning HAP has exercised the 2nd tranche call option, acquiring 5% of DFZ at EUR 9.85 mil for 10,498,191 shares (ie: approx SGD 0.66 / share)

Am i reading correctly?

 

very obvious is BBs tactics to accumulate cheap by placing huge sell queues and selling from " right hand to left hand" , aka placing a large buy orders followed by a huge sell order ==> Net results is really nothing traded but it gives the impression there is a selldown and scare the hell out of small investors to dump the shares cheaply to them. Same old tactics used by BBs.

When they have accumulated enough, the reverse takes place usually just BEFORE the release of the financial results which will be good. Then when the good results annouced , they can easily push the share price up again and then at a certain level, they will dump IF the company does not continue to give good results.

BUT i 100% sure duty free results is only one way and that is UP.

Buy with the BBs, sell with the BBs 

mogambo      ( Date: 29-Nov-2017 23:07) Posted: accumulating more with the BB' s ... added more yesterday and today as part of my long term investment here. I am happy I am getting it cheaper and cheaper with majority 97% of retail investors are panicking and selling cheap , cheap , cheap.  Added more after going through the deep down fabulous analysis done by Eric Ong on Investing note site. Here is the gist of his analysis copied and pasted for the balance you can go and download his analysis and go through it for your own reference and building up your confidence levels. As value investors, we constantly ask whether the business fundamentals have changed. What are DFI&rsquo s moat and competitive strength? Is DFI management returning value to shareholders? Is DFI strategizing to grow and improve the business? We underline our key thesis for DFI below: 1. DFI Business model a. Strong Moat b. Surpass key competitor i.e Malaysia Airport Berhad in the duty free segment. 2. Heinemann Minority Stake in DFI a. Heinemann as a well established global player in duty free b. 3 areas of benefits to reap in i. Revenue growth ii. Cost Management and iii. Capital Management c. DFI Cash Conversion Cycle improvement 3. Maximizing shareholder value a. History of consistent dividend b. History of share buybacks c. Strong institutional presence in DFI 4. Triple Whammy to DFI a. Thai Malaysia Border Flooding b. Demise of Thai Royalty King Bhumibol c. GST implementation 5. Mentionable Macroeconomic factors to DFI a. MYR / USD Decline b. Tourist trends 6. Conclusion tonylim70      ( Date: 28-Nov-2017 15:39) Posted: BBs at work. they are pressing down the price to accumulate cheap. Dun worry, there are many share price catalysts and one of them already happening ==> 1) strengthening of Ringgit. 2) And the mother share price may be pushed up for the BBs to offload their warrants (conversion price of 43 cents) 3) Duty free international piece of huge land parcel has the potential of huge gain. https://www.thestar.com.my/business/business-news/2017/10/30/budget-2018-positive-for-consumer-construction-tourism/   What is new in Budget 2018 is the development of a Special Border Economic Zone in Bukit Kayu Hitam, which the research house believes is part of a larger plan following the Second Finance Minister&rsquo s working visit to Thailand in September 2017.  &ldquo Beneficiary, we believe, will be Atlan which has a duty-free outlet at Bukit Kayu Hitam and 772 acres of land, ripe for development,&rdquo said Maybank Research. Read more at https://www.thestar.com.my/business/business-news/2017/10/30/budget-2018-positive-for-consumer-construction-tourism/#BDbwOKeBsS0uT6Y2.99 Atlan is parent of Duty free international

 

accumulating more with the BB' s ... added more yesterday and today as part of my long term investment here. I am happy I am getting it cheaper and cheaper with majority 97% of retail investors are panicking and selling cheap , cheap , cheap.  Added more after going through the deep down fabulous analysis done by Eric Ong on Investing note site. Here is the gist of his analysis copied and pasted for the balance you can go and download his analysis and go through it for your own reference and building up your confidence levels.

As value investors, we constantly ask whether the business fundamentals have changed. What are DFI&rsquo s moat and competitive strength? Is DFI management returning value to shareholders? Is DFI strategizing to grow and improve the business? We underline our key thesis for DFI below: 1. DFI Business model a. Strong Moat b. Surpass key competitor i.e Malaysia Airport Berhad in the duty free segment. 2. Heinemann Minority Stake in DFI a. Heinemann as a well established global player in duty free b. 3 areas of benefits to reap in i. Revenue growth ii. Cost Management and iii. Capital Management c. DFI Cash Conversion Cycle improvement 3. Maximizing shareholder value a. History of consistent dividend b. History of share buybacks c. Strong institutional presence in DFI 4. Triple Whammy to DFI a. Thai Malaysia Border Flooding b. Demise of Thai Royalty King Bhumibol c. GST implementation 5. Mentionable Macroeconomic factors to DFI a. MYR / USD Decline b. Tourist trends 6. Conclusion

tonylim70      ( Date: 28-Nov-2017 15:39) Posted: BBs at work. they are pressing down the price to accumulate cheap. Dun worry, there are many share price catalysts and one of them already happening ==> 1) strengthening of Ringgit. 2) And the mother share price may be pushed up for the BBs to offload their warrants (conversion price of 43 cents) 3) Duty free international piece of huge land parcel has the potential of huge gain. https://www.thestar.com.my/business/business-news/2017/10/30/budget-2018-positive-for-consumer-construction-tourism/   What is new in Budget 2018 is the development of a Special Border Economic Zone in Bukit Kayu Hitam, which the research house believes is part of a larger plan following the Second Finance Minister&rsquo s working visit to Thailand in September 2017.  &ldquo Beneficiary, we believe, will be Atlan which has a duty-free outlet at Bukit Kayu Hitam and 772 acres of land, ripe for development,&rdquo said Maybank Research. Read more at https://www.thestar.com.my/business/business-news/2017/10/30/budget-2018-positive-for-consumer-construction-tourism/#BDbwOKeBsS0uT6Y2.99 Atlan is parent of Duty free international   angmohlin      ( Date: 28-Nov-2017 14:58) Posted: NAV 16 cents, EPS about 2 cents so PE 13.5 times, DPS 1.6 cents yield about 5.9%. ​ I am wondering why share price has been keep on dropping, very strange.

 

BBs at work. they are pressing down the price to accumulate cheap.

Dun worry, there are many share price catalysts and one of them already happening ==> 1) strengthening of Ringgit.

2) And the mother share price may be pushed up for the BBs to offload their warrants (conversion price of 43 cents)

3) Duty free international piece of huge land parcel has the potential of huge gain.
https://www.thestar.com.my/business/business-news/2017/10/30/budget-2018-positive-for-consumer-construction-tourism/
 
Atlan is parent of Duty free international

 

angmohlin      ( Date: 28-Nov-2017 14:58) Posted: NAV 16 cents, EPS about 2 cents so PE 13.5 times, DPS 1.6 cents yield about 5.9%. ​ I am wondering why share price has been keep on dropping, very strange.  alexchew      ( Date: 28-Nov-2017 14:38) Posted: what will happen when share buyback stops is e question.. Is it a fair value now i am struggling to understand currently

 

https://www.nextinsight.net/forum/3-sgx-stocks/14320-duty-free-international-52-weeks-low-and-heinemann-partnership?limitstart=0


 

 

The not so good result was due to the weak ringgit previously. Now with ringgit stronger, we expect coming results to be good.