I am honoured that I managed to cause CIMB Research to come to the rescue of Heveaboard Berhad's shares slide hoo-hah over the past few days.
Not that I enjoyed wiping out some RM 162,000,000 of Heveaboard's market capitalisation over the last few sessions, but I find it my obligation to tell in the public when I see things are not done the Corporate Malaysia way.
Obviously, CIMB Research's Marcus Chan is duty-bound to intiate the conference call with Mr. Yoong Hau Chun and some institutional clients, as he was an avid promoter of Heveaboard even prior to the latter contemplating to embark on a Subdivision Exercise way back in May 2015.
I used to be a guest of Heveaboard's many luncheons and have in at least one other occassion seen Marcus Chan dining with Mr. Yoong Hau Chun at Kampachi Japanese Restaurant in Pavillion KL, in the presence of Mr. Lim Kah Poon, an "Independant" Director of Heveaboard.
I am not privy to what the three have discussed, but I take it that it was for Marcus Chan to gather Heveaboard's management input or business outlook in order for him to release any research papers or Buy Call on Heveaboard.
Before I would raise another damning concern about Heveaboard, let me make a honest apology on a mistake I have made about the 700 containers stranded in Korea.
As clarified by Heveaboard management through the said CIMB Research of 12/1/2016, Heveaboard did not specifically said how many containers were held up, but went on to said that the 700 containers debacle is untrue, nonetheless.
However, there is no denying that the non-conformance issue does occurred, indeed. CIMB Research elaborated on the situation as explained by Heveaboard management and said that the issue has since been resolved.
But no one, not even CIMB Research in its 12/1/2016 paper, can confirm the number of stranded containers. Henceforth, my humble and honest apology will be that it is not 700 containers stranded in Korea.
So how many actually stranded?
If you read CIMB Research paper, it said "...as Korean E1 testing standards differed slightly, Hevea delayed shipment to Korea pending clarification of its new testing standard....". Mr. Ganneneh in his blog HEVEA : Answers from the Founder Yoong Tein Seng (Tenson Yong) enlisted his email exchanges with Mr. Yoong Tein Seng (Tenson Yoong), father to Mr. Yoong Hau Chun. In it, Tenson Yoong said it was 20 containers (700m3) landed and stranded in Korea.
CIMB research also said : "....Hevea delayed shipment to Korea pending clarification....". In other word, I may have gotten the figure 700 containers right after all, simply because we do not know for sure now how many containers were delayed in its Gemas plant, which are made, delayed and destined for Korean customers.
Was it 20 containers stranded in Korea and 680 containers stranded in Gemas?
I stand corrected Mr. Marcus or the management of Heveaboard.
My next article on Heveaboard : False Statement in Annual Report 2014, a serious offence under CMSA 2007.
Publishing before today's market close or tomorrow morning before market opens.
HEVEA (5095) : Please Tell Us How Many Was It
http://klse.i3investor.com/blogs/heveatimetoalight/89741.jsp
HEVEA, HEVEA (5095), 5095, EN5095, KLSE:HEVEA, Investing, robertl,
