HHappy Weakend.
Comcorp was among the highly traded stock yesterday due to "impressive" quarter report released just the day before. As "usual", they released incomplete Q report on 24th March 2015, just like when they released an incomplete quarter report back on 17 Dec 2015.
However, there is a key different here, on 18 Dec 2015, there was a trading halt on 19th Dec 2015 where the "completed" Q report was released before commencing of trading session. But such trading halt is not initiated yesterday prior to market open. In fact, the trading volume was fanstasticly high. 46.8 million vs total outstanding shares of 140 million.
Anyway, above is not what i trying to understand.
I'm still learning on analising the financial report, there are still many areas which i failed to link together to capture all the possible tail sign of opportunity and threat.
Comcorp's latest Q report is one example that i need help from many expert out there to help me to link the data to have clearer picture of what is going on.
Based on above latest Q 4 report, (the company itself has "red" those figures)
1) there is a RM 13.4 million "Other Income" which is new in this quarter. However, YTD total RM 37.5 million does not seem tally with Q1, Q2 & Q3 where the "Other Income - excluding interest income)" is only at RM 0.159 mil ; RM 0.341 mil & RM 0.289 mil respectively. There is a big shortage different of RM 23.3 mil for 4 quarters.
2) also in recent quarter report, they are crediting "NEGATIVE" Interest Expenses. Is there a typo error?
If there is typo, then not so bad. Because 13.4 million - 8.9 million = RM 4.5 million net Other Income which may/ may not be seen again in coming quarters. In another word, this quarter result of RM 6.106 million has included this RM 4.5 million which is not seen in previous quarter. I usually put this other "one-off" non-recurrence income/ exceptional income.
If it is not typo, that sum will top up to "Other Income" which essentially become 13.4+8.9 = RM 22.3 million (non-recurring?). I do occasionally saw "negative" Tax which i interprete as tax refund. I am confused on this part. Seriously confused.
3) Based on NOTE B7, the company highlight that they didnt dispose any investment or property during the quarter. And they didnt clarify where the "Other Income" is from?
4) Interest Expenses of RM 8.9 million is also way too high compared to previous many quarters.
5) NOTE B11, is there a typo too? Hire Purchase become RM 78.5 million??
Obvious Opportunity:
-Company to continue proper on the manufacturing part due to weak ringgit
-The Enegegy segment is likely contributing start from May 2016
Obvious Threat:
- Company has 2 consecutive years of NEGATIVE FREE CASH FLOW.
-The question marks remain question marks.
I did not buy into the share eventhough seeing the share price rocketing. I was expecting a trading halt but it didnt happen.
Expert please offer help. I will buy into it when above are cleared.
Cheers,
YiStock
COMCORP (7195) - Comcorp - Lots of "?" - YiStock
http://klse.i3investor.com/blogs/comcorp/93761.jsp
