先看今天的价格：
0039 ASIAEP 0.045 0.040 0.040 0.040 -0.005
0039WB ASIAEP-WB 0.025 0.00 0.00 0.00 0.00
这个股，在今年初。。。到4月都还在动。。。。
而且，好像要炒到。。。7分， 8分。。。。那时候，我又注意到它的WA。。。。是转换价 10分。。。。。因此，以过去这个股的老板，还有玩家会。。。慢慢推高。。。。
上次。。。。发行WA，WB。。。。。。。吸引了不少股友参与。。。。还说要到新加坡发展。。。成立了公司。。。。。。。最近没了。。。。。。
创业板的公司，经常像直销公司一样，卖梦给你。。。。。。。其实。。。。。。卖个“空想”给你吧了。。。。。。。。
股市无力。。。。。大家戒心大。。。。。钱不少去了地产，买了房子，要投机。。。因为容易赚。。。而且稳当的多。。。。
所以，它的WARRANT。。。A。。。。没有人要炒。。。。。。。
完了。。。。拥有的不可能。。。。再回头。。。。。。。。。。。。
我那时候，有考虑过，买母股还是投机WARRANT。。。。。。。。。。。。。。不过，想想，还是不能玩！买了母股，7分。。现在4分，亏本3分。。。。如果买100粒，那就是1粒亏RM30，100粒就RM3000。。。。。，如果进它200粒，就不见了6K。。（RM6000），还不包括股票行的水钱（佣金）。。。。。真的。。。。去荷兰了！
我现在看着2011年2月7日（星期一）的星洲日报一周精华第19版-----亚洲商网母股7分， WA 上周最高1.5分，最低0。5分，届满日期：18/06/11。。。。转换价是 10分。。。（已经届满啦，去了大荷兰。。）
WB 上周最高4分， 最低3分， 届满日期08/09/14。。。还有3年， 不过，转换价是10分。。。。。
这个股，自挂牌开始一直在“粉饰”自己。。。。。讲到自己是。。。B2B。。。。很多技术名词。。。。。很HIGH TECH。。。然后又和新加坡公司。。。来个合作，收购。。。。。。。。
这批人。。。。。。。。让大家认为创业板。。。。不能相信的说法，再次获得证明。
正如以下的评语：
We've seen many of these ACE stocks that exhibit a statistically suspicious jump in revenues the year before IPO is filed.
Usually these tech-related businesses have sugar-daddies that pump money into the business first as a place-holder to show increased revenues.
But, at IPO, these same sugar daddies will extract their deposit by selling their shares through pre-allocated proxies.
Bursa Malaysia is a scammer's haven.
*cheh, structural integrity, konon*
AsiaEP was trading below 20 sen for a large period of time back in 2006. Then in Dec 2006, it started climbing and climbing. And by 6 Feb 2007, it closed the day trading at 0.355 sen!
Up so much already woh. And then here come KN with its guns blazing claiming that AsiaEP is our country's "A homegrown Google and Baidu in the making"!
Sounds sexy enough?
In a 8 page report on a relatively unknown Masdaq stock (now ACE stock), KN gave the market an incredible initiation report.
....
STRONG BUY with a 12-month target price of RM0.99, which is based on a FY09 P/E of 10.0x. We believe Itah SE is worth a lot as a technology. Wall Street will not accord Google and Baidu with a market capitalisation of US$149b and US$4.0b otherwise. Moreover, players without a strong presence in the paid-search space, such as Microsoft, EBay and etc., may be willing to pay top dollars for Itah SE once proven.
And of course, as in most reports, the 12-month target is based on a very optimistic future earnings. In AsiaEP's example, the target price hinges on the estimates of what AsiaEP could earn in FY 2009.
And here's the earnings estimate table once more.
So AsiaEP was a company that was making just 3 million. But because of this new project, this "A homegrown Google and Baidu in the making", AsiaEP earnings could soar to 21.8 million.
Oh yes. The company was making just 3 million. And the research report said it can and because it can, it rates AsiaEP to be worth a whopping 99 sen based on the fact that earnings could fly to 21.8 million!
Aha...that's the sexy story told.
And as you know in the market, a stock's future price is based in what it could earn in the future.
And that's how unreal it was. AsiapEP which was trading for a long time under 20 sen, had soared to 35.5 sen (up 78%!!) was given an incredible buy recommendation of 99 sen based on an incredibly optimistic earnings projection.
And then local papers helped. On Feb 24th, the Star Bisweek carried this article: Googling for growth
And what did AsiaEP do after such a sexy report?
Fly it did.
By 26 Feb 2007, the stock was trading at 0.82 sen!
And incredibly, the next month on March 2007, Goldman Sachs decides to jump into the bank wagon! Yes, Goldman Sach decides to be an investor (err.. not sure if you call them an investor - if you read what happens next).
This was reported on March 9th by the Edge reported the following: 09-03-2007: Goldman Sachs buys 5.7% stake in AsiaEP.
And KN decides to the utmost incredible.
It raised the target price based on the fact Goldman Sachs bought!
Duh!
KN called it the Goldman factor and they reasoned:
VALUATION AND RECOMMENDATIONWhile our FY07, FY08 and FY09 earnings forecasts remain unchanged (Please refer to our Initiation Report dated 6 February 2007), investors should not under-estimate the positive impact of GSI’s presence in asiaEP for the following reasons:
Emergence of GSI as a substantial shareholder in asiaEP could lend Itah SE instant credibility – a big vote of confidence on its business potential;
Presence of GSI could enhance deal possibility between asiaEP and other BIG SE players on Wall Street; and
Deal potential tends to inflate valuations.
We continue to rate asiaEP a STRONG BUY with a revised 12-month target price of RM1.97 (+99.0%), which is based on a FY09 P/E of 20.0x. Increasing foreign interests, who seem to better appreciate the company’s growth potential, to a large extent, drives the latest re-rating.
And did you know what was the price of AsiapEP when KN made this buy upgrade on 9th March 2007? AsiaEP was trading at 94 sen!!!
Yes, stock was below 20 sen in Dec 2006. On 6 Feb 2007, At 35.5 sen, KN gave it a buy with a target price of 99 sen. A month later, at 94 sen, AsiaEP target price was upgraded to 1.97!!!
Hail Mary!
And yes, AsiaEP reached a high of 1.14 in March 2007!
Back to Goldman Sachs.
Their arrival notice was made on 8th March: Notice of Interest Sub. S-hldr (29A) - GOLDMAN SACHS INTERNATIONAL. Goldman Sachs bought 12,421,100 shares or a 5.72% stake.
But at the end of March 2007, Goldman ceased to be a major shareholder: Notice of Person Ceasing (29C) - The Goldman Sachs Group, Inc. They sold some 2,300,000 shares and so they were no longer considered a substantial shareholder (which meant that Goldman Sachs need not report anymore to Bursa Malaysia on their shares purchase/disposals on AsiaEP! )
On 18th June: asiaEP BHD (“asiaEP” or “Company”)Proposed acquisition of 800,000 ordinary shares of RM1.00 each in General Perfect Sdn Bhd (“GP”) (“GP Shares”) representing 80% equity interest therein, for a cash consideration of RM23.2 million (“Proposed Acquisition”).
AsiaEP announced it was spending 23 million to buy a NEW dormant company which had NO financial track record!
And of course the selling started in July and by the end of month, AsiaEP sell down was highlighted on the Edge. (sorry no more link)
27-07-2007: asiaEP RM23m buy raises concern
by Maryann Tan
KUALA LUMPUR: asiaEP Bhd shares and warrants suffered further losses yesterday, going down 17% or 9.5 sen to 44.5 sen and 15% or six sen to 33 sen.
On Monday, asiaEP shares and warrants hit limit down in afternoon trading before it announced plans to buy an 80% stake in General Perfect Sdn Bhd for RM23.2 million in cash.
In the last four trading days, its share price fell by almost 50% from last Friday’s closing of 87 sen while its warrants lost 42% from 56.5 sen last Friday.
General Perfect, currently held by two individuals, Liang Chee Wah and Liang Chee Hoo, intends to venture into the electronic top-up and payments kiosk business.
The acquisition has aroused suspicion, as General Perfect is a dormant company, incorporated on May 11 with no financial track record.
AsiaEP said the Liangs will provide a net profit guarantee of RM25 million effective from the date of completion of the purchase (expected to be end 2007) up to Feb 10, 2010. This amounts to RM20 million over two years in net profit attributable to asiaEP.
The Liangs and other key management will also remain in the company for five years from the date of the acquisition.
The cash consideration, which asiaEP will finance entirely through borrowings, will be held by a stakeholder (jointly appointed by asiaEP, the vendors and the financier) in an escrow account, the company said.
This cash will be released to the Liangs, upon General Perfect fulfilling the profit guarantee. Should there be a shortfall in profits during the guarantee period, the difference will be made up with the cash in the escrow account.
Given the non-existent financial record and highly competitive nature of the business, investors are not surprisingly, concerned over the proposal......
But the chairman said "NO PROBLEM!". On Star Biz Volatility of shares no cause for concern: AsiaEP chairman
How?
Newly incorporated dormant company in May 2007 and needless to say no financial track record and AsiaEP dared to announce that it wants to buy it for 23 million!!!!
Did the deal go thru in the end?
Sadly.... no. :P
Deal was terminated on Nov 2007. asiaEP BHD (“asiaEP” or “Company”)- Proposed acquisition of 800,000 ordinary shares of RM1.00 each in General Perfect Sdn Bhd (“GP”) (“GP Shares”) representing 80% equity interest therein, for a consideration of RM23.2 million (“Proposed Acquisition”)
And what about Goldman Sachs?
On 1st Aug 2007, Goldman Sachs became a substantial shareholder again! Notice of Interest Sub. S-hldr (29A) - Goldman Sachs International - it purchased some 8,000,000 shares. And Goldman Sachs said it was holding some 15,961,500 shares.
WOW! That was what I said back then. Despite the 'stunt' to purchase that dormant company for 23 million, 'some how' Goldman Sachs decided to buy more AsiaEP shares!
And again, a few weeks later, Goldman Sachs was disposing their shares again! Changes in Sub. S-hldr's Int. (29B) - Goldman Sachs International
And by Nov 2007, Goldman Sachs ceased to be a substantial shareholder again. Notice of Person Ceasing (29C) - Goldman Sachs International
And remember KN's initial buy recommendation? Remember how KN valued AsiaEP at 99 sen? The valuation was based on an expected earnings of 21.8 million for AsiaEP's fy 2009.
And how did AsiaEP did for fy 2009? Quarterly rpt on consolidated results for the financial period ended 28/2/2009 - AsiaEP lost some 7.46 million for fy 2009!
And in April 2011, AsiaEP announced it had losses of 31.2 million!
In response to the current volatility of the world economic conditions affecting the local market as a whole, the Management decided to adopt a prudent stance by providing an impairment on the intangible assets amounting to RM28.268 million during the current quarter ended 28 February 2011.
This has resulted in the Group recording a consolidated loss of approximately RM31.256 million for the current quarter ended 28 February 2011 (before taking into account the aforementioned impairment, it would have registered a consolidated loss of only RM2.988 million), compared to the corresponding quarter of the preceding year ended 28 February 2010 when the Group registered a consolidated loss after taxation of approximately RM0.942 million.
In view of the aforementioned market condition, the Group revenue generated was approximately RM 0.234 million for the current quarter ended 28 February 2011 compared with approximately RM1.633 million as posted in the preceding year corresponding quarter.
Last Saturday, 18th June 2011, on Business Times.
asiaEP to venture into new businesses
By Presenna Nambiar Published: 2011/06/18
PUTRAJAYA: asiaEP Bhd is likely to make a minor loss or at best break even, as it focuses on venturing into new businesses to prop up itself.
In April this year, asiaEP announced it would buy a 41 per cent stake in an iron ore miner, Global Mineral Technology Sdn Bhd.
"As long as the company we are buying can give positive impact to us, we will explore," asiaEP managing director Dr Tan Boon Nunt said after its annual general meeting (AGM) yesterday. The AGM lasted some two hours as shareholders voiced concerns on its financial standing.
In 2010, asiaEP recorded a net loss of RM33.1 million due to RM28.3 million impairment losses of intangible assets for the financial year ended February 28.
Despite the losses, Tan is confident the company will be able to forge ahead with its plans to venture into more new businesses.
As at February 28, the company has no borrowings on record.
Tan said part of the losses were due to its technical contract with MuslimSE.com, the world's largest Muslim online search engine.
It was reported that the contract was worth US$26 million (RM79.30 million).
"Middle East is very volatile. Even though it is not officially terminated yet, the board decided to be prudent and make the impairments before hand, so that it does not eat into our future profits," he said.
No more such provisions are expected to be made.
"The IT business is declining, that's why the board is looking for new revenue streams and has decided to change the name of the company from asiaEP Bhd to asiaEP Resources Bhd," Tan said.
asiaEP is still in the midst of a due diligence on Global Mineral.
While financial statements filed to Bursa Malaysia Bhd showed that Global Mineral made a net profit of RM2 million for the period between March 2009 and June 2010, the Companies Commission Malaysia (SSM) has no financial accounts filed with it.
Documents filed with SSM, however, showed that it was registered on March 25 2009 and that it has about RM4 million in borrowings. This included RM2 million charged in May 2011.
AsiaEP now wants to buy an iron core miner???
AsiaEP was THE star in the Mesdaq (now known as ACE) markey back in 2007. The stock was below 20 sen back in Dec 2006. By March 2007, it was trading at a high of 1.14!!
And as quickly as it rose, it's plunge was dramatic too. The chart below says it all.
Now back to the statements made on Star Biz this weekend.
The alternative market has drawn harsh scrutiny due to some bad apple.
“Stock markets are a casino tell me which market isn't? This is particularly true for emerging growth markets, so investors should know what they are investing in,” an analyst says.
I believe everyone understands that we should know what they are investing in but let's reflect on AsiaEP. Yes, clearly the stock was stir fried.
But think about the events surrounding the stock back in 2007.
The stock was already up some 78% when KN made its buy call on Feb 2007. At 35.5 sen, with the stock up some 78% since early Dec 2006, KN gave it a huge buy call, stating the stock should be worth 99 sen!
And the stock continued to soar. The local media highlighted that research report. Then the big name fund, Goldman Sachs bought a stake. And the stock was upgraded AGAIN - from 99 sen to 1.97 based on this factor alone.
The local media highlighted this so-called good news. Everybody was happy and the stock went up, up and awayyyyyyyyyyy.
Did anyone care what was AsiaEP actually doing? Did anyone bother to ask if KN's valuation on AsiaEP on Feb 2007 was perhaps way too optimistic?
Was there the need to own research?
Goldman Sachs was buying woh. What's there to argue about?
As you all know, many only consider a stock to be a good stock if they make money from it. And the stock is only a bad stock if they lose money in it.
And AsiaEP was a good stock. It was the Mesdaq (ACE) darling of 2007.
But when AsiaEP turned and started falling in July 2007, was AsiaEP still a darling?
Or did it turn into a rotten apple?
However, think about it for a moment. If you are just an observer, with no vested interests at all in the stock market, how exactly would you rate AsiaEP based on what has happened?
How did the stock rise to fame? How did the stock soar? Why did it plunge?
Or should one blame the stock market itself cause it is a casino?
But think about it for a minute. Just who's helping the stock market to become one?
The owners of the stock? The buyers of the stock? And judging from AsiaEP example, do you think the research houses could do much better?
Posted by Moolah at 9:45 PM
Labels: ACE stocks, AsiaEP
1 comments:
廖福深 said...
All stock markets are like that. You even have a geologist who jumped from helicopter and die after gold miner Bre-X collapsed. And you are talking about a company worth $6billion with major institutions and even the Suharto family involved. AsiaEP is small timer. Now it will probably say Gadaffi cannot come up with the fund to support the muslim search engine.
12:32 AM
http://whereiszemoola.blogspot.com/2011/06/and-who-is-helping-stock-market-become.html
这个股。。。。。真的是荷兰股。。。。。。
不是商网， 确实是。。。荷兰王。。。。
犹如魔网一样把你网住了。。。。。让你看到美好的一面。。。。最好笑的是说，美国公司也买了。。。。就像今天，有人一直在网上，也在其他人拥有的BLOG的 “对话表”上。。。一直提到美国公司买了BERJAYA 的股票。。。。。目的是说，美国的公司买了，你还不买。。。。。心理战术。。。。和这个股一样。。。。。
“Goldman Sachs International - it purchased some 8,000,000 shares. And Goldman Sachs said it was holding some 15,961,500 shares”
这种话，这种招数。。。其实是要吸引股友入场，上次炒亚洲商网。。。。如今要炒BERJAYA。。。炒高股票的目的是让傻瓜替他们接票。。。。结果。。。。带了多少人去荷兰。。。。股票行，还有报章的大力唱好。。。。。。。真的，我们看到了这间公司。。。。一直获得报章，股票行。。。唱好。。。。。。。。。好像，还没有报章讲它的不好。。。。。。。。。。。。股友当然心动了。。。。。。。。
这两年，我还在新纪元学院门口的路边见到一辆贴有这间公司贴纸。。。的职员车。。。。。
（如今想想，职员有车不驾，要搭火车。。。。说明什么？薪水不好？？还是公司没有钱赚，职员只好。。。。搭电动火车？？？。。。。。。）
创业板。。。。真的是荷兰板。。。。。。。。
证券委员会，应该严厉对付那些没有公开事实的股票公司。。。。。。。。尤其是创业板！太烂了！！！！！！
如果，只是为了增加挂牌公司数量。。。。。。那不如不要创业板。。。。。。。因为，很多公司是“烂苹果”。。。。。最后，害死股友，害死投资者。。。。。。。不要为了IPO， 新股发行。。。。。而引进烂臭的苹果。。。。。
大家听到太多了，那些为了赚几十万到一百万佣金的 BROKER， 可以打通内部。。。设法搞挂牌。。。
我们不要看到 SC 在睡觉。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。
