Bryan Liang's comment on SFPTECH

Bryan Liang · 2025-04-24T16:00:45+08:00

0.22 buy some for keep and waiting。

cheng

lets see how the sga is trending in the next 2 consecutive qtrs. And the due diligence exercise outcome on RPM group. A GO decision means there will be a need for funding. Failure to recover the receivables timely means there is a likelihood of pp fund raising. A pp fund raising will destroy/dilute the earnings; no longer attractive in my personal opinion.

Like · 3 weeks · translate

Jason Wong

收市打回原型这是什么操作

1 Like · 3 weeks · translate

cheng

No longer a surprise that it's loss making :) It's a question of whether a structural or temporary problem. Glad that the boss is reducing its stakes. Never a good idea for major shareholder to hold more than 50%. Wondering who will be the new substantial shareholder since it's a DBT.

2 Like · 3 weeks · translate

Hooi Khoon Tee

cheng what does DBT here means? good to the business? why there is no disclosure of the new shareholder?

1 Like · 3 weeks · translate

cheng

Direct business transaction, hktee. Offline negotiation between the boss and another party; willing buyer willing seller deals . Don't have to disclose the buyer's name unless shareholding percentage touches 5% or more.

3 Like · 3 weeks · translate

Waller See

Something is brewing. Got new contract?

Like · 3 weeks · translate

Hooi Khoon Tee

thanks cheng for the detail explanation :)

Like · 3 weeks · translate

cheng

you are welcome, hktee

Like · 3 weeks · translate

Jason Wong

昨天有机会去到0 235 今天又没有歌曲了。星期一有没有机会飞

Like · 3 weeks · translate

cheng

QR for Q1FY25 in two weeks time.

Like · 2 weeks · translate

Hooi Khoon Tee

cheng what do u see from the latest announcement whereby more than 10% devation of the last quarter result vs audited accounts? is this a norm?

Like · 2 weeks · translate

cheng

Cautiously optimistic, hktee :) It is not about whether its a norm or abnormal/irregular but rather the accounting approach - aggressive or conservative, hktee. In this situation, it was conservative approach pre audit which led to actual audited numbers being higher and better. Aggressive approach tends to show higher numbers upfront only to see negative surprises later while conservative approach is the other way round; lower numbers upfront. After all, the ECL / impairment of trade receivables which is part of the sga is still the culprit. Topline positive growth but bottom line showing negative growth; due to the same sga culprit. It will take at least two more quarters to confirm whether its a structural problem with sga or temporary. Hopefully its temporary with the departure of the marketing officer.

1 Like · 2 weeks · translate

Hooi Khoon Tee

is that mean the marketing officer is the main culprit of high ECL?

Like · 2 weeks · translate

cheng

No idea, hktee :) He and the cfo left the company after the results that raises eyebrows.

Like · 2 weeks · translate

Hooi Khoon Tee

ya the company like reshuffle the whole management team, including changing auditor and company secretary. is this a red flag or for a better future growth?

Like · 2 weeks · translate

cheng

Auditor changed from Grant Thornton to PWC last year should not be a concern.

Like · 2 weeks · translate

Hooi Khoon Tee

meaning if PWC willing to accept them as client their accounts should be reliable?

Like · 2 weeks · translate

Hooi Khoon Tee

and u see most of the stock rebound from the dip lately except this counter and yet everyday transacted in high volume, what does this implies?

Like · 2 weeks · translate

cheng

good for traders as there is sufficient liquidity, hktee :)

Like · 2 weeks · translate

Jason Wong

这里很奇怪其实是不是再换票
左手换右手
每天的量都很大一下

1 Like · 2 weeks · translate

cheng

tempted to add but will wait for q1'25 results estimated in less than two weeks time

Like · 2 weeks · translate

Hooi Khoon Tee

cheng what do u think on coming QR result? positive outlook?

Like · 2 weeks · translate

cheng

Not expecting sga hit last quarter to be a structural problem, hktee. So, my expectation is that sga should be trending down for the next two quarters. After all, there is this statement in the annual report - Pursuant to the External Auditor’s review of the financial result of the year ended 31 December 2024, an allowance
for Expected Credit Loss (“ECL”) of RM29.2 million was advised, attributed mainly to one customer due to
delayed payment. To date, we have received payments in several tranches in accordance to their commitment
to make full payment for all outstanding receivables :)

Like · 2 weeks · translate

Hooi Khoon Tee

wow that's something positive! i missed this out in their FS. no wonder u are thinking to top up some :)

Like · 2 weeks · translate

cheng

yes it is. you should read the annual report over the weekend :) it will be a good read.

2 Like · 2 weeks · translate

Hooi Khoon Tee

will take a look on it over the weekend. thanks cheng :)

Like · 2 weeks · translate

cheng

you are welcome, hktee

Like · 2 weeks · translate

Bryan Liang

just hold and waiting only
don't worry be happy

Like · 2 weeks · translate

cheng

thanks to the local funds/institutions that bought most of the shares that were sold by other local/foreign funds/institutions :)

Like · 2 weeks · translate

Hooi Khoon Tee

cheng how do we know that local funds are buying? and not retailers?

Like · 1 week · translate

cheng

you can compare the 2023 top30 shareholdings with the recent 2024 top30 shareholdings, hktee. Shareholdings in 2024 annual report is as of Mar/Apr 2025. while count of funds/insti dropped a few, average holdings per funds/insti have increased based on the details in there.

2 Like · 1 week · translate

cheng

looking forward to the upcoming results in less than 2 weeks time

1 Like · 1 week · translate

cheng

Another DBT :) two DBTs transacted at 0.23 and 0.235. Wondering who is the buyer :)

2 Like · 1 week · translate

Hooi Khoon Tee

will it be the same buyer?

Like · 1 week · translate

cheng

Not sure, hktee. It's slightly more than 2% shareholdings based on the two DBTs transactions :)

2 Like · 1 week · translate

Bryan Liang

如果可以突破0.235-0.24
就开始来了

Like · 1 week · translate

William Gui

wait down first

Like · 1 week · translate

cheng

churning at 0.23/0.235 :) the price where the dbts were transacted. a positive development in the sga will send it up north, bryan.

2 Like · 1 week · translate

Bryan Liang

correct lo
for the sell pressure is high to push down the price

1 Like · 1 week · translate

cheng

yeah, waiting patiently.

1 Like · 1 week · translate

Hooi Khoon Tee

cheng will u top up now or still waiting for QR to decide?

1 Like · 1 week · translate

cheng

waiting for QR to decide, hktee. Current price is not that far off from my initial batch and QR is just around the corner.

2 Like · 1 week · translate

cheng

I think its good for the boss to dispose via dbts. (1) owners should not have high % of ownerships; anything more than 50% is considered high (2) willing buyer willing seller agreement and dealing offline.

4 Like · 1 week · translate

Waller See

There is a good chance for SFP to turn around in Q1

2 Like · 1 week · translate

cheng

its possible, waller see. judging by last qtr results which was hit by 29mil ECL and as long as there is no repeat of ECL barring any unforeseen surprises from cogs / other impairments. nevertheless, no harm waiting for a few more days. After all, 1 bil market cap and aggregate of 20M for 3 to 5 fiscal years if the company intends to get into Main Board in the future. So, the upside is huge if the numbers in previous qtr are temporary and not structural.

2 Like · 1 week · translate