FY2017/2018
Results are stable at a revenue of RM620 million vs RM6323 million in FY 2016/2017, I have a personal target of RM599 million. If we compare net profit year on year excluding Forex, the results are flat compare to last year's. Forex lost is unrealized, RM is strengthening. Still a money machine generating cash.
Cash increase about RM100 million from last quarter to RM373 million from RM276 million. RM373 million translate to S$127 million at the time of writing. A dividend S$0.0185 (S$22.6 million) were declare as dividend, a mere 20% of current cash pile. I expect the dividend this year to maintain. Cash per share now stand at S$0.104. Almost 50% of the share price. Looking forward, HAP has yet to exercise their call option for the 3rd tranche of DFZ.
SMSB and the custom of Perak.
From the latest announcement:
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.
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 so when SMSB’s duty free shop is located after the last customs station en-route out of Malaysia and before the first customs station en-route into Malaysia, where no duties are payable. The solicitors of SMSB are taking the necessary defence actions on its behalf.
The High Court has on 4 January 2018 fixed the case for hearing on 12 April 2018 and subsequently postponed to 17 April 2018. During the hearing on 17 April 2018, SMSB argued that the Bills of demand are illegal and are raised beyond the scope of
The High Court subsequently fixed for decision of the matter on 25 May 2018. In addition, the High Court also granted interim stay of enforcement of the Bills of demand until the date of decision.
On 12 December 2017, SMSB had also appealed to the Director-General in respect of the sales tax pursuant to Section 68 of the Sales Tax Act and had submitted an application to the Director-General in respect of GST pursuant to Section 124 of the GST Act. To-date, the matter is still pending a decision from the Director-General.
So the day of reckoning is on 25th May 2018.
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