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Glaucus gave evidences whereas CMZ explanation is very vague and highly gloss.
Housewife wants to buy vegetables also wont buy those shinning ones laced with pesticides.
Now whenever I see vegetables at supermarket or mixed rice store give me the shiver.I think of CMZ.lol
Sell n move on.Less nightmare translate to better health.
They must be out of their minds..... pui... lucky not vested...sorry for holders in this who got caught... hope px recovers for yer all
Aberdeen123 ( Date: 31-Aug-2013 23:42) Posted:
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giving 1 cent dividend is pathetic compared to more than 50 cents drop.SHORT cmz monday. sure win
Beside the CMZ inconclusive report, giving 1c dividend to pacify investor is very hard to bite.
Problem is they can't understand the report without translation
stockpicker ( Date: 31-Aug-2013 23:04) Posted:
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They have not been handling the crisis properly or our SGX is not doing its proper job. 1st, the trading should be halted as soon as possible. If HK Exchange can halt in 1 hour, why can't we do the same. MZ was trading till 11:13, over 2 full hours. 2nd, MZ should gain the confident of the investor by responding as quickly as possible.
AAwang ( Date: 31-Aug-2013 21:49) Posted:
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until now cmz has not clarified all the doubts. All cmz's announcements so far (or so called fight back?) do not hold water.
This is the other post
" One of the failed attempt by Glaucus.. this company,
West China Cement did it so beautifully that the price went up by 5% instead
after dropping only 2% when Glaucus attacked. The trading halt was almost
immediate after 1 hr of the attack. Then the company get others involved to do
the clarifications.. the trading resumed the next day..
http://biz.cn.yahoo.com/ypen/20120810/1241519.html "
http://biz.cn.yahoo.com/ypen/20120810/1241519.html "
This is my post in other forum.. for information
" Muddy Water, run by Carson Block, attacked Olam with
conclusions based on facts and figures such as Olam has higher than normal debts
and used future earnings for accounting etc therefore, going may be a concern.
Olam may not win if it were to go ahead and sue.
Glaucus run by former Roth Capital Partners salesman Matthew Wiechert, attacked MZ based on information gathered somewhere and mostly on IPO documents. Its so called supplement evidences are just financial reports on 2 of the ９ MZ's companies in China. There was no specific comments quoted on them. Then there is this evidence on a dismissed MD called Ling Guo Ping which the Chinese Authority clarified that it was a forged document. The so called RMB 1.2 bln not reported was specifically reported in MZ's balance sheet in Annual Report 2011. MZ may have inflated its earnings but Glaucus did not disclose any such evidences.
It would be interesting to see how Glaucus can pull itself out from this muddy water unless it can produce more relevant information."
Glaucus run by former Roth Capital Partners salesman Matthew Wiechert, attacked MZ based on information gathered somewhere and mostly on IPO documents. Its so called supplement evidences are just financial reports on 2 of the ９ MZ's companies in China. There was no specific comments quoted on them. Then there is this evidence on a dismissed MD called Ling Guo Ping which the Chinese Authority clarified that it was a forged document. The so called RMB 1.2 bln not reported was specifically reported in MZ's balance sheet in Annual Report 2011. MZ may have inflated its earnings but Glaucus did not disclose any such evidences.
It would be interesting to see how Glaucus can pull itself out from this muddy water unless it can produce more relevant information."
without new investors + so many shark out there........SUSAH..........
Monday will full time see got Lobang Bo !!!!.........
Toto
They have until 01092013 2359 to release their Response.
Sorry for the screwed-up formatting and double post. Dunno why..
This counter is now the " hottest" and most talked about stock in town. Have not really done much homework for this stock yet but after reading all the views from this thread here (biased or unbiased), and also views from newspapers and other online sources, it is enough to spark my interest of keeping this in my watchlist whether to vest or not. All evidence from the 49-pg Glaucus Report looks really unfavorable to CMZ but I wouldn't be too quick to judge yet. Not easy to do homework for these alleged claims and therefore must wait for CMZ's explanation. Things I would look out for: 1) How HongKong Yifenli Trading Co. Ltd can account for the largest sales revenue for CMZ before 2009 if it is only incorporated in 2009. Is CMZ the shady one, or Yifenli?? Is there something else we do not know??
2) Putian Daziran Vegetables Produce Co. Ltd has zero cost of goods sold in 2009, yet CMZ reported 13.4% of sales revenue in 2009 comes from Putian. Business model of selling vegetables should not be too complicated and any revenue recognized in 2009 should be accompanied with the corresponding cost of goods sold accordingly. Yet, Putian has zero revenue and zero cost of goods sold in 2009. Seems very funny, especially on Putian's part. More of like Putian's accountant is lazy to account or there are delays in accounting, leading to some accounting irregularities when comparing both CMZ and Putian's financial reports.
3) RMB 1.2 billion of funds was reported to have being allocated for the construction of a new food industrial park in Putian in 2011, which belongs to one of it's subsidiaries - Fujian Minzhong Organic food Co. Ltd, with the construction lasting 2 years. In 2012, we can see that CMZ's PPE grow by about RMB 0.718 billion for the first year. Construction work-in-progress for Fujian Minzhong however, only grew by RMB 0.203 billion. Assuming all RMB 0.718 billion was spent on the construction for the first year, then where did RMB 0.515 billion goes to? Could it be that, the industrial park belongs not only just to Fujian Minzhong, but also other subsidiaries??
4) If what Glaucus reported is true, that CMZ's collection policy is 30-90 days (60 days on average) and has not changed, then why day sales outstanding in 2013 is close to 120? Is there a change in credit policy? Or it's creditors are just not able to pay back on time and requires extension? Why is there a delay in receiving payment? Is there any good reason behind??As a to-be investor gaining from the " unwarranted" free fall of share price and " cheap" bargain, these are the pressing issues which needs to be addressed. Would vest only after weighing and considering the explanations from CMZ. My stand is now neutral. But given the heavy " publicity" which have already raised lots of awareness from the business and investing world, once CMZ can confidently refute the claims and with proper and solid explanation and evidence, it's share price is poised for a great rebound (or great fall?) Rising like a phoenix from where it falls and gaining even higher share price, possible?? Not sure also, would keep in view. Just my thought.. =)
SFGuyRuleZ ( Date: 31-Aug-2013 20:13) Posted:
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The ang moh not acting alone leh..the ang moh has already declared he has ah bang ah lek to combine powers to play humtam bohlah leh!!!
GorgeousOng ( Date: 31-Aug-2013 19:51) Posted:
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This counter is now the " hottest" and most talked about stock in town. Have not really done much homework for this stock yet but after reading all the views from this thread here (biased or unbiased), and also views from newspapers and other online sources, it is enough to spark my interest of keeping this in my watchlist whether to vest or not. All evidence from the 49-pg Glaucus Report looks really unfavorable to CMZ but I wouldn't be too quick to judge yet. Not easy to do homework for these alleged claims and therefore must wait for CMZ's explanation. Things I would look out for: 1) How HongKong Yifenli Trading Co. Ltd can account for the largest sales revenue for CMZ before 2009 if it is only incorporated in 2009. Is CMZ the shady one, or Yifenli?? Is there something else we do not know??
2) Putian Daziran Vegetables Produce Co. Ltd has zero cost of goods sold in 2009, yet CMZ reported 13.4% of sales revenue in 2009 comes from Putian. Business model of selling vegetables should not be too complicated and any revenue recognized in 2009 should be accompanied with the corresponding cost of goods sold accordingly. Yet, Putian has zero revenue and zero cost of goods sold in 2009. Seems very funny, especially on Putian's part. More of like Putian's accountant is lazy to account or there are delays in accounting, leading to some accounting irregularities when comparing both CMZ and Putian's financial reports.
3) RMB 1.2 billion of funds was reported to have being allocated for the construction of a new food industrial park in Putian in 2011, which belongs to one of it's subsidiaries - Fujian Minzhong Organic food Co. Ltd, with the construction lasting 2 years. In 2012, we can see that CMZ's PPE grow by about RMB 0.718 billion for the first year. Construction work-in-progress for Fujian Minzhong however, only grew by RMB 0.203 billion. Assuming all RMB 0.718 billion was spent on the construction for the first year, then where did RMB 0.515 billion goes to? Could it be that, the industrial park belongs not only just to Fujian Minzhong, but also other subsidiaries??
4) If what Glaucus reported is true, that CMZ's collection policy is 30-90 days (60 days on average) and has not changed, then why day sales outstanding in 2013 is close to 120? Is there a change in credit policy? Or it's creditors are just not able to pay back on time and requires extension? Why is there a delay in receiving payment? Is there any good reason behind??As a to-be investor gaining from the " unwarranted" free fall of share price and " cheap" bargain, these are the pressing issues which needs to be addressed. Would vest only after weighing and considering the explanations from CMZ. My stand is now neutral. But given the heavy " publicity" which have already raised lots of awareness from the business and investing world, once CMZ can confidently refute the claims and with proper and solid explanation and evidence, it's share price is poised for a great rebound (or great fall?) Rising like a phoenix from where it falls and gaining even higher share price, possible?? Not sure also, would keep in view. Just my thought.. =)
This one a bit SUSAH ler.......after all shortish cover .......will became penny + CENT company.........
No matter how CMZ reply, it will be no use and weak. as price already drop so much and situation favor the short side.
Only if CMZ or indofood can get enough money to fight for it, once at the opening you can take all the shorts and maintain the price for 1/2 hr, situation may change.
谁 怕 谁 ？ 哈 哈 ！
Chineses, Indonesian Vs Ang Moh
Peter_Pan ( Date: 31-Aug-2013 19:41) Posted:
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Lifting of halt is very tricky anything can happen if Glaucus counter respond.