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BAUTO最新财报展现最大的隐忧是share of results of associate“贡献“亏损930万令吉‼️
过往这方面都是有所盈利的，上个季度才首次出现亏损30万令吉，本季度亏损就急速扩大。
所谓Share of results of associate就是指持有股权低于50%的关联公司净利/净亏份额，其财务表现不反映在营业额或毛利里，只能直接体现在底线净利。
正因为不是子公司，所以在财报可以得知的信息极少，你难以判断这些公司财务表现会继续恶化还是有所改善。
财报提了一句令人忧心的一句话，那就是:
“record share of losses from all of its domestic associate”。
关键的细节在于 - all，全部！
BAUTO一共有3家关联公司：
? 持有 30% 的 Mazda Malaysia Sdn Bhd —— 负责本地组装及分销 Mazda，2025 财年贡献净利 1000万令吉。
? 持有 29% 的 Inokom Corporation Sdn Bhd —— 为 Mazda、Kia 等品牌进行 CKD 组装，2025 财年贡献净利 167万令吉。
? 持有33.33%的Kia Malaysia Sdn Bhd - 负责本地组装 Kia 的 CKD 车型。 因对BAUTO影响较小所以在2025年报没单独透露详情。
既然公司透露全部关联公司都亏钱，那代表最赚钱的Mazda Malaysia Sdn Bhd 也已转亏。
1. First, without knowing other people entry price labelling them as unimaginable entry price is childish
2. Secondly you are suffering from mental issue as seeing others suffer will excite you
Everyone has a different investment strategy and risk tolerance. Celebrating someone else's financial misfortune says more about your character than it does about their investing skills! !
Serba 2.0??? Let me refresh you with the analysis of Serba Dinamik down fall instead of being a loose canon said whatever you wish that bear so similarity with Bauto and cast yourself as being a fool ya
The drastic decline and eventual collapse of Serba Dinamik Holdings Berhad's stock price is a classic case study in corporate governance failure and one of the most significant scandals in Malaysia's financial market history.
The downfall was not due to a single reason but a cascade of events triggered by a fundamental issue: questions about the veracity of its financial statements.
Here are the key reasons, broken down chronologically and thematically:
1. The Immediate Trigger: The Audit Controversy (May 2021)
· Whistleblower Report & KPMG's Red Flags: The crisis began when the company's external auditor, KPMG, raised numerous red flags after investigating a whistleblower report. KPMG could not verify the existence and authenticity of transactions amounting to billions of ringgit.
· Key Areas of Doubt: The major issues identified were:
· Sales Transactions: Questionable sales figures to customers, suggesting they might be inflated or non-existent.
· Trade Receivables: Difficulty confirming money owed to the company by these customers.
· Plant, Property & Equipment (PPE): Questions about the existence and value of assets listed on the company's books.
· Boardroom Battle: Instead of addressing the concerns, Serba Dinamik's management, led by CEO Datuk Dr. Mohd Abdul Karim Abdullah, turned on KPMG. They applied to the court to remove KPMG as auditors and sued them for negligence, creating a major governance red flag.
This audit dispute revealed severe underlying governance problems:
· Dismissal of Regulators: The company's aggressive stance against its own auditor and later against the Securities Commission Malaysia (SC) eroded investor confidence entirely. It signaled a management unwilling to be transparent.
· Board and Management Issues: Key independent directors resigned en masse, citing a lack of cooperation and information from management. This exodus was a clear sign of internal dysfunction.
· Appointment of a "Special Auditor": To investigate, the company appointed Ernst & Young Consulting Sdn Bhd (EY) as a "special independent reviewer." Their findings, though limited in scope, confirmed many of KPMG's concerns, revealing that many documents related to the questionable transactions were missing or inaccessible.
3. Regulatory and Exchange Intervention
· Suspension and Classification: Bursa Malaysia suspended trading of Serba Dinamik's shares multiple times. The stock was eventually classified as a PN17 status company. This is a designation for financially distressed companies, forcing them to submit a regularisation plan to avoid delisting.
· Investigation by Authorities: The Securities Commission Malaysia (SC) launched a formal investigation into the company for possible breaches of securities laws.
· Legal Action Against Executives: In March 2023, the SC charged Serba Dinamik and four of its top executives, including the CEO and CFO, with furnishing false statements to Bursa Malaysia. This was the culmination of the regulatory probe and a fatal blow to the company's credibility.
4. Financial and Operational Collapse
· Default on Debts: With its credibility shattered, the company could not secure new funding or business. It began defaulting on its multi-billion ringgit debts owed to local and international banks.
· Liquidation of Assets: Lenders began seizing and selling off the company's assets to recover their loans.
· Failed Regularisation Plan: The company failed to submit a viable plan to regularise its financial condition, a requirement to lift its PN17 status.
5. The Final Blow: Delisting
After failing to meet multiple deadlines and requirements set by Bursa Malaysia, Serba Dinamik was delisted from the Main Market of Bursa Malaysia on January 5, 2024. Its shares are now worthless, and retail investors who held the stock lost their entire investment.
In summary, the stock's fall was due to: A whistleblower report that exposed potential accounting fraud → which led to a fight with the auditor instead of transparency → revealing catastrophic corporate governance failures → triggering regulatory action and a PN17 status → causing a liquidity crisis and debt defaults → culminating in delisting and a total loss of shareholder value. The core reason was a severe breach of trust in the company's reported financial health.
In the 4 phases of valuation over time is it not that we should buy when it is at the blown off phase where the reward outweighs the risk as long as the management is honest and company is sound? Yes I will buy in Bauto when there is despair and fear at the moment
Relax lah for sure Bauto management and major stakeholders have their own vision and mission where we ordinary shareholders wouldn’t envisage that is the reasons why they are the founding owners whereas we are just an ordinary shareholders who are scared by the share price movement instead of the potential value in the locomotive industry via Bauto waiting to be unlock ya
