【CSL 5214 交流专区】中国文具

Ztd3088

我从中国来马来西亚24年了，因为投资了中国文具和KNM，现在雷同：一个北京人，1984年为了圆出国梦，卖了鼓楼大街一个四合院的房子，凑了30万，背井离乡到意大利淘金…风餐雨宿，大雨送外卖，夜半学外语，在贫民区被抢7次被打3次…辛苦节俭，如今已两鬓苍苍，30年了，终于攒下100万欧元(人民币768万)打算回国养老享受荣华！一回北京，发现当年卖掉的四合院现中介挂牌8000万，刹那间崩溃了……

启示：或许，人一生多半是瞎忙…有些时候，选择比努力更重要！

Ztd3088

这么低的股价，尽公司能力回购，多多益善，把计划发股息的钱全部投入回购，坚决支持回购行动！希望关老板说到做到，为莆田市老乡争光、为伟大的中国立信誉！

Ztd3088

记得刚上市时，关永贤老板说要在马来西亚设立工厂，结果食言。后来说每年要拔出盈利的20%派股息，但是又食言。去年大会时说要回购10%以上公司的股票，还是食言。我看了今年财報，关永贤老板说自己诚信第一，会为股东们创造利益……结果……每股净值RM：1.44元，一分钱利息都没有，此人所言所行堪忧！我那600万马币石沉大海、永无出头之日矣！

Ztd3088

罚款不多，起不了阻吓的作用。应该冻结这些董事的资产和上市公司基金，按上市时的股价退钱给所有的小股东，然后下市。


CSL 6董事遭公开谴责罚款
财经  2016年05月24日
http://www.orientaldaily.com.my/business/cjcsl-6

（吉隆坡24日讯）由于抵触上市条例，大马交易所公开谴责中国文具（CSL，5214，主板消费股）6名董事，並开出总数5万9600令吉的罚单。

中国文具无法在期限內呈交2013財政年（12月31日结账）经审核財报和年报，触犯第9.23（2）和9.23（1）项上市条例。

另外，该公司在2014年11月14日呈交的2014財政年第3季未审核业绩，亏损2亿1042万令吉。对比2015年1月15日呈交的经审核业绩，亏损为1亿7535万令吉，差距高达16.7%，触犯第9.16（1）（a）上市条例。

6名被公开谴责的董事，包括执行主席兼首席执行员关永贤、其儿子执行董事关振质、已在2015年1月20日离职的前非独立非执行董事拿督陈春华、独立非执行董事雷森贝斯博士、独立非执行董事赫曼，以及在2014年7月2日离职的高级独立非执行董事丹斯里尼克哈欣。

BURSA MALAYSIA SECURITIES PUBLICLY REPRIMANDS CHINA STATIONERY LIMITED AND FINES 6 DIRECTORS

CHINA STATIONERY LIMITED

Bursa Malaysia Securities Berhad (635998-W) (Bursa Malaysia Securities) has publicly reprimanded China Stationery Limited (CSL) and 6 directors for breaches of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR). In addition, the 6 directors were fined a total of RM59,600.

CSL is publicly reprimanded for committing the following breaches:-

No.	Breach
1.	Paragraph 9.23 of the Main LR which states that:- (1) A listed issuer must issue its annual report that includes annual audited financial statements together with the auditors’ and directors’ reports of the listed issuer, to the Exchange and shareholders within 6 months from the close of the financial year of the listed issuer; and (2) A listed issuer must announce to the Exchange its annual audited financial statements together with the auditors’ and directors’ reports within a period not more than 4 months from the close of the financial year of the listed issuer unless the annual report is issued within a period of 4 months from the close of the financial year of the listed issuer. Paragraph 2.06(2) of the Main LR which states that the Exchange may at any time, waive or modify compliance with a Requirement or any part of a Requirement.  If the Exchange waives or modifies compliance with a Requirement or part of a Requirement subject to a condition, the condition must be complied with for the waiver or modification of compliance to be effective. CSL had breached:- (a) paragraph 9.23(2) read together with paragraph 2.06(2) of the Main LR for failing to announce its annual audited financial statements for the financial year ended 31 December 2013 (“AFS 2013”) on or before the extended due date of 30 June 2014.  CSL only announced its AFS 2013 on 8 July 2014, after a delay of 6 market days; and (b) paragraph 9.23(1) of the Main LR for failing to issue its annual report for the financial year ended 31 December 2013 (“AR 2013”) on or before the due date of 30 June 2014.  CSL only issued its AR 2013 on 14 August 2014, after a delay of 31 market days.
2.	Paragraph 9.16(1)(a) of the Main LR which states that a listed issuer must ensure that each announcement made is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions. CSL had breached paragraph 9.16(1)(a) of the Main LR in respect of its announcement dated 14 November 2015 on its unaudited quarterly report for the 9-month period ended 30 September 2014 (Unaudited QR Sept 2014) which failed to take into account the adjustments as stated in its announcement dated 15 January 2015.    There was a deviation between the Unaudited QR Sept 2014 and the audited results for the 9-month period ended 30 September 2014 (Audited QR Sept 2014) as follows:- Unaudited QR Sept 2014 announced on 14 November 2014 Audited QR Sept 2014 announced on 15 January 2015 Loss after tax and minority interest RM210,420,691 RM175,345,416 Deviation RM35,075,275 / 16.67%

CSL is also required to review and ensure the adequacy and effectiveness of its financial reporting function and carry out a limited review on its quarterly report submissions. The limited review must be performed by the company’s external auditors for four quarterly reports commencing no later from the quarterly report for the financial period ended 30 June 2016.  In addition, CSL must ensure all its directors and relevant personnel attend a training programme in relation to compliance with the Main LR pertaining to financial statements.

6 directors of CSL are publically reprimanded for breaches of paragraph 16.13(b) of the Main LR where they had permitted CSL’s failure to announce/issue its financial statements on the due date.  In addition, fines are imposed on them as follows:-

No.	Director	Penalty Imposed
1.	Chan Fung @ Kwan Wing Yin Executive Chairman and Chief Executive Officer	Public Reprimand and fine of RM18,500
2.	Angus Kwan Chun Jut Executive Director	Public Reprimand and fine of RM18,500
3.	Datuk Tan Choon Hwa. JP. JMK Non-Independent Non-Executive Director Audit Committee Member (Resigned on 20 January 2015)	Public Reprimand and fine of RM7,400
4.	Dr. Risambessy Izaac Independent Non-Executive Director Audit Committee Chairman	Public Reprimand and fine of RM7,400
5.	Herman Widjaja Independent Non-Executive Director Audit Committee Member	Public Reprimand and fine of RM7,400
6.	Tan Sri Dato’ Nik Hashim Bin Nik Ab Rahman Senior Independent Non-Executive Director Audit Committee Member (Resigned on 2 July 2014)	Public Reprimand and fine of RM400

The finding of breach and imposition of the above penalties on CSL and its directors were made pursuant to paragraph 16.19 of the Main LR upon completion of due process and after taking into consideration all facts and circumstances of the matter including the materiality of the breaches, impact of the breaches to CSL and shareholders / investors and the role, responsibilities and conduct of the directors.

Bursa Malaysia Securities views the contraventions seriously as the timely and accurate submission of financial statements is one of the fundamental obligations of listed companies and is of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Securities and necessary to aid informed investment decisions.  

Bursa Malaysia Securities has reminded CSL and its Board of Directors on their responsibility to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public.

BACKGROUND

1. Delay in Submission of Financial Statements

Bursa Malaysia Securities had granted CSL’s request for an extension of 2 months (i.e. until 30 June 2014) to announce the AFS 2013 in view of a fire incident on 4 April 2014.  However, CSL failed to announce the AFS 2013 on or before the extended due date of 30 June 2014 as the company failed to procure the information / documents requested by the external auditors and resolve certain audit issues with the external auditors.  This led to the external auditors expressing a disclaimer opinion on the AFS 2013 and consequently, CSL triggered the prescribed criteria in Practice Note 17 upon issuance of the AFS 2013 on 8 July 2014.

There was delay by CSL in providing the information which had been requested by the external auditors since 16 April 2014 towards finalisation of the AFS 2013.  Further, there was no certainty as to when and whether the audit issues could be resolved with the external auditors.

In respect of the AR 2013, the explanation on the necessity to make certain revision / enhancement to the disclosure in the annual report and the time taken for the company secretary to liaise with the printers did not justify the length of delay and issuance of the AR 2013 only on 14 August 2014.  The directors had merely relied on the management and the company secretary to finalise the AR 2013 and failed to take reasonable steps to monitor and supervise to ensure timely issuance of the AR 2013.

As such, there was no reasonable justification for the failure of CSL and its directors to ensure timely announcement of the AFS 2013 and AR 2013 by 30 June 2014.

2. Deviation between CSL’s unaudited and audited results for the 9-month period ended 30 September 2014

CSL had reported an unaudited loss after tax and minority interest of RM210,420,691 in its Unaudited QR Sept 2014 announced on 14 November 2014 as compared to an audited loss after tax and minority interest of RM175,345,416 in the Audited QR Sept 2014 announced on 15 January 2015.  The difference of RM35,075,275 between the Unaudited QR Sept 2014 and the Audited QR Sept 2014 represented a variance of 16.67%.

The adjustments were mainly in respect of:-

a. recognition of deferred tax assets of RMB128,293,704 (equivalent to RM68,046,981) from the losses of CSL’s indirect wholly-owned subsidiaries.  CSL had failed to undertake reasonable assessment in not recognising the deferred tax assets in the Unaudited QR Sept 2014 in accordance with the relevant accounting standard; and

b. provision for doubtful debts of RMB60,360,847 (equivalent to RM32,015,393) for debts which had exceeded the normal credit term of 90 days.  Notwithstanding that the letters of demand for the debts were issued on 19 December 2014, there was no reasonable assessment undertaken / basis for the management’s view that the long outstanding debts were collectible at the date of issuance of the Unaudited QR Sept 2014.

Ztd3088

陈峰@关永贤、说好了的中国文具股息在哪？不派息就是欺骗投资者的大奸商、统统充公财产并抓去坐牢！大家支持吗？

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2016	31 Mar 2015	31 Mar 2016	31 Mar 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	79,031	40,646	79,031	40,646
2	Profit/(loss) before tax	35,463	12,831	35,463	12,831
3	Profit/(loss) for the period	26,086	9,406	26,086	9,406
4	Profit/(loss) attributable to ordinary equity holders of the parent	26,086	9,406	26,086	9,406
5	Basic earnings/(loss) per share (Subunit)	2.10	0.76	2.10	0.76
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.3400		1.2800

Ztd3088

账目很美好，但是没有派发股息，说明要吗老板是没有良心的贪婪者、要吗账目造假，二者皆说明中国文具是不良资产！

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 30 Jun 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Jun 2016	30 Jun 2015	30 Jun 2016	30 Jun 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	72,204	38,030	147,805	78,177
2	Profit/(loss) before tax	10,894	16,349	44,818	29,022
3	Profit/(loss) for the period	7,912	6,147	32,866	15,438
4	Profit/(loss) attributable to ordinary equity holders of the parent	7,912	6,147	32,866	15,438
5	Basic earnings/(loss) per share (Subunit)	0.64	0.49	2.64	1.24
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.3400		1.2800

icy97

中国文具跌低．值得买进吗？

读者林先生问：

中国文具（CSL，5214，主板消费品组）目前的股价跌至约8仙水平，为什么会跌得这么低，值不值得买进？最新业绩表现及财务情况如何？业务前景如何？

答：中国文具股价跌至8仙水平，惟每股资产1令吉34仙，每股现金或银行余款达到近1令吉，即11亿4651万2000令吉除以12亿4276万零588股。从数据看来，这是非常具有吸引力的，不过股价仅为8仙，实在令人感到不解。

财务数据具吸引力

不过，市场一般认为，由于在海外股市上市的中国公司的声誉欠佳，特别是出现过做假账的账目疑云重重，使投资者对这些中国股没有信心，就算公司业务表现良好也不敢问津。

或是有些在中国股股价大跌后进场的投资者，由于股价再进一步跌跌不休，使他们还是蒙受严重亏损，从而对中国股失去信心，股价再低也不敢进场。

至于值不值得投资买进，这里采探其估值情况：

若以该公司最新第一季业绩的每股净利年度化，即假设未来3季的每股净利保持在2.10仙，2016年全年每股净利可达8.40仙。

若以8月5日的收市价8仙为准，该公司在2016财政年的预测本益比则等于8/8.40=0.95倍，即低于1倍水平。这意味着若是全年每季每股净利保持在2.10仙，将使投资者在不到1年内即赚回所投资的8仙资金。

由于没有证券行剖析及给予投资建议，值不值得买进，还得自己作出决定。

略为参考该公司截至2016年3月31日为止第一季的最新业绩表现（见附表）。

该公司在宣布最新业绩时指出，在目前经济情况下，2016财政年将是具挑战的一年。

不过，该公司却对2016年业绩持乐观态度。

财务状况方面，同期间，该公司净资产达到16亿6913万令吉；非流动资产为4亿1732万9000令吉，包括产业/工厂/器材达3亿4024万3000令吉、延递税务资产为6860万6000令吉。

流动资产为13亿1600万6000令吉，包括库存为1347万1000令吉，贸易及其他应收款项为1亿5602万3000令吉、现金及银行余款为11亿4651万2000令吉。

该公司流动负债仅为3911万8000令吉。

该公司的股本为12亿4276万零588股的股票，每股面值为0.1仙。储备金则达到16亿6627万4000令吉。该公司的每股资产达到1令吉34仙。



文章来源：
星洲日报‧投资致富‧投资问诊‧文：李文龙‧2016.08.21

Ztd3088

中国文具跌到太便宜了，今天忍不住又买进一点点，现在我手头上的股票多过CSL公司回购的库存股！

Ztd3088

中国文具真利害！跌跌不休，从1.95令吉跌到现在0.065，根本就是废纸一张！[code][/code]

哭哭鸟

中国文具第3季净利跌42%
2016年11月19日
http://www.enanyang.my/news/20161119/中国文具第3季净利跌42/

（吉隆坡18日讯）中国文具（CSL，5214，主板消费产品股）截至9月30日第三季，净利大跌42.2%，仅达1264万令吉；但营业额增长34%，报7856万3000令吉。

累计首9个月，净利则扬升14.9%至4574万7000令吉；营业额扩大52.2%，报2亿2745万4000令吉。

根据文告，营业额增长归功于非专利产品的销售走高。第三季的盈利按年多出79.44%，平均盈利赚幅也走高至50.25%，因生产成本得到更好的控制，且产品组合也有所不同。

然而，净利赚幅则比去年同期低6%，因今年5月涉及一笔5850万人民币（约3753万令吉）的广告成本。

展望本财年，中国文具认为，公司将面临几个风险，包括汇兑风险、欧洲经济放缓、聚丙烯原料的价格与供应、及生产设备的供应，不过，公司仍乐观看待2016财年的表现。

SUMMARY OF KEY FINANCIAL INFORMATION 30 Sep 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Sep 2016	30 Sep 2015	30 Sep 2016	30 Sep 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	78,563	58,608	227,454	149,465
2	Profit/(loss) before tax	18,728	28,584	63,875	62,314
3	Profit/(loss) for the period	12,640	21,883	45,747	39,824
4	Profit/(loss) attributable to ordinary equity holders of the parent	12,640	21,883	45,747	39,824
5	Basic earnings/(loss) per share (Subunit)	1.02	1.76	3.68	3.20
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.3900		1.2800

Ztd3088

业绩还可以，为什么股价这么低？

Ztd3088

除了派股息可以证明中国文具是真的在认真经营生意，否则再高的盈利财报都是造假的！

Ztd3088

滥公司，骗钱的，我亏了600万马币，几乎破产！

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Dec 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Dec 2016	31 Dec 2015	31 Dec 2016	31 Dec 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	79,166	103,844	308,758	239,446
2	Profit/(loss) before tax	-18,803	33,090	45,673	89,624
3	Profit/(loss) for the period	-27,642	21,516	18,535	57,647
4	Profit/(loss) attributable to ordinary equity holders of the parent	-27,642	21,516	18,535	57,647
5	Basic earnings/(loss) per share (Subunit)	-2.22	1.73	1.49	4.64
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.4300		1.2800

Ztd3088

中国文具2016年12月止的财政年：公司现金及银行结余达人民币18亿5千万元，股东基金达27亿5千万元（1元人民币兑RM0.62）。营业额4亿9千560万元人民币，税后盈利2千981万元人民币，2016年5月广告开销5千850万元人民币，2016年11月广告开销9千300万人民币。

墨士甲

Ztd3088 发表于 13-5-2017 01:36 AM

2016年12月止的财政年：税后盈利2千981万元人民币，2016年5月广告开销5千850万元人民币，2016年11月广告开销9千300万人民币。他的开销真大。。。

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2017	31 Mar 2016	31 Mar 2017	31 Mar 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	75,908	79,031	75,908	79,031
2	Profit/(loss) before tax	22,916	35,463	22,916	35,463
3	Profit/(loss) for the period	16,797	26,086	16,797	26,086
4	Profit/(loss) attributable to ordinary equity holders of the parent	16,797	26,086	16,797	26,086
5	Basic earnings/(loss) per share (Subunit)	1.35	2.10	1.35	2.10
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.4300		1.4300

icy97

Expiry/Maturity of the securities

CHINA STATIONERY LIMITED

Instrument Category	Securities of PLC
Instrument Type	Warrants
Type Of Expiry	Expiry/Maturity of the securities
Mode of Satisfaction of Exercise/Conversion price	Cash
Exercise/ Strike/ Conversion Price	Malaysian Ringgit (MYR) 1.1500
Exercise/ Conversion Ratio	1:1
Settlement Type / Convertible into	Physical (Shares)
Last Date & Time of Trading	29 Aug 2017 05:00 PM
Date & Time of Suspension	30 Aug 2017 09:00 AM
Last Date & Time for Transfer into Depositor's CDS a/c	11 Sep 2017 04:00 PM
Date & Time of Expiry	18 Sep 2017 05:00 PM
Date & Time for Delisting	19 Sep 2017 09:00 AM

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5489965

Attachments China Stationery Limited - Notice.pdf