Badders21
09 Oct 2015
Re: W T F?!?!?!? I don't think that anyone who takes a more bullish stance would think that there aren't possible concerns about JSI. However, all we have heard from OG is about other Chinese companies and some obscure person who he is not prepared to name and apparently still holds shares despite the negativity of what he saw. Of course OG doesn't hold stock - he is shorting JSI in the hope that his constant 100% negative comment after comment will drive the price down to his advantage. To pick up on a more recent comment, the interest paid of RMB4,389,000 represents an interest rate of about 6.5% on its debt of RMB67,600,000. Pretty much a rate of interest you would expect in China. Eyes still wide open as far as I am concerned - in fact, because of the constant negative spin from OG, I am beginning to think that JSI could be an even bigger winner in the end. If I'm wrong, I'm wrong but if you are wrong, OG, I hope that you will eventually admit it - I have a feeling that you won't because you will have lost a lot of money. You see, I can only lose 100% - a small amount in actuality - but my upside is infinite.
dicko80
09 Oct 2015
Ex divy date next week
LoadsaDosh2
09 Oct 2015
Re: W T F?!?!?!? OG just loves all this. He is as happy as a pig in muck when a share is down and investors are losing. Yes he is correct that there have been more than enough Chinese scam companies on AIM but it is somewhat perverted to take such an obsessive interest in them when he has no holding. Having wished that I lost all my money; I'd say he is in fact a nasty piece of work.
Orchard Gate
07 Oct 2015
Re: W T F?!?!?!? "Your analysis is quite misleading - not exactly a deep dive into the company finances"So says the guy who claims JSI has just £60k of borrowings, despite the fact its accounts show it paid £451k in interest last year.
fast sailor
07 Oct 2015
Re: W T F?!?!?!? My reading of the accounts show circa 340k in cash and 60k borrowingsDo you think 60k is substantial Your analysis is quite misleading - not exactly a deep dive into the company financesPlease justify your view please I own shares so have an interestThanksW
Orchard Gate
06 Oct 2015
Re: W T F?!?!?!? p.s. you will have noted that another of the AiM listed Chinese companies has been suspended (the Nomad asked for a review, the company refused so they quit as did the only independent NED, so good bye to that one) and three directors today resigned from China Chintek.It's actually quite funny watching this China AiM farce unravel.
Orchard Gate
06 Oct 2015
Re: W T F?!?!?!? It's a fair question but you have to accept that other China AiM frauds also paid a dividend so it's hardly conclusive evidence.The chap you ask about is a serious investor with interests in a number of Chinese companies who spent over two days at Quanzhou Jiasen Wood, the operating subsidiary visiting one of its mall-based sales outlets, and a large apartment complex in Xiamen, containing Jiasen wooden products. He gave a detailed and balanced account after this visit and remains a shareholder.As I've answered your question perhaps you can answer mine: how much do you know about doing business sin China?
Badders21
06 Oct 2015
Re: W T F?!?!?!? I'm afraid I really don't have time to go into detail with you but I would ask why would they pay a dividend at all if it is a fraud? They have had their float, they have got their money, why give some of it back to shareholder? You might say to perpetuate the fraud, but to what end? They can't raise fresh equity capital at this level so, if I were them, I would have bu**ered off with the money a few months ago without splashing out 3.85p back to shareholders.Also, who is this "well informed person"?Good luck.
Orchard Gate
05 Oct 2015
Re: W T F?!?!?!? "There are no facts that I am aware of that Jiasen is a fraud"Well, they tend not to put out statements confirming they are engaged in fraud so you have to look for those little signs. For example, why does the company have substantial borrowings when it claims to have a £40m cash pile? Why has in slashed the dividend and said it might cancel it altogether if it has so much cash (and in contravention of the dividend policy promised when it listed on AiM)?Are you unconcerned by the fact that the new CFO is from the audit firm which signed off the accounts of a number of other Chinese frauds such as Naibu?Why did the CFO and Jeff Teo, the NED who was also responsible for bringing the company to market resign?The company says it needs to move to a larger factory and this is where the cash will be spent because it has run out of capacity at its existing factory. But a well informed person who visited the factory said "To say that the business needs to move because it’s limited by production capacity (in terms of space) at the current factory is simply not borne out by the evidence" and estimated that only 5% to 25% of existing capacity is in use. So why the need to make the cash pile 'disappear' as CamKids did recently? Errr ... could it be there is no cash?You're happy that the board is controlled by 3 brothers, who are relations of the controlling shareholder?Why is the share register not available?Who owns the plant and machinery employed at the factory? the listing particulars don't say. Does the company own the land on which it operates? Again, unclear from public documents, so probably not.Should I continue?As a general question, how much do you know about business in China and how things work there? Do you really understand the risks? I somehow doubt it.
Orchard Gate
05 Oct 2015
Re: W T F?!?!?!? If spotting that some stocks are dogs and about to collapse (for example, Polo, AO World or Monitise) and saying so here or even realising that they are out-and-out scams (like Naibu or CamKids) is "spreading gloom and despondency" then I'm guilty.What would you prefer, that I sing a song and tell people they should pile in and buy more and double up, knowing they're likely to lose the lot? I don't think so.I made bearish comments about 7 shares last year and every single one of them is down, two by 100% and by 65% on average.You might think that's gloomy - I think it's called getting it right. Share are about making money and avoiding losses, not acting as cheerleaders for the incompetent, the liars and the crooks.
Badders21
04 Oct 2015
Re: W T F?!?!?!? As I said in my first post, I have made the investment or bet, if you prefer to call it that, with my eyes wide open. In my opinion the risk/reward ratio is very attractive. You may be right but I prefer not to tar every company with the same brush. When I have lost money I have never "bleated" about it - it goes with the territory but when I make money and one Chinese stock (my best ever investment) made me 27x what I put into it - I don't boast about it either. On balance I am way ahead with this type of investment although the bulk of my assets are conservatively invested.I took a brief look at some of your other posts and can see that you do like to spread doom and despondency. I do hope you cheer up soon! It will be interesting to see who turns out to be right on this one.Good luck.
Orchard Gate
04 Oct 2015
Re: W T F?!?!?!? You have to make you own investment decisions, of course.But you also have to take into account known facts which include the fact that a large proportion of Chinese shares listed on AiM (and on other markets such as in Germany) have proved to be scams; that there is a different standard of corporate governance and when things go wrong there appears to be little ability to enforce anything (in the case of Naibu the exec directors are reported as simply refusing to co-operate or respond to the non execs or nomad or auditors). The Chinese authorities will not enforce whatever rights the shareholders might have in English law and won't attempt to recover stolen money.You also can't ignore the facts that the same people (myself included) who identified Naibu as a fraud long before this was confirmed and who have said the same about CamKids are questioning how legit JSI is. They could be wrong of course but then they were told they were wrong about those two (big cash piles, audited accounts, LSE wouldn't allow them on the market without thorough due diligence, Nomad is happy with the company, positive press comment, undervalued blah blah blah blah, all complete nonsense of course) so with a track record of correctly identifying these Chinese scams they have history on their side.It's unusual for an investor to put money into something where there is even a suggestion it could be a fraud but as I say, you have to make your own choices and I hope you make money. But do me and everyone lese a favour: if it goes belly up and is indeed yet another scam, please don't bleat and blame everyone else - the Stock Exchange, the Investors Chronicle, the Nomad, the auditors and the man at the end of your street - anyone but yourself, as others have done in similar cases. Because you have been warned, so the responsibility sits right on your own head.Good luck all the same.
Badders21
03 Oct 2015
Re: W T F?!?!?!? Talk is talk. There are no facts that I am aware of that Jiasen is a fraud. If you don't want to buy them, fair enough, but I believe that there is a very high probability that the company is genuine and at this price the shares are very cheap. You are entitled to your opinion as I am. I am prepared to risk a small amount on the basis that I don't believe the talk and could be looking at a ten-bagger. I am happy to sit back and watch and wait. Clearly, on your basis, I am not a normal person.
Orchard Gate
01 Oct 2015
Re: W T F?!?!?!? "I am well aware of the talk of it being another non-company or a fraud but at anything around this level the shares look very cheap"I don't understand: if it's a fraud how can the shares ever look "cheap"? Did shares in Naibu look cheap before its own board admitted it was a fraud?If you lose your money you have no one to blame but yourself. Most normal people if aware an investment might be a fraud avoid like the plague.
Badders21
26 Sep 2015
Re: W T F?!?!?!? Hi guys. I dipped a very small toe in a few weeks ago at 4.88p. I am well aware of the talk of it being another non-company or a fraud but at anything around this level the shares look very cheap on the face of it. I did some research - not that there is a lot around - and looked at the numbers, who the brokers are and more importantly who the auditors are and their reputation.The dividend of 0.5p is a reassuring step but do note that they are looking to spend all of their cash and more on a new factory facility. They have said that they will review the final dividend in the light of that. The trading downturn was, of course, not unexpected and it would appear that the company is securing some good contracts. In my humble opinion this share is a potential total loss or a ten-bagger. I am leaning towards the latter with my eyes wide open.I would add that it is much easier to spread fear about a company such as this than it is to generate enthusiasm - but tides do change in time.
