Unisem (M) Bhd

Unisem (M) Bhd seems to be a typical business model which explains "back to square one" from where it belongs. The company is making net profit before taxation most of the years, but at the same time, the fixed asset value also increased most of the years.

As for the Guaranteed Convertible Bonds, it did increase cash & cash equivalent during 2004 and 2005, however when the Guaranteed Convertible Bonds is settled, the value seems to "transfer" into total Borrowings of short term & long term.

By the time they would realize that, the borrowings since they are making profit yearly, it is actually mainly meant for
a) increase staff cost or
b) increase fixed asset or
c) increase revenue

given that, the current ratio is below 1.0 most of the years.

 Description  Latest
 Current Assets more than Fixed Assets   No
 Current Ratio more than 1.50 No
 Net Profit before Tax Yes
 Fast Cash Flow Positive No
 Trade Receivables over Current Assets 40%
 Borrowings over Current Liabilities   59%
 Retained Earnings  Yes

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