Digistar Corporation Bhd

Digistar Corporation Bhd, has tried their best to stay positive on the net profit before tax. The financial statement could be fluctuated up and down with uncertainty.

It does not look too well on the Trade Receivables made up a huge amount for the Non-Current Assets, while the Inventories made up of huge unsold completed properties. The corporate might have a lot of different type of nature of business, however, the net profit before tax does not seem to make such impact as finance cost is making the move.

Overall Performance : The corporate would give us the big shock either huge net profit or huge net loss in coming years. This corporate definitely require strict monitoring for a stressful environment.



 Latest Annual Audited Accounts   最新年度财务报表 30.09.2016
 01. Gross Profit Margin more than 15%  
     毛利率超过15%
 Yes
 02. Net Profit before Tax more than 5%  
     除税前溢利率净额超过5%
  Yes
 03x. Dividends on Ordinary Shares over Comprehensive Income
      普通股股息综合收益表
None
 04x. Retained Earnings 保留溢利  Yes
 05. Current Assets more than Fixed Assets
             流动资产 超越 固定资产
Yes
 06. Current Ratio more than 1.50 流动比率超过1.50 
          偿付短期债务能力的一个指标
Yes
 07. Fast Cash Flow Positive 正面快速现金流转No 
 08. Inventory (Stock) Turnover 存货周转时期 6.81 months 个月
 09. Debtor (Customer) Turnover 客户周转时期 4.32 months 个月
 10. Creditor (Supplier) Turnover 供应商周转时期 3.66 months 个月



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Comments

  1. Sorry have to said that you are not well known about Digistar, and your comments are misleading the reader.

    1) The huge trade received in non-current assets are refer to the cost of the concession project for JKR. Digistar have incurred approx RM180mil on the construction cost, and this has classified under the Trade Receiveable. Digistar will received RM3mil each month from government, so this Trade Receiveable will be slowly converted into cash. Remember, this is concession business (same like toll operator), so it is very common to have huge trade receivable, as this is their cost incurred for the construction.

    2) For the huge inventory, yes, it was the unsold properties for Imperial Heritage Hotel. Do you know why it unsold? Not because no buyer, but it is because Digistar has to remain in so that Digistar has control over other property owner. As you should know, almost 60% of the hotel unit was sold to investor, and Digistar lease back from them to operate the hotel business. It is very difficult to control all the individual owner if you are not the biggest stakeholder amongst them, so that why Digistar retain the 40% so it has bigger control over those individual investor.

    ReplyDelete
  2. Thanks for the clarification and reason behind this. That's why Digistar has different type of business. While concession and properties is quite a huge investment and both of them are Assets to the corporate no doubt. While it is yet to translate into the profit and yet to confirm how much profit we are all looking at in future as it is 'slowly' converted kind of investment.

    Glad to know it is projects from government but is it from Malaysia?

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