MYG 3.75% 77.0¢ mayfield group holdings limited

I first put this company on my watch list after I saw the...

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  1. 3,651 Posts.
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    I first put this company on my watch list after I saw the announcement of the increased dividend and huge increase in cash balance.

    I didnt buy and was cautious because I have never seen a similar announcement showing such a big increase in cash without full explaination.

    The accounts today show the unusually large increase in cash was mostly due to
    1. a $4m reduction in receivables, ie customers paid their invoices quicker,
    2. a $4m increase in contract liabilities, ie appears they are receiving advance payments from customers before doing the work.

    Both these changes are one-off situations which cant be consistently repeated.

    I cant find any commentary in the reports about why these changes have occurred which is disappointing.

    I do now question why managment selectively disclosed some financials in the way they did. They disclosed “cherry picked” statistics which
    gave a glossy picture but did not give investors an accurate picture of the financials.
    I expect managment of companies I own to give shareholders accurate information about the company, not to mislead them.
    So I wont look any further into this company and its off my watch list now.
 
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Last
77.0¢
Change
-0.030(3.75%)
Mkt cap ! $70.43M
Open High Low Value Volume
77.0¢ 77.0¢ 77.0¢ $89 115

Buyers (Bids)

No. Vol. Price($)
2 116 79.0¢
 

Sellers (Offers)

Price($) Vol. No.
80.0¢ 28209 3
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Last trade - 10.04am 05/11/2024 (20 minute delay) ?
MYG (ASX) Chart
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