I read the profit warning annoucement, it is very disappointing. And 'unluckily' enough I have bought myself a position in the top 20. Though those figures are somehow expected after the oil price crush in late 2014, the excuses the board given for this already bad execution are unacceptable. I will upload the following record for what G.L. Sim said in early 2015 this year:
1)The Oil and Gas section has been completely re-positioned.
2)Demand for sales and rental of foundation equipment in Singapore and Malaysia remain healthy due to ongoing
construction activities in these markets.
3)the precision engineering segment has recovered and growth has resumed.The United States economy is generally improving and this has contributed to a gradual increase in capital expenditures
for multinational companies in the consumer electronics and semi-conductor sectors.
Now this is not the first time management telling shareholder fabbies. If my memory is right it lasted about four years or eight reporting periods. Given the lack of transparency in the board level, I can't help but think G.L Sim is helping his son--now the manager at Sysmac, covering up his mistakes related to poor segement performance. I don't think the board is completely honest with shareholders, for this reason I urge shareholders in the top 20 other than Sim's related party to stand up and we can initial an extra-ordinary meeting to discuss how management can achieve their duty of creating value for long term holders.
