Camkids Share Discussion Threads

[muffinhead] 21/10/2014 18:55

From interim statement regarding dividend with no timetable!

Can someone translate this as it makes no sense to me.........
"Mr Zhang will take as much of his own dividend under the scrip option but only in so far as this does not increase his percentage shareholding which is currently 66.91% of the Company's issued share capital. He will receive the remainder of his dividend in cash."

Is he going to take the shares and then sell them in the market?


Remind me again why Mr Zhang came to AIM to raise a piddling amount while controlling 67% of shares when there is supposedly £48 million cash in the balance sheet currently. He is definitely not thinking about retirement

I think the market has this one right

[qs99] 21/10/2014 07:48

well, you can't believe everything you read, and they are not exactly Investec etc, but it makes interesting reading none the less. The IR team seem to have addressed in the last announcement some of the underlying concerns, they need to understand the full litany of concerns and address those IMO before ensuring new institutions buy in to the story.....once you see that happening IMO then the worm may turn! Until then IMO this is at the whim of PIs etc

[philjeans] 21/10/2014 07:41

QS99 - many thanks for the link - makes excellent reading!

No supposedly red flags there!

[jeangl] 20/10/2014 20:39

Philjeans, not only do I not like it but I think it’s a fraud and I think we have pretty good evidence supporting this thesis. On your side all you can show are accounts: the same speech, the same wonderful accounts that have taken this company’s stock from 100+ down to the 40s, with insiders selling along the way at stupid levels… Accounts which do not match official tax reports in particular. My agenda is pretty clear: I want to short that stock (and it’s nearly impossible, which in itself is a very bad sign). Again I am questioning yours when you repeat on this forum to potential genuine buyers the same beautiful story while conveniently omitting the red flags.

[qs99] 20/10/2014 19:49

hxxp://www.allenbycapital.com/research/camkidsgroup_19_3551538983.pdf

whether you are a fan or a critic....this broker update end of Sept makes an interesting read...

[philjeans] 20/10/2014 19:29

OK - if you don't like it, don't buy it!

Your loss - I couldn't care less!

The report and accounts speak for themselves, that is if you're able to understand it.

[jeangl] 20/10/2014 18:54

Philjeans, I really don’t get your mostly baseless positive spin on that stock. There is no attempt on your side to explain the countless FACTUAL red flags. Can’t see any sensible reason to hold it and every reason to go short. What is really your agenda?

[qs99] 20/10/2014 16:48

interesting step up today have to say on a -ve market....

In its RNS it stated: "On 4 August 2014, the Group held its sales fair in Jinjiang City showcasing to distributors the Spring / Summer collection, which in terms of design and colour incorporated more outdoor inspiration. The Board is pleased to report that the initial feedback on the collection from distributors has been positive. The Group expects to finalise the order book in early October 2014."

wonder whether this step up has to do with that order book? DYOR etc

[philjeans] 20/10/2014 10:56

Buyers back despite the de-rampers.

Bargain rating here now and a super yield!

[muffinhead] 18/10/2014 22:27

The problem with almost all Chinese companies is you do not own the assets. Your asset is called a variable interest entity (VIE), which is an agreement with a company that they will share the profit with you. You only have a piece of paper with another company.

[gary1966] 18/10/2014 06:22

Interim results were on the 29/9 stating that dividend timetable would be announced shortly. Is three weeks really shortly? How long does it take to let us know? Last year there was no delay as timetable announced at time of interim results.

[philjeans] 16/10/2014 20:51

LOL!

Good luck with that !

[trentendboy] 16/10/2014 20:49

Nice research - thanks for sharing. Got to short the nuts off this share

[chevalierdaven] 16/10/2014 12:51

The more I think about this 2011 tax record of Jinjiang the more I consider it could well be the ultimate "acid test" for those small Chinese companies on AIM.

Those family owned SME Chinese companies can easily cheat on just about everything, from revenues, to cash in the bank, to number of outlets, to customers and suppliers, size of inventories, channel stuffing, related parties deal, land rights acquired at silly prices, the usual accounting tricks....and they spent a lot on PR to make it all look legit.

But there is one thing which is 100% foolproof: local tax records. They would not risk prison in China. From what I see CAMKIDS tax bill is a fraction of what they claim. There is only one conclusion possible, stay away from this, the risk of fraud has reached maximum level.

[jeangl] 15/10/2014 09:44

Philjeans, I am not sure who is desperate here… and yes, I wish I could be short in size of these stocks. ChevalierdAven, you’re not quite reading the numbers right but close: the range is RMB5-10M, which is still 5-10 times lower than what’s reported in the company’s docs. Google and Baidu should help you find more of these tax reports for the next few years. There are plenty but you might be disappointed as Camkids is often below the min threshold (typically RMB10M)!

[philjeans] 15/10/2014 09:28

So ask all those involved for an explanation - quick and easy. If they can't explain it - THEN we have a problem.

[philjeans] 15/10/2014 08:52

You misread it!

CAMK is no fraud.

You're just desperate to want it to be a fraud!

Why not send an e-mail to the NOMAD, or the co itself, or the auditors for an explanation? Rather than start false rumours on here!

Don't believe the shorters' lies.

[chevalierdaven] 14/10/2014 09:40

This could be a potential ticking bomb! Thanks Jeangl you are a master detective! I spent hours already on this and I have a lot of questions. First, it says Meiling Street in Jinjiang city (the website is indeed 100% official for Jianjiang city). I know this city is the home of Camkids and Naibu but what is Meiling Street? Some tax office? Some business district? Generally, it looks like some form of top 50 of corporate tax payers for Jinjiang city?

I had some trouble reconciling the Yuan bracket numbers. The title says "tax more than 1 m yuan " but then the brackets are :100m-200m, 200m-300m,300m-500m, 500m-1 bln, 1 bln-2 bln, 2bln-5 bln, more than 1 bln" I think it can not be bln of YUAN/CNY/RMB because that would add up to a massive tax income for such a small city-please advise? So instead I decided-any mandarin reader please confirm that is the right approach- that in fact the title is right, it is million not billion, and the brackets should read instead: 1m-2m, 2m-3m,3m-5m, 5m-10 mln, 10 mln-20mln, 2bln-5 bln, more than 1 bln

I found the trading name of CAMK=Jinjiang Ming Wei shoes Co., Ltd in the bracket 3m-5m RMB.

That can’t be right: if is a fraction of what CAMK claimed to have paid in 2011 for corporate income tax=RMB 53.4m. Either I misread this tax report or CAMK is a fraud. I looked in the AR, CAMK paid 69.2m RMB in 2012 and 81.5m in 2013. Do you have similar tax reports availaible for 2012 and 2013 so we can compare?

[jeangl] 13/10/2014 22:22

There are plenty of public reports in the region. Here is an interesting one:
hxxp://www.jjgkw.com/gkxxw/zwgk/newstext.asp?id=18470
And remember: these are government numbers...

[chevalierdaven] 13/10/2014 09:23

Jeangl, if I understand well, you claim to have access to public tax records for Chinese munis, so did you find any relevant corporate tax record information for CAMK yes or no? Please share!

[jeangl] 13/10/2014 08:35

Chinese municipalities are very proud of their companies paying large amounts of tax, contributing to the community ; fits well with the communist mentality I suppose. so proud that they publish every year lists of the largest corporate tax payers.

[jeangl] 13/10/2014 08:27

Taxes… Basically there are public tax records out there with numbers which are not quite as high as you’d expect them to be.

[helmstro] 10/10/2014 13:59

jeangl, which "serious datapoints", if I may ask?