Th S Q1 Profit For The Starry Eyed And Gullible To Believe

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Three strikes and the batter is out in a baseball game. Allah is great! Currently on the third consecutive strike, but have not left up on fasting.

With the neb on and pounding away on the keyboard, we are reminded of Bursa Malaysia.

CI plunged 30 points Monday morning only to recover back in the early morning trade. Prior to the event, there was a barrage of negative reports on Malaysian economy, stock market, and investors by-passing Malaysia.

It turns out Investment Bankers churning out the negative reports (and foreign media "viraling" as news) went on a "house buy" to go against their own bearish reports. The gullible locals were selling and trapped.

Nevertheless, the market did not turned bullish but has turned bearish with one analysts giving a bottom target for CI as 1580 and one BFM mid-morning comment was talking about 1600 as resistance, intended as support perhaps.

With market condition as such, suddenly Lembaga Tabung Haji (TH) announced its first quarter profit of RM440 million on the back of RM623 million earning. One can't imagine how many out there will be gullible enough to believe.

For a full quarter, TH was under a barrage of criticism over announcement delay, fund restructuring, colossal lose from questionable impairment figure and paltry hibah of 1.25%, then this surprise.

Too good to be true.

Millionaires depositing for 1.25% hibah?


Prior to that Mujahid claimed TH had received RM1 billion new deposit and a poster of Dato Zaiton Hassan was viraling to claim TH received 3,600 new depositer with savings of RM307 million.

The quarterly announcement came with a claim that they received more than 91,000 opening of new accounts and deposits of RM4.3 billion.

The maths were done and the average amount deposited per accounts does not make sense. On the latest, celebrity turned political activist, Ellie Suriaty came up with RM42,000 per account.

Nevertheless, they did admitted there were RM4.6 billion withdrawals. The time Mujahid claimed new depositer received by TH was RM1 billion, the withdrawals were RM3.8 billion!

The new depositors figure really does not make sense to have a per account deposit of such amount.

Talk in the market is TH depositers have been shifting their money out to other banks or into investment schemes.

The biggest beneficiary is Tan Sri Dr Zeti Akhtar Aziz's PNB.

It was a mark of appreciation to Zeti for pushing Dato Zuki and Zaiton for key role in TH over more credible alternative with familiarity with TH and would have not cost the government a total RM17.8 billion bailout!

For TH to make such claims, one wonders whether it is sustainable or another accountant magic trick of conjuring up figures.

For a start, ICAEW trained Azmi Arshad, whose got a blog now, criticised the announcement as slipshod.

How could one make a quarterly announcement on a standalone without any comparison?

Furthermore, the explanation is so un-"accountant" as it lacks proper and credible explanation.

He reminded Zaiton of her claims in the Hijrah TV forum with Najib Shaari and Dato' Dr Daud of SC.

One can claim of wanting to be transparent and maintain integrity. But when one's back is against the wall and ones reputation is at stake with bloggers and facebookers writings turned out true, ke longkang lah (into the big drains) will transparency and integrity be dumped into!

Sukuk bond not issued yet!

Notice this extract of the news report:
TH expects its revenue will continue to increase from the second quarter onward with the issuance of sukuk by Urusharta Jamaah Sdn Bhd which will provide a return of almost RM800 million a year and the implementation of a new investment adjustment process.Sukuk would only be issued by UJSB in the second quarter?

Didn't Zaiton told Najib Shaari in the Hijrah Forum not to make negative aspersions but evaded from saying he was right that asset was transfered with the corresponding so-called RM19.9 billion valued sukuk bond exchanged?

This was the forum she came to the studio ever so arrogantly without any interest for small talk with the young analyst and a PA paid to chase her from behind and assigned to just carry her handbag.

Obviously the source is from within Hijrah TV.

Over-provide to right back later?

That is not all ...

This blog wrote earlier (can't find the link) that part of Zuki's repertoire in his turnaround endeavour is kitchen sinking to write off any available deals and transactions than blame previous management.

Easy work to wash their hands from the trouble of steering the deal into profitability or balancing the losses with other profit making ventures to minimise the impact to the organisation.

Write off, blame past management, and come out good later.

More so, Zukri is a banker and not a corporate businessman, thus void of any entrepreneurial skill and ability to smell a business opportunity.

Financial turnaround and juggling numbers with big strategy talk is the only way he could do.



We suspected he will over provide and than do a right back.

The above came from a Member of Parliment who spotted the impaired figure for 2018 is unusually high vis-a-vis the profit generated. His concern was that had it not been provided as much there would have been more hibah for depositers instead of the paltry 1.25%.

The amount distributed for hibah was a only bit more than RM900 million.

The transfer to UJSB would have churned some profit in which they now acknowleedge. Why do they need to impair so much?

It is suspiciously the overprovide then rightback trick of Zukri!

It was also the basis for the suspicion it is intended to shoo away depositors and eventually size down to and legacy of Zeti's father proposal.

Bailout book as profit?

They would definitely deny but one thing for sure. The so-called profit they claim is a trick.

Both the economy, and stock market is not any better and likely to worsen. The Malaysian bond market will no more be vibrant the moment Russel Index takes Malaysia out. Foreign portfolio and FDI investors are selling out and by-passing Malaysia.

TH needs Allah to fulfill their doa on the miraculous night of Lailatul Qadr to hope a turnaround in their fortune to happen.

It means the profit they claim to make for the year is nothing more than the RM1.7 billion bailout from government for the first year and total RM17. 8 billion over the duration of the sukuk bond to be massaged into profit.

Thought they announced the sukuk bond as zero coupon and bullet repayment basis?

Penipu punya kerja!

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