A good posting from d.o.g. from valuebuddies
RE: Triyards Holdings
This company was in trouble since before it was listed. Trade receivables have been over 180 days of sales every year except FY12. Furthermore, in every single year, more than half the trade receivables were unbilled, meaning that half the sales and profits being recognized were essentially imaginary. See my earlier posts on unbilled receivables in the thread on Ace Achieve Infocom. Anyone holding Triyards shares at any point in time was simply not paying attention. The shares have never been investable, period.
The FY2016 annual report is especially damning. Consider Note 10 on Trade Receivables. Of the US$170m of trade receivables on 31 Aug 2016, US$117m was unbilled. Obviously, an unbilled receivable cannot be overdue. Therefore, all the overdue receivables must come from the US$53m of billed receivables. US$41m of trade receivables were overdue by more than 180 days. That means that nearly 80% of the billed receivables were over 6 months late. So almost 70% of sales consisted of money that could not be collected because the clients had never been invoiced, and of the 30% of sales that had been billed, over 80% was overdue for more than 6 months. There is no way the business could have been operating normally.
The annual report was released in November 2016, and the shares traded as high as $0.315 in January 2017. So there was plenty of time to sell and avoid the crash to $0.08.
As usual, YMMV.
https://valuebuddies.com/thread-2351-page-7.htmltriyards-calls-trading-suspension-overdue-loans-loom
https://www.theedgesingapore.com/triyar ... loans-loom