Yi Hong (Alvin)'s comment on ZETRIX. All Comments
Yi Hong (Alvin)
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在看了众多报道，留言和集合ChatGPT的看法如下：

Cash
很多报道说Zetrix银行里有500mil, 这个是6月30日 ending balance. 拿这个figure来判断能不能够偿还JPJ RM320mil一点都不make sense，难道7-9月 完全没有收入？还有的就是除了income, 还会有operating cash flow.

Dividend
目前为止，大家都赞同TS要delay dividend distribution 因为如果是dividend reinvestment plan, 的的确确可以帮公司省钱，因为TS是最大股东。

JPJ
这个是最不能理解的，如果和dividend联想一起，就是公司bo lui (意思没钱）。Contract ended May'26, 拖了4 个月，最后还来instruct bank cancel processing...

Auditor
TGS TW PLT 上个月一下子在1个月内辞去as external auditor多达18家listed companies (Main, Ace & Leap Market) . 这难道不应该接受Bursa/SC 调查？哪里可以说人手不够，就草草打包走人？

Audited Financial Statement FY 2025
在4月30日公布，其中Key Audit Matters 有说到RM2.854 bill development cost。Management 已经perfomed value-in-use (VIU) for impairment assessment process。简单理解就是RM 2.854 是经过verified，不是凭空捏造。

Blockchain/AI
顺带提一下，如果大家还记得去年Asean, 我国邀请了多到数不清的国家/企业领导来。其中有个event叫 Bloomberg Business Summit, 主办方为 Bloomberg， 第一次在MY举办这个常年的event. Dato’ Fadzli Shah, Co-Founder, Zetrix 被邀请主持开幕- ASEAN’s AI and Blockchain Opportunity，当时我也在现场，可以看以下bloomberg链接。如果Zetrix Blockchain/AI is fake, 可能被Bloomberg邀请吗？
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1 week · translate ·
Yi Hong (Alvin)
Bloomberg Link

https://shorturl.at/J2nbF
Like · 1 week · translate
Yang Yang
下个月业绩就明白了…不然什么仙家都有的，还有什么内幕消息都来了！
1 Like · 1 week · translate
庸人
我最欣赏YH他这种有做功课的评论，比那些乱吠乱吹的所谓经济专家可靠多了
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Peter Leong
Be extra careful with this counter. It might be a trap. Good luck and happy trading.
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Yi Hong (Alvin)
目前为止，全部的矛头都指向TS, 从dividend delay distribution 来看，搞不好cancel cheque payment也是TS吩咐的。如果Zetrix 的corporate governance 有料，应该在商讨怎么替换TS了，TS必须为这整件事负责。
1 Like · 1 week · translate
Piqler Studio
Bloomberg讲到底也只是一家新闻媒体公司，邀请出席他们活动的人物不见得就被认证是正常正面的啊。。。公司目前是没有信用了，做生意最重要的就是信用。
2 Like · 1 week · translate
daing azhar
should I buy now?
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It is Me
自己的看法就自己的看法，假假什么ChatGPT的看法。
3 Like · 1 week · translate
Andrew Tan
说了一大堆可判断：楼主只是个旁观者
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Han
這是你自己的看法吧？完全沒有chatgpt分析的影子。
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Yi Hong (Alvin)
320mil 说已经入账 payable, 什么鬼，total payable Q2 加起来都没有超过100mil... 还是我理解错？目前看来，在Q2最有可能park在Other receivables, deposits and prepayments- 500mil...一个是asset, payables 是liability啊...
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Tee Gor
320mil 是从五月到九月，Q2 只是到6月31号啊，你要怎样把七，八，九月收的钱的算在Q2 ?
1 Like · 1 week · translate
transforming cities
bloomberg只是媒体而已。。并不是什么机构。刘特佐最拿手
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Yi Hong (Alvin)
多谢指教 Tee. 明白了。我以为contract 早在May'26 expired了的前提下，可是又联想回JPJ suspension。所以说那个contract expiry不包括全部RTD services
 Road Tax Renewal
 Driving License (CDL) Renewal
 Learners Driving License (LDL) Application
 Summons Enquiry and Payment
 Vehicle Ownership Transfer
 Malaysian Computerised Driving Theory Test (KPP01)
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Yi Hong (Alvin)
如果在这个星期内，还不settle JPJ 320mil + 利息，基本上可以确定公司operating cash flow 有非常严重的问题了。
Like · 6 days · translate
It is Me
阿Q精神。。。。。。。。。
2 Like · 6 days · translate
Yi Hong (Alvin)
Found one important note here

Zetrix started to owe JPJ was **19 May**
FY 2025 Final Dividend was approved in AGM on **24 June**
2Q dividend announcement date on **24 August**

In other words, Zetrix prioritize shareholders over JPJ knowing that the JPJ owing is started to accumulate. Why TS still have to pay dividend while knowing the fact of JPJ owing??
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Swim Vshark
Alvin... is simple.. you want to have 1 debt or hundreds thousands of individuals debt.... and that is gov... the other side is normal citizens.. put on his shoe you will know why he make this decision. if I am him.
another thing is, I won't even announce any dividend if company don't have the money, but I also know why, cos his plan is to let those supporter stay, so have to give something out.
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独孤求败
3億1千4百万。欠5个月。1个月收6千3百万. 到6月底。只有欠1.５个月。大概9千万多。6月账应付账款是3千3百万十5千７百万。合理。
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独孤求败
7月到9月的。放在应付payables accrual。那来错。跟何况。没有合约。如何付给财政部。写什什么。paid by a 狗。
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独孤求败
我觉得出问题的地方是。怎profit margin For PAT 这么高？64%. 是真的话太好赚了。
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独孤求败
更担心的是老板静鸡鸡的。換是我, 早早就法文告一一反击咯! 很是奇怪。除非。。。。
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n0c0mm3nt
Operating cash flow = income - expense
如果你有看quarterly report的话，就会发现虽然operating cash flow是positve但investing 烧太多钱了，没有sukuk根本撑不下去

一般上科技公司前期因为需要很多资金都不太会发股息的

科普一下
公司账目利润之所以那么漂亮就是科研开发的成本是记录在资产里而不是费用
换言之，问题不在于那个数目的对错或存不存在，而是这笔“投资”是否能够带来收益
VIU 用的是forecast，至于能否跟上预期还有待观察
例如Perodua当时开发QV-E时用的forecast和现在对比的数目应该有落差
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2 Like · 5 days · translate
Yi Hong (Alvin)
Indead, sukuk is the biggest risk now, based on the RM 2bil sukuk (23) Details of Covenants (p), it stated the Issuer shall at all times ensure that Mr. Wong Thean Soon shall not sell, transfer or otherwise dispose of his shares in the Issuer (whether by a single transaction or a number of transactions, related or not) resulting in him ceasing to be, either directly or indirectly, the single largest shareholder of the Issuer without the consent of the Sukukholders via an extraordinary resolution; https://www.bondsupermart.com/bsm/sukuk-factsheet/MYBVG2504695
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Yi Hong (Alvin)
Based on latest shareholding in Moomoo, CIMB Group Holdings Berhad is the largest shareholder, 6.06%, 2 scenarios here, either CIMB Group decrease shareholding or Wong total direct and indirect shareholding cannot drop less than 6.06%
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kelvin Tan
CIMB is not a shareholder.
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PANORAMA
CIMB Group cannot possibly be a Substantial Shareholder without announcing the shares acquisition within 3 market days. What is intriguing is who bought over such large % (> 20%) of shares disposed by WTS to date ? Retailers or Institutions ?
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Asam Dewo
Various US Mutual Fund Holders
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Apple Tan
retailers retailers, company with huge debt nobody want to buy this company
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Asam Dewo
Google la.....you can find all the info
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Apple Tan
Google u only can see pleage to investment bank. like CIMB, like Alliance. But share not belongs to them
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PANORAMA
@ Asam Dewo This is based on latest Goggle search. Is this correct ?
Top Institutional Shareholders :
• CIMB Group Holdings Berhad: Holds approximately 6.06% of outstanding equity (480.10 million shares).
• Kumpulan Wang Persaraan: Malaysia's public sector pension fund holds 4.93% (390.09 million shares).
• Urusharta Jamaah Sdn Bhd: An asset management firm wholly owned by the Malaysian Ministry of Finance, holding 2.67% (211.51 million shares).
• International Finance Corporation: The global development institution holds a 2.52% stake (199.56 million shares).
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Ah beng Kit siang
Im wonder, with such huge volume which retailer able to buy with a lot of money?
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PANORAMA
IVT and day traders contributed to such high daily trading volume transacted in recent weeks. However, some institutional buyers must be buying as retailers cannot possibly able to absorb the 20% + shares sold by WTS to date.
1 Like · 4 days · translate
独孤求败
The provision of financial assistance as set out in the attachment does not have any material effect on the net asset value per share and earnings per share of Zetrix AI and its subsidiaries for the financial year ending 31 December 2026.
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M KFooD
Z is a scammed alike company.... living on Gov and GLC support. No integrity manipulative. Why then RM300+ JpJ monies paid cash by licencee.. etc etc as JpJ collector why years never remitted to JpJ then????? Shameful and dishonest
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