Miyoshi Official thread

Shion

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Sadisticnoob said:
Thanks for sharing , results not so good , think the core power venture not doing well

Sent from Motorola MOTO E (4) PLUS using GAGT
Click to expand...

Yes, making a loss

Overall, the automobile market in China is slowing

I think next year, incentives and subsidies for electric vehicles in China will be phased out
 
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HfX4Izr.png
 
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Miyoshi sinks into red with Q1 net loss of S$314,000

Miyoshi sinks into red with Q1 net loss of S$314,000

https://www.businesstimes.com.sg/co...hi-sinks-into-red-with-q1-net-loss-of-s314000

MANUFACTURER Miyoshi on Tuesday posted a net loss of S$314,000 for its first quarter ended Nov 30, compared to a net profit of S$4.3 million a year ago.

Revenue dipped 3.5 per cent to S$14 million from S$14.5 million a year ago, mainly due to lower sales orders from the data storage and automotive segments in China and the Philippines. This was partially offset by higher revenue from the consumer electronics segment and higher rental income from the renewed tenancy agreement for its investment properties in the Philippines.

Loss per share was 0.01 cent, a reversal from earnings per share of 0.71 cent a year ago.

The bottom line fell because of the absence of a one-off gain on disposal of its Singapore industrial property at 5 Second Chin Bee Road, as well as a share of loss from associate of about S$367,000, which reflects the share of results of loss-making Chinese electric vehicle company Core Power, which Miyoshi has invested in.

Miyoshi had previously disclosed that its independent auditors, BDO LLP, had included a qualified opinion on the group's FY19 financial statements mainly in connection with its investment in Core Power, a foreign associate.

"The management of the company is in active discussions with Core Power to resolve the financial-reporting matters," it said.

The company added that the global economic environment continues to present challenges as the group faces business headwinds.

"The trade tensions between the US and China are expected to continue to exert a negative impact on our business performance in our associated company in China. Our outlook for the next 12 months remains cautious."
 
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Some news articles on electric vehicles in China

Europe Beats China in Electric Vehicle Sales, Study Shows
https://www.bloomberg.com/news/arti...s-china-in-electric-vehicle-sales-study-shows

China Weighs Cuts to Electric-Car Subsidies It Just Extended
https://www.bloomberg.com/news/arti...tting-electric-car-subsidies-it-just-extended

Electric vehicle subsides in China extended to 2022
https://technode.com/2020/04/02/electric-vehicle-subsides-in-china-extended-to-2022/

China promises subsidies to boost falling electric car sales
https://www.local10.com/business/20...ubsidies-to-boost-falling-electric-car-sales/

This Solid-State Battery Electric Car Proves China Is Years Ahead Of US
https://fossbytes.com/this-solid-state-battery-electric-car-proves-china-is-years-ahead-of-us/

China’s Year of the Electric Vehicle Is Now Year of the Shakeout
https://www.bloomberg.com/news/arti...s-ruined-china-s-year-of-the-electric-vehicle
 
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Miyoshi expects a Q3 loss triggered by pandemic

Miyoshi expects a Q3 loss triggered by pandemic

https://www.businesstimes.com.sg/companies-markets/miyoshi-expects-a-q3-loss-triggered-by-pandemic

LISTED components manufacturer Miyoshi Limited expects to report a loss for the third quarter of FY2020, compared to a profit in the corresponding period for the previous financial year.

The manufacturer, in a statement to the Singapore Exchange on Friday, provided the profit guidance after a preliminary assessment of its unaudited financial statements for the third quarter ended May.

It attributed the red ink mainly to lower revenue due to the impact from the novel coronavirus pandemic and the impairment losses recognised from the fire at one of its production plants in the Philippines.

As disclosed in May, the plating and assembly areas of its plant suffered damage in that blaze, and the company then was still assessing the impact.

Miyoshi will announce its unaudited third quarter financial results by July 14.

Shares of Miyoshi ended at S$0.037, 0.1 cent higher on Friday, before the profit guidance statement was issued.
 
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Miyoshi gets qualified opinion from auditors on FY2020 financial statements

Miyoshi gets qualified opinion from auditors on FY2020 financial statements

https://www.businesstimes.com.sg/co...-from-auditors-on-fy2020-financial-statements

MIYOSHI'S independent auditors BDO have issued a qualified opinion on the group's financial statements for the year ended Aug 31, 2020. This relates to lack of sufficient audit evidence on Miyoshi's treatment regarding its investment in electric vehicle company Core Power (Fujian) New Energy Automobile Co.

After the loss of significant influence over Core Power, the group's investment in Core Power was reclassified to financial asset designated at Fair Value through Profit or Loss (FVTPL). Accordingly, Miyoshi ceased to recognise Core Power as investment in associate from July 30, 2020.

Because an audit of Core Power could not be performed for the current financial year, BDO was unable to obtain sufficient appropriate audit evidence on Miyoshi's equity accounting which includes the share of associate's loss of S$1.1 million for the Sept 1, 2019 to July 30, 2020 period and loss arising from valuation of retained interest in Core Power of S$17.7 million before derecognition.

Furthermore, Miyoshi's management has determined that the fair value of investment in Core Power on July 30, 2020, the date of derecognition, to be nil. No fair value adjustment was made on the financial assets on FVTPL from July 30 to Aug 31 this year. The auditors were unable to obtain sufficient audit evidence on the management's fair value assessment of the financial assets at FVTPL being nil as at Aug 31, 2020.

Consequently, BDO was unable to determine whether any adjustments to the group's financial assets at FVTPL were necessary.

In its filing with the Singapore Exchange early Saturday morning, Miyoshi said that the audit of Core Power could not be performed for FY2020 due to financial difficulties and lack of resources. It said its investment in Core Power was impacted by the Covid-19 pandemic as well as changes in government rulings in China for the industry in which Core Power operates. As a result, Core Power's operations remained dormant since February this year.

Miyoshi closed at 3.5 Singapore cents on Friday, up 0.2 Singapore cent.
 
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