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One red flag raised by Mun Seng on its finance expenses was a good spot. I was curious why the company incurred so much finance expenses that leads to heavy borrowings. The company is so aggressive on raising the capital; rights, warrants, convertible notes and bank loans for the past few years. Never mind that if it is able to generate excess return on the capital raised (Although I still believe a good business should be self-funded by its own internal operating cash flow). However, the fundamentals have been deteriorating gradually.    
On a glance of its balance sheet statement, another large chuck of assets; fishing and plant permits raise another red flag. A permit that cost billions and capitalised in the balance sheet? It’s creepy when the amount surged substantially amid the acquisition of a subsidiary from the money it raised. Having said that, a further study is required to dig the background of the subsidiary and what fishy business are they dealing with? To add one more point, the costs of fishing and plant permits are not amortised so long it complies with legal requirements. It’s creepy…  
If it is in fishy business, definitely it will stay fishy.