I just received Kingmen’s Annual Report (AR) for FY 2010 yesterday. The cover design and the cover title are very artistic. In the right way up, the cover says “DIMENSIONS” with “MEN” in red with the letter “E” flipped to the left. When the AR is flipped the other way, it reveals the phrase “TOWARDS NEW” with a Central Business District backdrop. So, in unison, it reads “Toward New Dimensions” with a creative edge. This clearly reveals the artistic side of Kingsmen and this is also evident in the various quality projects undertaken by Kingsmen.
Thumbing through the AR, there were pages with colourful photos of the various business segments of Kingsmen. I was particularly looking for the financial statements as any value investor would do. To my shock, Pages 41 to 56 (consisting of the financial statements) were missing. I asked some fellow investors if they were facing the same plight but it seemed I was one of the very few facing this problem. On a side note, the purpose of this blog post is not to make a fuss out of Kingsmen’s “oversight” or mistake but to highlight Kingsmen’s excellent investor relations that actually followed. Everyone makes mistakes and Kingsmen is not an exception. Back to the topic, I posted my plight in the Valuebuddies forum and I was asked by a fellow forumer to email Andrew Cheng, the IR contact, regarding this issue. I emailed Andrew at 10.02pm yesterday and surprisingly, he replied at 10.27pm using his iPhone, even though he most probably would have knocked off work. He asked for my address so that he could send a new copy over. I thanked him for his excellent IR and for his prompt reply even though I’m only a minority shareholder.
This simple episode reminds me that Kingsmen has the interest of shareholders at heart and that they care for the minority shareholders like me as well. Andrew also added in his email that he’s looking forward to meeting me at the AGM if I’m going down. I felt very touched by his warm gestures. I have a more positive outlook towards Kingsmen now, all thanks to the missing pages in the annual report!
P.S. The soft copy of the AR can be found here.