https://youtu.be/3TO2-yU3Cyo?si=HmaZZveUa5uA-jUD

Listen to the first 5 minutes of this audiobook, and you will realise how superior the teaching of Philip Fisher's is when compared to that of Ben Graham.

https://youtu.be/3TO2-yU3Cyo?si=HmaZZveUa5uA-jUD

Up_down's ego is shaken.

In 2014, Jtiasa was 1.47. Did calvin sell before it subsequently went down to 30sen+? Then it bounced back briefly and hugely to 80sen+? Calvin asked to sell to buy another stock. From 147 storey down to 30+ storey, did not bail? Then bailed out at 80 storey, presumably, cutloss and not cutting!😀

>>>
Up_down

Utdplnt involve more in refineries business, not a pure upstream player. Jtiasa is a pure upstream player. How to make a comparison? Why not you take Utdplnt compare with Dlady and Nestle?

6 minutes ago

>>>

Up_down is jumping up and down. 😀

DLady and Nestle remain multiple baggers (>10+) in my portfolio even after the severe crashes in their prices.

I did a comparative study of Jtiasa today and 10 years ago .

Also compared Jtiasa with United Plantation today.

Great learning points.

UPlt is still the best managed plantation stock in Bursa.

Jtiasa: 10 yrs ago 3 big segments. Today, 2 big segments: dominated by its plantation. Plantation revenue of Jtiasa today is 2x that of 10 years ago.

Focus on the business and fundamentals.

10 years ago, it's NAV was 1.80. Today, it is 1.40.

htt ps://myinvestingnotes.blogspot.com/2024/03/jayatiasa-at-glance.html?m=1

value_invest. Thanks for your analysis.

Can you project its growth in earnings going forward?

How often have you seen Calvin shouting stock X is very cheap. Its PE is only 3 and yet he lost his money.😀

>>>
Posted by pingdan > 16 hours ago | Report Abuse

Aiyo, Jtiasa is the only plantation share with single digit PE (pure business profit). Kenapa tak naik lagi?
>>>>


I never look at PE alone to “value a share”. It is the best parameter to use to fool those investors who are not knowledgeable.

Yet, PE is a very useful financial parameter for those who understand it. It is only one of many parameters one use to value a stock.

Jtiasa is now >> rM 1.00 amd Calvin asked to buy.

It was at a low of 30 sen when on hindsight, it must be undervalued.

In 2014, Calvin asked to buy when its share was 1.40+ and gave a target price of 2.50 at that time. However, after some slight fluctuations around 1.40 which excited Calvin a lot (observing hisposting activities), it soon trended downwards to below rM1 and then to 70 sen and eventually to 30 sen. Calvin too disappeared, as observed by total silence during this period.

The price drifted to 50 sen or so. Then a sudden jump to 80 sen (?2019). Calvin posted to sell to take profit and to reinvest into other stocks he liked. (I think for many it was Cut loss from their and calvin’s Buying price of > 1.40+).


Do you think Calvin is good in spotting undervaluation?
Was he rational in his approach?
How discipline was he in his investing?

If he lost money in Jtiasa from his promotion of this stock Jtiasa in 2014, how does he value Jtiasa today.

Maybe at today’s price, this stock is already overpriced? This maybe among a reason for a major shareholder selling shares, among many other reasons.

Good morning.

3iii

>>>

Posted by calvintaneng > 22 hours ago | Report Abuse

Happy morning

At this juncture due to heavy selling by major holders are actually opportunity to buy

>>>>


The problem with one without a firm philosophy.

In TSH, major shareholder was buying repeatedly. Calvin shouted it was time to buy. The price then was 1.78 and Calvin said it was cheap. Otherwise why would the major shareholder bought 500,000 shares repeatedly. (See my post on manipulation. 🤔. The price dropped from 1.78 to 1.00. (Facts).




Now in JTiasa, major shareholders were selling millions of shares. Calvin reappeared and shouted it is the best time to buy. His followers must be totally confused by Calvin’s postings.

Of course, a few here just noted the manic depressive behaviour of his wanton promotions to enrich only “her-self”.

>>>
Y-o-Y.

Revenue increased 7.7%.
Operating profit incread 77%.

Due to softening of dairy product cost.

Generated about 200 m net operating cash flow.

Cape was about 180 m.

New manufacturing facility will be opened in 2024.

😀

>>>

Fundamentals are intact.

When will the Bumiputra wake up! It is the leaders who they need to monitor, not their fellow Malaysians.

ht tps://myinvestingnotes.blogspot.com/2024/02/tsh-at-glance_25.html?m=0

An example of selling assets to pay down debt is MUI. This company was promoted by Calvin as severely undervalued. Passing of the baton from KKP to his son, excited calvin into a frenzy. A definite buy! Just based on this announcement.

It is so obvious to me this caving has mood swings, and very severe ones too.

It remains gruesome and still struggling to make a profit.

Calvin is either st upid or stub born. Perhaps, he is also "clever" and "intelligent."

I wonder if he ever owned and managed a real plantation.

I wonder if he has managed a real distressed company with poor business economy, running losses and having a lot of critical debt.

A gruesome company which has negative CFO, after selling some assets to clear of the debt. It maybe cash positive or less debt negative. What happens to its business going forward? The answer is in my next post.

What is the recurrent ROE of Jtiasa over the long term?😀

SEERESEARCH. Please continue sharing your views. Your contributions at puncturing the unwanted promotion of poor quality stocks at any price have a role in tĥs forum too.

>>>>

Posted by calvintaneng > 2 hours ago | Report Abuse

If all these misgivings are true as stated then Direictors/ Insiders of Rsawit should be dumping all their shares and "ceased to be substantial" shareholders.

On the contrary their buying shows a different picture

In investing we must see beyond the "obvious" which the 95% loser also know

That is why we must think as contrarian


calvintaneng

53,084 posts

Posted by calvintaneng > 2 hours ago | Report Abuse

As for this perverted thinker who thought we can manipulate shares?

Didn't he sees that buy call for bplant was 57 sen
And Ltat took bplant private at Rm1.55
That is the obvious he failed to see


>>>>

Calvin is so defensive. Just stay with the fundamentals.

>>>>
Just buy on weakness

Article on Tsh's Bongan lands distance to Titik Nol Nusantara versus Mkhop kutai east land distance to Titik nol Ikn Nusantara out the price of Tsh will no longer be cheap like now

>>>>


Mighty calvin cutting at 1.78 and now, just by on weakness. 😏 chun chun😆

The creditors and bankers of this company must be putting a lot of pressure on this company to restructure. OTOH, the major shareholder must be so powerful and influential to influence them from pulling the rug. Even the auditors qualified their audit to be proper and on the side of truth and professionalism.

In investing, you seek a low risk, high reward situation.

Even with the sale of 2 estates, its outstanding debts remain high. It will still remain unprofitable from its on-going operations. (Please show how it can turned profitable through just monetising its assets by selling 2 estates.)

2023 Balance Sheet
Cash 3m
STDebt 188m
LTDebt 152m

CA 47m
CL 302m

Current Ratio 0.16
Quick Ratio 0.08
Cash Ratio 0.01

Inventory 22m
AR 14m
AP 67m

I bought into APM a few years before 2008 GFC. By my assessment of its price then, it was very undervalued. Mr. Tan, a major shareholder and director was buying the shares of his company at regular intervals for many months. Throughout the period of his buying, the price of APM remained low, in the undervalued range. You need a lot of patience to hold this undervalued counter awaiting its repricing.

Slowly before 2008, its price crept up. In 2008 GFC its price dropped in tandem with the drop in the share market. Mr. Tan did not sell. A couple or more years later, APM’s share price was much higher. Mr. Tan stopped buying and turned seller of his own company’s shares.

>>>>
Posted by Anderson101 > 32 seconds ago | Report Abuse

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>>>>

TAHNIAH. Engkau kena memahami perbedzaan antara spekulasi dan pelaburan (Investment). Bukan salah membeli Bitcoin. Tentang “value” bitcoin is-lay 0. Harta (price) adalah daripada 0 (kosong) ke-harga tertinggi (unlimited) yang sesiapa mampu dan sesuka hati bayar.


Belajar lah sejarah spekulasi “Tulip Mania” yang berlaku di Belanda pada zaman lepas sebagai ajaran. Juka belajar tentang pembelian dan penjualan Bitcoin olih Elon Musk untuk memahami perbedzaan antara spekulasi dan pelaburan tulen.

I observed manipulative buying of shares by the insider in TSH during the not so honest and clever promotion by calvintaneng. What I still try to fathom is the price of TSH dropping from RM 1.78 to just 1.00 while calvintaneng posting repeatedly his buy calls through those many months. Miraculously, the buying by the insider disappeared when the price was lower!

I observed manipulative activities in Netx during the dishonest and clever promotion by calvintaneng. The repeated pattern of 168 to ensure its price closed at a certain price.

Market manipulation describes a deliberate attempt to interfere with the free and fair operation of the market and create artificial, false or misleading appearances with respect to the price of, or market for, a security, commodity or currency.[1]

Market manipulation is prohibited in the United States under Section 9(a)(2)[2] of the Securities Exchange Act of 1934, and in Australia under Section s 1041A of the Corporations Act 2001. The Act defines market manipulation as transactions which create an artificial price or maintain an artificial price for a tradeable security.

Examples

Pools: "Agreements, often written, among a group of traders to delegate authority to a single manager to trade in a specific stock for a specific period of time and then to share in the resulting profits or losses."[3]

Churning: "When a trader places both buy and sell orders at about the same price. The increase in activity is intended to attract additional investors, and increase the price."

Runs: "When a group of traders create activity or rumors in order to drive the price of a security up." An example is the Guinness share-trading fraud of the 1980s. In the US, this activity is usually referred to as painting the tape[4].

Ramping (the market): "Actions designed to artificially raise the market price of listed securities and to give the impression of voluminous trading, in order to make a quick profit."[5]

Wash trade: "Selling and repurchasing the same or substantially the same security for the purpose of generating activity and increasing the price"

Bear raid: "Attempting to push the price of a stock down by heavy selling or short selling."[6]

Market manipulation describes a deliberate attempt to interfere with the free and fair operation of the market and create artificial, false or misleading appearances with respect to the price of, or market for, a security, commodity or currency.[1]

Market manipulation is prohibited in the United States under Section 9(a)(2)[2] of the Securities Exchange Act of 1934, and in Australia under Section s 1041A of the Corporations Act 2001. The Act defines market manipulation as transactions which create an artificial price or maintain an artificial price for a tradeable security.

Examples

Pools: "Agreements, often written, among a group of traders to delegate authority to a single manager to trade in a specific stock for a specific period of time and then to share in the resulting profits or losses."[3]

Churning: "When a trader places both buy and sell orders at about the same price. The increase in activity is intended to attract additional investors, and increase the price."

Runs: "When a group of traders create activity or rumors in order to drive the price of a security up." An example is the Guinness share-trading fraud of the 1980s. In the US, this activity is usually referred to as painting the tape[4].

Ramping (the market): "Actions designed to artificially raise the market price of listed securities and to give the impression of voluminous trading, in order to make a quick profit."[5]

Wash trade: "Selling and repurchasing the same or substantially the same security for the purpose of generating activity and increasing the price"

Bear raid: "Attempting to push the price of a stock down by heavy selling or short selling."

The auditor qualified the audit. This carries more weight than any statements by a Singaporean.

Rsawit: Auditor raises material uncertainty related to going concern. Rimbunan Sawit’s auditor Messrs Crowe Malaysia PLT has raised a material uncertainty related to the going concern of the Main Market-listed plantation group in respect of the financial statement for the fiscal year ended 31 Dec 2022 (FY22). (The Edge)


😅

RSawit

How will earnings change?
i) Lower costs
ii) Higher prices
iii) Expansion into new markets
iv) Higher volume sold in old markets
v) Changes in loss making operations



RSawit is losing money. EBIT is negative; has been for many years. CL >>>CA. Surprisingly, the creditors and bankers have been very "kind" to this company.

Even with disposal of assets and bank loans are settled, the outcome is just a smaller plantation company that continues to be poorly managed and still losing money.

Market cap of SAB MYR 441 m.

An asset play.

Cut-win? Cut-loss? 😊


So fascinating.

Posted by calvintaneng > 2019-12-11 13:42 | Report Abuse

Excellent rise

Jaya tiasa or Giant Treasure

Clap
Clap
Clap

Time to sell into strength and switch to Nfcp bull run stocks like Netx, Opcom, Redtone and sacofa(cmsb)
>>>>

😀

"Cutloss" Very quietly. :-)

How can someone who is so noisy be so "good"? Interesting observations.

Hope his wife and children are happy. 😀

March 2016. RSAWIT. 56SEN
TODAY 22 SEN

>>>
Posted by calvintaneng > 2016-03-22 10:00 | Report Abuse

RSAWIT?

ROARING SAWIT!

WILL ROAR ALL THE WAY TO RM1.00!

BY THE POWER OF EL NINO & LA NINA
>>>

>>>>
Posted by calvintaneng > 2015-06-10 18:38 | Report Abuse

LATEST GOOD NEWS
OPEC WANTS OIL TO BE PRICED AT USD80

GREAT NEWS FOR ARMADA!

DON'T MISS THE BOAT!
>>>>

June 2015. Armada RM 1.22
Today RM 0.54

f one analyse a company based on its facts and fundamentals, your investing will be safer.

RSawit experienced losses even in 2023. It has huge debts and huge interest payments. Its interest cover is negative. Its current (short term) debt is huge. It has only 3m in cash in its balance sheet.

I have not encountered a company with such a poor current ratio yet. It is basically insolvent. It is at the mercy of the creditors and the bankers that the company has not been placed in receivership.

It has to restructure its balance sheet. It will need to sell and monetise a lot of its assets to pay down its debts. It also has to do so quickly too. This is not a good situation to be in, especially if it is forced to fire-sell its assets.

I cannot see how its operations can turn positive soon or in the immediate period.

If one analyse a company based on its facts and fundamentals, your investing will be safer.

RSawit experienced losses even in 2023. It has huge debts and huge interest payments. Its interest cover is negative. Its current (short term) debt is huge. It has only 3m in cash in its balance sheet.

I have not encountered a company with such a poor current ratio yet. It is basically insolvent. It is at the mercy of the creditors and the bankers that the company has not been placed in receivership.

It has to restructure its balance sheet. It will need to sell and monetise a lot of its assets to pay down its debts. It also has to do so quickly too. This is not a good situation to be in, especially if it is forced to fire-sell its assets.

I cannot see how its operations can turn positive soon or in the immediate period.

Its NAV per share is 18 sen
At 22.5 sen per share today, it is trading at a premium to its NAV!
Market can be irrational!

This stock is overvalued. It should be trading at a huge discount to its NAV.

Please do your own assessment and forward here your analysis and opinion.🤝✌

2023 Balance Sheet
Cash 3m
STDebt 188m
LTDebt 152m

CA 47m
CL 302m

Current Ratio 0.16
Quick Ratio 0.08
Cash Ratio 0.01

Inventory 22m
AR 14m
AP 67m

CA 47
FA 672
Other Assets 134
TA 853

CL 302m
LTL 152m
Deferred taxes 37m
TL 491m
TEq 362m
TL+TEq 853m


What do you think of this balance sheet?
It is horrible.
It is net debt positive. Huge total debts of 340m, and current debt is 188m.

CA 47m
CL 302m

Current Ratio 0.16
Quick Ratio 0.08
Cash Ratio 0.01

The current ratio implies this company is insolvent. Its continuing operation depends on the mercy of it creditors and lenders.

TL 491m
TEq 362m
TL+TEq 853m
TL/TEq = 1.36x
TL/TA = 57.6%

RSAWIT

2023 Income Statement
Rev 507.8 m
COGS 488.6 m
Gross Income 19.1 m
SGA Expenses (43.2 m)
EBIT (24.1 m)
NOI 56.0 m
Int Exp (14.4 m)
PBT 17.6 m

Its ongoing operation made losses in 2023. EBIT (24.1m). Look at its interest expense of (14.4m). It cannot even pay the interest from its business operations. Interest cover is negative.

It sold 2 pieces of estate giving a NOI of 56m. However, its business remains gruesome indeed.

Summary:

Quality of Business: 👎
Management: 👎
Valuation: (don't bother, look for another stock to analyse)👣

RSAWIT

2023 Income Statement
Rev 507.8 m
COGS 488.6 m
Gross Income 19.1 m
SGA Expenses (43.2 m)
EBIT (24.1 m)
NOI 56.0 m
Int Exp (14.4 m)
PBT 17.6 m


2023 Balance Sheet
Cash 3m
STDebt 188m
LTDebt 152m

CA 47m
CL 302m

Current Ratio 0.16
Quick Ratio 0.08
Cash Ratio 0.01

Inventory 22m
AR 14m
AP 67m

CA 47
FA 672
Other Assets 134
TA 853

CL 302m
LTL 152m
Deferred taxes 37m
TL 491m
TEq 362m
TL+TEq 853m

2023 Cash Flow Statement
Net income 17.6 m
D&A 68.8 m
Other Funds (67.4m)
FFO 19.96m
CWC 26.5m
NOCF 45.4m

Capex (41.7m)
FCF 3.7m

Its NAV per share is 18 sen
At 22.5 sen per share today, it is trading at a premium to its NAV!
Market can be irrational!

This stock is overvalued. It should be trading at a huge discount to its NAV.

Please do your own assessment and forward here your analysis and opinion.🤝✌

2023 Balance Sheet
Cash 3m
STDebt 188m
LTDebt 152m

CA 47m
CL 302m

Current Ratio 0.16
Quick Ratio 0.08
Cash Ratio 0.01

Inventory 22m
AR 14m
AP 67m

CA 47
FA 672
Other Assets 134
TA 853

CL 302m
LTL 152m
Deferred taxes 37m
TL 491m
TEq 362m
TL+TEq 853m


What do you think of this balance sheet?
It is horrible.
It is net debt positive. Huge total debts of 340m, and current debt is 188m.

CA 47m
CL 302m

Current Ratio 0.16
Quick Ratio 0.08
Cash Ratio 0.01

The current ratio implies this company is insolvent. Its continuing operation depends on the mercy of it creditors and lenders.

TL 491m
TEq 362m
TL+TEq 853m
TL/TEq = 1.36x
TL/TA = 57.6%