Highlights

THE INVESTMENT APPROACH OF CALVIN TAN

Author: calvintaneng   |   Latest post: Sat, 8 May 2021, 12:34 AM

 

THPLANT (5112) A Look at its Grossly Undervalue Assets & Increasingly Bright Prospects, Calvin Tan Research

Author:   |    Publish date:


Dear Serious Investors 

To-night we shall take a deeper look at ThPlant - another misunderstood & mispriced stock of Great Value

A cursory look at ThPlant will show that it has Very High borrowings

Also the negative news that Thplant being sued by Party asking for proceeding of Land sales blocked by EPU (Economic planning unit)

Also the dwindling lack of FFB harvest past few months

All the above were highlighted by naysayers to the fear of naive readers who do not do due diligence

Ok now let Calvin share his happy findings

1) WHY IS THPLANT BEING SUED FOR NOT SELLING ITS PLANTATIONS

See

MATERIAL LITIGATION In the High Court of Malaya at Kuala Lumpur in the Federal Territory of Malaysia (Special Powers Division) Application for Judicial Review No. WA-25-71-03/2021 Tamaco Plantation Sdn. Bhd. (Company No. 45922-D) ("Applicant" or "Tamaco") and 1. Ketua Pengarah Unit Perancang Ekonomi Di Jabatan Perdana Menteri 2. TH Plantations Berhad (Company No. 12696-M) ("THP" or "the Company") (both referred as "Respondents")

TH PLANTATIONS BERHAD

 

Type Announcement
Subject MATERIAL LITIGATION
Description
In the High Court of Malaya at Kuala Lumpur in the Federal Territory of Malaysia (Special Powers Division) 
Application for Judicial Review No. WA-25-71-03/2021
Tamaco Plantation Sdn. Bhd. (Company No. 45922-D) ("Applicant" or "Tamaco") and 
1.	Ketua Pengarah Unit Perancang Ekonomi Di Jabatan Perdana Menteri
2.	TH Plantations Berhad (Company No. 12696-M) ("THP" or "the Company") 
(both referred as "Respondents")

THP wishes to announce that the Company on 31 March 2021 has been served with a copy of a draft Order from the High Court of Kuala Lumpur granting as follows:

Leave to commence Judicial Review proceedings to quash the decision of the Ketua Pengarah Unit Perancang Ekonomi di Jabatan Perdana Menteri (“EPU”) in withdrawing their letter of approval dated 24 November 2020 on 4 December 2020 in relation to the proposed disposal of THP’s entire equity interest in Bumi Suria Ventures Sdn. Bhd. and Maju Warisanmas Sdn. Bhd. to Tamaco pursuant to the Share Purchase Agreement dated 5 December 2019; and

 

ii.  An ad interim stay order in relation to the decision of the EPU in withdrawing their said letter of approval until 12 April 2021, being the date of the hearing of the inter partes application for a further stay of the said decision of the EPU until final disposal of the Judicial Review proceedings.

 

THP and the EPU have been named as Respondents in the Judicial Review proceedings.

The Company will make the necessary announcement as and when there are further developments in relation thereto.

 

This announcement is dated 1 April 2021.

 

Ok look again

Leave to commence Judicial Review proceedings to quash the decision of the Ketua Pengarah Unit Perancang Ekonomi di Jabatan Perdana Menteri (“EPU”) in withdrawing their letter of approval dated 24 November 2020 on 4 December 2020 in relation to the proposed disposal of THP’s entire equity interest in Bumi Suria Ventures Sdn. Bhd. and Maju Warisanmas Sdn. Bhd. to Tamaco pursuant to the Share Purchase Agreement dated 5 December 2019; and

It boils down to these

1) ThPlant has approved to sell its assets in  Bumi Suria Ventures Sdn. Bhd. and Maju Warisanmas Sdn. Bhd. to Tamaco pursuant to the Share Purchase Agreement dated 5 December 2019; and

2) But Sale was objected by Economic Planning Unit

So Tamaco the aggrieved party want this

 to quash the decision of the Ketua Pengarah Unit Perancang Ekonomi di Jabatan Perdana Menteri (“EPU”) in withdrawing their letter of approval dated 24 November 2020 on 4 December 2020 in relation to the proposed disposal of THP

SO FROM HERE WE SEE CLEARLY THAT TAMACO WANTED VERY MUCH TO BUY THOSE LANDS AS PROMISED FOR SALE BY THPLANT BUT WAS THWARTED BY EPU (GOVT)

As a result They are going to Court to pursue for the deal

Now Why is the deal SO IMPORTANT?

 

See our Discovery

 

ThPlant has approved to sell its assets in  Bumi Suria Ventures Sdn. Bhd. and Maju Warisanmas Sdn. Bhd. to Tamaco pursuant to the Share Purchase Agreement dated 5 December 2019; and

 

S & P was done on 5 December 2019

Let's see from Bursa Announcement for December 2019

And  here is the announcement

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS TH PLANTATIONS BERHAD ("THP" OR "THE COMPANY")- PROPOSED DISPOSALS OF 100% EQUITY INTERESTS IN BUMI SURIA VENTURES SDN BHD AND MAJU WARISANMAS SDN BHD

TH PLANTATIONS BERHAD
 

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
TH PLANTATIONS BERHAD ("THP" OR "THE COMPANY")-
PROPOSED DISPOSALS OF 100% EQUITY INTERESTS IN BUMI SURIA VENTURES SDN BHD AND MAJU WARISANMAS SDN BHD

The Company wishes to announce that on 5 December 2019, THP had entered into a Sale Purchase Agreement with Tamaco Plantation Sdn Bhd to dispose its entire equity interests in Bumi Suria Ventures Sdn Bhd and Maju Warisanmas Sdn Bhd, both for a total cash consideration of RM170.0 million ("Proposed Disposals").

 

Please refer to the attachment for further details of the Proposed Disposals. 

 

This announcement is dated 5 December 2019.

Ok now we know the Assets are PROPOSED DISPOSALS OF 100% EQUITY INTERESTS IBUMI SURIA VENTURES SDN BHD AND MAJU WARISANMAS SDN BHD

 

And the Sale Price is Rm170 Millions

 

Now what are the Assets of these Two Mentioned? How Big is the Landbanks?

For that please go see Th Plant Properties in Annual Report

 

SARAWAK

Bumi Suria Ventures Sdn. Bhd.
Ladang Sungai Arip
 
Ladang Sungai Karangan
Sibu-Bintulu, Sarawak
 
- Leasehold 2065 and
2066
6,514 Hectares Oil Palm Estate
 
Book value Rm124,727,000

 

OK NOW WE GOT THE DETAILS

6,514 hectares with book value Rm124.7 Millions

 

SO IF SALE GOES THROUGH THE PROFIT WILL BE

 

RM170,000,000 minus Rm124,727,000

 

= Rm45,273,000

A PROFIT OF RM45.2 MILLIONS FOR THPLANT

 

Buy Why oh Why EPU stopped the sale?

Is it because Tamaco a non bumi company? Or is the price grossly undervalue?

OK let us calculate the price per acre cost

To get acre multiply 6,514 hectares by 2.471

= 16,096.094 acres for Rm170 Millions

To get cost of per acre 36.2% profit

BUT EPU deemed 3.1% of what Naim sold just too cheap?

Now let us see how court case will lead to

In any case CPO now at sky high prices all Plantation lands all over the world are going up in prices as well from India to Indonesia, From Australia to USA

USA?

Yes. Even Bill Gates investing in Farmlands

See

 

Rm170,000,000 divides by 16,096.094

= Rm10,561.56 per acre

SO TAMACO WANTS TO BUY THPLANT LAND FOR ABOUT

RM10.562 Per Acre (Got planted palm oil lands going for only below Rm11K an acre?

Of course too cheap!

Why?

Look again

SARAWAK

Bumi Suria Ventures Sdn. Bhd.
Ladang Sungai Arip
 
Ladang Sungai Karangan
Sibu-BINTULU, Sarawak
 
BINTULU?
 
This is now a hot area
 
See Naim sold lands in Bintulu to Sarawak Govt
 
NAIM HOLDINGS BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
PROPOSED DISPOSAL OF TWO (2) PARCELS OF LAND HELD UNDER LOTS 789 & 2861 BLOCK 20 KEMENA LAND DISTRICT, BINTULU SARAWAK ("PROPOSED DISPOSAL")

We refer to the announcements dated 17 July 2020, 30 July 2020, 18 September 2020, 21 September 2020, 2 October 2020 and 6 October 2020 in relation to the Proposed Disposal (“Announcements”). Unless otherwise defined, the definitions set out in the previous Announcements shall apply herein.

On behalf of the Board, AmInvestment Bank wish to announce that the Company had on 21 October 2020 received the balance of the Disposal Consideration of RM306.00 million from the Vendor. In this respect, the Proposed Disposal is deemed completed on 21 October 2020.

 

This announcement is dated 21 October 2020.

 

What is the Total Sale price collected and how big the lands in Bintulu Naim sold

 

See 

Disposal
Consideration
: The cash consideration of RM340,000,000 payable by SEDC to
PHSB pursuant to the Proposed Disposal
 
Subject Lands : 2 parcels of vacant land measuring a total area of approximately
405.6 hectares held under Lots 789 & 2861 Block 20 Kemena Land
District, Bintulu, Sarawak

 

Ok here we got the land size at 405.6 hectares  and also the total sale price as Rm340 millions

To calculate acres multiply by 2.471

= 1,002.2376 acres

To calculate Price per acre divide Rm340 Mil by land area

= Rm339,240 per acre

 

Thplant selling at Rm10.6K an Acre while Naim sold for Rm339.2K an acre?

That means that Thplant is selling at 3.1% of What Naim sold?

OF COURSE WHEN MY FRIEND MR. JIMMY FROM MIRI HEARD ABOUT THE SALE OF AN ACRE PALM OIL LAND FOR ONLY RM10.6K PER ACRE HE ALSO WANT TO BUY IT

JIMMY TOLD ME HE IS LOOKING FOR PALM OIL LANDS IN SABAH FOR RM30K AN ACRE

Why go so far if SARAWAK got below Rm20K an acre. At Rm10.6K an acre? He simply go GaGa!

Now if Thplant had sold for Rm170 Millions it is still making a profit of Rm45.2 Millions profit or a gain of 36%

NOW FARMLANDS IN INDIA, AUSTRALIA, BRAZIL  & USA ARE ALL GOING UP IN PRICES

 

See

Published:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The co-founder of Microsoft and his wife rank as America’s largest private farmland owners.

Call it a hunch, but the story did not jibe. I scanned the headline for the umpteenth time and then read and reread the pertinent details. Something was missing. Either that or I had a screw loose. According to the Tri-City Herald, a 14,500-acre swath of choice Eastern Washington farmland in the Horse Heaven Hills of Benton County had just traded hands for almost $171 million. That’s a ginormous deal, one that pencils out to almost $12,000 per acre for a whole lot of acres. Pretty pricey dirt, right? That’s exactly what I thought. Especially when it comes to row crops like sweet corn and wheat, which were grown in rotation with potatoes on 100 Circles, which is the name of the property that changed hands. Then again, farmers and investors in the Mid-Columbia River market expect to pay $10,000 to $15,000 for good ground. Anyone who has ever studied the Columbia River Basin knows that the tillable acreage there is coveted ground, a geologic wonder. The soil profile and underlying silty loess are in a league of their own.

I had gained this smidgen of geologic proficiency while researching our 2018 Farmland Deal of the Year

BILL GATES BELIEVE AGRICULTURE IS A GOOD INVESTMENT

Now is THPLANT one of Malaysia Large Land Owners a Good Investment?

Now wait a minute

People say THPLANT GOT HIGH DEBT

BUT THPLANT GOT VERY GOOD PLANTATION ASSETS ALL OVER KELANTAN, TRENGGANU, PAHANG, NEGERI SEMBILAN, SABAH, SRAWAK & KALIMANTAN BOOK VALUE ONLY RM5K TO RM10K AN ACRE

IF SOLD AT MARKET VALUE THPLANT NET NET ASSETS MINUS LIABILITIES STILL IN HUGE SURPLUS

AND THPLANT INTENDS TO SELL OFF 4 MORE ASSETS IN SARAWAK NEAR KUCHING WHERE PAN BORNEO HIGHWAY ALREADY COMPLETED IN THAT STRETCH

Now let's see THPLANT earnings

 

SUMMARY OF KEY FINANCIAL INFORMATION
31 Dec 2020

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
31 Dec 2020
31 Dec 2019
31 Dec 2020
31 Dec 2019
$$'000
$$'000
$$'000
$$'000
1 Revenue
144,546
136,247
555,097
493,650
2 Profit/(loss) before tax
5,743
-164,097
54,462
-245,009
3 Profit/(loss) for the period
3,195
-201,474
27,460
-273,134
4 Profit/(loss) attributable to ordinary equity holders of the parent
1,593
-167,648
13,991
-226,498
5 Basic earnings/(loss) per share (Subunit)
0.18
-18.97
1.58
-25.63
6 Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00
   
AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7 Net assets per share attributable to ordinary equity holders of the parent ($$)
0.6600
0.6400

 

YEAR END LESS FRUIT YET THPLANT REPORTS A PROFIT

 

SUMMARY OF KEY FINANCIAL INFORMATION
30 Sep 2020

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
30 Sep 2020
30 Sep 2019
30 Sep 2020
30 Sep 2019
$$'000
$$'000
$$'000
$$'000
1 Revenue
167,430
136,007
410,551
357,403
2 Profit/(loss) before tax
37,776
-48,791
48,719
-80,912
3 Profit/(loss) for the period
23,864
-40,013
24,265
-71,660
4 Profit/(loss) attributable to ordinary equity holders of the parent
15,772
-31,609
12,398
-58,850
5 Basic earnings/(loss) per share (Subunit)
1.78
-3.58
1.40
-6.66
6 Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00
   
AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7 Net assets per share attributable to ordinary equity holders of the parent ($$)
0.6600
0.6400
 

JULY, AUGUST AND SEPT 2020 QUARTERS WHEN CPO AROUND RM2600 A TON (NOW RM4200)

THIS JULY WITH THE SAME AMOUNT OF FUITH (PRICE UP MORE THAN 60% WILL SHOW MUCH HIGHER PROFITS

 

 

SUMMARY OF KEY FINANCIAL INFORMATION
30 Jun 2020

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
30 Jun 2020
30 Jun 2019
30 Jun 2020
30 Jun 2019
$$'000
$$'000
$$'000
$$'000
1 Revenue
127,570
106,113
243,121
221,396
2 Profit/(loss) before tax
25,431
-29,088
10,943
-32,121
3 Profit/(loss) for the period
13,349
-22,745
401
-31,647
4 Profit/(loss) attributable to ordinary equity holders of the parent
8,157
-19,150
-3,374
-27,241
5 Basic earnings/(loss) per share (Subunit)
0.92
-2.17
-0.38
-3.08
6 Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00
   
AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7 Net assets per share attributable to ordinary equity holders of the parent ($$)
0.6300
0.6400
 

 

ABOVE IS APRIL MAY JUNE QTRS WHEN CPO WAS RM2300 A TON 

AT SUCH HIGH PRICES OVER RM4200 A TON PROFIT WILL AMPLIFY

NOW THEY HAVE ADDED MORE FERTILIZER AND EXPPECTING A BIGGER YIELD

 

From the Above we SEE

1) THPLANT LANDS ARE AT VERY LOW COST VALUE. ANY DISPOSAL WILL GARNER GOOD PROFITS

2) ALL THE PRECEDING QUARTERS ARE PROFITABLE WHEN CPO PRICES WERE FROM RM2300 A TON TO RM3300 A TON

WITH THE SALE OF LANDS PROGRESSIVELY THPLANT WILL UNLOCK  VALUE LIKE NAIM AND SEE HIGH PROFITS

ALSO IN COMING MONTHS THERE WILL BE MORE FRUIT HARVEST COUPLED WITH VERY HIGH PRICES

EVERYTHING IS GETTING BETTER AND BETTER FOR THPLANT WHILE THE MARKET IGNORE ITS POTENTIAL

SO CALVIN HAS TURNED BULLISH ON THPLANT AS WELL AS ALL OTHER PALM OIL SHARES AS WELL

 

KINDEST REGARDS

Calvin Tan Research

 

Please buy or sell after doing your own due diligence. In doubt please consult your Remisier or Fund Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Share this

  luckyme123 likes this.
 
calvintaneng haha I found out that you can only view the entire content from a computer and not your iphone
20/04/2021 10:49 PM
Felicity75 Thplant is ok as a Value stock.

The best is still Growth stock! See the growth!

https://klse.i3investor.com/m/blog/dollardollarbill/2021-03-10-story-h1542122361-SWKPLNT_most_underrated_plantation_stock_dollardollarbill.jsp
20/04/2021 11:06 PM
calvintaneng I also like Ta ann and Sarawak plant plus the Kwantas taken private

These ones will give 30% to 50% upside

But as Warren Buffet said if I am out looking for a 7 footer man a 5.5 feet man won't do

Since I picked Supermax in glove superbull which rose from Rm1.73 to Rm24.44 and made me more than 1,000% chun chun

I also hope to pick winners of 300% to 500% in the coming palm oil superbull time

And I must pick the bombed out ones like Thplant, Wtk, Jtiasa, Bplant, Tdm and others that are hated and overlooked that will spring the best surprise of surprises

in very bad times must pick good palm oil stocks
in very good times ?

You must pick the badly bombed out ones that will give the highest upside rebound

This is contrary to normal investing as we are in abnormal and phenomenal growth zone
21/04/2021 8:57 AM
calvintaneng A summary of Thplant salient factors

1. Thplant plantation Assets are located in growth region of Kelantan, Trengganu, Pahang negeri Sembilan (along Ecrl route which will increase it's landbanks' value

It has also got palm oil lands in SARAWAK (kuching 4 estates & bintulu) and SABAH of which Pan Borneo highway will unlock it's Value

2. The Book value of Thplant palm oil lands ranged from only Rm5k to Rm10k per acre.
Any one if sold will bring in 35% to more than 100% profit
21/04/2021 9:13 AM
calvintaneng 3. Thplant being sued by Tamaco because Epu objected to its Assets sale in bintulu

Cost was Rm124 mil and if Sold at Rm170 mil Thplant still stand to gain Rm45 mil
As sale was aborted it is in Thplant favour as Lands sold by Thplant was only priced around Rm10.6K

Naim just sold it's lands in Bintulu for Rm330k

That means that Thplant is selling at a super duper discount at only 3% of what Naim is getting

No wonder that Epu objected to the sale as it was just too cheap

So Thplant will have to raise the selling price
21/04/2021 9:18 AM
calvintaneng All 3 past results for Naim is positive when Cpo prices ranged from Rm2300 to Rm3300 a ton

And now that Cpo has reached Rm4200 per ton Thplant is bound to see profits amplify up
21/04/2021 9:20 AM
calvintaneng The lean months of FfB now over we look forward to abundant harvest from April to October which are the best is yet to come
21/04/2021 9:21 AM
calvintaneng After Thplant has pared down it's loans it will resume giving good dividends just like Mhc plant which is giving a 5% dividend yield
21/04/2021 9:22 AM
calvintaneng Farm lands in India , Australia , Brazil and Usa have all gone up in prices with the rise of soybean and maize

Even Bill Gates invest in farmland and he is currently the biggest Farmland owner in Usa
21/04/2021 9:24 AM
calvintaneng With Fed relentless money printing it's leads to paper currency degradation and the surge of both hard and soft commodities

hard commodity stocks have gone up first

it is only a matter of time soft commodities stocks will follow
21/04/2021 9:26 AM
calvintaneng So we buy BEFORE others turn bullish eventually as this is the Law
21/04/2021 9:26 AM
kinuxian If using your analogy, SOP (5126) with 87571 planted hectares or 216,388 in acre.

With market cap 2.15B @ 3.77, SOP offered merely RM 9935 a acre for planted land. Whereas THPlant offered 0 dividend, PE 30, ROE 2.4 compared to SOP with 5 cents dividend, PE 10.65, ROE 8.51.

Furthermore, you got free land from SOP too where 34423 hectares (85,059 arce) under development, reserved, building etc. If added both, u paid RM 7132 for a arce of land.

Do fair comparison among peers and penny stock doesn't meant cheap by it share price. There're many better options like SWKPlant (5115), Inno too with more reasonable PE.
21/04/2021 10:28 AM
calvintaneng kinuxian

SOP, Inno and Swk plant will do well in the cpo upsurge

of the 3 I think SOP should see the best upside from here

SOP should reach Rm8.00 to Rm10.00 range at its peak or even higher
21/04/2021 12:38 PM
kinuxian There're many gem in plantation sectors & underrated. They getting more attractive if commodity boom last longer than expected. US just print too much money since covid outbreak. Hot money move from glove & health care, semi-con, recovery stocks, and penny goreng stock. Even slight recovery observed in property and construction sector. Plantation probably the only odd one in view of CPO touch historical high.

Many plantation stocks' valuation can't move much as institute fund still shy away from. Most of the years, CPO future are moving downtrend starting Feb - March but this year is odd. SBO break another new high too.

Just wander will there another mute on plantation counters or surprise in coming quarters. As average CPO price hit 40%+ higher on Q1 Y2Y, and almost 1/3 over for Q2 and CPO still stand relative strong (above 3000-3200 which predicted by most local analysis).

https://www.theedgemarkets.com/article/malaysia-cpo-price-rises-record-high-rm4329-tonne
21/04/2021 2:41 PM
calvintaneng Edgedaily is wrong to focus on palm oil prices going down when production increase

It is not just cpo price per se

It also depends on all related vege oils like sunflowers seed oil, ground nut oil, coconut oil, canola oil, corn oil and soyoil

If all these are up then Cpo prices must follow in tandem because they are all linked
21/04/2021 3:05 PM
calvintaneng The experts are not always right

A black swan even like More super typhoon and drought wiping out crops can propel prices up for several years
21/04/2021 3:06 PM
enning22 only if you like jayatiasa or fgv type of management ,like calvin,go for it
22/04/2021 9:05 AM
calvintaneng Management yes

But listen to this

A badly cut diamond is better than a well cut cherry stone

Fgv and jtiasa might not be the best managed company but they are now in a rising palm oil bull

So a rising market will help

P
22/04/2021 9:57 AM


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