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1,980 comment(s). Last comment by calvintaneng at Sep 22, 2021 10:53 AM
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Gabriel Khoo
738 posts

Posted by Gabriel Khoo > Sep 13, 2021 11:20 AM | Report Abuse

In a solid balance sheet
position
Undervalued. BUY!
While SOP has revised down its FFB output guidance for FY21E, it is still
anticipating better HoH output in 2H21. And SOP will likely continue to
enjoy the high CPO ASP thus far in 2H21 given its minimal forward sales.
We are keeping our earnings forecasts, and TP of MYR5.80 on unchanged
14x FY22E PER peg, its 5Y mean. It trades at just 8x FY21E PER and
unadjusted EV/ha of MYR28,000 (near replacement cost). BUY.
Briefing takeaways
We hosted a briefing for SOP last week. Key takeaways: (1) SOP has
minimal forward sales. It will continue to reap the benefits of high spot
CPO prices presently; (2) FY21E’s FFB output target is now revised down
to 1.25m-1.30mt (MKE: 1.32mt) from 1.40mt due to shortage of
harvesters. This revised forecast translates to 1H:2H output ratio of 47-
49:51-53; (3) Overall, SOP is experiencing a 30-35% shortage in workers;
(4) It has decided to stop its replanting plan for 2021 (2020: 419 ha) to
capture the high CPO ASP; (5) SOP expects to be in a net cash position by
year end (June-21: 6% net gearing); (6) With improving balance sheet
and limited capex planned (FY21E: MYR100m-150m), it will likely
establish a dividend policy soon to reward shareholders; (7) Downstream
margins will be more challenging in 2H21 compared to 1H21.
Major shareholder has further raised its stake to 46%
SOP’s major shareholder, the Shin Yang Group, has further raised its
stake to 46.4% in Apr 2021 (May 2020: 45.3%; Mar 2019: 43.3%) whereas
the State Government of Sarawak has maintained its 2nd spot at 28%.
SOP is clearly undervalued
Although we doubt there is any impending plan to privatise SOP, the
gradual accumulation of stocks by the major shareholder is a testament
of SOP’s undervaluation. We believe the formulation of a generous
dividend policy will help to re-rate SOP’s equity value over time. The
market is currently attaching zero value for the property development
potential of its 4,858ha Taniku Estate, located at the fringe of Miri city.


Jonathan Keung
3262 posts

Posted by Jonathan Keung > Sep 13, 2021 11:23 AM | Report Abuse

Sop always shrimp on dividend. BOD need to increase their dividend pay out


kinuxian
854 posts

Posted by kinuxian > Sep 13, 2021 11:26 AM | Report Abuse

Gabriel, MBB research report? Send me a copy pls.


Gabriel Khoo
738 posts

Posted by Gabriel Khoo > Sep 13, 2021 6:06 PM | Report Abuse

Shared the reporr link in klsescreener. Tq


kinuxian
854 posts

Posted by kinuxian > Sep 13, 2021 6:52 PM | Report Abuse

Tq, Seems like MIB has conservative profit projection @ 273mil for FY21, 1H21 touches 177mil already.


DickyMe
10946 posts

Posted by DickyMe > Sep 13, 2021 6:58 PM |

Post removed. Why?


calvintaneng
42509 posts

Posted by calvintaneng > Sep 13, 2021 10:51 PM | Report Abuse

3 EXCELLENT NEWS FOR SARAWAK OIL PALM (SOP) IN ONE DAY, Calvin Tan Research

https://klse.i3investor.com/blogs/www.eaglevisioninvest.com/2021-09-13-story-h1571526051-3_EXECELLENT_NEWS_FOR_SARAWAK_OIL_PALM_SOP_IN_ONE_DAY_Calvin_Tan_Resear.jsp


calvintaneng
42509 posts

Posted by calvintaneng > Sep 13, 2021 11:48 PM | Report Abuse

SOP made a net profit of Rm98 millions in cash

So Rm14 million to purchase price land is a correct move


calvintaneng
42509 posts

Posted by calvintaneng > Sep 13, 2021 11:49 PM | Report Abuse

Rm98 million profit is for Aug 2021

November result should be the same great profit or even better


calvintaneng
42509 posts

Posted by calvintaneng > Sep 14, 2021 8:24 AM | Report Abuse

PALM OIL THE GOLDEN CROP: 1) ABUNDANT HARVEST. 2) HIGH DEMAND FESTIVE SEASON...3) EXCELLENT PRICES : GIVES A BRIGHTENING OUTLOOK, Calvin Tan Research

https://klse.i3investor.com/blogs/www.eaglevisioninvest.com/2021-09-14-story-h1571526790-PALM_OIL_THE_GOLDEN_CROP_1_ABUNDANT_HARVEST_2_HIGH_DEMAND_FESTIVE_SEASO.jsp


SOP IS AMONG THE TOP BEST BARGAIN NOW!!


Jonathan Keung
3262 posts

Posted by Jonathan Keung > Sep 14, 2021 11:23 AM | Report Abuse

Hardly moves


Tiger66
1825 posts

Posted by Tiger66 > Sep 14, 2021 11:58 AM | Report Abuse

harn len drop more than 30% end of the road...


calvintaneng
42509 posts

Posted by calvintaneng > Sep 14, 2021 12:58 PM | Report Abuse

Yes SOP hardly move so can buy more

Harnlen already up too high so going down is normal

ALWAYS BUY WHEN PRICE IS CHEAP & FULL OF VALUE

AVOID CHASING WHEN HOT & STAY SAFE


Tiger66
1825 posts

Posted by Tiger66 > Sep 14, 2021 2:49 PM | Report Abuse

Continue in denial ==== Widetec go up 6% > SOP down 1.4%


calvintaneng
42509 posts

Posted by calvintaneng > Sep 14, 2021 4:38 PM | Report Abuse

Price is what you pay and value is what you get

If you overpay for rubbish one day you will wake up

We only buy real treasure on offer


Tiger66
1825 posts

Posted by Tiger66 > Sep 14, 2021 10:25 PM | Report Abuse

715 counters drop vs 339 counters up. widetec in 4 days increase 35% = take profit. Convert rubbish into money. SOP going into consolidation from now. (Fund are flowing out and going down trend, MACD dead cross, OBV down, RSI 9,14 down below 50% ). No matter angle you look at it SOP going into cold storage.


jutawansenyap
1552 posts

Posted by jutawansenyap > Sep 15, 2021 6:25 PM | Report Abuse

@calvintaneng..harnlen also palm oil company.your comments pls. Tq


calvintaneng
42509 posts

Posted by calvintaneng > Sep 16, 2021 9:10 PM | Report Abuse

Jutawan

The price rise of harnlen is not justified by earnings

See

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3170961

That is why it should come down again


kinuxian
854 posts

Posted by kinuxian > Sep 17, 2021 11:14 AM | Report Abuse

https://www.thestar.com.my/business/business-news/2021/09/17/steady-earnings-ahead-for-palm-planters


ValueMe
154 posts

Posted by ValueMe > Sep 18, 2021 3:03 PM | Report Abuse

CPO up but SOP sleeping.Another con stock.


calvintaneng
42509 posts

Posted by calvintaneng > Sep 19, 2021 9:05 PM | Report Abuse

Just buy as factors getting more bright

Kgb helping set up factory in Kuching will spur Condo sale of Sop


calvintaneng
42509 posts

Posted by calvintaneng > Sep 19, 2021 9:07 PM | Report Abuse

Mm2H will spur more people to go Sarawak as terms are easy and good


calvintaneng
42509 posts

Posted by calvintaneng > Sep 19, 2021 9:07 PM | Report Abuse

Govt gave Rm9 billions for Sarawak and Sabah for development


calvintaneng
42509 posts

Posted by calvintaneng > Sep 19, 2021 9:08 PM | Report Abuse

SOP might suddenly jump up like Subur Tiasa


calvintaneng
42509 posts

Posted by calvintaneng > Sep 19, 2021 10:07 PM | Report Abuse

SOP IS A GREAT VALUE OVERLOOKED HIDDEN GEM

See

KGB Secured Rm420 Millions Job & Price JUMPED! Now Go Buy SOP because SOP will benefit the most after Kellington, Calvin Tan Research

https://klse.i3investor.com/blogs/www.eaglevisioninvest.com/2021-09-19-story-h1571617282-KGB_Secured_Rm420_Millions_Job_Price_JUMPED_Now_Go_Buy_SOP_because_SOP_.jsp


calvintaneng
42509 posts

Posted by calvintaneng > Sep 19, 2021 10:20 PM | Report Abuse

SOP Properties Sdn Bhd, a wholly owned subsidiary of SOPB Group was incorporated in the year 2009 with the mission of building quality homes with innovative design.

SOP Properties’ core concept is developing self-contained properties which consist of residentials, commercials, public amenities and gearing the projects towards creating value in the longer term. This not only creates additional value to its buyers' investment, it also benefits the communities who reside in them.

The company is supported by a dynamic sales and marketing team who are committed to delivering customer service excellence. They are the front line representatives to promote the company and its projects, and ensure customer satisfaction.

https://www.property.sop.com.my/index.php


ivan9511
3810 posts

Posted by ivan9511 > Sep 20, 2021 11:58 AM | Report Abuse

calv sifu , nsop also cheap
sop , nsop , ioi , taan all cheap with dividen
good


calvintaneng
42509 posts

Posted by calvintaneng > Sep 20, 2021 12:23 PM | Report Abuse

Ivan9511

Calvin thinks you are very smart and therefore you have survived so long in this shark (syndicate) infested market

Well done

Clap!
Clap!!
Clap!!!


ivan9511
3810 posts

Posted by ivan9511 > Sep 20, 2021 3:34 PM | Report Abuse

Thanks Calvin Calvin sifu, you also good.
Btw now I only buy company with dividend only .
Last time I like gamber small co.
Now I choose dividend.
Like now today got many opportunity to get example
Tenaga , kossan , comfort, osk, ioi , cepat , bplant, taan
All too cheap if rich enough can sapu all ,
Especially tenaga and kossan.
And thanks calvin for the plantation analysis
Thank you


calvintaneng
42509 posts

Posted by calvintaneng > Sep 22, 2021 10:53 AM | Report Abuse

SOP Planted Areas Increased over the years progressively more and more

https://klse.i3investor.com/blogs/www.eaglevisioninvest.com/2021-09-22-story-h1571672954-SOP_Planted_Areas_Increased_over_the_years_progressively_more_and_more.jsp

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