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KLSE: CBIP       CB INDUSTRIAL PRODUCT HOLDING BHD
Last Price Avg Target Price   Upside/Downside Price Call
0.90 0.81     -0.09 (10.00%)
* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.
** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).
Date Open Price Target Price Upside/Downside Price Call Source News
01/09/2020 0.895 0.83 -0.065 (7.26%) HOLD HLG Price Target News
07/07/2020 0.92 0.78 -0.14 (15.22%) SELL KENANGA Price Target News
01/07/2020 0.91 0.78 -0.13 (14.29%) SELL KENANGA Price Target News
01/07/2020 0.91 0.83 -0.08 (8.79%) HOLD HLG Price Target News


Price Target Research Article/News (past 6 months)
01/09/2020  HLG CB Industrial Product - Weaker-than-expected 2Q
07/07/2020  KENANGA CB Industrial Product - Disposal of Its Klang Land
01/07/2020  KENANGA CB Industrial Product- Headwinds Ahead
01/07/2020  HLG CB Industrial Product - Within Expectations



  6 people like this.
 
Knownfact The cost of planting was put under plantation development expenditure before and I think it is now lumped up with property, plant & equipment.

The last reported figure was 253mil in 30/12/2017.

The value of that 32,000 ha is worth very much more than Rm232m
14/07/2020 1:27 PM
Knownfact Anyone have any idea how much is the market value of plantation in Kalimantan?
14/07/2020 1:35 PM
i3gambler Treasury shares:
1) Cancel:
It means the company is healthy, not short of cash.
2) Give to Shareholder:
It is kind of mini bonus issue, wasting administration work, creating odd lot, I don't like.
3) Sell back to market:
It is kind of private placement, get additional cash for development.
14/07/2020 7:46 PM
Knownfact Yes, cancellation of treasury shares will improved the NTA/share.

Liquidity in the company is good at 144mil cash. 200 mil loans is manageable.

Capex is not high beside the development expenditure for plantation.

The Rm40mil sale proceed from disposal of property will ease the cashflow too.
15/07/2020 12:28 PM
Knownfact TPGOG owns a refinery (i.e.pre-treatment) plant with a capacity of 120,000MT/year which have been fully operational since the beginning of
2020 and a biodiesel plant with a capacity of 134,000MT/year which is currently undergoing refurbishment and itis targeted to be fully operational in July 2020 barringany unforeseen delays.

This is a cutting of the chairman statement in the AR.

"In the segmental information of the Q report last month, it is good to note that the new segment (Biofuel/Refinery plant) has a revenue of 22.931 mil that generate a profit of 2.322 mil." only refers to the refinery plant and NOT the biodiesel plant. The revenue & incomes should be quite consistent and doesn't subject to price fluctuation.
15/07/2020 3:24 PM
Knownfact CPO future seems to stabilized above 2,600 in Q3. If plantation segment fall to red in Q2, it should recover in Q3
21/07/2020 4:07 PM
Knownfact Last SBB was at 96.5 on 12/6/2020.

After that the share price started to fall back to 88 despite the fact that CPO was on the raise substantially.

Does this counter only rely on SBB to support its price????

Are they waiting for the AGM on 30/7 before they start SBB again?
24/07/2020 10:43 AM
Davidl Finally back to uptrend!
27/07/2020 2:52 PM
Knownfact slipped back to downtrend?
29/07/2020 3:15 PM
Knownfact back to uptrend with vol
04/08/2020 4:54 PM
liong5651 Tomorrow break RM 1???
04/08/2020 8:37 PM
Knownfact https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3074418

Aggressive SBB started again
05/08/2020 5:09 AM
Knownfact Lack of follow through
06/08/2020 4:47 PM
Knownfact Big volume changing hands at 88 sens. What is going on?
21/08/2020 10:31 AM
wajatimur_28 Yup..I am also monitoring it.. what's going on actually?
21/08/2020 12:44 PM
sakurako boarded 0.88
24/08/2020 11:21 AM
sakurako y it sink once i boarded :'(
25/08/2020 10:52 PM
wajatimur_28 Relax bro...just take a seat...feel the ride roller coaster
26/08/2020 7:47 PM
sakurako waiting for its qr
26/08/2020 9:37 PM
Knownfact Most plantation companies are reporting very good results. Can't see any reasons why CBIP is not doing the same.
27/08/2020 9:44 AM
sakurako the qr should be out any time?
28/08/2020 8:33 AM
kinuxian CBIP is not pure plantation company. By and large still depend their engineering segment and palm oil contribution still relative small. Thus, CPO had limited benefit yet if compared to other plantation stock. MCO might impact their engineering segment instead. I might be wrong.

Do review their Q419 & Q120 performance, palm oil segment is relative disappointing even CPO price hit 2.8 - 3K during Dec 19 to Jan 20.

If you observed long enough, most of the spike was due to SBB, and slowly get pull back.
28/08/2020 10:56 AM
wajatimur_28 Nice qr...ready for take off
28/08/2020 6:15 PM
hng33 first interim dividend 2 sen
28/08/2020 8:07 PM
i3gambler KLK announced on 26th August that they bought 17610 ha planted/plantable land (which 10816 ha planted+6794 ha plantable) in Kalimantan from TSH for USD110.1m, or about 4.2*110.1 = RM462m.

The market price for plantable land in Kalimantan is about RM500 per ha.

Therefore, the price for planted oil palm estate is about
= (462000000 - 500*6794) / 10816 = RM42400 per ha.

CBIP own 13502 ha planted oil palm in Kalimantan,

Assuming the same valuation, it worth = 13502*42400 = RM572m,

CBIP market cap = 492*0.9 = RM443m.
29/08/2020 9:33 AM
Knownfact I am so happy to see many constructive comments on this company.

CBIP plantation segment is still in its investment stage, A lot of its retained profit are put into this segment. I am not too worry about the losses incurred because it has to take care of the cost of planting the new acreage and maintaining the young palms. I hope this can explain why the performance in Q419 & Q120 as well as Q220 are disappointing.

This situation should improve as more palms are coming into maturity with CPO prices maintaining at current prices as evidence by the encouraging improvement in revenue.

'If you observed long enough, most of the spike was due to SBB, and slowly get pull back.' A very good observation by kinuxian. Not many IBs and or retail players are involved at the moment. The day will come.

BTW, SBB also means it is investing in itself. Confidence & patience shown by its management.

As mentioned by i3gambler, they are instead investing big in palm oil plantation. Another good piece of work by i3gambler. When and if they decided to devest from plantation, it will be a BIG rainfall profit to its loyal shareholders. Otherwise, the enhanced future earning from this segment will bring about dividend growth.

The first interim dividend of 2 sens is a pleasant surprise to me. A total of 4 sens equivalent to 4.4% dividend yield for this year will be good.

I am not too sure about the contributions from SPV, oil mill and refinery plant.
01/09/2020 10:03 AM
Knownfact Core Net Profit (CNP)? Both HLG & KENANGA use CNP which is lower than the actual Net profit to underestimate the earning power of CBIP. Both also came out with difference figures which show that they can manipulate the figures to support their wanted conclusion.

ATM, the POE is the core business. I think the importance of POE will be significantly reduced in the coming 2-3 years. Both in term of revenue &Earnings.

HLG gives a sum-of-parts derived TP of RM0.83 which is way below its reported NTAB of 1.46. We all know that the Kalimantan is worth more than that.

Kenanga is giving a higher TP of RM0.87 base on a PE of 11.8. Is it fair? I think that is up to individual to decide.
02/09/2020 1:55 PM
TheSecret http://mpoc.org.my/daily-palm-oil-price/



Whoa !!!

Fcpo breaks new high everyday

Strong indicator of

Palm oil stocks

Bull Run on the way!!!

Load up kaw kaw now!!!
03/09/2020 10:38 AM
Knownfact https://markets.businessinsider.com/commodities/palm-oil-price
03/09/2020 11:44 AM
kinuxian CBIP is not a good proxy for CPO yet.
03/09/2020 3:35 PM
Knownfact For the period ended 30/6/2020, Plantation segment alone (excluding share of results of associates & JV) is 13% of the total revenue. This figure will increase significantly as more palms are planted and matured together with higher CPO prices.
04/09/2020 2:19 PM
i3gambler If the share price is undervalue for long time, I think the boss might take it private, we will lose a good company from Bursa.
08/09/2020 8:38 AM
Knownfact This share is definitely undervalue, just cannot quantify it. The boss has been ploughing back the retained profit for a long time by venturing into SPV, buying refinery, developing the Kalimantan plantation and SBB. My feeling is that it is about time to mature.

Yes, privatisation is a possibility. same as Batu Kawan. But I think the chance of Bkwan is higher. There are many other means that the boss can cash in later.
08/09/2020 10:38 AM
lloydlim Time to accumulate!
20/09/2020 2:04 PM
Knownfact GAP up. Both price & volume shot up.

Is it just a plantation play?
21/09/2020 10:12 AM
OldWiseMan100 Post removed. Why?
23/09/2020 9:54 AM
FundaStronk haiyaaa still not moving
28/09/2020 11:10 AM
Knownfact A first single tier interim dividend of 2 sen per share was announced on 28/8/2020.

No announcement on payment date was made until today.

How long more we have to wait ????
30/09/2020 2:56 PM
Knownfact Cancellation of 45,000,000 treasury shares. At the same time, doing SBB at current price.

Does it mean that the management is weeding out the weak shareholders at current price?
06/10/2020 10:56 AM
ian0311 Post removed. Why?
06/10/2020 10:57 AM
Mynihar Nihar Salah satu cara untuk bawa keluar dari bursa.. company beli saham masa harga rendah
07/10/2020 10:02 AM
Kido Kikidodo May I know what is advantage and disadvantage of share cancellation?
07/10/2020 4:58 PM
soonkaren Russia
07/10/2020 5:00 PM
Mynihar Nihar Ada baik buruk ..
08/10/2020 7:49 PM
Knownfact Kido asked a very good question. I was hoping some sifu will enlighten us.

In my opinion, I think it is a good move. The EPS & NTA per share will increase & PE ratio will be lower. The current market price will looks cheaper. Unfortunately, the share trading system I'm using has not updated the figures.

Furthermore, I guess the company can start SBB more aggressively without having to get a new mandate from the shareholders.

I also notice that CB Lim has done some family shareholdings reshuffling to avoid a Mandatory General Offer.
09/10/2020 12:37 PM
i3gambler Apart from cancellation, the treasury shares can be:
1) Distributed to shareholder as dividend, kind of a mini bonus issue, creating unnecessary odd lot, in this case I think it imply that the company is in tight cash flow, not enough cash to pay cash dividend.
2) Sold back to the market, in this case I think it imply that the company need money.

CBIP decided to cancel the treasury shares, so I think it is meaning their cash flow is good.
09/10/2020 1:25 PM
Knownfact Coming ? Or just pushed up b4 dividend Ex?
12/10/2020 5:35 PM
JayC88 the time is now. hoot hoot.
14/10/2020 5:42 PM
Davidl Time to accumulate!
19/10/2020 12:54 PM
Knownfact Big boys lining up to buy? buyers out number by 4 to 1.
22/10/2020 10:24 AM

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