Highlights
KLSE: ICAP (5108)       ICAPITAL.BIZ BERHAD MAIN : Closed&Fund
Last Price Today's Change   Day's Range   Trading Volume
2.45   0.00 (0.00%)  2.44 - 2.46  19,100
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Overview

Market Cap: 343 Million
NOSH: 140 Million
Avg Volume (4 weeks):59,521
4 Weeks Range:2.13 - 2.53
4 Weeks Price Volatility (%):
80.00%
52 Weeks Range:1.85 - 2.53
52 Weeks Price Volatility (%):
88.24%
Average Price Target:-

Financial Highlight

Latest Quarter | Ann. Date 31-Aug-2021 [#1]  |  11-Oct-2021
Next QR | Est. Ann. Date: 30-Nov-2021  |  11-Jan-2022
T4Q P/E | EY: -191.41  |  -0.52%
T4Q DY | Payout %: 0.00%  |  - %
T4Q NAPS | P/NAPS: 3.47  |  0.71
T4Q NP Margin | ROE: -29.43%  |  -0.37%

Headlines

Date Subject
10-Dec-2020 iCapital.biz - Comparing performance of Closed-end fund to Open-ended unit trusts
02-Dec-2020 资本投资 - 证交所通告的啟示
30-Nov-2020 资本投资 - 16届股东大会之后
23-Nov-2020 iCapital.biz - 更多在资本投资第十六届大会应提出的问题
23-Nov-2020 iCapital.biz - Further questions to be asked in the 16th AGM
19-Nov-2020 iCapital.biz - 再论资本投资净值增长率
13-Nov-2020 iCapital.biz - 在资本投资有限公司16届股东大会所应提出的问题
11-Nov-2020 iCapital.biz 第十六届股东大会 28-11-2020
10-Nov-2020 iCapital.biz - 要怎样才能提高股价? (缩短股价和每股净值的差别)
07-Nov-2020 iCapital.biz - How to improve market price?
07-Nov-2020 Errata to “Comment on iCapital.biz 2020 Annual Report Table 5 NAV performance” posted on 28 Oct 2020
28-Oct-2020 Comment on iCapital.biz 2020 Annual Report Table 5 NAV performance
23-Oct-2020 iCapital.biz - Futher to Mr Observatory's post on 20 Oct 2020

Business Background

icapital biz Bhd is a Malaysian closed-end fund. The primary investment objective is a long-term capital appreciation of its investments. The company mainly invests in undervalued companies which are listed on the Main Market of Bursa Malaysia Securities Berhad and the ACE Market of Bursa Securities. It also invests in cash deposits. The revenue generated by the company includes interest income, dividend income, and other income.
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  5 people like this.
 
JohnDough “How will icapital.biz Berhad’s NAV perform in the coming years and decades ?

The future performance of icapital.biz Berhad’s NAV depends on the composition of its current equity portfolio and what the fund manager does with the RM209 million cash in its balance sheet as at 31 May 2021 (this is down from RM307 million as at 31 Dec 2018).

A look at icapital.biz Berhad’s existing equity portfolio would reveal that, in terms of number of shares held, BioAlpha, AirAsia, Kelington, Kronologi, Padini and Parkson are the highest, totalling around 155 million shares.

Should the share prices of these stocks increase by an average of RM1 per share, icapital.biz Berhad’s NAV would be boosted by RM155 million or RM1.11 per share, with its NAV leaping from RM3.47 to RM4.58 on this alone. Is this outcome likely?”


i Capital Newsletter Volume 33 Issue 4
19/09/2021 12:58 PM
dumbMoney Kellington has an ex-bonus TTM PER of 46 and a P/B ratio of 6.5. For this to be a value stock, it better go up by at least $1 soon.
20/09/2021 12:59 AM
Nepo top up some.
Hopefully not become water fish..
20/09/2021 11:43 AM
dumbMoney Compared against some other Asian equity CEF, iCap is the champion discounter https://www.dropbox.com/s/x1idba709w9zukr/Closed-End%20Fund%20Screener%20-%20CEF%20Connect%20-%20Brought%20to%20you%20by%20Nuveen%20Closed-End%20Funds.pdf?dl=0
20/09/2021 4:09 PM
Nepo last chance boarding Icap.
The express train begins to depart..hurry..
Boarding time 22 Sept 2021 RM2.06
22/09/2021 1:51 PM
JohnDough “Will icapital.biz Berhad’s NAV discount be there forever ? How can one take advantage of such an attractive discount ? Should icapital.biz Berhad not be wound up in order to realise its underlying asset values ?

Well, first of all, icapital.biz Berhad was set up by Tan Teng Boo as a closed end fund meant for long-term investors. How long is long? Let us learn a few lessons from Scottish Mortgage Investment Trust PLC, an investment trust listed on the London Stock Exchange.

Scottish Mortgage is an investment trust that aims to maximise total returns over the long term from a high conviction, actively-managed portfolio. This is similar to icapital.biz Berhad. It was launched in 1909, about 112 years ago. In comparison, icapital.biz Berhad is but a spring chicken. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

Scottish Mortgage once traded at a persistent discount to its NAV. The discount disappeared in 2013, endowing its share price with a premium to NAV; in the last year or so, Scottish Mortgage’s share price has traded around parity.

The share price of Scottish Mortgage rallied from around £44 in 1994 to above £1,300 in 2021, generating a massive gain of 29.5 times. An investment of $1,000 in 1994 would have been worth $29,500 in 2021.

An investment of only $34,000 would have made one a millionaire. The take-away here is that somebody who invested in Scottish Mortgage at a 15% NAV discount in 1994 would have gained “extra” returns from the disappearance of said discount.

This is one of the most compelling strengths of a well-managed closed end fund – buy at a discount, sell at a premium. Can icapital.biz Berhad enjoy a similar outcome where its NAV discount vanishes? The case for it is strong indeed.

However, before we present it, one must first ask whether icapital.biz Berhad’s NAV discount is a natural phenomenon or an artificial one.

In fact, keen-eyed investors, including the MSWG, should query City of London as to why they buy millions of icapital.biz Berhad shares (even going so far as to breach the regulatory 20% single shareholding limit) and consequently widen icapital.biz Berhad’s NAV discount.

City of London used to pressure icapital.biz Berhad to conduct a 10% share buyback to narrow the NAV discount, while itself buying over 20% of icapital.biz Berhad’s share capital, thereby worsening the discount it has been so persistently complaining about.

These complaints continue despite icapital.biz Berhad delivering an impressive performance on a consistent basis. So what is really going on here? Without all this interference, icapital.biz Berhad’s share price would have been trading at a nice premium to its NAV by now, just like it did before City of London’s persistent purchases.

icapital.biz Berhad’s NAV performance over the course of its first 5,777 days was in fact superior to Scottish Mortgage’s. And yet, icapital.biz Berhad still managed to preserve RM209 mln in cash or RM1.49 per share, poised to put it to good use at the nearest opportunity.

Perhaps Bursa Malaysia should make icapital.biz Berhad a constituent of the KLCI, just like the London stock exchange did with Scottish Mortgage.”


i Capital Newsletter Volume 33 Issue 4
26/09/2021 11:46 AM
Noni Very likely will be discounted from NAV for a very very long time.
Is the nature of the setup.
26/09/2021 12:06 PM
Nepo Holding icap is like holding a bare vacant land.
I believe NAV will appreciate in value over time. But for how long the discount will disappear, no one has a clue.This is an uncertainty to long-term holders. Scottish Mortgage needed almost 100 years to reflect its value.

For Icap, you need to have ability to hold for very very very very long loong looong loooong-term without any dividend. If the discount persists for a very long-term, the holders are not worth to cash out when there is an urgent requirement of the fund.

Perhaps the mgt can suggest to reduce the management fee. In this way, icap long-term holders will feel more secure and willing to keep the shares..because money is there and NOT use to pay huge management fee...
26/09/2021 7:13 PM
dumbMoney How can persistent buying of a share by an institutional investor causes the price discount to widen instead of narrowing? With the same logic, if the same investor starts selling down, the price discount should go down, i.e. the share price goes up? Assuming no change in NAV, price discount and price move in opposite directions. So buying causes price to go down, and selling causes price to go up! Unbelievable logic.
28/09/2021 1:24 AM
Noni Because institutional hold a lot. They moment they let go, prices will go down, else not enough buyer......unless buyer willing to pick up from them at market price. They have a lot to sell oh.....
28/09/2021 1:28 AM
gohkimhock 投資最好是自己來, 不要假手於人..
28/09/2021 1:30 AM
Nepo The moment the institutional fund needs to sell because of the holding beyond 20%, the share price will press down due to dumping. If sb buy in at the time, it maybe lower than today price..that is why though there is a huge discount as per today, long-term investors still wait and see..probably this is what ttb thinks..

"...City of London used to pressure icapital.biz Berhad to conduct a 10% share buyback to narrow the NAV discount, while itself buying over 20% of icapital.biz Berhad’s share capital, thereby worsening the discount it has been so persistently complaining about..."
28/09/2021 8:43 AM
lching 睁眼说瞎话:“icapital.biz Berhad delivering an impressive performance on a consistent basis.”
28/09/2021 8:51 AM
firehawk Net Asset Value per share of iCapital.Biz Berhad as at 22 September2021 was 3.64 !!
28/09/2021 11:03 AM
Eastern686 If a person holding icap stock for since 2014 and he want to sell his shares now, what price can he sell, net asset value of 3.64 可看不可吃。Only last week or so ah Boo mentioned in icap weekly update his ambitious to turn icap for a long long long term sort of funds, don't want to sell icap closed end fund to realised the NAV asset leh...
28/09/2021 11:13 AM
Nepo This share is only suitable for super long loong looong-term holders.

And I am willing to allocate some funds to bet on this share..
I collected my 1st batch in Year 2005 i.e listing year
Now is my 2nd batch..because of HUGE DISCOUNT appears NOW.

If you like this share, you have to prepare to hold for at least next 10 years

I have prepared to pass this stk to my next generation.

Has been followed this stk more than 15 years..cry

I hope Ttb not disappointed me..
28/09/2021 12:48 PM
JohnDough “Value investing succeeds because it goes hand in hand with a focus on the long-term and compound return. With patience and a long-term focus, compound return works wonders.

Warren Buffett has not always been one of the richest men in the United States.

When he reached 30 years of age or by 1960, Buffett’s net worth was US$1 million. By age 43, Buffett’s personal net worth was at a high of US$34 million. In 1982 or age 52 years, Buffett had a net worth of US$250 million.

By 1989 at age 59, Buffett was worth US$3.6 billion. He hit US$32.3 billion in 2001. As of mid-August 2015, Buffett’s net worth is US$67 billion, and by mid-2021, he is worth more than US$105 billion.

Buffett did not become a billionaire until he was 50 years old. What is most interesting is that, 99% of Warren Buffett’s net worth was earned after his 50th birthday.

This is the secret of compound return – or as they say, let your money work for you. Compound return works best over the long-term as it needs time to unleash its reward.”


2021 Annual Report icapital.biz Berhad – Tan Teng Boo
03/10/2021 12:55 PM
abang_misai The question ... how's ah boo's compound annual rate return compared to WB's 28% per year?
04/10/2021 12:56 PM
dumbMoney Until such time that the fund can be liquidated at NAV, shareholder returns should only be based on the share price, as this is all that he will get at exit all these years.
04/10/2021 1:04 PM
Philip ( buy what you understand) It's amazing that people still believe in icapital. Tan Teng boo is actually worse than mutual funds, because you can at least sell those for nav value. The very fact that Icap is selling for below nav shows that majority do not view ttb actions of putting 60% money in fixed deposit instead of making it work during cheap sales period. If you are not buying when prices have crashed, then you will probably never be buying.
04/10/2021 1:18 PM
dumbMoney The price discount is a trust deficit, reflection on the manager.
04/10/2021 8:04 PM
abang_misai If you open your eyes, ah boo has changed his investment philosophy. Ah boo is now after stocks that have good future growth prospects than value stocks. I believe this is a game changer for Icap. I’’m impressed by this and has jumped into the boat. Im prepared to hold for 10years.
05/10/2021 8:01 AM
Nepo Trust fund manager needs to take care shareholders, therefore they are very careful in selection of the stock. yes, I notice ttb now invest in growth stk. I am particularly surprised when he adds Airasia in his portfolio because AIrasia is regarded as high risk high return.

Value fund managers like TTB need to keep huge pile of cash in case of stock crash, they can do bottom fishing..not like individual investors/speculators, they can do whatever they like, no need to be responsible to others..
05/10/2021 10:13 AM
Nepo Look at it investment counters, the gains are proceed at the exceptional fast pace, when the confident gain, very soon the discount gap will close...
06/10/2021 4:13 PM
Thirai Thiraviam I first bought Icap shares in 2010, and kept on adding more every time the price dropped to around RM2 or less. Yesterday, I bought the shares for the first time at around RM2.30. Icap is now selling at 40% discount! I figured even if Icap were to return to its traditional discount rate of 20%, the price would rise to RM3.10.

As to TTB, I find his persistent anti-American vitriol and pro-China obsequiousness tiresome.
07/10/2021 8:50 AM
Nepo @Thirai, thanks for sharing..

If today NAV = RM 3.9x, then most probably most of the SAM shares still hold tight tight by ICAP...

SAM is a superstar .. I believe most of the individual investors already profit-taking..

Wondering how TTB handles SAM shares a this moment..
07/10/2021 10:03 AM
Thirai Thiraviam @Nepo - It's RM 3.93 now, just as you had suggested above. So, ICAP is now selling at 41.5% discount.
07/10/2021 12:40 PM
Nepo Great. Let assume ICAP still hold tight tight SAM shares. so SAM performance still has material impact on ICAP performance.

If SAM continues to appreciate all the way up up up to RM 30 and ICAP still holds tight tight until then..then he is really smart.
07/10/2021 3:34 PM
JohnDough “The NAV of icapital.biz Berhad has again jumped, this time to RM3.93. The KLCI is 18% below its all-time high; the NAV of icapital.biz Berhad is at a new record. This is the compounding power of Tan Teng Boo’s value investing philosophy.

The NAV of icapital.biz Berhad, in absolute amount, is now more than RM550 million. Time to include this stock in the KLCI?

With new infections falling, along with the re-opening of the Malaysian economy and RM200 over million cash in reserve, its NAV is expected to rise further. Its share price will follow suit.”


i Capital Newsletter Volume 33 Issue 9
10/10/2021 11:24 AM
ahbah ttb & co is reali smart. Their gaji in their pocket naik kuat kuat but

their shareholders got NOTHING !!!
10/10/2021 11:35 AM
ahbah The most interesting is how much is WB paid for managing the fund ?

What is WB's gaji ?
10/10/2021 11:58 AM
freeze789 after Sam and kellingto. now SURIA. mmmmhhh let see the movie
10/10/2021 1:34 PM
abang_misai Watch out for his pick for MKH & Salute. Both can really well.
10/10/2021 1:37 PM
Nepo Wow! TTB is right in choosing Airasia. Finally Airasia fly
A real gem that is missed by most investors
keep it uppp.
11/10/2021 9:18 AM
Nepo Icap comes back after Year 2008..
11/10/2021 9:20 AM
Najib Zamry wow ICAP is marvellous. Deep discount to NAV 3.95
11/10/2021 10:49 AM
ZeaXG Market already moved up. ICAP still sitting on 200mil cash uninvested, missed the boat liao? NAV shoud've been higher to be honest, maybe RM5 is possible if he had invested that 200mil
12/10/2021 12:43 PM
Nepo What if market collapse..?
12/10/2021 4:13 PM
abang_misai Most importantly, Icap is now buying growth stocks. They have changed their investment philosophy. Give them a chance.
12/10/2021 4:53 PM
Kevin Tam If more retail investors understand value , it is normal that few months or 1 year from now , the difference of NAV with share price of Icap can be reduced to 16-20%…. many don’t understand invest in shares not only care for dividend income , there is capital gain which can be more important than dividends … If Icap sell more SAM n Kelington in next few months , realised profits will show in quarterly profit…. I think NAV is most important thing of a closed end fund like Icap ..
14/10/2021 11:04 PM
rogers123 Icap has a rubbish management team. Time has given so many years. Rubbish is still rubbish. NO excuse
15/10/2021 7:56 AM
dumbMoney Just buying back own shares at around $2 would have made at least 20%, easiest trade in the books.
15/10/2021 2:55 PM
JohnDough “With new infections in Malaysia falling, along with the re-opening of the Malaysian economy and RM210 over million cash in reserve, its NAV is expected to rise further. Will its share price follow suit?

As its fund manager, my investing decisions influence the NAV performance of icapital.biz Berhad. On the other hand, the market price of icapital.biz Berhad is, positively or negatively, determined by investors, especially those who breached the 20% single shareholder limit.

Let me reiterate the power of compounding for the long term by quoting from the 2021 Annual Report:

“With icapital.biz Berhad, shareowners get a well-managed fund, founded on integrity, and offers excellent prospects. There is in fact no reason at all to wind it up – why chop down a bountiful fruit tree before it has matured?””


icapital.biz Berhad 1Q22 report – commentary by fund manager
17/10/2021 3:16 PM
stockraider Rubbish mah!

The poor management of TTB of capital dynamics is due for removal as a fund manager mah!

And the icap are to be liquidated and the value disbursed to benefit all unitholders mah!

TTB is sweating & fighting hard to prevent Foreign Unit holders exercising their voting rights loh!



Posted by JohnDough > Oct 17, 2021 3:16 PM | Report Abuse

“With new infections in Malaysia falling, along with the re-opening of the Malaysian economy and RM210 over million cash in reserve, its NAV is expected to rise further. Will its share price follow suit?

As its fund manager, my investing decisions influence the NAV performance of icapital.biz Berhad. On the other hand, the market price of icapital.biz Berhad is, positively or negatively, determined by investors, especially those who breached the 20% single shareholder limit.

Let me reiterate the power of compounding for the long term by quoting from the 2021 Annual Report:

“With icapital.biz Berhad, shareowners get a well-managed fund, founded on integrity, and offers excellent prospects. There is in fact no reason at all to wind it up – why chop down a bountiful fruit tree before it has matured?””
17/10/2021 6:29 PM
Thinkcarefully I suggest those interested in icap to buy insas instead. It is even more undervalue. Moreover you get 2cts dividend every year for 1.00 rm share. Naps rm3.00
17/10/2021 9:36 PM
MG9231 Once upon a time, during ICAP AGM, TTB Self proclaimed WARREN BUFFET of Asia, telling shareholders put money in ICAP n just relax n let him did the investment work. those who listened to his silly advice n did that practically let him collect Capital Dynamic service fees n his management fees for free ride....
18/10/2021 9:38 AM
MG9231 he practically make fun of his investors and selfishly collect his fees
this can be confirmed by looking at his poor performances of Icapital internation value fund and
Icap global fund,
18/10/2021 9:46 AM
abang_misai Don’t be so angry lah. TTB has changed his approach since 2019. More importantly, his new approach makes sense. Give him a chance
18/10/2021 5:06 PM
Nepo Yes, give him a chance.
In fact annual compound growth of nearly 10% is still awesome!
18/10/2021 8:13 PM
stockraider VERY IMPORTANT!

TO REMEMBER THIS LOH!

"The current of hype of ESG trend which is unsustainable....give a good sound contrarian opportunity for a very strong rebound & upside for plantation going fwd loh!"

PLANTATION THE BEST HEDGE AGAINST INFLATION & DEPRESSION LOH!
19/10/2021 10:38 AM


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