Highlights
KLSE: ICAP (5108)       ICAPITAL.BIZ BERHAD UNIT MAIN : Closed&Fund
Last Price Today's Change   Day's Range   Trading Volume
2.38   0.00 (0.00%)  0.00 - 0.00  0
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Financials


Market Cap: 333 Million

Market Cap 333 Million
NOSH 140 Million

Latest Audited Result:  31-May-2018

Latest Audited Result: 31-May-2018
Announcement Date 28-Sep-2018
Next Audited Result: 31-May-2019
Est. Ann. Date: 28-Sep-2019
Est. Ann. Due Date: 27-Nov-2019

Latest Quarter:  31-May-2019 [#4]

Latest Quarter: 31-May-2019 [#4]
Announcement Date 23-Jul-2019
Next Quarter: 31-Aug-2019
Est. Ann. Date: 17-Oct-2019
Est. Ann. Due Date: 30-Oct-2019
QoQ | YoY   -1.15%  |    -93.03%

Annual (Unaudited) ( EPS: 2.87, P/E: 83.01 )

Revenue | NP to SH 14,726  |  4,014
RPS | P/RPS 10.52 Cent  |  22.63
EPS | P/E | EY 2.87 Cent  |  83.01  |  1.20%
DPS | DY | Payout % 0.00 Cent  |  0.00%  |  - %
NAPS | P/NAPS 3.22  |  0.74
YoY   -54.91%
NP Margin | ROE 27.26%  |  0.89%
F.Y. | Ann. Date 31-May-2019  |  23-Jul-2019

T4Q Result ( EPS: 2.87, P/E: 83.01 )

Revenue | NP to SH 14,727  |  4,014
RPS | P/RPS 10.52 Cent  |  22.63
EPS | P/E | EY 2.87 Cent  |  83.01  |  1.20%
DPS | DY | Payout % 0.00 Cent  |  0.00%  |  - %
NAPS | P/NAPS 3.22  |  0.74
QoQ | YoY   -66.61%  |    -54.91%
NP Margin | ROE 27.26%  |  0.89%
F.Y. | Ann. Date 31-May-2019  |  23-Jul-2019

Annualized Result ( EPS: 2.87, P/E: 83.01 )

Revenue | NP to SH 14,726  |  4,014
RPS | P/RPS 10.52 Cent  |  22.63
EPS | P/E | EY 2.87 Cent  |  83.01  |  1.20%
DPS | DY | Payout % -
NAPS | P/NAPS -
QoQ | YoY   -11.82%  |    -54.91%
NP Margin | ROE 27.26%  |  0.89%
F.Y. | Ann. Date 31-May-2019  |  23-Jul-2019



Business Performance

Business Performance (By Quarter)

Trailing 4 Quarters Trailing 8 Quarters
Available Quarters 4 Quarters 8 Quarters
Continuous Quarters Of Revenue Growth 0 / 4 0.00% 0 / 8 0.00%
Total Positive Profit Years 4 / 4 100.00% 6 / 8 75.00%
Continuous Quarters Of Positive Profit 4 / 4 100.00% 5 / 8 62.50%
Continuous Quarters Of Profit Growth 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Adjusted EPS Growth 0 / 4 0.00% 0 / 8 0.00%
Total Dividend Years 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Dividend 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Dividend Growth 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Adjusted Dps Growth 0 / 4 0.00% 0 / 8 0.00%
Average ROE 0.21% 0.33%
Average Net Profit Margin 25.99% 21.28%

Business Performance (By Year)

Last 5 Financial Years Last 10 Financial Years
Available Years 5 Years 10 Years
Continuous Years Of Revenue Growth 0 / 5 0.00% 0 / 10 0.00%
Total Positive Profit Years 5 / 5 100.00% 10 / 10 100.00%
Continuous Years Of Positive Profit 5 / 5 100.00% 10 / 10 100.00%
Continuous Years Of Profit Growth 0 / 5 0.00% 0 / 10 0.00%
Continuous Years Of Adjusted EPS Growth 0 / 5 0.00% 0 / 10 0.00%
Total Dividend Years 0 / 5 0.00% 1 / 10 10.00%
Continuous Years Of Dividend 0 / 5 0.00% 0 / 10 0.00%
Continuous Years Of Dividend Growth 0 / 5 0.00% 0 / 10 0.00%
Continuous Years Of Adjusted Dps Growth 0 / 5 0.00% 0 / 10 0.00%
Average ROE 2.13% 5.45%
Average Net Profit Margin 34.32% 54.16%

Key Result

Key Result

T4Q Annualized Annual (Unaudited) Last 10 FY Average Last 5 FY Average
Revenue 14,727 14,726 14,726 31,550 23,777
NP to SH 4,014 4,014 4,014 20,029 9,273
Dividend 0 - - 1,330 -
Adjusted EPS 2.87 2.87 2.87 14.31 6.63
Adjusted DPS 0.00 0.00 0.00 0.95 -

NP to SH = Net Profit Attributable to Shareholder, EPS = Earning Per Share, DPS = Dividend Per Share

All figures in '000 unless specified.

EPS & DPS's figures in Cent.


Growth

Growth (By Quarter)

LQ QoQ LQ YoY CQ YoY LQ vs Average of T4Q LQ vs Average of T8Q
Revenue -2.12% -73.66% -40.80% -9.91% -32.99%
NP to Owner -1.15% -93.03% -54.91% -40.21% -62.84%
Dividend 0.00% 0.00% 0.00% 0.00% 0.00%
Adj. EPS 0.00% -93.01% -54.87% -40.07% -62.73%
Adj. DPS 0.00% 0.00% 0.00% 0.00% 0.00%

LQ = Latest Quarter, CQ = Cumulative Quarter, T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, QoQ = Quarter on Quarter, YoY = Year on Year

Growth (By Year)

T4Q vs LFY T4Q vs AL5FY T4Q vs AL10FY AQR vs LFY AQR vs AL5FY AQR vs AL10FY LFY YoY LFY vs AL5FY LFY vs AL10FY
Revenue 0.01% -38.06% -53.32% 0.00% -38.07% -53.33% -40.80% -38.07% -53.33%
NP to Owner 0.00% -56.72% -79.96% 0.00% -56.72% -79.96% -54.91% -56.72% -79.96%
Dividend 0.00% 0.00% 0.00% - % - % - % 0.00% 0.00% 0.00%
Adj. EPS 0.00% -56.69% -79.94% 0.00% -56.69% -79.94% -54.87% -56.69% -79.94%
Adj. DPS 0.00% 0.00% 0.00% - % - % - % 0.00% 0.00% 0.00%

T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, AL5FY = Average of Last 5 Financial Years, AL10FY = Average of Last 10 Financial Years, LFY = Latest Financial Year AQR = Annualized Quarter Result, YoY = Year on Year

Analyze this stock with MQ Trader system
  5 people like this.
 
fong7 TTB is a stubborn old man, who cannot admit himself of making mistakes (definitely unlike Warran Buffett). He doesn't sell Parkson, because he doesn't admit it's a mistake for holding Parkson for so many years blindly waiting for the business to turnaround. And TTB also doesn't admit he made a serious mistake of waiting for bear market to attack the world with huge damage. TTB waits for years and years, hoping his "bad dreams" to become reality, so that he could declare he won.

Oh, btw, he made others (the fund holders) to wait, not himself actually. As for him, he didn't wait a second for receiving millions of manager fees every year.
28/02/2019 6:32 AM
fong7 I was wondering, the used to be famous "investors day" happened last year 2018, how's the crowd? Were there still people admiring him and attending that event? It's a joke now, for TTB to talk about investment, isn't it?
28/02/2019 6:33 AM
enigmatic [Breaker of Speculative Investing] ICAP NAV as of 1.3.2019 stays at RM3.26
02/03/2019 11:57 PM
calvintaneng Don't keep Icap you stunted stock anymore

Better sell & switch to OGSE stocks especially PENERGY now!
02/03/2019 11:59 PM
fong7 ICAP has long become a value trap. Holding lots of cash that is unable to be realized in a very very very long time....how many 10 years you can wait? That's the key question if you are a ICAP fund holder.
04/03/2019 7:30 AM
fong7 So NAV is now pointless number.
04/03/2019 7:31 AM
(HK1997 again) Philip Nett asset value needs to be in lockstep with revenue growth and earnings growth to mean anything, otherwise taking it in vacuum is really pointless. Tan teng boo fails to realize this. He is still stuck in Benjamin Graham cigar butt land, trying out 1950's investing when these days annual reports and quarterly reports can be read and analysed the same day it is released, globally. Even Berkshire has to change, investing in IPOs now (STNE), buying airplane stocks( delta etc), and even going big into tech stocks ( aapl). Why is tantengboo not evolving his mindset?

This year Warren buffet has dropped book value as measure of Berkshire quality, because of the new accounting method, and how a lot of his companies with poor(er) net asset value are giving out increasing earnings and revenue growth compared to his high net asset value ( utilities) which are producing poor results.

If at 90 Warren and Charlie can change their mental models, I worry for tan teng boo who is still stuck in his old mindsets of nav as margin of safety. What is safety?

Safety is knowing your stock and where the business is going.
04/03/2019 7:57 AM
mindful Anybody would like to join me to attend the global investor week to get an additional 20% discount, please contact me at yeccapital@gmail.com. I am a shareholder. https://giw.icapital.biz/2019/
04/03/2019 11:27 AM
qqq3 (S = Qr) Philip > Mar 4, 2019 07:57 AM | Report Abuse


If at 90 Warren and Charlie can change their mental models, I worry for tan teng boo who is still stuck in his old mindsets of nav as margin of safety. What is safety?
=======

margin of safety....the most misunderstood concept in investing....all because it is promoted by half past six teachers and soft cover investment books....and the love of novices................looks so logical...............
04/03/2019 11:55 AM
qqq3 On the other hand, I must pity TTB.......

The accounts of icap will show little revenue if he does not sell his shares, and profits are based on dividends and trading profits...................investors look at the accounts will run away......price appreciations will be taken, not via P/L but directly to Reserves, hence never any profits even when NTA is increasing...........

so forever traded at discounts to NTA.
04/03/2019 12:00 PM
qqq3 people have difficulty appreciating Icap........and will remain under performing ....forever.....
04/03/2019 12:01 PM
qqq3 Icap invested $ 5 million in Padini and sitting on $ 100 million of unrealised profits.................every thing else they did for last 10 years is meaningless.
04/03/2019 12:02 PM
fong7 does icap still holding the stupid bstead and parkson? I can't imagine any value investor who would be so bullish on these two. They are just....simply....rubbish stock.
05/03/2019 2:33 AM
fong7 once again, (S = Qr) Philip, very well said. I can see you must be quite a good investor.
05/03/2019 2:33 AM
fong7 waiting for London boys to fight TTB again....hope they do something, and able to gain support from minority shareholders....take down TTB from the board, reduce his fees, forced him to pay huge dividend if the fund continue to sit on cash doing nothing....and make strategic steps on how to reduce the gap of fund price discount to NAV.
05/03/2019 9:34 AM
qqq3 Funds accounting.........unrealised profits/losses are taken directly to reserves, market good or bad is never reflected in the Profit and Loss Accounts.............Its a problem for all closed ended funds.
05/03/2019 10:14 PM
stockraider The performance of the funds are measured by the increase of NAV, it does not matter P&L....bcos if warren buffet invest....he does not sell so not much profit to report....but his unrealised profit is huge loh...!!

Thats why fund should be measured by NAV growth & not P&L mah...!!
05/03/2019 10:19 PM
qqq3 well.............the permanent huge discounts in Icap share suggest the investing public is not interested..........the discount is permanent, its not some thing u can arbitrage away.............
05/03/2019 10:22 PM
fong7 stockraider, please tell us, do you think ICAP today is a value trap or a value "stock"? How many 10 years do we have? Reality bites.
06/03/2019 12:01 AM
stockraider The only hope for icap....is vote for the dissolution as the expiry date is due soon mah.....!!

The olang putih is with us loh and TTB is like a pondan mah....that means a good chance we can liquidate the fund loh....!!

That means potential profit from close shop of icap loh.....!!

Posted by fong7 > Mar 6, 2019 12:01 AM | Report Abuse

stockraider, please tell us, do you think ICAP today is a value trap or a value "stock"? How many 10 years do we have? Reality bites.
06/03/2019 12:05 AM
enigmatic [Breaker of Speculative Investing] oh come on, it's not all doom and gloom is it? ICAP's portfolio has done not too badly overall.

For shareowners holding for a long time & getting no returns, probably a time to let go some and invest elsewhere if you are done with TTB.

For newcomers, probably a low risk defensive stock that never sinks, unlike O&G, plantations, constructions, etc.

But I concur that TTB is running short on time. He should stop timing the market. In the event in 2025 that ICAP has a price range of around RM2.50-RM3.00 to its NTA while other stocks continue rising, it would spell the end of his base of supporters.
06/03/2019 12:51 AM
qqq3 does that mean it get expiry at 2025?
06/03/2019 10:00 AM
(HK1997 again) Philip If you are just looking at nav, it went from 140 million to 498 million. Sounds good? If you average it out over 14 years since 2005 it is earning less than 10% per year. But you are a smallholder. So if you want to cash out today from ipo, you only get the share price increase ( no dividends, no nav) which for closed end funds is usually a discount to nav historically.

So as a smallholder you only get share price increase from rm1 to rm2.43.

For waiting 14 years.

You are getting like 6.8% compounded per year for holding on for 14 years.

Not exactly Warren buffet.
07/03/2019 3:32 PM
3iii ttb is supported in his icap funds by a loyal group of initial investors.

Those who invested over the last 10 years of his fund probably made very little gains.

Will these initial loyal investors remain in the fund in 2020 or will they vote for the dissolution of icap closed end fund?
07/03/2019 3:36 PM
3iii At inception of icap closed end fund, the hope was this fund could grow at 15% per year from 2005 to 2020. That is $1 capital invested will double every 5 years and in 15 years, will grow to $8.00.

It is unlikely that icap closed end fund can achieve a NAV value of $8.00 in 2020. The time is just too short for it to achieve this target.

At best, can icap closed end fund achieve a NAV of $4.00 in 2020? At least with NAV of $4.00 in 2020, it would have grown its NAV from 2005 at a compound annual rate of just slightly below 10%.
07/03/2019 3:42 PM
fong7 icap's investors week is coming. Anyone here going to kick ttb's ass? haha!
15/03/2019 9:09 PM
Travestor I used to be a believer in ttb but good think I woke up from that. His icivf also like crap with cagr of like fd rate only agr
16/03/2019 6:32 AM
calvintaneng Hi guys,

I woke up this morning in Singapore and read this in horror

"People may call me a pessimist, but I feel that Malaysia has reached the point of no return"
-------Tan Teng Boo

If only he took time to do deeper research he should be able to find bargains in good O&G stocks which are now making 200% to 300% for those who took position

If he really believe that Malaysia is a gone case without hope then he should just close down Icapbiz funds & return all monies to shareholders just like Warren Buffet did by closing down his fund in year 1969.

YOUR BEST COURSE OF ACTION TODAY IS TO SELL AWAY YOUR LAST REMAINING ICAPBIZ SHARES AND DON'T LOOK BACK ANYMORE ON THIS MAN WITHOUT HOPE.

NOW GO BUY DESTINI (7212) WHILE THERE IS HIGH HOPE

1) MINISTER OF FINANCE (MOF) BOUGHT 200 MILLION DESTINI SHARES AND IS TOP HOLDER

2) BRAHMAL OF CREADOR FUND BOUGHT 10 MILLION DESTINI SHARES

3) TOP BOSS OF DESTINI ALSO BOUGHT DESTINI AS HIGH AS 71 SEN TO 85 SEN

SO CALVIN INVITES YOU TO LEAVE THIS DREARY PLACE AND BUY DESTINI TODAY!!
18/03/2019 7:24 AM
(HK1997 again) Philip Don't listen to him TTB, please go ahead and continue collecting your asset management fees. You need every cent of it.

As they say,

Those who don't know how to stock pick,
Teach others to stick pick.
Those who can't teach, they write newsletters.
Those who can't write well, they just take director fees.
19/03/2019 11:56 AM
qqq3 Posted by 3iii > Mar 7, 2019 03:42 PM | Report Abuse

At best, can icap closed end fund achieve a NAV of $4.00 in 2020? At least with NAV of $4.00 in 2020, it would have grown its NAV from 2005 at a compound annual rate of just slightly below 10%.

========

statistics depends on stating point and ending point of statistics....what about statistics of last 10 years? Probably negative.......lol.......
19/03/2019 12:16 PM
qqq3 close ended fund was an experiment and it failed....no more in Malaysia
19/03/2019 12:17 PM
qqq3 qqq3 > Mar 19, 2019 12:17 PM | Report Abuse X

close ended fund was an experiment and it failed...it failed because TTB failed.
19/03/2019 12:18 PM
qqq3 close ended fund fails compared to open ended funds because open ended funds can always exit at NTA while close ended funds always exit at a discount.
19/03/2019 12:47 PM
enigmatic [Breaker of Speculative Investing] It has come to our notice that an individual has portrayed himself as Mr. Tan Teng Boo, Managing Director of Capital Dynamics, and posted comments on investment websites, blogs, forums and/or online platforms under the name "Tan Teng Boo" ("the #Impersonator"). The contents of the comments posted by the Impersonator involve investments advice/opinion and matters. The impersonator/s has intentionally made comments that may be construed as investment advice and opinions of Tan Teng Boo, the managing director of Capital Dynamics.

Tan Teng Boo, Capital Dynamics and/or its group of companies shall not hesitate to take necessary actions, including but not limited to legal actions for any economic losses and/or damage to reputation, against any parties who have committed and/or facilities the wrongdoing of impersonating Tan Teng Boo, Capital Dynamics and/or its group of companies, and/or publishing/releasing untrue, false and unjustified statements/comments against Tan Teng Boo, #CapitalDynamics, its group companies and/or the funds managed by its group of companies.
27/03/2019 8:05 PM
fong7 thing is, nowadays, left very very very few people who still care about what TTTB said. His biggest personal reputation fault was his investment judgement in past 5 years or so. He forgot to learn, unlike Buffett who continues to learn every single day. Huge gap between them.
28/03/2019 8:18 PM
enigmatic [Breaker of Speculative Investing] RM2.35 is the year's low. Can consider buying to keep until the fund dissolves.
13/04/2019 5:31 PM
VSOLAR Sailang Margin All In I see another Insas here
24/04/2019 2:08 PM
VSOLAR Sailang Margin All In Not exactly like Insas, just a failed fund management team. I can do better
24/04/2019 2:11 PM
qqq3 think of opportunity cost.
24/04/2019 2:16 PM
qqq3 TTB seems happy to nimble at the fund.....
24/04/2019 2:17 PM
VSOLAR Sailang Margin All In the fund management fees itself is destroying the value of shareholders more than this subpar returns. I would pick Philip's funds anyday over this crap.
24/04/2019 2:19 PM
VSOLAR Sailang Margin All In or maybe my own fund haha
24/04/2019 2:19 PM
qqq3 TTB much better when he was young and hungry.


Now, nobody can disturb his cash cow.....his personal cashcow.
24/04/2019 2:23 PM
fong7 nobody went to the investors days to disturb his party? surprisingly.
24/04/2019 7:13 PM
enigmatic [Breaker of Speculative Investing] Obscure and underrated stock.
26/05/2019 2:16 AM
enigmatic [Breaker of Speculative Investing] Anyone knows if ICAP is still holding Boustead shares?
ICAP is going to suffer badly if they refuse to offload them, like how the deadwood Parkson did.
ICAP was good in its earlier years, and if they could just replicate that, exciting times would await in future.
01/06/2019 3:27 PM
fong7 Ego man, hopeless.
02/06/2019 10:57 PM
lizi read his quarterly report is like read but no read....bla bla bla but mention nothing about reduce performance and prospect...
23/07/2019 8:17 PM
johnsonkhoo82 Last time before 1 weeks HOMERIZ announce quarter report, TTB recommend to buy HOMERIZ below 0.65, we all know quarter report result will not so good due to USD. But do you know what happen then? After quarter report come out, after 1 week, he rerating and remove HOMERIZ completely from Malaysia Company Analysis. HAHAHAHA. He even don't know effect of USD for that quarter? What a shame some more remove it just after 2 weeks after recommend to buy. HAHAHAHAHA. Stock price up keep remain at Malaysia Company Analysis, stock price down quicly remove it from Malaysia Company Analysis? Like exam, 50 objection question, you correct 30 question, you should get 60 point, but for TTB, another incorrect 20 question cannot count, so he actually get 100 point. HAHAHAHAHA. He always compare NAV ICAP with KLSE, but if you actually add KLSE dividend to it, because ICAP no distribute dividend, do ICAP really beat KLSE? Only TTB beat KLSE, all investor lose
31/07/2019 12:49 PM
Kedahan Why condemn TTB? I Cap not cash rich so can bargain hunt many cheap stocks?
14/08/2019 10:24 AM