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FGV : The return of Dato Z... The start of new wave!!!
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DATE : 10th October 2017
Stock : FGV (RM1.76)
Target Price : RM1.85 (immediate) / 2nd TP : RM2.20
Warrant : FGV-C31
The Background:
Felda Global Ventures Holdings Bhd is a global agricultural and agri-commodities company based in Malaysia with operation across ten countries. Its primary business can be dividend into three main activities; plantations, downstream and sugar business. The plantation segment is involved in oil palm, rubber and timber. The downstream segment is engaged in the production of oleochemicals products soybean and canola while the sugar segment is involved in the production, marketing and sales of refined sugar products. The segment also sells soft brown sugar and molasses and owns sugar refineries.
- "Yesterday I hint and mentioned at morning session this stock. I also mentioned TP RM1.78 yesterday. Price high has been touched in short period RM1.75 (refer to screenshot below Kim's stockwatch Channel). Share price closed in the evening today stood a RM1.76. I think it enough to describe what's going on nextday". - Kim Spartan
The Keynote:
1. FELDA - Has announced that Datuk Zakaria Arshad shall resume his duties as Group President / CEO (GP/CEO) on 16 October 2017. Recall that on 6-June 2017, Datuk Zakaria has been given leave of absence pending investigations of certain transactions under Delima Oil Products Sdn Bhd, a subsidiary of FGV. In the Bursa announcement, it was mentioned that “After taking into consideration the ongoing FGV transformation programme and the GP/CEO’s commitment and assurance to resolve the long outstanding debt of Safitex Trading LLC (with FGV’s subsidiary Delima Oil Products Sdn Bhd), The Minister of Finance (Inc) would like Datuk Zakaria to return as the GP/CEO of FGV”
2. FELDA - Datuk Zakaria Arshad has been reinstated as Felda Global Ventures Holdings Bhd's (FGV) Group President and Chief Executive Officer effective 16th October 2017. Zakaria's return to FGV comes four months after he was suspended and forced to go on a leave of absence by former chairman Tan Sri Mohd Isa Abdul Samad, over alleged irregularities at one of the subsidiaries.
3. FELDA - Positive on the news. We believe that the news reflects certainty on the direction of the Company which is likely to be viewed positively by the market. FGV Chairman Datuk Wira Azhar Abdul Hamid has also highlighted that his priorities are to improve operational and financial performance of FGV core business and ensure sustainable growth going forward.
4. FELDA - Scraps MoU with Mara Liner for potential aviation tie-up. Felda Global Ventures Holdings (FGV) has scrapped a proposed partnership with bus company Mara Liner SB to venture into the aviation logistics business. Felda Transport Services SB, a 51%- owned subsidiary that provides transportation for palm-oil based products, and Mara Liner have agreed to terminate the memorandum of understanding (MoU) signed in May last year, FGV said. No explanation was given for the termination.
5. FELDA - Re-evaluating and considering disposing of its past acquisitions in plantations and other non-core businesses which will not benefit the group in the long run, says acting chairman Tan Sri Dr Sulaiman Mahbob.
6. FELDA - Has spent RM4bil on seven acquisitions since the company went public in 2012, but so far has little to show in terms of returns.
7. FELDA - Construction Malaysia biggests sugar refinery almost complete.
8. FELDA - China to become FGV's largest palm oil products importer.
9. FELDA - Talk show on TV3 with FELDA Chairman Tan Sri Shahrir A Samad, Wednesday 19 July 2017, main points:
* Restructuring of Felda Investment Co (FIC) on immediate effect for long term outlook.
* One by one issues faced by Felda has been resolved, it is time for Felda to focus on growing as a behemoth in plantation.
* Felda is strategizing to attract new investors to strengthen its investor base and brand, to unlock its max potential value.
* Privatization of FGV is possibly to be relooked if its in best interest of shareholders.
10. FELDA - 6 incentives announced by PM at Felda Day 23/7/17:
- Incentive 1: Debt write-off for Replanting Scheme of RM 5k for members who replanted thru Felda.
- Incentive 2: Approval to build more than 1 house on 1 plot of land.
- Incentive 3: Debt write-off for operational cost debt exceeding RM 40k.
- Incentive 4: Partial debt write-off for balance on FGV share financing. For those who have finished paying financing, will receive reward of RM 1,820.
- Incentive 5: Special replanting grant approved by MPOB - RM 7,500 for each hectare of land for replanting programs.
- Incentive 6: Special CASH incentive of RM 5,000 which will be paid by end of August 2017.
The Summarize:
What's in my mind? Summarize and ideas by Kim as follows ;
- Felda will be managed with integrity and priorities are to improve operational and financial performance of FGV core business and ensure sustainable growth going forward. Told by new FGV Chairman. By his statement, I am forsees to rebuild investors confidence after it takes a hit, the goal here is to get back to their business. Also they already disbands board executive committee. Shares price has been surged after this news shown the management restructuring for company better future and prospects. Today also shares price surged after reinstated Dato Z. Rumour the big news announcement will now take place in this month in the corner, I am still awaiting the roar and golden finger magic by Dato Z. - Kim Spartan
What's going on today?
Kaboom!!!
Regards,
Kim Stockwatch
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