A PEEK into Harrison's Undervalue Assets & Its Top 30 Substantial Shareholders (Calvin Tan)

calvintaneng

Publish date: Wed, 26 Apr 2017, 01:51 AM

Please refer to Annual Report Year 2015 & Scroll Down to Properties Owned by Harrison. And then to Top 30 Share Holders who own a combined total of almost 82% of Harrison shares.

HARRISON'S ASSETS

1) Unit No. A-7-1, Dua Residency, Jalan Tun Razak, Kuala Lumpur Condominium Freehold.

Land area 2,315 sq ft . Book Value : Rm 1,072,000 (Last revalued in year 2004)

As you can SEE from the above This Condo called Dua Regency was bought for Rm1.072 million. (Not revalued since 2004)

A check with propertyguru.com.my shows that a 2,315 sq ft condo in Dua Regency is priced from Rm1.8 to Rm1.9 millions

http://www.propertyguru.com.my/property-for-sale/at-dua-residency-264

So from Rm1.072 million to Rm1.8 million there is a gain of 68% if this property is revalued to current prices.

2) HPSB Lot PTD 19965, Mukim of Pulai, District of Johor Bahru

Three storey corner shophouses 99 years – lease expiring on 29.03.2082

244.24 sq meters. Total built up 637 sq meters

Cost of Purchase: Rm139,000 (Last revalued in 31st. 12. 1990)

Let's convert 244.24 sq meters to sq feet by multiplying with 10.764

So 244.24 x 10.764 = 2,628 sq ft

And Total Built Up of 3 Storey Shop (land for all 3 floors)

637 x 10.764 = 6,856 sq ft

Amazing!! This 3 Storey Corner Shophouse with 2,628 sq ft Land is valued at only Rm139,000? Last valued 27 years ago.

A 2 storey corner shophouse is advertised in Taman Pulai Utama for Rm1.1 million today

So in 27 years now this shop has grown from Rm139,000 to Rm1.1 million or gain of Rm961,000 (current value)

Or up a Whopping 691% (WHOOPEE!!!)

3) h Labuan Suburban Grant No. 346

Vacant Land 999 years lease expiring on 03.11.2880

8,862.61 sq meter or 95,390 sq ft . Year .2003 .... BOOK VALUE IS RM1,000

AMAZING! VERY VERY AMAZING INDEED!! This more than 2 acres land with 999 years lease has a Book Value of Only Rm1,000?

For Rm1,000 do you think you can rent a suburban land in Labuan ( 2 acres) for 1 month?

And Harrison own this until year AD2,880?

WHAT IS THE ACTUAL VALUE OF THIS 2 ACRES LAND AFTER 24 YEARS FROM YEAR 2003 NOW?!

I have picked these 3 randomly out of 20 prime plots of Assets belonging to Harrison.

The Current NTA/NAV of Harrison is Rm4.38 (Based on the Sum Total of All Its Assets.)

Since the Assets have not been revalued more than 20 years ago - what will be the ACTUAL VALUE NOW?

Up 1X?

Up 2X?

If up 1 time then Rm4.38 x 2 = Rm8.76

If Up 2 X then Rm4.38 x 3 = Rm13.14

So at Rm3.90 closing price today is Harrison selling at 56% or 71% Discount to NTA?

No wonder Top 30 Share Holders are Holding Harrison's 82% Paid Up Shares FIRMLY!!

And who are these shareholders?

4. Citigroup Nominees (Asing) Sdn. Bhd. Exempt An for UBS AG Singapore (Foreign)

5. Affin Hwang Nominees (Asing) Sdn. Bhd. UOB Kay Hian Pte Ltd for Goodwin Investment Private Limited

9. DB (Malaysia) Nominee (Asing) Sdn. Bhd. Exempt An for Deutsche Bank AG Singapore (PWM ASING)

11. HSBC Nominees (Asing) Sdn. Bhd. Exempt An for Credit Suisse (SG BR-TST-ASING)

12. CIMB Group Nominees (Asing) Sdn. Bhd. DBS Bank Ltd (SFS-PB

15. CIMB Group Nominees (Asing) Sdn. Bhd. Exempt An for DBS Bank Limited (SFS)

17. DB (Malaysia) Nominee (Asing) Sdn. Bhd. Deutsche Bank AG Singapore for Yeoman 3-Rights Value Asia Fund (PTSL)

19. HSBC Nominees (Asing) Sdn. Bhd. Exempt An for Bank Julius Baer & Co Ltd (Singapore BCH)

20. Public Invest Nominees (Asing) Sdn Bhd Exempt An for Phillip Securities Pte Lted (Clients)

22. Cimsec Nominees (Tempatan) Sdn. Bhd. Pledged Securities Account for Tan Tuan Phin (Jalan Dedap – CL)

28. HSBC Nominees (Tempatan) Sdn. Bhd. HSBC (M) Trustee Bhd for RHB-OSK Smart Balanced Fund

Ha! A random pick shows UBS (Spore), Goodwin Investment, Deutsche Bank, Credit Suisse, DBS Bank (Spore), Julius Baer Bank, Philip Securities' Clients, RHB-OSK Smart Fund , Tan Tuan Phin (Brother of Tan Teng Boo?) & YEOMAN

YEOMAN?

This conservative smart fund has a bottom up approach in stock picking!

It goes to the ground and SEARCH FOR VALUE.

NO WONDER YEOMAN & ALL THESE 30 TOP HOLDERS ARE HOLDING TIGHT TIGHT ALL THEIR HARRISON SHARES.

Now without demand from loyal shareholders Company is increasing Dividend from Rm150 to Rm250 (A jump of 60%). When Dutch Baby changed name from Dutch Baby to Dutch Lady & progressively increased its dividend payout price of Dutch Lady surged from Rm4.00 to Rm40.00 (Up 1,000%)

Will this Harrison be another DutchLady, Coca Cola or Nestle?

Found A Gold Mine?

Stick with IT. YESSSSS! HOLD IT TIGHT TIGHT FOR AS LONG AS ALL ITS STORE UP OF PAST, PRESENT AND FUTURE VALUE UPON VALUE UNFOLD FOR YEARS TO COME IN ALL ITS ENTERPRIZE!!

Happy Investing

Your friend,

Calvin Tan

Singapore

HARISON (5008)

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Be the first to like this. Showing 21 of 21 comments

calvintaneng

Let's sum up the salient factors of Harrison again:

1. Harrison is backed by High NTA, low P/E and high dividend.

By all 3 investment yardsticks it qualifies as a Value cum Growth Stock.

2. It is into distribution of FMCG like Milo, Maggee mee, coca cola and other basic necessities which are recession proof.

3. The signal given by increasing dividend from Rm150 to Rm250 indicate that Harrison is now moving up a higher level. Will it follow DutchLady increasshare price rise from Rm4.00 to Rm40.00 when Dutchlady decided to increase dividend yield progressively.

4. The Cash Hoard of over Rm80 millons or more is too excessive. More could be given out by way of dividend to reward shareholders.

5. The Assets of Harrison are now more than 20 years old and still listed at Old Book Value.

If revalued NAV/NTA should double or triple from Rm4.38 to Over Rm8.00 and above Rm11.00

This shows it is selling at Deep discount.

6. Top 30 holders are Intelligent Value Funds like Yeoman, investment banks and others holding almost 82% of Harrison shares tightly.

7. Like MFCB last time which Calvin Tan Research chun chun forecast of bonus issue with free warrant (which was fullfilled later) Harrison is also ripe for a Capital Exercise soon.

8. Calvin thinks when dividend date by June AGM is confirmed with 25 sen cash payout Harrison share price should rise up on its Strong Fundamental to near Rm4.50

9. So load up while still cheap. THEN HOLD TIGHT THIS GEM WITH LONG TERM VALUE.

ALL VALUE FUNDS, DEFENSIVE FUNDS, DIVIDEND FOCUS FUNDS AND GROWTH FUNDS SHOULD HAVE HARRISON IN ITS PORTFOLIO.

HAPPY LONG LASTING VALUE GROWTH INVESTING.

TEN THOUSAND CHEERS!!

2017-04-26 07:45

John Lu

Why u still rank 223?

2017-04-26 07:59

John Lu

2017-04-26 08:02

moneykj

Haha..Is it duta or buta land?

2017-04-26 11:48

calvintaneng

YESSSS!

SMART & STRONG & VERY WISE HANDS HAVE ACCUMULATED HARRISON SHARES TODAY!!

CONGRATULATIONS!!

YOU GOT GREAT BARGAINS MR. MARKET STILL UNAWARE!!!

2017-04-26 22:29

Saravmaniam

Hi Calvin...did u have telegram live call forum?

2017-04-26 23:00

calvintaneng

Post removed.Why?

2017-04-26 23:11

Ahbeng Beng

This business got any new business venture that are able to grow their revenue further? All i see is very safe position sitting on their logistics monopoly in east malaysia, undervalue assets...and not much business growth.

2017-04-27 00:02

arv18

I like to buy wine here. Some good deals on cheap Spanish table wine. Investment. Nah!

Pay attention to TechnoDex - Risk/Reward will be much better.

2017-04-27 00:25

calvintaneng

Ahbeng beng,

I SEE lots of potential in Harrison.

Over the many years Harrison has secured very prime pieces of lands in strategic places.

Time will be ripe to convert these warehouses, lands and others into

SHOPPING MALL

HIGH RISE CONDOS

HIGH END HOUSES

OTHERS

Last time in Chan Sow Lin road F&N converted their factory land into 3 storey shophouses fronting main road.

Likewise in Spore - Yeo Hiap Seng converted their factories into high end condos along Bkt Timah road for high profit.

Think of Malton's Pavilion built on former BBGS Girl's School

Or Sg Besi military airfield into Bandar Malaysia

Even the Pudu Jail commands high value when converted to other uses.

So I think the asset spin off from Harrison will be very good!

2017-04-27 01:11

arv18

We'll see brother who takes the prize.

2017-04-27 08:01

dusti

Kiasu snake oil peddler trying very hard to con people. Harrisons has been in steady state for a long time. So what's new?

2017-04-27 09:44

Lambar

Really rubbish report !!!

2017-04-27 10:55

Albukhary

PERHAPS TAN TUAN PHIN IS CALVIN TAN

2017-04-27 12:51

calvintaneng

Sweet sweet Reward!!

Rm250 dividend just announced!!

SLURP!!!

2017-04-27 19:14

3iii

Very low quality research by Calvin.

2017-04-27 19:26

stockmanmy

sendai better

2017-04-27 19:28

calvintaneng

SO HAPPY TODAY!!

Got Rm250 Dividend Chun Chun!!

Later Harrison (still got more than Rm80 mil CASH) follow Dutch Lady to give another Special Dividend

Harrison will Fly, Fly, Fly & Fly Up The Sky!!!!

WUHUHU!!!!

2017-04-27 19:47

calvintaneng

Post removed.Why?

2017-04-30 19:34

stockmanmy

calvin

you have not told us what has Harrison done to fend off competitors like DKS and Kim Teck Cheong eating into their space.

2017-05-21 01:27

shpg22

The price is fairly valued and sustained by its high dividend payout. Financial performance wise is quite mediocre. Its recent year FCF is not very impressive compare to its dividend payout. Guessed that they did liquidate some asset to fund the dividend payout. Problem with this kind of business is its razor thin net profit margin of 1-2% only. Its not going to change to DLADY overnite.

2019-02-16 13:18

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