THE INVESTMENT APPROACH OF CALVIN TAN
SARAWAK OIL PALM (SOP) (5126) ITS TOP HOLDERS; SUPERIOR EDGE & POTENTIAL DURING PALM OIL BULL CYCLE, Calvin Tan Research
calvintaneng
Publish date: Sat, 11 Sep 2021, 10:20 PM
calvintaneng
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Hi Guys,
I have An Investment Approach I which I would like to all.
I have An Investment Approach I which I would like to all.
Dear Investors,
We will take a deeper look into SOP (5126)
First Its Top Holders (Please refer Annual Report
NO.......... NAME......................... NO OF SHARES............. SHARES %
1 LCDA HOLDINGS SDN BHD,,, 115,626,600..................... 20.24
2 AMSEC NOMINY SDN BHD.... 103,064,478..................... 18.04
PLEDGED SECURITIES ACCOUNT – AMBANK (M) BERHAD
FOR SHIN YANG PLANTATION SDN BHD
3 CIMB GROUP NOMINEES... 65,948,870............................ 11.54
EXEMPT AN FOR DBS BANK LTD (SFS-PB)
4 SHIN YANG PLANTATION.... 59,723,422............................ 10.45
5 STATE FINANCIAL SEC. SARAWAK... 44,969,000............... 7.87
6 AMSEC NOMINEES .......... 20,500,000................................. 3.59
PLEDGED SECURITIES ACCOUNT – AMBANK (M) BERHAD FOR LING CHIONG HO
7 LING CHIONG HO............. 19,547,600...................................3.42
8 UOBM NOMINEES (ASING) SDN BHD.... 18,057,085 ..........3.16
UNITED OVERSEAS BANK NOMINEES (PTE) LTD FOR PERRA GROUP LIMITED
9 PEKAN MEGAH SDN BHD...... 7,477,176............................. 1.31
10 TEOH GUAN KOK & CO. 6,974,488............................. 1.22
11 CIMSEC NOMINEES............... 3,653,300.............................. 0.64
CIMB FOR WONG ING YUNG (PB)
12 CITIGROUP NOMINEES....... 3,480,000................................ 0.61
EXEMPT AN FOR BANK OF SINGAPORE LIMITED (FOREIGN)
13 AMANAHRAYA TRUSTEES... 3,358,800................................ 0.59
PUBLIC STRATEGIC SMALLCAP FUND
14 CIMB COMMERCE TRUSTEE... 2,667,414............................ 0.47
PUBLIC FOCUS SELECT FUND
15 PUBLIC NOMINEES.................. 2,619,300............................. 0.46
PLEDGED SECURITIES ACCOUNT FOR KONG GOON KHING (E-JCL)
16 CITIGROUP NOMINEES .......... 2,451,800............................. 0.43
GREAT EASTERN LIFE ASSURANCE (MALAYSIA) BERHAD (LBF)
17 UOB KAY HIAN NOMINEES .... 2,329,036.............................. 0.41
EXEMPT AN FOR UOB KAY HIAN PTE LTD (A/C CLIENTS)
18 AMANAHRAYA TRUSTEES ..... 2,313,257.............................. 0.40
PUBLIC ISLAMIC TREASURES GROWTH FUND
19 AMANAHRAYA TRUSTEES...... 2,272,100.............................. 0.40
PUBLIC SMALLCAP FUND
20 WONG HEE KWONG............... 2,245,600.............................. 0.39
21 CITIGROUP NOMINEES.......... 2,132,700.............................. 0.37
URUSHARTA JAMAAH SDN. BHD. (MAYBANK 2)
22 RHB NOMINEES..................... 2,080,500............................... 0.36
PLEDGED SECURITIES ACCOUNT FOR LAW KIONG HOLDINGS SDN. BHD.
23 MAYBANK NOMINEES........... 2,008,400............................... 0.35
NATIONAL TRUST FUND (IFM MAYBANK) (412183)
24 NEOH CHOO EE & COMPANY...1,750,000............................ 0.31
25 CITIGROUP NOMINEES ............1,521,300............................ 0.27
EMPLOYEES PROVIDENT FUND BOARD (PHEIM)
26 MAYBANK NOMINEES ..............1,496,457............................. 0.26
PLEDGED SECURITIES ACCOUNT FOR ERIC KIU KWONG SENG
27 LEMBAGA TABUNG ANGKATAN TENTERA..... 1,346,600...... 0.24
28 ADINAMAJU SDN BHD.............1,307,420 0.23
29 CITIGROUP NOMINEES ........ 1,239,800................................ 0.22
GREAT EASTERN LIFE ASSURANCE (MALAYSIA) BERHAD (LEEF)
30 CITIGROUP NOMINEES......... 1,239,700................................ 0.22
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) (MIDF ABSR EQ)”
THIRTY LARGEST
SHAREHOLDERS
AS AT 20 APRIL 2021
TOP 30 HOLDERS OWN 91.7% OF SOP SHARES
MANY ARE LOCAL & FOREIGN FUNDS
NOTEWORTHY ONE IS THIS
24 NEOH CHOO EE & COMPANY...1,750,000............................ 0.31
DR NEOH SOON KEAN DYNAQUEST BOSS PRIVATE FUND OWNS 1.75 MILLION SOP SHARES IN TOP 24 OF SOP
COLDEYE IN TOP 30 OF INNOPRISE PLANT ALEADY UP. SEE WHEN DR. NEOH'S SOP WILL BE UP.
Now look at Lowest & Highest Prices of SOP Shares during Palm Oil boom years
Taken from STOCK PERFORMANCE GUIDE By Dr Neoh Soon Kean of Dynaquest
CRITICAL STOCK MARKET INFORMATION
YEAR.....PRICE RANGE.......
2005.......0.62........0.92
2006.......0.64........1.27
2007.......1.26........2.71
2008.......1.60........3.20
2009.......1.93........2.88
2010.......2.41........4.07
2011.......3.20........5.68
2012.......5.58........7.04
2013.......4.94........6.68
2014.......5.11........7.02
2015.......4.80........5.80 E
IN BULL RUN YEARS PF 2012 TO 2014 SOP REACHED RM7.00 PEAK PRICES
But look again at the Oil Palm Trees & Its Maturity over the Years
Planted Hectarage, Production and Yield
YEAR.........Mature.............Immature
2011...........43,339...............19,416
2012...........45,107
2013...........55,426
2014...........59,997
2015...........61,049
2016...........77,115
2017...........78,607
2018...........80,772
2019..........79,872
2020..........81,198............... 6,766
As you can see from the above excellent Maturing Oil Palms from
43,339 Hectares in year 2011 to 81,198 Hectares by year 2020
The Matured Oil Palms yielding its best FFB (fresh fruit bunches) has increase by 87.3% over a 10 year growth period till 2020
How many acres
To convert 81,198 hectares to Acres Multiply by 2.471
= 200,640 Acres
That is a Lot of Oil Palms now seeing 100% to 200% more expensive FFB Prices!!
So since now SOP has more Matured OIl Palms Plus CPO Prices also exceeded those boom years of 2012 to 2014 can we expect SOP share price coming bull to reach Rm8.00? Or even Rm10.00?
Now see the earnings of last few quarters
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
31 Dec 2020
|
31 Dec 2019
|
31 Dec 2020
|
31 Dec 2019
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
820,395
|
923,293
|
2,759,423
|
2,971,870
|
| 2 | Profit/(loss) before tax |
45,578
|
76,758
|
300,318
|
131,308
|
| 3 | Profit/(loss) for the period |
25,943
|
50,473
|
218,272
|
91,592
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
18,820
|
48,523
|
202,200
|
89,456
|
| 5 | Basic earnings/(loss) per share (Subunit) |
3.30
|
8.49
|
35.42
|
15.67
|
| 6 | Proposed/Declared dividend per share (Subunit) |
0.00
|
0.00
|
5.00
|
5.00
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
4.1600
|
3.8600
|
||
In Feb 2021 SOP reported a profit of 3.3 sen
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
31 Mar 2021
|
31 Mar 2020
|
31 Mar 2021
|
31 Mar 2020
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
788,322
|
518,084
|
788,322
|
518,084
|
| 2 | Profit/(loss) before tax |
113,033
|
96,309
|
113,033
|
96,309
|
| 3 | Profit/(loss) for the period |
86,610
|
74,308
|
86,610
|
74,308
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
79,057
|
71,202
|
79,057
|
71,202
|
| 5 | Basic earnings/(loss) per share (Subunit) |
13.84
|
12.47
|
13.84
|
12.47
|
| 6 | Proposed/Declared dividend per share (Subunit) |
0.00
|
0.00
|
0.00
|
0.00
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
4.3000
|
4.1600
|
||
Definition of Subunit:
In a currency system, there is usually a main unit (base) and subunit that is a fraction amount of the main unit.
Example for the subunit as follows:
| Country | Base Unit | Subunit |
| Malaysia | Ringgit | Sen |
| United States | Dollar | Cent |
| United Kingdom | Pound | Pence |
IN MAY 2021 SOP PROFIT JUMPED TO 13.84 SEN
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
30 Jun 2021
|
30 Jun 2020
|
30 Jun 2021
|
30 Jun 2020
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
949,046
|
626,060
|
1,737,368
|
1,144,144
|
| 2 | Profit/(loss) before tax |
146,620
|
51,513
|
259,653
|
147,823
|
| 3 | Profit/(loss) for the period |
107,918
|
41,028
|
194,528
|
115,337
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
98,320
|
38,342
|
177,377
|
109,545
|
| 5 | Basic earnings/(loss) per share (Subunit) |
17.20
|
6.72
|
31.04
|
19.19
|
| 6 | Proposed/Declared dividend per share (Subunit) |
0.00
|
0.00
|
0.00
|
0.00
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
4.4800
|
4.1600
|
||
LATEST AUGUST 2021 RESULT SHOWS SOP AGAIN INCREASED ITS PROFIT TO A NEW HIGH OF 17.20 SEN PER SHARE QUARTER
NOW THE ONLY THING IS
SOP SHARE PRICE STILL IS A LAGGARD
HENCE WE ARE HAPPY TO TAKE POSITION
WILL LOOK FORWARD TO ADD MORE IN COMING DAYS
SOP Last Price is Rm3.69
Our 1 Year Target Price is Rm8.00 (EXpected Upside: More than 100%)
Best Regards
Calvin Tan Research
Jurong West
Republic of Singapore
Please buy or sell after doing your own diligence or consult your Remisier/Fund Manager
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