THE INVESTMENT APPROACH OF CALVIN TAN
WTK (4243) THE HIDDEN GEM OF VALUE: SELLLING BELOW NET CASH VALUE: A TURNAROUND PLANTATION LAGGARD WITH POTENTIAL, Calvin Tan
calvintaneng
Publish date: Tue, 12 Oct 2021, 11:22 PM
calvintaneng
0 1,795
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 Serious Investors,
Tonight we take another deeper look into the Assets & potential of WTK
A brief perusal of the latest result below will put many off
See
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 |
107,896
|
78,649
|
194,353
|
186,986
|
| 2 | Profit/(loss) before tax |
-767
|
-16,454
|
-13,009
|
-36,073
|
| 3 | Profit/(loss) for the period |
-922
|
-16,500
|
-13,585
|
-36,745
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
-1,167
|
-16,119
|
-13,610
|
-35,989
|
| 5 | Basic earnings/(loss) per share (Subunit) |
-0.25
|
-3.38
|
-2.90
|
-7.58
|
| 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 ($$) |
1.7000
|
1.7400
|
||
A careless perusal will see only losses after losses from last year until this year and many will not bother to take a second look and give it a pass.
Ha! Not Calvin. You see. Calvin always look beyond the obvious to the Core.
From outside WTK looks like a package wrapped in toilet papers - littered only with losses after losses. And not worth much
Inside?
That is another story. So we phrase it "WTK from outside looks like a parcel wrapped in toilet paper but inside consists of Gold, Jewels & Diamonds"
Are you crazy?
No. Not at all
Let's go and see deeper
Current price of WTK is 51 sen. Its Nav is Rm1.70
So WTK is selling at 70% Discount to Net Tangible Assets.
What are the Net Assets of WTK
Now let us go and see the balance sheet
Under Non Current Assets
Property, plant and equipment.......480,829,000
Investment properties....................15,079,00
Right-of-use assets.......................130,258,000
Other investments.........................336,000
Intangible assets.........................8,889,000
Biological assets.......................35,542,000
Total........................................670,933,000
Above Total Assets Value is...Rm670.933 MILLIONS
Non-current liabilities
Deferred tax liabilities....30,809,000
Lease liabilities................5,731,000
Retirement benefit obligations....1,554,000
Loans and borrowings...............131,201,000
Total liabilities..........................Rm169.295 MILLIONS
SO NON CURRENT ASSETSRM670.9 MILLIONS LESS NON CURRENT LIABILITIES RM169.3
= NET SURPLUS IS RM501.6 MILLIONS
THIS EQUALS TO HOW MUCH PER SHARE
This short cut formula
Rm501,600,000 divides by Rm1,167,000 & Multiply by 0.25
Rm1.074 Sen Per Share
(NET ASSETS Includes PPE (Property/Plant/Equipment, Right of Use Assets, Investment properties & Others) In other words they are Oil Palm Estate Lands (30,000 Acres, Timber Lands, Warehouses, Saw Mills, Vacant Commercial lands & others. 2 Warehouses in Singapore 86 to 88, Tagore Lane & others) Refer to Annual Report of WTK Properties owned by WTK
Of these there is a long term borrowing of only Rm131 Millions (non current) Total borrowings (non current only 25% which are very serviceable)
Current assets
Biological assets....Rm1,521,000
Inventories.............Rm53,284,000
Trade receivables.........33,772,000
Other receivables..........Rm6,917,000
Tax recoverable...............Rm5,036,000
Cash and bank balances...Rm380,230,000..... (Cash was Rm353.9 Millions earlier)
Total Assets & Cash Position..........Rm480,760,000
NOTE VERY VERY CAREFULLY
WTK CASH HAS GONE UP FROM RM353.9 MILLIONS TO A VERY SOLID RM380.230 MILLIONS
Current liabilities
Retirement benefit obligations.....Rm421,000
Lease liabilities.....Rm641,000
Loans and borrowings........Rm134,197,000
Trade payables..................Rm39,820,000
Other payables..................Rm19,090,000
Income tax payable............Rm600,000
Total Liabilities.....................Rm194,769,000
If we match Receivables/Inventories Rm95 Millions with Rm58 Millions in Payables we now come to SEE the PURE CASH POSITION OF WTK
CASH IS RM380,230,000 Less Loans & Borrowings current due Rm134,197,000
= CASH SURPLUS (PURE CASH IN THE BANK) RM246,033,000
How many Cents Per share
Again the Short Cut Calculation is
RM246,033,000 divides by Rm1.167 Millions Multiply by 0.25
= 52.7 SEN
YES!!!!
CURRENT PRICE OF WTK IS 51 SEN
SO WHEN WE BUY WTK AT 51 SEN
WE ARE ONLY PAYING 51 SEN CASH OUT OF 52.7 SEN CASH
OR 52.7 SEN LESS 51 SEN = 1.7 SEN FREE CASH
IN OTHER WORDS WE
PAY 51 SEN CASH TO BUY WTK FOR NET CASH 51 SEN
THEN ALL THESE ARE FREE
1) 1.7 SEN SURPLUS CASH FREE
2) ALL THE 30,000 ACRES TIMBER PLANTATION FREE
3) ALL 30,000 ACRES OF OIL PALM ESTATES FREE
4) ALL THE LOY TAPE BUSINESS FREE
5) ALL WAREHOUSES, SHOPHOUSES, LANDS & 2 INDUSTRIAL FACTORIES IN SINGAPORE ALL FREE
WE PAY 51 SEN TO GET RM1.70 ASSETS VALUE (OF THESE ASSETS 52.7 SEN IS PURE CASH)
HOW TO LOSE MONEY?
NO WONDER THERE IS SUCH A PHRASE FROM WARREN BUFFET
RULE OF INVESTMENT
RULE NUMBER ONE: NEVER TO LOSE MONEY
RULE NUMBER TWO
RULE NUMBER TWO IS TO REMEMBER RULE NUMBER ONE
THAT IS: NEVER TO LOSE MONEY
INSIDER BOSS ALSO KNOWS THE DEEP UNDERVALUATION OF WTK AND SEE HOW HE IS BUYING AND BUYING
| DATO' SRI PATRICK WONG HAW YEONG | 10-Mar-2021 | Acquired | 115,000 | 0.435 |
 |
| DATO' SRI PATRICK WONG HAW YEONG | 05-Mar-2021 | Acquired | 72,000 | 0.430 |
|
| DATO' SRI PATRICK WONG HAW YEONG | 03-Mar-2021 | Acquired | 50,000 | 0.430 |
|
| DATO' SRI PATRICK WONG HAW YEONG | 31-Dec-2020 | Acquired | 45,000 | 0.480 |
|
| DATO' SRI PATRICK WONG HAW YEONG | 30-Dec-2020 | Acquired | 50,000 | 0.490 |
|
| DATO' SRI PATRICK WONG HAW YEONG | 24-Dec-2020 | Acquired | 115,000 | 0.474 |
|
| DATO' SRI PATRICK WONG HAW YEONG | 23-Dec-2020 | Acquired | 170,800 | 0.461 |
|
| DATO' SRI PATRICK WONG HAW YEONG | 09-Oct-2020 | Acquired | 131,400 | 0.441 |
|
| DATO' SRI PATRICK WONG HAW YEONG | 08-Oct-2020 | Acquired | 489,900 | 0.438 |
|
| DATO' SRI PATRICK WONG HAW YEONG | 07-Oct-2020 | Acquired | 329,800 | 0.432 |
|
| DATO' SRI PATRICK WONG HAW YEONG | 06-Oct-2020 | Acquired | 80,000 | 0.435 |
|
| DATO' SRI PATRICK WONG HAW YEONG | 05-Oct-2020 | Acquired | 90,000 | 0.435 |
|
| DATO' SRI PATRICK WONG HAW YEONG | 07-Sep-2020 | Acquired | 150,000 | 0.485 |
|
| DATO' SRI PATRICK WONG HAW YEONG | 04-Sep-2020 | Acquired | 240,000 | 0.493 |
|
| DATO' SRI PATRICK WONG HAW YEONG | 03-Sep-2020 | Acquired | 1,400,000 | 0.500 |
HE BOUGHT 1.4 MILLION WTK SHARES ON 3 SEPT 2020 AT 50 SEN BEFORE CPO PRICES REACHED RM5,000 A TON
NOW AT 51 SEN WE CAN CERTAINLY JOIN HIM BUY AS WTK PROSPECTS ARE GETTING BETTER DUE TO BOTH HIGH CPO & HIGH LUMBER PRICES
NOT ONLY THAT
WTK HAS ALSO DONE SBB (SHARE BUY BACK) ABOUT 12 MILLION SHARES FROM OPEN MARKET
SEE
| 05-Oct-2021 | 05-Oct-2021 | Buyback | 200,000 | 0.450 | 0.450 |
|
| 01-Oct-2021 | 01-Oct-2021 | Buyback | 100,000 | 0.445 | 0.445 |
|
| 28-Sep-2021 | 28-Sep-2021 | Buyback | 241,700 | 0.445 | 0.445 |
|
| 27-Sep-2021 | 27-Sep-2021 | Buyback | 78,000 | 0.445 | 0.445 |
|
| 20-Sep-2021 | 28-Sep-2021 | Buyback | 569,700 | 0.445 | 0.455 |
|
| 20-Sep-2021 | 20-Sep-2021 | Buyback | 250,000 | 0.450 | 0.455 |
|
| 15-Mar-2021 | 15-Mar-2021 | Buyback | 275,300 | 0.465 | 0.465 |
|
| 15-Mar-2021 | 15-Mar-2021 | Buyback | 275,300 | 0.465 | 0.465 |
|
| 22-Jan-2021 | 22-Jan-2021 | Buyback | 220,000 | 0.440 | 0.445 |
|
| 22-Jan-2021 | 22-Jan-2021 | Buyback | 220,000 | 0.440 | 0.445 |
|
| 31-Dec-2020 | 31-Dec-2020 | Buyback | 200,000 | 0.480 | 0.485 |
|
| 31-Dec-2020 | 31-Dec-2020 | Buyback | 200,000 | 0.480 | 0.485 |
|
| 22-Dec-2020 | 22-Dec-2020 | Buyback | 150,000 | 0.445 | 0.455 |
|
| 22-Dec-2020 | 22-Dec-2020 | Buyback | 150,000 | 0.445 | 0.455 |
|
| 27-Nov-2020 | 27-Nov-2020 | Buyback | 100,000 | 0.440 | 0.440 |
|
| 26-Nov-2020 | 26-Nov-2020 | Buyback | 243,700 | 0.430 | 0.435 |
|
| 23-Nov-2020 | 23-Nov-2020 | Buyback | 10,000 | 0.480 | 0.480 |
|
| 17-Nov-2020 | 27-Nov-2020 | Buyback | 553,700 | 0.430 | 0.495 |
|
| 17-Nov-2020 | 17-Nov-2020 | Buyback | 200,000 | 0.490 | 0.495 |
WITH SO MUCH CASH LOCKED UP PLUS 12 MILLION TREASURY SHARES WTK IS NOW OVERFLOWING WITH VALUE
PLUS ITS TURNAROUND PROFIT GROWTH WILL ALSO COME AS NEXT 3, 6 & 9 MONTHS WILL SEE BETTER PRICES OF CPO
ONE MORE THING
SUBUR TIASA, JAYA TIASA & TAANN ALL ALSO IN SIBU SARAWAK WITH SAME BUSINESSES OF TIMBER & PALM OIL HAVE SEEN THEIR SHARE PRICES MOVING UP
SUBUR TIASA ESPECIALLY WITH LESS CASH IN ITS BALANCE SHEET THAN DEBT HAS GONE UP MORE THAN 100% FROM 65 SEN TO RM1.39 NOW!
JUST IMAGINE: WTK IS IN THE SAME BUSINESS SHOULD DO WELL
IF CAR MARKET IS BOOMING ALL CARS WILL DO WELL AS A WHOLE
IT CANNOT BE THAT HONDA, TOYOTA & NISSAN CAN DO WELL AND MAZDA NOT SELLLING WELL?
NO! NO! NO! ALL SHOULD DO WELL IF MARKET IS HOT IN CAR SALES. CONVERSELY, IF CAR SALES DROP ALL WILL ALSO DROP BY DEGREE
WTK NOW 51 SEN
TARGET PRICE BY JUNE 2022 RM1.00 (About 100% Upside)
Rm1.00 is a very conservative target as Rm1.00 with NAV of Rm1.70 it is still 42% below NTA
Warm & happy regards,
Calvin Tan
Jurong West, Singapore
Please buy or sell after doing your own due diligence or Consult your Remisier/Fund Manager
WTK IS ANOTHER HIDDEN GEM OF VALUE!
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Discussions
Be the first to like this. Showing 32 of 32 comments
bro where did u get cash and bank balance for 300M where audited report for 2020 is only showing 40m ?
2021-10-13 01:26
Big portfolio
Go see Bursa report of Wtk dated 26 August 2021
See under balance sheet
Scroll down to
Current assets
There you will SEE these
Cash and bank balances
Rm380,230,000
It is stated as
Cash and bank balances plainly (not under receivables )
That means it is CASH RECEIVED AND SAFELY BANKED IN
2021-10-13 03:29
Professor Calvin is blinded when he has a position in this stock. Weak management seem not a problem for him.
2021-10-13 06:58
Lu tau boh ?
Wtk Very Safe Turnaround recovery play mah!
U check lah...Airasia going to bankrupt...what is the share price now leh ?
U compare lah...Airasia balance sheet v Wtk mah!
Then u know why wtk so good, like Sifu calvin said mah!
Posted by abang_misai > Oct 13, 2021 6:58 AM | Report Abuse
Professor Calvin is blinded when he has a position in this stock. Weak management seem not a problem for him.
2021-10-13 08:15
where did the cash came from ya. suddenly surged to high. is it from any corporate exercise previously? Or private placemen things like that. 320m is huge man
2021-10-13 10:12
Collection of trade receivable mah!
Lu tau boh ?
Posted by Activetrader > Oct 13, 2021 10:12 AM | Report Abuse
where did the cash came from ya. suddenly surged to high. is it from any corporate exercise previously? Or private placemen things like that. 320m is huge man
2021-10-13 10:30
WTK is a good recovery play if it can move back into decent profitability and pay better dividends than 1%. Can good oil palm business offset poor timber/plywood business in the next few quarters? That is the question. High asset backing has no benefit to minority shareholders.
2021-10-13 11:15
No more "if".....the latest qtr is profitable mah!
Posted by Berlin > Oct 13, 2021 11:15 AM | Report Abuse
WTK is a good recovery play if it can move back into decent profitability and pay better dividends than 1%. Can good oil palm business offset poor timber/plywood business in the next few quarters? That is the question. High asset backing has no benefit to minority shareholders.
2021-10-13 11:17
WTK has a lot of hidden past wealth accumulated. And the Catalyst to further growth are also very apparent in High Palm oil & Lumber prices
See https://klse.i3investor.com/blogs/www.eaglevisioninvest.com/2021-10-02-story-h1591849125-What_is_the_difference_between_Past_Wealth_Present_Wealth_Future_Wealth.jsp
2021-10-13 12:43
For one decade WTK every year rewards shareholders with dividends
See
15-Jun-2021 30-Jun-2021 DIVIDEND Final Dividend RM 0.0100 Dividend Detail
13-Aug-2020 28-Aug-2020 DIVIDEND Final Dividend RM 0.0100 Dividend Detail
14-Jun-2019 28-Jun-2019 DIVIDEND Final Dividend RM 0.015 Dividend Detail
26-Jun-2018 10-Jul-2018 DIVIDEND Final Dividend RM 0.01 Dividend Detail
26-May-2017 08-Jun-2017 DIVIDEND Final Dividend RM 0.02 Dividend Detail
03-Jun-2016 17-Jun-2016 DIVIDEND Final Dividend 4.98% Dividend Detail
26-Jun-2015 10-Jul-2015 DIVIDEND Final Dividend 3.6600% Dividend Detail
27-Jun-2014 11-Jul-2014 DIVIDEND Final Dividend 5.04% Dividend Detail
28-Jun-2013 12-Jul-2013 DIVIDEND Final Dividend 5.6% Dividend Detail
28-Jun-2012 12-Jul-2012 DIVIDEND Final Dividend 8.5% Dividend Detail
28-Jun-2011 13-Jul-2011 DIVIDEND Final Dividend 6% Dividend Detail
25-Jun-2010 14-Jul-2010 DIVIDEND Final Dividend 6% Dividend Detail
2021-10-13 13:33
If WTK cannot make profit in high CPO price can ask them close shop already. Follow by Rsawit and TDM. Better buy Cepat or MHC for small cap plantation play confirm big profit coming.
2021-10-13 14:11
I already bought Cepat & Mhc Plant
Sold off Cepat & some Mhc Plant (Mhc Plant bought at only 58 sen & they gave 4 sen dividend) Now Mhc Plant over Rm1.00 only then people turn bullish? That is too late
For WTK there is good profit from Palm oil but still a small loss from timber.
That is why in 3, 6 or 9 months' time when Cpo prices continue to power up WTK will shine
If WTK wants to make Balance sheet looks positive it can just REVALUE 2 SPORE INDUSTRIAL PROPERTIES & BOOK THEM AS PROFITS. That is what so many others did. They just revalue assets & book them as profits.
2021-10-13 16:43
The coming qtr palmoil div make alot of profit
The timber will also make a modest sharp rebound in profit mah!
Posted by calvintaneng > Oct 13, 2021 4:43 PM | Report Abuse
I already bought Cepat & Mhc Plant
Sold off Cepat & some Mhc Plant (Mhc Plant bought at only 58 sen & they gave 4 sen dividend) Now Mhc Plant over Rm1.00 only then people turn bullish? That is too late
For WTK there is good profit from Palm oil but still a small loss from timber.
That is why in 3, 6 or 9 months' time when Cpo prices continue to power up WTK will shine
If WTK wants to make Balance sheet looks positive it can just REVALUE 2 SPORE INDUSTRIAL PROPERTIES & BOOK THEM AS PROFITS. That is what so many others did. They just revalue assets & book them as profits.
2021-10-13 16:45
Btw Wtk balance sheet is strong mah!
Just that its profit turnaround need to come soon to give positive vibes loh!
2021-10-13 16:47
Very true
If you are a serious share holder of WTK then
Call Francis Lai the CFO of WTK
He will give you a clear picture WTK Accounts are sound
See
https://www.klsescreener.com/v2/announcements/view/63202
2021-10-13 17:05
Why Cash Hoard so High over Rm300 Millions?
That is a good question
I live in a modest place in Singapore called Jurong West. From time to time I see billionaires come to Singapore with their Billions to park their Cash in Spore Banks for safety.
I saw James Dyson bought very expensive High Rise Condo to park his wealth here
Also Jim Rogers & Others Billionaires have all come here just to hoard their cash in safety
So I think WTK Management want utmost safety.
But they just bought a discounted distress sale of palm oil estate from RSawit
In that case they are on the look out for bargains
So hopefully over a longer term they will unlock value for share holders
2021-10-13 20:43
It is true that WTK is a GEM. A well managed family run company. Apart from what is said above by calvintaneng, its Retained Earnings as at 30 June 2021 is still at RM 495 mil. What it means is that it's accumulated profits over the years is still substantial after deducting losses suffered these past few years due to low timber prices and CPO prices only starting to rise from 2020. I have been collecting this stock regularly at between 40 - 45 sen. Happy investing to all, cheers.
2021-10-13 21:14
Fabien _the efficient capital allocator
historically, Malaysian plantation average EV/ha is about $26,000 (based on actual transactions)
almost all plantation companies are being valued at depressed valuations notwithstanding the high CPO prices, thanks to ESG issues
2021-10-13 22:53
ESG is invented by USA to protect its Soybean oil & by EU to protect it canola oil due to being unable to compete with Palm oil.
ESG should apply to USA for exporting cigarettes and weapons of war that cause cancer & kill people
In any case ESG is of little consequence to China (1.4 Billion consumers of palm oil) & India's 1.35 Billion Consumers as well
See this
India slashes import taxes on palm oil as retail cooking oil prices remain high (Diwali on November 14 Spurs Demand, Calvin Tan)
https://klse.i3investor.com/blogs/www.eaglevisioninvest.com/2021-10-14-story-h1592054685-India_slashes_import_taxes_on_palm_oil_as_retail_cooking_oil_prices_rem.jsp
2021-10-14 02:21
Same as TalamT recommended by C Tang.
Got stuck for years and still waiting to see light at the end of the tunnel......
Posted by abang_misai > Oct 13, 2021 6:58 AM | Report Abuse
Professor Calvin is blinded when he has a position in this stock. Weak management seem not a problem for him.
2021-10-14 05:25
Talam?
Talam so bombed out Calvin quietly added some at 2.5 sen
Listen!
Opcom was also bombed out below 30 sen on March 2020. Full of naysayers then. Now Opcom up 500% over Rm1.50 where are all the naysayers ?
So Calvin expect to see more than 100% profit from Wtk
2021-10-14 05:37
Abang_misai also thought Calvin wrong to buy Kpower because he said Kpower secretary resigned ?
See how Kpower rebounded and Calvin has the last laugh
So will be Wtk
One day it will perform like Thplant or Opcom
2021-10-14 05:40
I don't want to put the money where managements raise more questions than answers.
2021-10-14 07:20
Abang_misai
If you want a very well managed and honest company then go buy
TA ANN
1st Class Honest Management
2021-10-14 16:46
Yes correct loh!
The best company in sarawak loh!
Posted by calvintaneng > Oct 14, 2021 4:46 PM | Report Abuse
Abang_misai
If you want a very well managed and honest company then go buy
TA ANN
1st Class Honest Management
2021-10-14 16:55
Nylex was 50 sen and NTA Rm1.70
Now near Rm1.30
Wtk 50.5 sen
NTA also Rm1.70
So will WTK follow Nylex cross Rm1.20 one day?
2021-10-22 13:31
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