Hi guys
Results for Palm oil, Old & New Tech & Gloves are out this Qtr
Let us Compare their Results & Prices
1) TSH RESOURCES PALM OIL0
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 2022
|
30 Jun 2021
|
30 Jun 2022
|
30 Jun 2021
|
||
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
1 | Revenue |
424,413
|
307,414
|
761,762
|
551,495
|
2 | Profit/(loss) before tax |
80,467
|
64,713
|
196,315
|
103,693
|
3 | Profit/(loss) for the period |
71,165
|
48,199
|
177,864
|
74,648
|
4 | Profit/(loss) attributable to ordinary equity holders of the parent |
57,335
|
39,715
|
153,810
|
60,499
|
5 | Basic earnings/(loss) per share (Subunit) |
4.15
|
2.88
|
11.14
|
4.38
|
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 ($$) |
1.2857
|
1.1892
|
we exoected a qtr from 3.99 sen left over from SAbah land sale 9BUT IT CAME IN AT 2.25 SEN
FFB UP QoQ but Down YoY due to replating
Cpo at record Rm6552 but there was impairments & high levy and loss through currency exchange
But all is not loss
In Balance sheet Net Borrowings of over Rm1 Billions now pared down to just above Rm800 Millions only
Sale p=of Bulugan lands for Cash Rm731.09 Millions 2/3 in
And Rm550 Millions will be used to further pare down loans. Plus TSH has Rm270 Cash makes it Rm820 Millions which means that all Debts will be finally cleared & TSH will be Debt free and able to start giving good dividends
Let's see
This Qtr earned 4.15 sen
Annualised 4.15 x 4 = 16.6 sem
Note: We did not use last qtr 6.99 sen profit or else earnings will be higher & certainly if we included Nov 22 sen profit from staggered Bulugan land profit earnings will be much much higher
16.6 SEN WITH CURRENT PRICE OF TSH AT RM1.09
IS A YIELD OF 15.2 % OR MORE THAN 6x BANK FD AT 2.5%
P/E ONLY 6.56
IT TAKES ONLY 6.56 YEARS TO DOUBLE YOUR MONEY
2) FRONTKEN OLD TECH
SUMMARY OF KEY FINANCIAL INFORMATION
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
30 Jun 2022
|
30 Jun 2021
|
30 Jun 2022
|
30 Jun 2021
|
||
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
1 | Revenue |
128,198
|
108,626
|
247,344
|
212,143
|
2 | Profit/(loss) before tax |
44,581
|
34,536
|
85,441
|
69,592
|
3 | Profit/(loss) for the period |
35,056
|
26,995
|
63,843
|
51,902
|
4 | Profit/(loss) attributable to ordinary equity holders of the parent |
32,201
|
24,738
|
58,716
|
47,652
|
5 | Basic earnings/(loss) per share (Subunit) |
2.05
|
1.57
|
3.74
|
3.03
|
6 | Proposed/Declared dividend per share (Subunit) |
1.60
|
1.50
|
1.60
|
1.50
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
0.3300
|
0.320
|
FRONTKEN EARNED 2.05 SEN
ANNUALISED 2.05 SEN X 4 = 8.2 SEN
FRONTKEN PRICE RM2.68
ITS YIELD IS 3%
P/E IS 32.68
NOT CHEAP
3. SFP TECH (NEW TECH)
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 2022
|
30 Jun 2021
|
30 Jun 2022
|
30 Jun 2021
|
||
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
1 | Revenue |
20,899
|
0
|
38,796
|
0
|
2 | Profit/(loss) before tax |
6,895
|
0
|
15,926
|
0
|
3 | Profit/(loss) for the period |
6,513
|
0
|
15,187
|
0
|
4 | Profit/(loss) attributable to ordinary equity holders of the parent |
6,513
|
0
|
15,187
|
0
|
5 | Basic earnings/(loss) per share (Subunit) |
0.81
|
0.00
|
1.90
|
0.00
|
6 | Proposed/Declared dividend per share (Subunit) |
0.50
|
0.00
|
0.50
|
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 ($$) |
0.1900
|
0.0900
|
SFP TECH EARNED 0.81 SEN
ANNUALISED 0.81 X 4 = 3.24 SEN
PRICE IS RM1.10
YIELD IS 2.9%
P/E IS 37.93
IT WILL TAKE 37.93 YEARS TO DOUBLE YOUR MONEY
4. SUPERMAX GLOVE
SUMMARY OF KEY FINANCIAL INFORMATION
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
30 Jun 2022
|
30 Jun 2021
|
30 Jun 2022
|
30 Jun 2021
|
||
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
1 | Revenue |
300,226
|
1,875,488
|
2,687,227
|
7,164,186
|
2 | Profit/(loss) before tax |
29,174
|
1,231,217
|
1,070,251
|
5,019,993
|
3 | Profit/(loss) for the period |
32,281
|
1,015,432
|
771,077
|
3,929,944
|
4 | Profit/(loss) attributable to ordinary equity holders of the parent |
33,054
|
962,526
|
732,429
|
3,816,717
|
5 | Basic earnings/(loss) per share (Subunit) |
1.25
|
37.08
|
27.70
|
147.03
|
6 | Proposed/Declared dividend per share (Subunit) |
3.00
|
15.00
|
11.00
|
31.80
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
1.8200
|
1.8200
|
Supermax earned 1.25 sen this qtr
Annualised 1.25x4 = 5 sen
At 77.5 sen
The yield is 6.4 sen
or P/E 12.10
Supermax has a cash hoard of Rm3 Billions which is worth Rm1.13 Cash per share
At current Value Supermax is seling below Cash
Only problem going forward is due to fierce competition due to rampant overproduction
However Supermax has commissioned several new glove lines in Malaysia and an investment of USD350 Millions (Rm1.54 Billions
over over Rm2 Billions in Total Glove expansion
From above we learnt that in just one year of EXTRAORDINARY GAINS SUPERMAX COULD MAKE BILLIONS
However it atttracted fierce competition from China New Glove players due to little barrier to entry
If can Supermax should halt expansion and conserve its Cash as Glove downturn could be prolonged
From above we can see that Palm oil currently earns the best and should CPO maintain above Rm4000 a ton Palm Oil Companies, too, can be Cash Hoard like Gloves but Palm oil has the added Barrier of HIGH TIME entry
It only takes 6 to 9 months to set up New Glove Factories BUT IT WILL TAKE 6 TO 8 YEARS TO START A NEW PALM OIL PLANTATION
Further notes from TSH Qtr Reports & Comments
We quote from posted comments
Just read the balance sheet of TSH RESOURCES
VERY HEALTHY
BORROWINGS HAVE BEEN PARED DOWN BY OVER RM250 MILLIONS TO JUST ABOVE RM800 MILLIONS LEFT
CASH OVER RM250 MILLIONS PLUS RM550 MILLIONS OUT OF RM731.09 MILLIONS FROM BULUGAN LAND SALE WILL ADD UP TO OVER RM800 MILLIONS TO NEGATE ALL DEBTS
IN TWO OR MORE QTRS TSH WILL BE DEBT FREE AND ABLE TO START GIVING EITHER DIVIDEND OR CASH PAYOUT
See SANGUNIE COMMENTS EXTRACTED FROM QTR REPORT COMMENTS
Commentary on the prospects (refer Qtrly report)
CPO price has fallen sharply since May 2022 following Indonesia’s decision to remove the ban
on palm oil export and market concern over rising palm oil stockpiles. However, it appears to
have stabilise in recent times and is currently hovering at around RM4,000+ per MT. It is
anticipated that the CPO price will remain supported at current levels on the back of supply
concerns arising from the prolonged Russia-Ukraine conflict and softer production outlook for
soybean due to the return of La Nina in late 2022 and early 2023. Barring any unforeseen
circumstances, the Group is optimistic of achieving satisfactory performance for year 2022.
The Board also remains optimistic on the long term prospect of the palm oil industry.
Restrained hectarage growth in oil palm planting over the last few years due to RSPO
regulations and Indonesian Government’s moratorium on deforestation will have an impact over
the global palm oil supply. Global population and per capita income growth as well as the many
health qualities of palm oil are expected to drive greater demand for palm products. This augurs
well for the Group as palm products segment will remain the core contributor to the Group [rofit
TSh now Rm1.09
Our One Year Target Price Rm2.70
Best & Warmest regards
Calvin Tan
Please buy or sell after doing your own due diligence or consult your Remisier/Fund Manager
Created by calvintaneng | Aug 30, 2024
Created by calvintaneng | Aug 30, 2024
Created by calvintaneng | Aug 29, 2024
Created by calvintaneng | Aug 28, 2024
Created by calvintaneng | Aug 23, 2024
Created by calvintaneng | Aug 22, 2024
Sale of Buligan lands not in time for Aug 2022 results as it is after June 2022
So projected 22 sen profit will be reported in Nov 2022 results
Total cash to pare down debts of over Rm800 millions will come from Rm550 millions set aside out of rm731. 09 millions
Tsh own cash rm270 millions
After all borrowings taken care of then Tsh will be a debt free entity and can follow Inno example of giving high dividends
2022-08-23 09:35
When Tsh's debts all cleared the rm57 million or 4.15 sen profit this qtr can be given out as dividend like Innoplant
4.15 sen this qtr
Annualised 4.15 x4
16.6 sen
If 60% dividend from profit like bplant and hs plant
Then 16.6 sen x. 6
= 9.96 sen
At Rm1. 09
The yield is 9.1%
Comfortable 9.1% long term dividend while waiting for Kutai/Nusantara lands to further appreciate in value is best
2022-08-23 09:57
hello calvin master, why use frontken and SFPtech? Can you help to calculate the PE using Unisem (old tech) and Cnergen (new tech)?
2022-08-23 10:05
Picanto
I use these two techs because people who bought these two challenged Tsh in Forum discussion
2022-08-23 10:16
unisem is a better managed tech co
Cnergen too new and it's profits (mostly receivables or IOUs must be careful )
2022-08-23 10:17
bplant, simeplant, ioi corp and Thplant all giving dividends
Tsh will also join them giving dividends and more dividends
2022-08-23 20:14
VERY GOOD NEWS FOR TSH
1. DIRECTOR TAN AIK PEN BOUGHT TSH NOW OVER 295 MILLION TSH SHARES
2. INNOPLANT DECLARED A 7 SEN DIVIDEND
TSH BEING TOP 2ND HOLDER OF INNO WITH 105 MILLION INNO SHARES WILL GET RM7.35 MILLIONS DIVIDEND FROM INNO
DIRECTOR OF TSH TAN AIK KIONG SITS AS CHAIRMAN OF INNO CAUSED INNO TO GIVE THE HIGHEST DIVIDEND AMONG PLANTATION STOCKS
NEXT YEAR TSH DEBT FREE CAN ALSO GIVE VERY GOOD DIVIDENDS
2022-08-24 21:07
calvintaneng
Earning progress of Tsh
May 2022
Eps 6.99 sen
Aug 2022
Eps 4.15 sen
Nov 2022
Projected 22 sen
2022-08-23 01:13