THE INVESTMENT APPROACH OF CALVIN TAN
TSH RESOURCES: Its Latest P/E. NAV & Dividends: The 3 Pointers to A Great Future, Calvin Tan
calvintaneng
Publish date: Sun, 11 Dec 2022, 11:07 PM
calvintaneng
0 1,701
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 friends of i3 Forum
The Shift from Growth to Value Stocks will be the Up Coming Focus when Fed Stop Further QE & Raise Interest rates
Dow going up while Nasdaq FAANG Stocks falling foretells it
We shall look at TSH RESOURCES To See Its Emerging Solid Earnings, Solid NAV & Solid Dividends
For P/E let us look at all past 4 Quarters' Results
TSH RESOURCES (Results from Bursa Webpage)
February 2022
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 2021
|
31 Dec 2020
|
31 Dec 2021
|
31 Dec 2020
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
328,350
|
241,089
|
1,188,919
|
926,003
|
| 2 | Profit/(loss) before tax |
84,303
|
48,404
|
253,683
|
130,242
|
| 3 | Profit/(loss) for the period |
73,195
|
34,040
|
201,616
|
90,324
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
63,433
|
33,347
|
169,008
|
79,487
|
| 5 | Basic earnings/(loss) per share (Subunit) |
4.60
|
2.42
|
12.25
|
5.76
|
| 6 | Proposed/Declared dividend per share (Subunit) |
3.00
|
1.50
|
3.00
|
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 ($$) |
1.1890
|
1.0531
|
||
In Feb 2022 TSH Reported 4.6 sen profit
Declared a 3 sen dividend
Nav is Rm1.18
May 2022
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
31 Mar 2022
|
31 Mar 2021
|
31 Mar 2022
|
31 Mar 2021
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
337,349
|
244,081
|
337,349
|
244,081
|
| 2 | Profit/(loss) before tax |
115,849
|
38,978
|
115,849
|
38,978
|
| 3 | Profit/(loss) for the period |
106,700
|
26,448
|
106,700
|
26,448
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
101,864
|
15,565
|
101,864
|
15,565
|
| 5 | Basic earnings/(loss) per share (Subunit) |
6.99
|
1.51
|
6.99
|
1.51
|
| 6 | Proposed/Declared dividend per share (Subunit) |
0.00
|
0.00
|
0.00
|
0.00
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
1.2630
|
1.1892
|
||
In May 2022 TSH's profit is 6.99 sen
August 2022
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 ($$) |
1.2857
|
1.1892
|
||
In August 2022 profit is 4.15 sen
November 2022
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
30 Sep 2022
|
30 Sep 2021
|
30 Sep 2022
|
30 Sep 2021
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
262,652
|
309,074
|
1,024,414
|
860,569
|
| 2 | Profit/(loss) before tax |
294,439
|
65,689
|
490,755
|
169,381
|
| 3 | Profit/(loss) for the period |
296,443
|
53,775
|
474,308
|
128,422
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
258,428
|
45,078
|
412,239
|
105,576
|
| 5 | Basic earnings/(loss) per share (Subunit) |
18.72
|
3.27
|
29.87
|
7.65
|
| 6 | Proposed/Declared dividend per share (Subunit) |
0.08
|
0.00
|
0.08
|
0.00
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
1.5071
|
1.1892
|
||
Latest result
Profit 18.72 sen
Dividend 8 sen (all will get by 21st Dec 2022)
Nav is Rm1.50
Now TSH after 8 sen ex dividend (7th Dec) is currently Rm1.00
To calculate it's P/E we add up all 4 quarter earnings
4.6 sen (Feb 2022)
6.99 sen (May 2022)
4.15 sen (August 2022)
18.72 sen (Nov 2022)
Total earnings = 34.46 sen
To get P/E divides Rm1.00 by 34.46 sen
= 2.9
YES TSH HAS A VERY LOW P/E OF ONLY 2.9
That means you will get back your value in just 2.9 years time
Putting money in Bank FD at 2.75 sen a year for every ringgit also got a P/E
Divides 100 by 2.75
= 36 P/E or Price Earning Ratio
That means you will only double your money in 36 years time
Do you think in 36 years time will things and food only go up by 100%
Or Inflation by then will be much higher
If so then Bank FD at 2.75% cannot protect us from the ravages of high inflation
Look at dividends
Feb 2022 dividend 3 sen
Nov 2022 dividend 8 sen
Total Dividend is 11 sen
At Rm1.00 that means TSH is giving a Dividend of 11% or several times more than Bank FD rate
Now look at Nav
Nav was Rm1.18 in Feb 2022
By Nov 2022 Nav has gone up to Rm1.50 or up by 32 sen (or 27%)
All the above figures are very clear & transparent
But look at TSH Balance Sheet
Currently TSH has about Rm500 millions loan
But its Cash has increased to Rm360 Millions
So loan less debt TSH is only oweing Rm140 Millions (A far cry from its Rm1.2 Billions Debt in Feb 2022
At 5% interest on Rm1.2 Billions loan TSH will save Rm60 Millions on Bank Interest (That is more than 4 sen saving on interest a year
By 2023 the Balance Sum of Rm238 Millions from Bulungan Regency land sold will settle all remaining debt & TSH can then follow INNO PLant in giving better dividends
For Many years since 2007 TSH BOD (Board of Directors) Helped Sabah Govt to launch INNO
TSH currently owns 105 Million INNO Shares in Top 2nd position with 21.95%
See how nice Dividends payout from INNO
| 22-Nov-2022 | 12-Dec-2022 | DIVIDEND | Third Interim Dividend | RM 0.0300 | |
| 24-Aug-2022 | 14-Sep-2022 | DIVIDEND | Second Interim Dividend | RM 0.0700 | |
| 23-May-2022 | 09-Jun-2022 | DIVIDEND | First Interim Dividend | RM 0.0600 | |
| 25-Feb-2022 | 17-Mar-2022 | DIVIDEND | Fourth Interim Dividend | RM 0.0600 | |
| 25-Nov-2021 | 14-Dec-2021 | DIVIDEND | Third Interim Dividend | RM 0.0600 | |
| 26-Aug-2021 | 14-Sep-2021 | DIVIDEND | Second Interim Dividend | RM 0.0400 | |
| 26-Aug-2021 | 14-Sep-2021 | DIVIDEND | Special Dividend | RM 0.0400 | |
| 09-Jun-2021 | 30-Jun-2021 | DIVIDEND | First Interim Dividend | RM 0.0200 |
For year 2022 INNO has declared a total 22 sen in Dividends
Up to 4 interim dividends plus special dividend (year 2021)
Look a TSH Dividend below
| 07-Dec-2022 | DIVIDEND | First Interim Dividend | RM 0.0800 | ||
| 24-Feb-2022 | 30-Mar-2022 | DIVIDEND | Interim Dividend | RM 0.0300 | |
| 25-Feb-2021 | 12-Mar-2021 | DIVIDEND | Interim Dividend | RM 0.0150 | |
| 02-Jul-2020 | 03-Aug-2020 | DIVIDEND | First and Final Dividend | RM 0.0100 | |
| 06-May-2019 | 28-May-2019 | DIVIDEND | First and Final Dividend | RM 0.01 | |
| 29-Apr-2019 | 28-May-2019 | DIVIDEND | First and Final Dividend | RM 0.01 |
Please Note
TSH used to gove 1st & Final Dividends
But the latest dividend is called First interim dividend
Will more dividend(s) be coming?
From here we SEE TSH has low P/E, dividend improving & growing Nav
These are the Yardsticks Value Investors look for
Warmest Regards
Calvin
Please buy or sell after doing your own due diligence or consult your remisier/Fund Manager
Further Note
By Jan 2023 Indonesia with 280 Million population will implement B35 for Biofuel
This will increase Biofuel use from 11 Million CPO use to 13 Million tonnes
Total Cpo production for Indonesia is 45 to 46 million Tonnes of Cpo
So 13 Million tonnes going into Biofuel will soak up 28% (that is only B35 and B35 will go on to B40, B50 & higher)
Malaysia Cpo production between 18 Million to 19 Million tonnes
World yearly consumption of Cpo about 73.8 million tonnes
With Fuel competing with Food the Demand will overtake supply one day & prices will sustain
3 Reasons Why Indonesia MUST Go Up the Biofuel chain
1) INDONESIA IS A NET IMPORTER OF CRUDE OIL
As such Biofuel mandate is not an option to save on high cost of import
2) Biofuel is cleaner than Fossil Fuel
3) INDONESIA HAS VAST SUPPLY OF PALM OIL BEING WORLD BIGGEST PRODUCER
More articles on THE INVESTMENT APPROACH OF CALVIN TAN
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Created by calvintaneng | Mar 25, 2023
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Discussions
1 person likes this. Showing 27 of 27 comments
wow SEE-Reasearch.... looks like your hatred for calvin is sky high, did you lose because of him?
2022-12-12 03:56
TSH Chairman has been buying TSH non stop
This same buying pattern was found in Bonia in year 2018 when Bonia was only 48 sen
See
https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/2018-02-03-story146256-Why_BONIA_Is_The_Second_PADINI_Padini_Up_200_Will_BONIA_Do_Better_Calvin_Tan_Research
2022-12-12 10:14
Bonia is now Rm2.34
so wirhout fanfare, hooha or noise Bonia share price has gone up by 487% in 4 years
one up 120% for each year of the four years from 2018 till now
If all were to to reinvest all dividends give by Bonia then total performance is over 500%
that is the power of holding value share longer term plus compounding the dividends received
Will anyone be able to hold Tsh for next four years to SEE?
2022-12-12 10:23
When Bonia dropped from 99 sen to 48 sen in 2018 there were lots of naysayers
2022-12-12 12:02
if Bonia really so good why price can crash from 99 sen to 48 sen?
anything wrong with Bonia when all were selling then
The most important question they forgot to ask was
"Why was Bonia boss buying non stop?
2022-12-12 12:04
The most important question you forgot to ask (simply coz you don’t know) was why Bonia was looking to sell 3 of their real estate assets located in Cheras back in 2018
2022-12-12 12:08
So history might not repeat but they do rythme
Why people never ask
Tsh bought all the way up Rm1.89(no selling at peak)
then Tsh price dropped to 90 sen
Did Tsh chairman made a big mistake not seliing at Rm1.89???
and why now he got over 300,000 Tsh shares?
Why he buying so much?
Ever wonder what is in his mind?
Why he SEES IN TSH BY YEAR 2023?
2024?
2025?
2026?
2022-12-12 12:08
AnthonyTkh is smart to notice Bonia owns 10 acres prime lands in Tmn Midah , Cheras plus car parking lots in Tmn Connaught
2022-12-12 12:18
Do you know Tsh sold lands in Sabah(Rm249 mil) and Bulugan (Rm731 mil) to unlock Rm980 millions Cash?
2022-12-12 12:20
After selling Tsh still got 300,000 acres timber lands plus lots more palm oil estates
In Kutai /Nusantara alone is 94700 acres
Bonia only got mere 10 acres
2022-12-12 12:22
anthonytkh
The most important question you forgot to ask (simply coz you don’t know) was why Bonia was looking to sell 3 of their real estate assets located in Cheras back in 2018
Anthony
Cheras is where i bought my first auction property
29 minutes ago
https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/2016-05-22-story-h54305731-MY_FIRST_AUCTION_PROPERTY_IN_KUALA_LUMPUR_HIGH_COURT_Calvin_Tan
2022-12-12 12:40
In year 2000 I visited Putrajaya
Today a new Putrajaya is coming up in East Kalimantan
anthonytkh
The most important question you forgot to ask (simply coz you don’t know) was why Bonia was looking to sell 3 of their real estate assets located in Cheras back in 2018
29 minutes ago
2022-12-12 12:43
I don’t need you to tell me what real estate a PLC own in Malaysia. I know. All PLCs. Including those owned by Tenaga that you have absolutely no idea by checking their AR. You only checked Bonia after I mentioned it
But you didn’t answer my question : Why did Bonia agree to consider selling 3 specific real estate assets IN 2018?
Since I know for certain you don’t know, just keep your, er, “counsel” and go keep quiet
2022-12-12 17:54
Know for certain is this
8 sen dividend payment date is on 21th of December
Can spend it for Christmas
Or reinvest into more Tsh shares
So good that all 10 chosen palm oil companies are giving dividends this year
Be careful of others not only no dividend but asking for monies by Rights issues
Others even worst gone limit down into Pn17
2022-12-12 20:24
Avoid reading Nuisance Post from Johnchew as his Mikecyc & SEE Research kena banned for mischief, Calvin Tan
https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/2023-03-02-story-h-296558361-Avoid_reading_Nuisance_Post_from_Johnchew_as_his_Mikecyc_SEE_Research_k
4 weeks ago
Latest from Kutai/Nusantara
The Rise of A New Capital
https://www.youtube.com/watch?v=G9Gns7v96Pg
3 weeks ago
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Post removed.Why?
2022-12-12 02:16