Dear friends

JTIASA Is THE JUMPING TIGER IN GROWTH just like the Tiger Economies of Asia - Taiwan, Korea, Hong Kong & Singapore in their heydays of 7% to 10% Growth

Latest qtr result showed a 5.1 sen profit

Annualised 5.1 x 4 = 20.4

At current closing price of 70 sen Jtiasa has a P/E of 3.43

And it has a growth yield  of 29.1% (Matching Peter Lynch Magellan Fund at 29% (Berkshire only 25%)

Thus making Jtiasa a jumping Tiger in growth!

Let us look back into Jtiasa Past Balance sheet will you?

Go See Bursa Webpage and look up Jtiasa Feb 2018 results (5 years ago)

Cash was Rm97 million

Current Loan Rm462 millions

Non Current loan Rm594 millions

Total debt Rm462 mil + Rm594 mil

= Rm1.056 billion total debt

less cash Rm97 million

= Rm959 millions

So Feb 2018 qtr Jtiasa has a loan of Rm959 millions

Now today after 5 years (See Feb 2023 balance sheet)

Cash= Rm205.7 Milions

Loan Rm333.1 mil + Rm53.7 mil

= Rm386.8 mil

Debt less cash

= Rm174,3 Millions

So in 5 years Jtiasa debt has improved from Rm959 millions to only Rm174,3 millions

THAT MEANS THAT IN 5 SHORT YEARS JTIASA

HAS PAID OFF Rm784.7 Millions debt

About Rm156.94 Millions were paid off for each year of the last 5 years since 2018

An amazing feat indeed! After all the last 5 years Cpo prices only ranged from Rm2200 to Rm2700

Now that CPO has shot past Rm4000 a ton Jtiasa's earnings have jumped up like a Tiger!

This latest Qtr PAX (Profit after Tax) is Rm49 Millions or 5.1 sen profit

That means in less than one year or less than 4 qtrs Jtiasa will be finally a Debt Free Entity

And no wonder Management is sanguine and declared a 1.5 sen dividend (after giving out 2.8 sen dividend last qtr)

With high bank loan out of the way Jtiasa can accelerate up its dividend payout

This is a new beginning in a very positive bright future

See table of content

1) PROFIT RM49.3 Millions

2) About 5.1 sen

3) Nav is Rm137 (At 70 sen with Nav Rm137 Jtiasa is selling at 49% discount to Nav) giving us a margin of safety

1.5 sen + 2.8 sen dividend

The dividend yield is 6,1%

From 3 yardsticks of value Eps 3.43; dividend 6.1% and 49% discount to Nav Jtiasa looks very undervalue with good growth potential ahead

No wonder that Mr Fong Siling aka Cold Eye has bought 5 million shares according to Bursa latest filing to be Top 17 of Jtiasa

JAYA TIASA (Always Successful)

Will it now live up to its worth name?

We shall see

With Kind regards

Calvin Tan

Please buy or sell after doing your own due diligence or consult your remisier/fund manager