THE INVESTMENT APPROACH OF CALVIN TAN

TSH RESOURCES (9059) Now Rm1.07 Versus DUTCH LADY (3062) Now Rm27.10, Compare & Contrast Their Future Potential, Calvin Tan

calvintaneng
Publish date: Sun, 12 Mar 2023, 12:36 AM
calvintaneng
0 1,705
Hi Guys,

I have An Investment Approach I which I would like to all.



Dear friends of i3 Forum


As the Title goes : TSH At Rm1.07 Versus Dlady at Rm27.10 (Compare & Contrast Their Future Potential

We are forward looking and as such we take a peak into their present status to forecast their coming future


Not long ago we also posted IjmPlant versus Hartalega


See

IJMPLANT (2216) Rm1.86 Versus HARTALEGA GLOVE (5186) Rm9.98 COMPARE & CONTRAST THEIR PROSPECTS, Calvin Tan Research

REST IS NOW HISTORY



NOW WE WILL SEE TSH RESOURCES

All through TSH has been pairing down loans by Asset Disposal & earnings
Asset disposal brought in Huge Cash more than normal earnings
Finally TSH is now very debt light

Refer to Bursa latest announcement on TSH

SUMMARY OF KEY FINANCIAL INFORMATION

31 Dec 2022

INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR

CORRESPONDING

QUARTER

CURRENT YEAR TO DATE
PRECEDING YEAR

CORRESPONDING

PERIOD

31 Dec 2022
31 Dec 2021
31 Dec 2022
31 Dec 2021
$$'000
$$'000
$$'000
$$'000
1
Revenue
283,384
328,350
1,307,798
1,188,919
2
Profit/(loss) before tax
66,280
84,703
557,036
254,084
3
Profit/(loss) for the period
51,962
73,591
526,271
202,013
4
Profit/(loss) attributable to ordinary equity holders of the parent
45,257
63,839
457,497
169,415
5
Basic earnings/(loss) per share (Subunit)
3.28
4.63
33.15
12.27
6
Proposed/Declared dividend per share (Subunit)
2.50
3.00
10.50
3.00
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 ($$)
1.3780
1.1892


At Rm1.07 TSH is selling at below its NAv of Rm1.378


Now go deeper


Cash and bank balances Rm375,582,000

Cash is Rm375.582 Millions


Loans and Borrowings Rm394,251,000 (current)

Loans and Borrowings 164,860,000 (non current)


Trade and other receivables Rm42,569,000

Inventories  Rm132,921,000

Trade and other payables Rm138,905,000


(Inventories and receivables more than payables)


Cash less total loan = Rm375.5 Millions less Rm559 million

= leaving a debt of Rm183 Millions

The accounts were until 31 Dec 2022



Now look at Jan 2023 entry (refer Bursa please)


TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS TSH RESOURCES BERHAD ("TSH" OR THE "COMPANY") PROPOSED DISPOSAL BY PT BULUNGAN CITRA AGRO PERSADA ("BCAP"), A 90%-OWNED SUBSIDIARY OF TSH, OF BCAPS OIL PALM PLANTATION, TOGETHER WITH THE UNCERTIFIED LAND ADJOINING THE PLANTATION, ALL SITUATED AT NORTH KALIMANTAN, INDONESIA ("SALE LAND") FOR A TOTAL DISPOSAL CONSIDERATION OF RP2,428.86 BILLION (EQUIVALENT TO APPROXIMATELY RM731.09 MILLION) TO BE SATISFIED ENTIRELY BY CASH ("PROPOSED DISPOSAL")

TSH RESOURCES BERHAD
Type
Announcement
Subject
TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)

RELATED PARTY TRANSACTIONS

Description
TSH RESOURCES BERHAD ("TSH" OR THE "COMPANY")

PROPOSED DISPOSAL BY PT BULUNGAN CITRA AGRO PERSADA ("BCAP"), A 90%-OWNED SUBSIDIARY OF TSH, OF BCAPS OIL PALM PLANTATION, TOGETHER WITH THE UNCERTIFIED LAND ADJOINING THE PLANTATION, ALL SITUATED AT NORTH KALIMANTAN, INDONESIA ("SALE LAND") FOR A TOTAL DISPOSAL CONSIDERATION OF RP2,428.86 BILLION (EQUIVALENT TO APPROXIMATELY RM731.09 MILLION) TO BE SATISFIED ENTIRELY BY CASH ("PROPOSED DISPOSAL")

Unless otherwise defined, all terms used in this announcement shall have the same meanings as defined in the announcements dated 10 December 2021, 7 February 2022, 8 March 2022, 4 April 2022, 7 June 2022, 29 June 2022 and 9 August 2022 in relation to the Proposed Disposal.

 

On behalf of the Board of Directors of TSH, RHB Investment Bank wishes to announce that all the conditions precedent in relation to the CSPA in respect of 574.56 hectares of the Uncertified Land have been fulfilled or waived as at 18 January 2023.

 

In addition, we wish to announce that the disposal for the 574.56 hectares of the Uncertified Land has also been completed on even date following the receipt of the total compensation in respect of the 574.56 hectares of the Uncertified Land from the Buyers.

 

The announcement is dated 18 January 2023.


Read again


In addition, we wish to announce that the disposal for the 574.56 hectares of the Uncertified Land has also been completed on even date following the receipt of the total compensation in respect of the 574.56 hectares of the Uncertified Land from the Buyers.

 

The announcement is dated 18 January 2023.


Read one more time


on even date following the receipt of the total compensation in respect of the 574.56 hectares of the Uncertified Land from the Buyers.

 

In other words the balance sum of Rm302 Milions Cash has come in by Jan 18 2023


Now Cash Rm302 million less residual debt left over of year 2022 Rm183 million


= RM119 MILLIONS (NET CASH)


No wonder TSH is sanguine and lately started to pay out better dividends


See



DIVIDEND HAS RISEN TO 8 SEN CASH PER SHARE





Now look at Dlady (Refer Bursa Website)


SUMMARY OF KEY FINANCIAL INFORMATION

31 Dec 2022

INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR

CORRESPONDING

QUARTER

CURRENT YEAR TO DATE
PRECEDING YEAR

CORRESPONDING

PERIOD

31 Dec 2022
31 Dec 2021
31 Dec 2022
31 Dec 2021
$$'000
$$'000
$$'000
$$'000
1
Revenue
361,687
300,396
1,339,410
1,133,733
2
Profit/(loss) before tax
-32,769
197,851
54,559
284,525
3
Profit/(loss) for the period
-20,233
183,458
46,271
248,000
4
Profit/(loss) attributable to ordinary equity holders of the parent
-20,233
183,458
46,271
248,000
5
Basic earnings/(loss) per share (Subunit)
-31.60
286.70
72.30
387.50
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 ($$)
6.2000
5.9800


At Rm27.10 with NAV only Rm6.20 Dlady is selling far above its Book Value

And this qtr made a loss of 31.60 sen


Now go see its balance sheet


Cash and cash equivalents Cash and cash equivalents Rm104,941,000

Cash about Rm104.9 Milions


Trade and other payables Trade and other payables Rm413,688,000 (Was Rm 282,795,000)


de and other receivables Trade and other receivables Rm97,708,000


Trade debt to pay 

Rm413,688,000 less trade cash to be received  Rm97,708,000


= Rm315.9 Millions to Pay


Now after less cash of Rm104.9 Millions


There is a Shortfall of Rm211 Milions


Dlady is now facing Cash Crunch


No wonder it has been cutting and cutting its dividends


See


In Good Years of 2014 & 2015 Dlady gave out Rm2.20 dividend


After that it was downhill all the way to 

Rm1.00 in 2019

Then dropped to only 80 sen in year 2020

Latest its dividend again cut to only 50 sen (year 2021 & 2022)

Year 2023???


No more money left


A possible scenario

Either give PP or Rights Issue to ask for Help


Will Its Lofty Share Price be Justified?


Please do your own due Investigation And Shut your ears to all the noise


Look at the facts soberly


Warm regards


Calvin Tan


Please buy/sell after doing your own due diligence or in doubt consult your Remisier/Fund Manager


I don't read, much less follow, the valuations or predictions. I study the numbers. - John Neff

I STUDY THE NUMBERS

-----John Neff






















Discussions
Be the first to like this. Showing 3 of 3 comments

calvintaneng

IJMPLANT (2216) Rm1.86 Versus HARTALEGA GLOVE (5186) Rm9.98 COMPARE & CONTRAST THEIR PROSPECTS, Calvin Tan Research

https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/2021-05-05-story-h1564289753-IJMPLANT_2216_Rm1_86_Versus_HARTALEGA_GLOVE_5186_Rm99_80_COMPARE_CONTRA

2 months ago

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥

Dutch Lady

Year Price range (LPr - HPr)
2002 3.85 - 8.35
2007 10.00 - 13.30
2012 23.40 - 37.80
2017 54.00 - 62.00
2022 30.00 - 34.60
2023 25.80 - 30.30

Year Dividends (sens)
2002 5.8
2003 12.8
2004 56
2005 63.2
2006 63.2
2007 63.2
2008 42.1
2009 65.6
2010 72.5
2011 72.5
2012 260
2013 260
2014 220
2015 220
2016 220
2017 280
2018 200
2019 100
2020 80
2021 50
2022 50

Total Dividends paid out from 2002 to 2022 = 2456.9 sen = RM 24.569

3 weeks ago

stockraider

I think u cannot get it wrong if u accumulate TSH at Rm 1.07 & below mah!

There is alot of value at this price to justify investment mah!

3 weeks ago

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