THE INVESTMENT APPROACH OF CALVIN TAN

BPLANT (5254) A LOOK DEEPER LOOK AT ITS "TREASURES OF HIDDEN ASSETS", Calvin Tan

calvintaneng
Publish date: Tue, 10 Oct 2023, 04:38 PM
calvintaneng
0 1,776
Hi Guys,

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

Dear friends of i3 forum (please read to the end as we type now)

So far so good

Our 1st recent  post was

BPLANT & KLK : A LOOK AT BOTH POSITIONS AT CURRENT CIRCUMSTANCE, Calvin Tan

2023-10-03 23:59 (Just click and read)


And followed by our Next post


BPLANT: LTAT/BOUSTEAD 33% BPLANT STAKE SALE TO KLK CALLED OFF. WILL THERE BE A PLAN B? By Calvin Tan

2023-10-04 23:27 (Just click and read)


And true to our forecast


LTAT FINALLY EMERGE IN PLAN B


With Help of Govt with guarantee for Rm2 Billions loan from Banks LTAT will now takeover KLK MGO at Rm1.55 for all Bplant shares

So in the eventual delisting and removal from Bursa BPLANT will go the way of TMakmur, Kulim and  IjmPlant 

And all holders of Bplant will be given a Parting Cash Payout of Rm1.55 unless


Unless?


Yes! Unless LTAT unable to garner 90% for Compulsory MGO then it might have to offer a higher price like Sindora or Tmakmur


What happened?


Answer is this


When Kulim wanted to privatise Sindora it has to raise its final price from Rm3.00 to Rm3.10


See


Kulim raises offer price for Sindora
By   The Editor / TheEdge

KUALA LUMPUR: Kulim (M) Bhd has upped its takeover offer price by 10 sen to RM3.10 per share for the remaining 24.5% shareholding that it does not own in Sindora Bhd.

The offer came on the heels of Kulim buying a block of 10.2 million shares, equivalent to 11%, via off-market transaction, at RM3.10 per share.

However, Kulim did not provide the reason for raising the offer price to RM3.10 for the remaining Sindora shares. Following the announcement of the revised offer on Wednesday, Sindora’s share rose seven sen or 2.3% to a 14-year high of RM3.09 yesterday.

Kulim, which made the offer in August, has extended the closing date of the offer to Oct 18 from Sept 27.

Apart from Kulim, which already owned 75.5% at the time it launched the takeover offer, the second largest substantial shareholder in Sindora is Yeoh Kean Hua with a 6.67% equity stake.

The revised offer price will cost Kulim an additional RM2.35 million or RM72.8 million in total for the privatisation exercise.

An analyst said the 3.3% offer price increase is “insignificant” to Kulim as it only needed to fork out an additional RM2.35 million for the takeover offer.

As at June 30, Kulim has RM707.78 million in cash, while borrowings including term loans stood at RM2.1 billion. “Given Kulim’s cash pile, the RM2.35 million is really a minimal increase,” says the analyst.

The privatisation of Sindora is part of Kulim and its parent company, Johor Corp’s (JCorp) restructuring exercise to streamline its businesses and assets into distinct business units.

JCorp is also in the midst of disposing its plantation assets to Kulim for RM700 million cash. The sale is expected to help JCorp raise cash to pay off its RM3.6 billion debt.

Sindora is involved in plantation and shipping services for the oil and gas industry.

Observers note that Kulim is essentially looking at Sindora’s oil palm plantation estate in Kluang, Johor, to boost its plantation landbank. Kulim currently has 34,414ha of plantations.

OSK Research has noted that the additional 24.5% stake’s earnings contribution from Sindora to Kulim is negligible. For the 1HFY11 ended June 30, Sindora made RM10.55 million in net profit compared to Kulim’s RM273.4 million.

There is market talk that Kulim might be looking at selling assets in Sindora to help pare down its debts, once the acquisition of the 24.5% stake is completed.

However, the analyst said Kulim is unlikely to sell Sindora as the plantations are considered core assets for the group.

“There has also been talks that Kulim could re-list Sindora’s shipping business.

But given the current market conditions, it is unlikely that Kulim would pursue this,” the analyst said. He added that JCorp is believed to have managed to restructure its debts, thus giving it some breathing space before proceeding with other restructuring exercises in the future.

In March last year, Kulim proposed to sell Menara Ansar in Johor Bahru to Al-’Aqar KPJ REIT for RM105 million — RM63 million in cash and the balance in the REIT’s units.

There were also proposals from other interested parties to buy its stake in QSR Brands Bhd, but the deal had fallen through.

The sale of QSR could have netted Kulim RM1.62 billion in gains, based on its initial investment in QSR at RM280.13 million or RM3.20 per share in 2005.

Kulim had also recently divested its 91.4% stake in loss-making Natural Oleochemicals Sdn Bhd (Nat Oleo) for RM450 million in cash.

For 1HFY11 ended June 30, Sindora posted RM10.55 million in net profit on the back of RM245.5 million revenue.

Its plantation business contributed 57.4% or RM13.48 million to the group’s total operating profits of RM23.52 million.

This article appeared in The Edge Financial Daily, September 30, 2011.


Later KULIM PLANTATION was also Taken Private by  Johor Corp for Rm4.10 (from Rm2.50)


See TMakmur

Tengku Abdullah raises offer for Tanah Makmur to RM1.90 a share


KUALA LUMPUR (Oct 26): Tanah Makmur Bhd’s major shareholder, the Tengku Mahkota of Pahang Tengku Abdullah Sultan Ahmad Shah, has upped his takeover offer for the company to RM1.90 apiece from RM1.80 earlier. The revised terms value Tanah Makmur at RM756.5 million.

In a filing with Bursa Malaysia yesterday, the property cum plantation player said Tengku Abdullah and the parties in concert collectively held 271.06 million shares or a 68.08% stake in Tanah Makmur as at Oct 24, 2016. Of this total, Tengku Abdullah owns 50.84 million or 12.77% of Tanah Makmur shares.

According to the company, the revised takeover offer represents a premium of 29.25% and 34.08% to Tanah Makmur’s last closing share price and five-day volume weighted average market price including April 22, 2016 respectively.

The latest offer price of RM1.90 per share, it added, was 1.78 times its price-to-book value and is higher than its net asset per share of RM1.07 as at Dec 31, 2015.

In terms of price-to-earnings ratio (PER), Tanah Makmur said the offer price represents 14.04 times its PER, while its earnings per share was 13.53 sen.


NOW WE WILL NEXT TALK ABOUT THE "HIDDEN TRASURES OF "BPLANT" WHICH FAR EXCEEDS THOSE OF TMAKMUR, KULIM OR IJM PLANT


To be continued...


Be sure to come back for more


So see you guys


Kind regards

Calvin Tan


Please buy or sell after doing your own due diligence


Discussions
Be the first to like this. Showing 9 of 9 comments

calvintaneng

Stay tuned to "SEE" Lots of "HIDDEN VALUES OF BPLANT!"

2023-10-10 16:52

calvintaneng

OK

First see Bplant Tasek Gelugor lands

What is the Total Current Value of Tasek Gelugor lands

1389.4433 acres x Rm718,804

Rm998,737,401

To be continued



What is the Cash Value?


Divides Rm998,737,401 by Rm27,455,000 and multiply by 1.23

= 44.74 sen per share CASH

https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/2021-04-12-story-h1563301593-PALM_OIL_JEWEL_BPLANT_OR_BOUSTEAD_PLANTATION_5254_BPLANT_HAS_DEEP_VALUE

2023-10-10 17:21

calvintaneng

Then go See Properties Owned by Bplant (extracted from Bursa on Bplant)

2023-10-10 17:26

calvintaneng

Telok Sengat Estate, Kota Tinggi,
Johor
3,690.1 Hectares Oil palm estate &
palm oil mill
Freehold Year 2016*
I
PROPERTIES OF THE GROUP
Book value: Rm251.1 Millions

Here we see Bplant got 3,690.1 Hectares of Palm oil lands book value only Rm251.1 Millions

2023-10-10 17:29

calvintaneng

To convert 3,690.1 Hectares into Acres just Multiply by 2.471
Rm27.538 per acre

To get per sq ft cost divide further by 43,560

63 sen psf
= 9,118 acres

How much per acre

Divide price by land

=

2023-10-10 17:33

calvintaneng

Teluk Sengat 158 Acres Palm Oil Land Near Seaside For Sale
RM 42,660,000

158 acres (RM6.20 psf)

Teluk Sengat, Ayer Tawar, Johor, Malaysia

Find Property » Lands » Agricultural Lands » Teluk Sengat 158 Acres Palm Oil Land Near Seaside

https://haoproperty.com.my/listing/teluk-sengat-158-acres-palm-oil-land-near-seaside-for-sale-4799/

Current asking price is Rm6.20 (Bplant cost only 63 sen psf)

So how much is 9118 acres worth?

9118 x 43,560 x Rm6.20

Rm2.462 billions Rm1.12

So Plant with just these two pieces of lands

44.74 sen (Tasek Gelugor)
Rm1.12 (Teluk Sengat)

Already Rm1.56

THAT ONLY A SMALL PORTION OF LESS THAN 10% OR LESS THAN 20K Acres OF BPLANT TOTAL 220,000 ACRES

And LTAT offers Rm1.55 for all of Bpant is undervalue or not?


How much in ringgit per share

2023-10-10 17:44

calvintaneng

Now see Teluk Sengat

See and hear very carefully HOW IT HAS BEEN TRANSFORMED

TAR ROAD NOW

https://www.youtube.com/watch?v=1bHMp6qpVYQ

2023-10-10 17:47

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