Dear friends of i3 Forum,

In response to our fellow i3 Forumer Xiaoeh we are posting this.

Many have wondered why Thplant share price languished at 49 sen when Bplant is up at Rm1.55

Both these stocks are in Eagle Group Top 10 Plantation Picks which are as follows:

1) TSH RESOURCES (Buy call Rm1.09)

2) BPLANT (Buy call 57 sen)

3) JTiasa (Buy call 63 sen)

4) THPLANT (Buy call 47 sen)

Others are Hs Plant, FGV, IOI Corp, Simedarby Plant, SOP & TAANN

All top 4 got over 200,000 Acres of Plantation lands

Now out of these Top 4 two have done well

Bplant is now being taken private by LTAT at Rm1.55

Jtiasa is up 46% to 92 sen

TSH Resources is down from Rm1.09 to 97 sen (Down by 11%)

THPLANT managed to eke out a tiny 2 sen gain

Since THPLANT & BPLANT are quite similar yet they have performed poles apart

Thplant has 240,000 acres while Bplant has 220,000 acres

By right Thplant has slightly bigger Plantation lands should do better but No. The current price shows it is overlooked & unloved

Why oh why?

These are the answers

BPLANT has been selling assets and giving out good dividends while THPLANT only give tiny dividends

See THPLANT dividend history

There were no dividends from Thplant for 3 years from 2009 to 2021

Last 2 years it only gave a combined dividends of 3 sen

Now see BPLANT

SINCE YEAR 2018 BPLANT FROM YEAR 2019 TILL NOW HAS GIVEN A TOTAL OF 12 DIVIDENDS TOTALLING 25.8 SEN

MR. MARKET BEING RESULT ORIENTATED WILL GRAVITATE TO BPLANT 25.8 SEN DIVIDEND MORE THAN THPLANT'S 3 SEN DIVIDEND

AS A RESULT BPLANT SHARE PRICES TRADE AT PREMIUM WHILE THPLANT TRADES AT DISCOUNT

NOW LTAT HAS FINALLY OFFERED RM1.55 TO TAKE BPLANT PRIVATE

(NOT FOR ITS EARNINGS BUT SOLELY FOR ITS VALUABLE LAND ASSETS)

SEE THE LAST QTR RESULT OF BPLANT WILL KNOW

SEE BPLANT ONLY EARN LESS THAN 1 SEN MISERABLE PROFIT?

AT RM1.55 IT IS NOW ABOVE ITS BOOK VALUE OF RM1.29

NOTHING TO SHOUT ABOUT AT ALL

ITS VALUE IS IN ITS DEEP VALUE ASSETS WHICH WERE CONSTANTLY SOLD DOWN TO GET GENEROUS CASH PAYOUT FROM ITS LANDBANKS

NOW SEE THPLANT LATEST RESULT

THPLANT EARNS 1.5 SEN PROFIT

WITH THIS LOW PRICE OF 49 SEN ANNUALISED IS 1.5 SEN X4 = 6 SEN

OR ITS YIELD IS 6/49

= 12.2% OR P/E 8.16

AT 49 SEN WITH NAV 79 SEN IT IS ALSO SELLING AT 37.9% DISCOUNT TO NTA WITH HIGH MARGIN OF SAFETY

FROM ABOVE WE SEE THPLANT IS UNDERVALUE IN COMPARISON TO BPLANT

HOWEVER, THPLANT'S SMALL DIVIDENDS DO NOT ATTRACT DIVIDEND FUNDS

ONLY DEEP VALUE LONG TERM HOLDERS WILL BUY THPLANT UNLESS

UNLESS?

UNLESS THERE IS A CORPORATE EXERCISE LIKE BPLANT

NOW WE SEE THE LATEST APPOINTMENT OF FORMER RHB BANK & RHB SECURITIES' BOSS RASHID HUSSEIN TO HELP TABUNG HAJI

PLUS IN THE APPOINTED LEADERSHIP THERE ARE THOSE WITH HIGH FINANCE EXPERIENCE AND LITERACY

Tuan Syed Hamadah bin Syed Othman

Malaysian | 52 Years Old | Male

Non-Independent Non-Executive Director

Date of Appointment:5 September 2023

Membership of Board Committees:Nil

Interest in Securities of the Company and its Subsidiaries:Nil

Present Directorship(s) in Other Public Companies:Nil

Tuan Syed Hamadah Syed Othman is a Fellow of the Faculty and Institute of Actuaries, United Kingdom and a Fellow of the Actuarial Society, Malaysia. He graduated with a Bachelor of Science in Actuarial Mathematics & Statistics from Heriot-Watt University, Edinburgh, United Kingdom in 1994 and obtained his Scottish Higher Education Certificate from Clydebank College, United Kingdom in 1990.

His past experience includes being the Chief Executive Officer of Retirement Fund Incorporated, consulting actuarist at Mercer Zainal Consulting Sdn. Bhd., technical analyst at Petronas Trading Corporation Sdn. Bhd. and as a Board Member of EDOTCO Sdn. Bhd.

On 6 May 2023, Tuan Syed Hamadah Syed Othman was appointed as the Group Managing Director & Chief Executive Officer of Lembaga Tabung Haji.

Currently, he is a Board Member of the Private Pension Administrator Malaysia and a Director and a Senior Partner of Actuarial Partners Consulting Sdn. Bhd.

WHAT IS ACTUARIST?

SEE

There are actuaries who work in other industries. Some large financial institutions, particularly lenders, employ actuaries to assess risks on loan products. Actuaries can be used to measure the potential for loss in an investment portfolio, which directly crosses over into the realm of financial analysis.

Financial analysts serve as experts for businesses and investors on a wide variety of subjects, such as economics, markets, investments, regulations, taxes, or corporate governance. The fundamental role of a financial analyst is to provide accurate information to others and to make recommendations based on that information. Corporations, private companies, public agencies, defense contractors, and nonprofits all employ financial analysts.

IN NOVEMBER 2021 WE POSTED THIS ARTICLE

THPLANT – A candidate for privatization?

November 29, 2021 By Calvin Tan Smart Investment

Dear Friends

From what we gathered so far there is a possibility after IjmPlant taken private by KLK – the next to be taken private could be THPLANT

And these are some factors

1. Tabung Haji already owned 73.8% of Thplant shares. Only 26.2% shares are not owned by Tabung Haji

At the current price of today at 62 sen (Nov. 29th 2021)  the Total Value is only Rm143.6 Millions

At the latest quarter report Thplant has managed to refinance its current debt to long term loan. Plus it has raised a Cash hoard of Rm313 MILLIONS in just 9 months.

Why did Thplant wanted to raise up so much CASH?

Tabung Haji weighs taking palm oil

firm private

Lembaga Tabung Haji (LTH) has asked banks for proposals on the potential deal for the owner of palm oil and rubber plantations, one of the people said, asking not to be identified as the information is not public.

PETALING JAYA: Malaysia’s pilgrimage fund is considering taking its agricultural firm TH Plantations Bhd

Lembaga Tabung Haji (LTH) has asked banks for proposals on the potential deal for the owner of palm oil and rubber plantations, one of the people said, asking not to be identified as the information is not public.

Shares in TH Plantations have risen 4% in the year-to-date, giving it a market value of about RM526mil. LTH owns 73.8% of the company.

Discussions are in the early stages and LTH could decide not to proceed with the plan, the people said. LTH and TH Plantations did not respond to requests for comment.

Now one more interesting development

TH Plantations appoints new CEO, CFO

KUALA LUMPUR: TH Plantations Bhd has appointed Mohamed Zainurin Mohamed Zain as CEO and Shahrizal Suhainy as CFO of the group, effective Oct 1.

Mohamed Zainurin holds a Bachelor of Accountancy (Hons) degree from the University Utara Malaysia. He is a

Meanwhile, Shahrizal was the principal auditor with KPMG Desa Megat & Co with more than 12 years of experience in auditing and restructuring of companies for various industries.

He holds a Bachelor of Accountancy (Hons) degree from the MARA University of Technology. He is also a Chartered Accountant and a member of the Malaysian Institute of Accountants (MIA).

“The Board of Directors of THP welcome both Encik Mohamed Zainurin and Encik Shahrizal and hope that their appointments would propel THP’s momentum of its recovery plans.

NOTE: THESE NEW DIRECTORS HOLD ACCOUNTING DEGREES WITH AUDIT EXPERIENCE

So is privatization on the Card?

GO READ FULL ARTICLE AT

https://www.eaglevisioninvest.com/thplant-a-candidate-for-privatization/  

WILL THPLANT BE NEXT CANDIDATE FOR PRIVATISATION OR IT WILL STILL MOVE A SNAIL'S PACE?

SHOULD YOU INVEST OR NOT?

IT IS UP TO YOU TO DECIDE

NOW WE HAVE BOUGHT BOTH THPLANT & BPLANT BEFORE IN YEARS 2015/6/7 WHEN THEIR PRICES WERE RANGING BETWEEN RM1.00 TO RM1.20

BOTH TRADED ABOUT SAME PRICE RANGE OF RM1.00 TO RM1.20 THEN

AND BOTH GAVE OUT GOOD DIVIDENDS

FROM THERE THPANT HAS DROPPED WHILE BPLANT SURGED

BUT VALUE IS VALUE IRRESPECTIVE IF THPLANT OR BPLANT PAYS OUT DIVIDENDS

BOTH GOT HIGH VALUE IN ITS LAND ASSETS

THE ONES THAT UNLOCK ITS VALUE EARLIER WILL SEE EARLIER PRICE MOVEMENTS

SEE

BPLANT VERSUS THPLANT: THEIR DIVIDEND HISTORY & ITS RESUMPTION DUE TO HIGH INFLOW OF CASH BY VERY HIGH CPO PRICES, Calvin Tan

 A cow for its milk,

              Bees for their honey,

              And shares, by golly,

              For their dividend.

By Dr. Neoh Soon Kean of Dynaquest

Dear Friends of i3 Forum,

Today is 16th November 2021.

1 1/2 months have past for Last Qtr Result for October, November & December 2021 to be reported by February 2022

So far so good as Cpo prices still sustained above Rm5,200

See

And this week or next will be Results of July, August & September months when Cpo average prices were Rm4,417

THAT IS AN EXCEPTIONAL EARNINGS SEASON COMPARED TO THOSE BLEAK YEARS WHEN CPO FELL TO THE LOW OF RM1,700 PER TON

SO THIS AND NEXT WEEK WILL BE CELEBRATION TIME FOR ALL OIL PALM COMPANIES FOR A VERY VERY LONG TIME SINCE

WHAT WILL HAPPEN WITH SO MUCH CASH?

IN NATURE WE EQUATE CASH WITH WATER

IF A PLANT RECEIVES LOTS OF SUN SHINE, GOOD FERTIIZER & RAIN FALL OR WATER THEY WILL PRODUCE FRUIT

AND FRUIT IS EQUIVALENT TO DIVIDENDS

SEE

YES!

LET US SEE TWO: BPLANT VERSUS THPLANT DIVIDEND HISTORY

BPLANT

25-Aug-2021	09-Sep-2021	DIVIDEND	Second Interim Dividend	RM 0.0230
25-May-2021	10-Jun-2021	DIVIDEND	First Interim Dividend	RM 0.0030
24-Mar-2021	07-Apr-2021	DIVIDEND	Second Interim Dividend	RM 0.0050
23-Nov-2020	08-Dec-2020	DIVIDEND	Interim Dividend	RM 0.0050
23-May-2019	10-Jun-2019	DIVIDEND	First Interim Dividend	RM 0.01
22-Nov-2018	05-Dec-2018	DIVIDEND	Interim Dividend	RM 0.02
23-Aug-2018	06-Sep-2018	DIVIDEND	Second interim dividend	RM 0.025
23-May-2018	06-Jun-2018	DIVIDEND	First Interim Dividend	RM 0.025
16-Apr-2018	26-Apr-2018	BONUS_ISSUE	Bonus Issue	2 : 5
27-Feb-2018	12-Mar-2018	DIVIDEND	Interim Dividend	RM 0.04
21-Nov-2017	06-Dec-2017	DIVIDEND	Special Dividend	RM 0.07
21-Nov-2017	06-Dec-2017	DIVIDEND	Interim Dividend	RM 0.03
22-Aug-2017	06-Sep-2017	DIVIDEND	Second interim dividend	RM 0.03
23-May-2017	05-Jun-2017	DIVIDEND	First Interim Dividend	RM 0.025
15-Feb-2017	01-Mar-2017	DIVIDEND	Interim Dividend	RM 0.035
16-Nov-2016	01-Dec-2016	DIVIDEND	Interim Dividend	RM 0.05
22-Aug-2016	05-Sep-2016	DIVIDEND	Second interim dividend	RM 0.03
17-May-2016	06-Jun-2016	DIVIDEND	First Interim Dividend	RM 0.0300
19-Feb-2016	07-Mar-2016	DIVIDEND	Interim Dividend	RM 0.0300
20-Nov-2015	07-Dec-2015	DIVIDEND	Interim Dividend	RM 0.0300
20-Aug-2015	04-Sep-2015	DIVIDEND	Second interim dividend	RM 0.0500
19-May-2015	03-Jun-2015	DIVIDEND	First Interim Dividend	RM 0.0200
25-Feb-2015	11-Mar-2015	DIVIDEND	Interim Dividend	RM 0.02
19-Nov-2014	03-Dec-2014	DIVIDEND	Second interim dividend	RM 0.02
20-Aug-2014	04-Sep-2014	DIVIDEND	Interim Dividend	RM 0.02

AS YOU CAN SEE FROM THE ABOVE WE HAVE GIVEN COLOR BANDS FOR EACH YEAR

FOR YEAR 2017 WHEN CPO PRICES WERE GOOD BPLANT GAVE DIVIDEND 4 TIMES PLUS ONE TIME IS SPECIAL DIVIDEND

FOR YEAR 2018 IT GAVE OUT 4 TIMES PLUS A BONUS ISSUE

THPLANT

19-Apr-2018	16-May-2018	DIVIDEND	Final Dividend	RM 0.02
22-Nov-2017	06-Dec-2017	DIVIDEND	Interim Dividend	RM 0.016
13-Apr-2017	09-May-2017	DIVIDEND	First and Final Dividend	RM 0.06
24-Apr-2015	20-May-2015	DIVIDEND	First and Final Dividend	RM 0.0200
02-May-2014	28-May-2014	DIVIDEND	First and Final Dividend	RM 0.0362
21-May-2013	03-Jun-2013	BONUS_ISSUE	Bonus Issue	1 : 5
26-Apr-2013	21-May-2013	DIVIDEND	Final Dividend	RM 0.01
30-Nov-2012	18-Dec-2012	DIVIDEND	Interim Dividend	RM 0.036
02-Apr-2012	02-May-2012	DIVIDEND	First and Final Dividend	RM 0.125
04-Apr-2011	28-Apr-2011	DIVIDEND	Final Dividend	RM 0.125
13-Apr-2010	06-May-2010	DIVIDEND	Final Dividend	RM 0.085
13-Apr-2009	06-May-2009	DIVIDEND	Final Dividend	RM 0.075
17-Dec-2008	02-Jan-2009	BONUS_ISSUE	Bonus Issue	1 : 1
29-Jul-2008	08-Aug-2008	DIVIDEND	First Interim Dividend	RM 0.1
18-Apr-2008	14-May-2008	DIVIDEND	First and Final Dividend	RM 0.211
19-Mar-2007	25-May-2007	DIVIDEND	First and Final Dividend	RM 0.125

FOR THPLANT IT GAVE LESSER TIMES BUT ITS DIVIDENDS ARE MORE SUBSTANTIAL

SEE IN YEAR 2008

29-Jul-2008	08-Aug-2008	DIVIDEND	First Interim Dividend	RM 0.1
18-Apr-2008	14-May-2008	DIVIDEND	First and Final Dividend	RM 0.211

IT GAVE OUT 22.1 SEN DIVIDEND

IN YEAR 2009

IT GAVE ONE FOR ONE BONUS ISSUE

SO FROM HERE WE SEE BPLANT GAVE MANY SMALL DIVIDENDS AND SMALL BONUS ISSUE WHEREAS THPLANT GAVE BIGGER DIVIDEND AND BIG BONUS ISSUE

AS MORE AND MORE PROFITS FLOW INTO THESE PALM OIL COMPANIES WE CAN ONCE AGAIN BE REWARDED WITH BOTH DIVIDENDS AND BONUS ISSUE

WARM REGARDS

Calvin Tan

Please buy or sell after doing your own due diigence or consult your Remisier/Fund Manager

3 And he shall be like a tree planted by the rivers of water, that bringeth forth his fruit in his season; his leaf also shall not wither; and whatsoever he doeth shall prosper.

ROLLING IN CASH LIKE NIAGARA FALLS FOR ALL OIL PALM COMPANIES

https://www.youtube.com/watch?v=wB6gHz8XHDI

LATEST UPDATE (MAY 23RD 2022)

They say, "SUCCESS BEGETS SUCCESS"

Bplant has declared a 7.3 Sen dividend

This is even better than the special dividend for year 2017 at 7 sen

THE STRONG RESUMPTION OF STRONG EARNINGS PLUS VERY GOOD DIVIDENDS HAS RETURNED

STAY FULLY INVESTED IN PALM OIL SHARES 

NOW HOW DO WE DO A SIMPLISTIC CALCULATION OF THPLANT ASSET VALUE?

RSAWIT JUST SOLD SOME PALM OIL ESTATES AT DIRT CHEAP VALUE OF RM7,500 PER ACRE

OK IF WE TAKE THIS LOW PRICE AS A BENCHMARK FOR ALL OF THPLANT LANDS IN TRENGGANU, PAHANG, JOHOR, SARAWAK & SABAH TOTALLING 240,000 ACRES

THEN 240,000 ACRES X RM7,500

= RM1.8 BILLIONS 

LESS DEBT OF RM730 MILLIONS

= RM1.07 BILLIONS CASH

NOW DIVIDES BY THPLANT'S 883 MILLION TOTAL PAID UP SHARES

= RM1.21 NET CASH

AN GROSSLY UNFAIR VALUE TO TAKE THPLANT  PRIVATE WILL BE 85 SEN (JUST LIKE LTAT TAKING BOUSTEAD PRIVATE AT 85.5 SEN)

SINCE LANDS IN TRENGGANU, JOHOR, SERIAN (SARAWAK)  SABAH ARE WORTH AS HIGH AS RM50K TO RM80K AN ACRE IT WILL MOST PROBABLY GET A VALUATION OF RM2.50 TO RM4.00

A STILL UNFAIR VALUE WILL BE RM1.50 PER SHARE BUT ACCEPTABLE

THESE ARE BASED ON CURRENT ASSET VALUES & ESTIMATES ONLY. TO GET A CLEARER PICTURE A RELIABLE HONEST APPRAISER OR TWO SHOULD BE APPOINTED

MEANWHILE WE WILL WATCH AND SEE

NO BUY OR SELL CALL

WE HAVE PRESENTED THE FACTS AND FIGURES

LET ALL STUDY CAREFULLY AND DECIDE

WITH KIND REGARDS & BLESSED CHRISTMAS

Calvin Tan

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