THE INVESTMENT APPROACH OF CALVIN TAN

DID CALVIN TAN BUY TSH RESOURCES AT THE HIGH PRICE OF RM1.80? IS HE TRYING TO ASK YOU TO PUSH UP FOR HIM TO ESCAPE?, By Calvin Tan

calvintaneng
Publish date: Sat, 20 Jan 2024, 02:37 AM
calvintaneng
0 1,788
Hi Guys,

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

Dear friends of i3 Investor Forum,

It has been perpetuated for the whole time by Spammers in TSH RESOURCES FORUM that Calvin cost of purchase for TSH RESOURCES is Rm1.80. And therefore he has been trying to get people to push up for him to escape

Since it has been spammed a thousand times the "lies" have been ingrained as the "truth"


And do you want the truth? The real truth? The whole truth?

So here it is for all to read and "SEE THE TRUTH"


REPOSTED ARTICLE: CALVIN TAN ON: THE INTRINSIC VALUE OF TSH RESOURCES

calvintaneng
0 1,762

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

Hi Guys,


calvintaneng
Publish date: Mon, 23 Aug 2021, 08:24 AM

Dear Investors & Traders of i3 Forum (Pease read to the very end as we are typing now from Singapore)

Many have wondered why we are bullish on Tsh Resources after IjmPlant was taken over by KLK at Rm3.10

Many do superficial reading on TSH NAV to be only Rm1.06 and price now at Rm1.04 to be not worth much

 

See what people see below


31 Mar 2021

A careless perusal will show only Rm1.06 NAV

 

But Dig Deeper

How?

You must compare Apple with Apple & Orange with Orange

 

Now See IJM PLANT NAV Below


SUMMARY OF KEY FINANCIAL INFORMATION

31 Mar 2021


INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR

CORRESPONDING

QUARTER

CURRENT YEAR TO DATE
PRECEDING YEAR

CORRESPONDING

PERIOD

31 Mar 2021
31 Mar 2020
31 Mar 2021
31 Mar 2020
$$'000
$$'000
$$'000
$$'000
1
Revenue
246,381
195,393
935,693
739,133
2
Profit/(loss) before tax
60,411
-73,438
272,129
-50,472
3
Profit/(loss) for the period
60,104
-86,273
215,007
-72,979
4
Profit/(loss) attributable to ordinary equity holders of the parent
57,417
-76,387
205,083
-63,423
5
Basic earnings/(loss) per share (Subunit)
6.52
-8.67
23.29
-7.20
6
Proposed/Declared dividend per share (Subunit)
10.00
2.00
10.00
2.00


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 ($$)
1.6300
1.3500


As you can see above IJMPLANT NAV IS ONLY RM1.63

THEN WHY SHOULD IJMPLANT BE WORTH RM3.20 (RM3.10 Plus 10 Sen Dividen) WHEN KLK OFFERED

RM1.63 NAV & TAKEOVER OFFER IS RM3.20 (Or 96% Above Net Asset Value??)

 

Now we think TSH & IJMPLANT Are Very Similar in their Assets & Earnings

Both TSH & IJMPLANT Estates are Located in Sabah, Kalimantan & Sumatra

Since they go over to Indonesia they stay close to each other. Just as in early times from China Coastal Cities arrived early Immigrants to Malaya & stayed in coastal Towns like Penang, Kelang & Johor (Just check: these speak the Hokkien Dialects)

Later in year 1848 Long Jaffar founded Tin in Larut & also the Sungai Besi Tin Mines in KL. These drew in Chinese from Guandong who are more business minded. Today the Chinese of Klang Valley (KL) & Kinta Valley (Ipoh) Speak the Cantonese Dialect

The Indians also congregated in Brickfields, Sentul & the Little India of Singapore.

The British?

They liked cooler mountain airs so they named Cameron Highland, Maxwell Hill, Fraser Hill & others.

Port & States  were called Port Swettenham (today Port Klang), Province Wellesley (Now Prai)

And so are TSH & IJMPLANT & KLK & WILMAR (They cluster around)

So if IJMPLANT is worth 96% more then can we value TSH Rm1.04 X 96% more

or Rm2.03

Is the Intrinsic Value of TSH Rm2.03 then?

 

Ok we dig deeper and further

 

2) When TSH Disposes Assets only then We see its Real Value Surface

Recently TSH sold 2 Palm Oil Estates

Let's go check them up

The Board of Directors of TSH (“Board”) wishes to announce that TSH and its 2
wholly-owned subsidiaries, namely TSH Palm Products Sdn. Bhd. and TSH Plantation
Sdn. Bhd. had on 6 July 2021, entered into the following respective sale and purchase
agreements with Sharikat Keratong Sdn. Bhd. (“SKSB” or “Purchaser”):
(i) Sale and Purchase Agreement between TSH and SKSB (“SPA 1”) for the
proposed disposal of the oil palm plantation land measuring approximately
2,489 acres together with all the oil palms, estate office, living quarters/houses,
structure, tractors, estate equipment, and furniture thereat, known as Ladang
Gomantong, for a cash consideration of RM76 million (“Disposal Consideration
1”);
(ii) Sale and Purchase Agreement between TSH Palm Products Sdn. Bhd. (“TSHPP”)
and SKSB (“SPA 2”) for the proposed disposal of the oil palm plantation land
measuring approximately  4,942 acres together with all the oil palms, estate
office, living quarters/houses, structure, tractors, estate equipment, and
furniture thereat, known as Ladang Ong Yah Ho,  for a cash consideration of
RM152 million (“Disposal Consideration 2”); and 

  1. and 
  2. Sale and Purchase Agreement between TSH Plantation Sdn. Bhd. and SKSB for the proposed disposal of 1 palm oil mill equipped with plant and machinery, together with furniture, vehicle and heavy machinery known as Lahad Datu Palm Oil Mill for a cash consideration of RM20 million. 

 
 
 
Ok we SEE two pieces from above are disposed
 
Let's go check up the Top 10 Properties of TSH (refer to AR or Annual Report)
 
Wow! the 2,489 acres sold for Rm76 millions is a surprising discovery! This is not listed in Top Ten as it is only a smaller piece. So suddenly appeared with a Cash windfall revealed as worth Rm76 Millions (Don't forget that TSH took Ekowood Private & TSH also Top 2nd Holder of Innoprise. TSH also got Rm400 Millions worth of bilogical assets. That is why TSH stands for  Treasure  Safely  Hidden
 
 
 
Ok (Please see AR Top 7 Properties of TSH)
 
It is listed with Assets Book Value of  Rm102,916,131 or nearest decimal Rm102.92 Millions
 
Ok now deduct from Sale Price
 
Sale total Rm152 Millions & Mills Rm20 Millions = RM172 MILLIONS
 
So Rm172 MILLIONS less Cost Rm102.92 MILLIONS
 
= RM69.08 MILLIONS
 
How many percent up?
 
Rm69.08 mil divides by Rm102.92 = 67.12% Upside
 
Now if we multiply NAV of Rm1.06 by 67.12%
 
The NAV will be Rm1.77
 
That is NET ASSET VALUE ALONE
 
What if we should include two Companies (Ekowood - taken private & Innoprise still listed) & the 200,000 Acres of Forest Concession, Biomass Energy, Cocoa Business, Paper Pulp & above all The Palm OIl Refinery 50/50 J/V with Wilmar in Sabah?
 
Easily over Rm2.00 value
 
Ok now we go and see its historical price
 
 
3) TSH & IJMPLANT GOES UP IN GOOD AND BAD TIMES TOGETHER
 
See Their Price History
 
 

See IJMPLANT Price history

YEAR...LOWEST PRICE...HIGHEST PRICE

2004..Rm1.00........Rm1.40

2005...0.91.........Rm1.20

2006..Rm1.02........Rm1.66

2007..Rm1.36........Rm3.25

2008..Rm1.19........Rm4.01

2009..Rm1.81........Rm2.89

2010..Rm2.36........Rm3.14

2011..Rm2.38........Rm3.24

2012..Rm2.63........Rm3.77

2013..Rm2.75........Rm3.62

2014,,Rm3.11........Rm4.03

As you can see both in Years 2008 & 2014 IjMPLANT CROSSED THE RM4.00 MARK

 

NOW JUST AS IJMPLANT CROSSED RM4.00 IN GOOD YEARS TSH RESOURCES SHARE PRICE ALSO CROSSED RM4.00 JUST LIKE IJMPLANT DID THEN

 

See

TSH RESOURCES PRICE HISTORY

YEAR....LOWEST PRICE...HIGHEST PRICE

2004.....0.45.................1.01

2005....0.63..................1.05

2006....0.60..................1.05

2007....0.77..................1.65

2008....0.55..................1.94

2009....0.66...................1.00

2010....0.84...................1.46

2011....1.33...................2.04

2012....1.87...................2.87

2013....2.05...................3.13

2014....2.72...................4.00

So in year 2014 when IJMPLANT was Rm4.03 TSH RESOURCES SHARE PRICE ALSO REACHED RM4.00

 

THAT IS WHY THERE IS A HIGH POSSIBILITY TSH RESOURCES SHOULD REACH RM2.00 IN THIS COMING PALM OIL BULL RUN & CAN ALSO GO UP HIGHER

 

KLK HAS TAKEN OVER IJMPLANT AT RM3.20 (ITS PEAK CYCLE REACHED RM4.00)

 

TSH ALSO REACHED RM4.00 AT PEAK CYCLE

BUT WHY DO WE NOT ASSIGN TSH AS SAME WITH WITH IJMPLANT AT RM3.20 INTRINSIC VALUE

WHY ONLY RM2.00?

ANSWER:

BECAUSE TSH GAVE ONE FREE BONUS FOR TWO SHARES HELD WHILE IJMPLANT DID NOT

 

SO WE THINK RM2.00 IS A VERY FAIR INTRINSIC VALUE FOR TSH AT THE VERY LEAST

 

Best Regards

Calvin

 

Please buy or Sell After doing your own due diligence. Or consult your Remisier/Fund Manager




PART TWO


CALVIN ADDITIONAL COMMENTS ON 20TH JANUARY 2024

OK GUYS

Take a good look at these words


Publish date: Mon, 23 Aug 2021, 08:24 AM

Dear Investors & Traders of i3 Forum (Pease read to the very end as we are typing now from Singapore)

Many have wondered why we are bullish on Tsh Resources after IjmPlant was taken over by KLK at Rm3.10

Many do superficial reading on TSH NAV to be only Rm1.06 and price now at Rm1.04 to be not worth much


Read again

Many have wondered why we are bullish on Tsh Resources after IjmPlant was taken over by KLK at Rm3.10

Many do superficial reading on TSH NAV to be only Rm1.06 and price now at Rm1.04 to be not worth much


Read one more time


Many do superficial reading on TSH NAV to be only Rm1.06 and price now at Rm1.04 to be not worth much


AND READ THE FINAL TIME

 price now at Rm1.04 to be not worth much


OK NOW ONLY YOU SEE THE TRUTH! THE PRICE IS ONLY RM1.04 (NOT RM1.80 AS TOLD BY THE PERPETUAL LIAR!)


CALVIN'S COST IS NOT RM1.80 BUT BUY CALL WAS ONLY RM1.04


AND WHERE ARE THE PERPETUAL LIARS WHO KEPT HARPING CALVIN BOUGHT TSH AT RM1.80??


OK AT RM1.04 NOW SEE FURTHER

SINCE YEAR 2021 TSH HAS GIVEN THESE DIVIDENDS


TSH HAS GIVEN OUT A TOTAL OF 15 SEN DIVIDEND

SO ANYONE LESS 15 SEN THE COST IS 89 SEN


NOW OF COURSE CALVIN (PARDON MY USING 3RD PERSON PRONOUN) DID BUY ON THE WAY UP BUT AS PRICE SURGED UP THE PURCHASE WAS LESS

AND DO YOU KNOW?

AS TSH PRICES RETRACED CALVIN BOUGHT MORE. AND MORE BELOW RM1.00

ALSO TELLING ALL TO BUY

AGAIN MANY SEE NOTHING GOOD IN TSH UNTIL NOW

NEVER MIND AT ALL

IN YEAR 2020 APRIL CALVIN WAS INVITED TO JOIN FIFO WHATASPP GROUP

AND THE FIRST STOCK CALVIN BOUGHT AT RECOMMENDED TO FIFO PEOPLE WAS SUPERMAX (BOUGHT AT RM1.73)

PEOPLE IN FIFO THOUGHT CALVIN WANTED TO "FRONT RUN THEM"

JUST TOO BAD. SO MANY DID NOT BELIEVE. UNTIL TOO LATE WHEN SUPERMAX SHARE PRICE WENT UP THE STRATOSPHERE AT RM24.00

CALVIN SOLD SUPERMAX AT RM20.00 AND TOLD FIFO PEOPLE TO SELL

BUT NOW THEY WERE RELUCTANT TO LET GO

TOO BAD. SUPERMAX CRASHED BACK BELOW RM1.00 AFTER SPLIT BONUS.


SO NOW CALVIN SHOUTS TO ALL DEAR FELLOW FRATERNITY OF I3 FORUM

CALVIN SEES GREAT POTENTIAL AHEAD IN TSH RESOURCES

ONLY DIFFERENCE IS THIS

TSH RESOURCES IS NOT A CYCLICAL LIKE SUPERMAX

THEN LIKE WHAT

TSH RESOURCES WILL BE LIKE BPLANT

WHY BPLANT?


ANSWER:

BECAUSE LTAT TOOK BPLANT PRIVATE FOR ITS GOLD MIND LANDS IN SEBERANG PRAI NORTH

(BY THE WAY PENANG GOVT ALSO TRYING TO GET HOLD OF SIMEDARBY PLANT LAND IN SEBERANG PRAI SOUTH LANDS

ALL THESE ARE NOW GOLD MINE LANDS DUE TO LAND BOOM IN BATU KAWAN. BPLANT ALSO GOT GOOD LANDS NEAR KAJANG, PERAK & OTHER PLACES

BUT NOTHING COMPARED TO TSH'S 94,700 ACRES OF PRIME LANDS NEAR IKN NUSANTARA, THE NEW ADMIN CAPITAL OF INDONESIA

COST OF PURCHASE AND BOOK VALUE AS LOW AS 11 SEN PSF OR RM5,000 PER ACRE

CURRENT PRICE AS HIGH AS RM27 PSF OR RM1.17 MILLIONS PER ACRE

TRUE OR NOT TIME WILL TELL


BEST REGARDS TO ALL


CALVIN TAN


PLEASE  BUY OR SELL AFTER DOING YOUR OWN DUE DILIGENCE OR CONSULT YOUR REMISIER, FUND MANAGER, ACCOUNTANT AND REAL ESTATE VALUER


More articles on THE INVESTMENT APPROACH OF CALVIN TAN
Discussions
2 people like this. Showing 28 of 28 comments

calvintaneng

TIME TO BUY SUPERMAX WAS RM1.73 ON APRIL 2020
SELL BY YEAR END AT RM20

TIME TO BUY TSH RESOURCES IS NOW AT RM1.00
AND THEN HOLD

2 months ago

Berlin

Ha ha ha......please take a look at the headline and the kindergarten grammar. How to trust a guy who can't figure out simple past tense.

2 months ago

Income

I saw his articles about LaNino… last time … way b4 Covid but price never happened as predicted. That’s all I want to share.

2 months ago

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

Of course, we have heard his story of selling 8 houses to invest into his best find (NETX) ever. Hope he will share his honest lessons on this too.

2 months ago

gohkimhock

if calvintaneng can be trusted, the cow will know how to climb a palm oil tree..

2 months ago

calvintaneng

Gohkimhock

You have vested interest in questionable accounting of Kgb which Calvin has pointed and warned you

So it does not matter what you say

Let time proof all things

2 months ago

calvintaneng

3iii has been harping on Netx which is still listed at 11 sen ( up 1 sen from 10 sen) when shares like Rapid Synergy, Ynh Scib, Leform, Widad, Mersec and others which gone limit down and he never bother to do his duty go there and warn innocent people there

This shows 3iii a busy body and a time waster
Go and do something productive

2 months ago

calvintaneng

Calvin first promoted Pm Corp in year 2013 & 3iii opposed and said Pm Corp only worth 14.4 sen in investlah (now bankrupted by 3iii)

Pm Corp went across 30 sen 3 times & gave a Cash payout of 8 sen
So he failed

So many good stocks were picked from years 2014 to 2017 of which 3iii kept total silent

See these 4 Great Buy Calls in year 2016 https://klse.i3investor.com/web/cube/profile/oalvintaneng

Stock: [NOTION]: NOTION VTEC BHD

2016-04-03 14:43 | Report Abuse

For the next 3 years CPO prices are expected to rise & rise to Rm4,000 a tonne.

Mr, how? Very nervous...whole day can't sleep well


Oh boy!

If you buy shares that cause you to lose sleep you better sell them off and switch to these ones

1) JTIASA (Giant Tressure)
2) Ytl Power (Rock solid & stable) Dividend is 6.8%
3) RceCap (Also Rock Solid) Cash pay out is 25%
4) PBA (This One The MOST SOLID OF ALL) Water is recession proof


Jtiasa was Rm2.70 when CPO was Rm2,600 a ton

Now CPO already crossed Rm2.700 a ton

So Jtiasa going back to Rm2.70 is only a matter of time.

Just buy and forget!

After CPO Cross Rm4,000 a ton then you only SEE how much is Giant Treasure worth.


Above 4 CHUN CHUN STOCKS POSTED ON (2016-04-03)
https://klse.i3investor.com/web/cube/profile/oalvintaneng

YTL POWER
Now very very hot stock

PBA
Also very very hot stock

RceCap
Buy 27.5 sen
Capital exercise

Free 7.5 sen & 4 shares consolidate into one

So 27.5 - 7.5 sen (cash paid)

20 sen X 4

= 80 sen after consolidation

Now RceCap is now current price Rm3.10 (Up 387%)

JAYA TIASA?

Buy call 63 sen
Now Rm1.05

STILL GOING UP

BETTER DO NOT MISS JTIASA (GIANT TREASURE)

Missed Ytl Power? Never mind!
Missed PBA? Never mind!
Missed RceCap? Never mind!

BUT DON'T YOU MISS JAYA TIASA!

SEE

https://klse.i3investor.com/web/cube/profile/oalvintaneng

2 months ago

Berlin

Poor TSH. No more kaw kaw buy and all but forsaken for Calvin's latest squeeze JTiasa. Will it ever morph into the blue chip to beat Nestle as he screamed on 7.04.2022 ; with targets of RM2.00 short term, RM3-4 31.12.2022, long term blue chip status RM10 and the ultimate Nestle beating RM150!! With current price RM1.00, I guess Calvin misplaced his decimals.

2 months ago

Berlin

Calvin; Incidently, by comparison, what were your target prices for JTiasa in April 2022 in the midst of your once-in-a-lifetime plantation bull mania? Can you recall?

2 months ago

Berlin

Calvin exposed in his torn and tattered underwear with nowhere to hide his two jewels! So it's RM3.16 target price end 2022 for JTiasa compared to actual RM0.63. End 2023 JTiasa closed at RM0.91. He made so many kaw kaw buy calls in 2022 for plantation stocks all based on flawed premises one can hardly keep track. But he will selectively choose which figure to disclose to suit his mad designs.

2 months ago

ahbah

TSH .. a good buy bcos TSH got cocoa business. Cocoa price now is super high !

2 months ago

calvintaneng

ahbah so clever smart kid

well done!

2 months ago

calvintaneng

ahbah small kid

but very smart

got protection from fierce dog

our palm oil shares got small following

but very safe and ok

got protection from high cpo prices ..

high profits ...

high dividends ...

high margin of safety

2 months ago

Ahmad Cendana

TSH seems to be moving. "Slowly" but that's fine with those with patience. This is one of the counters that I've been adding over the past couple of months. If it goes below 1.00 again, that means add a bit more. And then continue with the basic plan - go do something else and just "Wait".

2 months ago

calvintaneng

Ahmad Cendana

TSH seems to be moving. "Slowly" but that's fine with those with patience. This is one of the counters that I've been adding over the past couple of months. If it goes below 1.00 again, that means add a bit more. And then continue with the basic plan - go do something else and just "Wait".

Yes correct!

2 months ago

ahbah

TSH ... coming now, the new born bull in the mkt ?

2 months ago

calvintaneng

Ahbah

You are so clever!

👏 Clap
👏 Clap!
👏 Clap!!

2 months ago

ahbah

Please take good care of the new born bull TSH. Thanks. 😍🥰😋

1 month ago

ahbah

I think the TSH show is still on, NO game over yet ?

1 month ago

ahbah

Cocoa prices continued to rally, surpassing $6,800 per tonne, a new historic high, largely driven by concerns over shortages.

1 month ago

DickyMe

YES! Calvin did buy TSH at it's high price.
He even announced buying more, multiple times, as the price was collapsing.
If you have access to TSH chat history, filter out all CuntWin Tan's comments for evidence.
He is trying to justify his miserable trades as a winner, when this stock made a slight bump up after a long slumber. It hardly surpasses his AVERAGE PRICE; in other words, CUNTWIN TAN is still hugging deadwood.

1 month ago

chamlo

Post removed.Why?

1 month ago

chamlo

Post removed.Why?

1 month ago

Anti_debt

Wait TSH debt free like Inno I buy. How long must wait? 1 more qtr or 2? Or 1 year?

1 month ago

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