Dear Friends of I3 Forum,

Thplant was picked at 47 sen in year 2021/22 together with Bplant at 57 sen and Jtiasa at 63 sen 

All these three penny stocks were actually 2nd Liners mispriced and misplaced by the Market

After two years we SEE Bplant rose to Rm1.57 & Jtiasa now at Rm1.16. Both are no longer penny stocks below One Ringgit

Thplant, therefore, is now a Real Bargain left

Why do we say so?

Let us take a look at their Assets

1. Jtiasa - 206,000 acres of Plantation lands

2. Bplant - 220,000 acres of Plantation lands

3. Thplant - 240,000 acres of Plantation lands

All these got huge Lands planted with Palm oil

And how big are they

Imagine Penang island with 72,900 acres

At 240,000 Acres Thplant is?

240,000 divides by 72,900 acres

= 3.29 Times Penang Island!

That's a lot of Lands!

Now how valuable are the lands of Thplant?

Today we see Lands sold in Sabah by Tamaco Plantation to NPC Resources

See (Refer Bursa Website. Under NPC Resources.)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS ACCEPTANCE BY TAMACO PLANTATION SDN. BHD. OF NPC'S SUBSIDIARIES OFFER TO SELL PROPERTIES

ACCEPTANCE BY TAMACO PLANTATION SDN. BHD. OF NPC'S SUBSIDIARIES OFFER TO SELL PROPERTIES

Ok here we see the Lands Sold and the Prices mentioned

Take this example

1. legal and/or beneficial interest in 6 parcels of palm oil agriculture lands (“Property 1”) measuring in total 251.324 acres more or less situated respectively in the District of Labuk & Sugut, State of Sabah held by BSSB, at a sale consideration of RM5,529,128.00 (“Offer to Sell Property 1”); 

251.324 acres sold for Rm5,529,128

To get psf cost divides price RM5,529,128.00

by  251.324 acres

​

= Rm22,000 per acre

So now we know the Cost of Palm oil Lands in Sabah is worth Rm22,000 per acre

And who sold to who?

It was sold by Npc Resources to Tamaco Plantation 

Sounds familiar? Tamaco Plantation?

TAMACO PLANTATION ALSO WANTED TO BUY THPLANT OIL PALM LANDS IN TATAU, SARAWAK FOR RM10,561 PER ACRE (BUT WAS ABORTED AS EPU (ECONOMIC PLANNING UNIT) REJECTED THE SALE AS TAMACO WAS DEEMED TO BE A NON-BUMI PARTY. SAME REASON WHY KLK PURCHASE OF BPLANT SHARES AT RM1.55 WERE REJECTED

This shows that After TAMACO PLANTATION FAILED TO BUY PALM OIL LANDS AT RM10,560 PER ACRE IN SARAWAK IT HAS TO GIVE A HIGHER OFFER OF RM22,000 PER ACRE FOR NPC RESOURCES LANDS IN SABAH.

Of course Sabah Palm oil lands are more expensive

However, the Lands owned by Thplant in Tatau is near Bintulu and they got development potential after Pan Borneo New Highway is built across Tatau Town

So there is lots of hidden values in Thplant

Refer our post on Thplant

READ THE WHOLE POST VERY VERY VERY CAREFULLY

THPLANT (5112) A Look at its Grossly Undervalue Assets & Increasingly Bright Prospects, Calvin Tan Research

Publish date: Tue, 20 Apr 2021, 10:42 PM

Dear Serious Investors 

To-night we shall take a deeper look at ThPlant - another misunderstood & mispriced stock of Great Value

A cursory look at ThPlant will show that it has Very High borrowings

Also the negative news that Thplant being sued by Party asking for proceeding of Land sales blocked by EPU (Economic planning unit)

Also the dwindling lack of FFB harvest past few months

All the above were highlighted by naysayers to the fear of naive readers who do not do due diligence

Ok now let Calvin share his happy findings

1) WHY IS THPLANT BEING SUED FOR NOT SELLING ITS PLANTATIONS

See

MATERIAL LITIGATION In the High Court of Malaya at Kuala Lumpur in the Federal Territory of Malaysia (Special Powers Division) Application for Judicial Review No. WA-25-71-03/2021 Tamaco Plantation Sdn. Bhd. (Company No. 45922-D) ("Applicant" or "Tamaco") and 1. Ketua Pengarah Unit Perancang Ekonomi Di Jabatan Perdana Menteri 2. TH Plantations Berhad (Company No. 12696-M) ("THP" or "the Company") (both referred as "Respondents")

TH PLANTATIONS BERHAD

Type	Announcement
Subject	MATERIAL LITIGATION
Description	In the High Court of Malaya at Kuala Lumpur in the Federal Territory of Malaysia (Special Powers Division) Application for Judicial Review No. WA-25-71-03/2021 Tamaco Plantation Sdn. Bhd. (Company No. 45922-D) ("Applicant" or "Tamaco") and 1. Ketua Pengarah Unit Perancang Ekonomi Di Jabatan Perdana Menteri 2. TH Plantations Berhad (Company No. 12696-M) ("THP" or "the Company") (both referred as "Respondents")
THP wishes to announce that the Company on 31 March 2021 has been served with a copy of a draft Order from the High Court of Kuala Lumpur granting as follows: Leave to commence Judicial Review proceedings to quash the decision of the Ketua Pengarah Unit Perancang Ekonomi di Jabatan Perdana Menteri (“EPU”) in withdrawing their letter of approval dated 24 November 2020 on 4 December 2020 in relation to the proposed disposal of THP’s entire equity interest in Bumi Suria Ventures Sdn. Bhd. and Maju Warisanmas Sdn. Bhd. to Tamaco pursuant to the Share Purchase Agreement dated 5 December 2019; and   ii.  An ad interim stay order in relation to the decision of the EPU in withdrawing their said letter of approval until 12 April 2021, being the date of the hearing of the inter partes application for a further stay of the said decision of the EPU until final disposal of the Judicial Review proceedings.   THP and the EPU have been named as Respondents in the Judicial Review proceedings. The Company will make the necessary announcement as and when there are further developments in relation thereto.   This announcement is dated 1 April 2021.   Ok look again Leave to commence Judicial Review proceedings to quash the decision of the Ketua Pengarah Unit Perancang Ekonomi di Jabatan Perdana Menteri (“EPU”) in withdrawing their letter of approval dated 24 November 2020 on 4 December 2020 in relation to the proposed disposal of THP’s entire equity interest in Bumi Suria Ventures Sdn. Bhd. and Maju Warisanmas Sdn. Bhd. to Tamaco pursuant to the Share Purchase Agreement dated 5 December 2019; and It boils down to these 1) ThPlant has approved to sell its assets in  Bumi Suria Ventures Sdn. Bhd. and Maju Warisanmas Sdn. Bhd. to Tamaco pursuant to the Share Purchase Agreement dated 5 December 2019; and 2) But Sale was objected by Economic Planning Unit So Tamaco the aggrieved party want this  to quash the decision of the Ketua Pengarah Unit Perancang Ekonomi di Jabatan Perdana Menteri (“EPU”) in withdrawing their letter of approval dated 24 November 2020 on 4 December 2020 in relation to the proposed disposal of THP SO FROM HERE WE SEE CLEARLY THAT TAMACO WANTED VERY MUCH TO BUY THOSE LANDS AS PROMISED FOR SALE BY THPLANT BUT WAS THWARTED BY EPU (GOVT) As a result They are going to Court to pursue for the deal Now Why is the deal SO IMPORTANT?   See our Discovery   ThPlant has approved to sell its assets in  Bumi Suria Ventures Sdn. Bhd. and Maju Warisanmas Sdn. Bhd. to Tamaco pursuant to the Share Purchase Agreement dated 5 December 2019; and   S & P was done on 5 December 2019 Let's see from Bursa Announcement for December 2019 And  here is the announcement TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS TH PLANTATIONS BERHAD ("THP" OR "THE COMPANY")- PROPOSED DISPOSALS OF 100% EQUITY INTERESTS IN BUMI SURIA VENTURES SDN BHD AND MAJU WARISANMAS SDN BHD TH PLANTATIONS BERHAD   Type Announcement Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS Description TH PLANTATIONS BERHAD ("THP" OR "THE COMPANY")- PROPOSED DISPOSALS OF 100% EQUITY INTERESTS IN BUMI SURIA VENTURES SDN BHD AND MAJU WARISANMAS SDN BHD The Company wishes to announce that on 5 December 2019, THP had entered into a Sale Purchase Agreement with Tamaco Plantation Sdn Bhd to dispose its entire equity interests in Bumi Suria Ventures Sdn Bhd and Maju Warisanmas Sdn Bhd, both for a total cash consideration of RM170.0 million ("Proposed Disposals").   Please refer to the attachment for further details of the Proposed Disposals.    This announcement is dated 5 December 2019. Ok now we know the Assets are PROPOSED DISPOSALS OF 100% EQUITY INTERESTS IN BUMI SURIA VENTURES SDN BHD AND MAJU WARISANMAS SDN BHD   And the Sale Price is Rm170 Millions   Now what are the Assets of these Two Mentioned? How Big is the Landbanks? For that please go see Th Plant Properties in Annual Report   SARAWAK Bumi Suria Ventures Sdn. Bhd. Ladang Sungai Arip   Ladang Sungai Karangan Sibu-Bintulu, Sarawak   - Leasehold 2065 and 2066 6,514 Hectares Oil Palm Estate   Book value  Rm124,727,000   OK NOW WE GOT THE DETAILS 6,514 hectares with book value Rm124.7 Millions   SO IF SALE GOES THROUGH THE PROFIT WILL BE   RM170,000,000 minus Rm124,727,000   = Rm45,273,000 A PROFIT OF RM45.2 MILLIONS FOR THPLANT   Buy Why oh Why EPU stopped the sale? Is it because Tamaco a non bumi company? Or is the price grossly undervalue? OK let us calculate the price per acre cost To get acre multiply 6,514 hectares by 2.471 = 16,096.094 acres for Rm170 Millions To get cost of per acre 36.2% profit BUT EPU deemed 3.1% of what Naim sold just too cheap? Now let us see how court case will lead to In any case CPO now at sky high prices all Plantation lands all over the world are going up in prices as well from India to Indonesia, From Australia to USA USA? Yes. Even Bill Gates investing in Farmlands See   Rm170,000,000 divides by 16,096.094 = Rm10,561.56 per acre SO TAMACO WANTS TO BUY THPLANT LAND FOR ABOUT RM10.562 Per Acre (Got planted palm oil lands going for only below Rm11K an acre? Of course too cheap! PART TWO Now we bought both Thplant & Bplant in years 2015/6/7 from Rm1.00 to Rm1.20 range The Big Surprise is this From Rm1.00 to Rm1.20 similar price range Bplant SHOT UP TO RM1.57 WHILE THPLANT TAILED AT 55.5 SEN WHY THPLANT WAS ALSO AT SUCH LEVEL OF RM1.00 TO RM1.20 LIKE BPLANT IN YEARS 2015 to 2017? The Answer is Found in THPLANT's GOOD DIVIDENDS! See this 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 ​   ​ 17-Dec-2008 02-Jan-2009 BONUS_ISSUE Bonus Issue 1 : 1   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 ​

AS you can see above

For year 2017 THPLANT gave out a total of 7.6 sen dividend (6 sen plus 1.6 sen)

With such good dividends Mr Market chased Thplant just like Bplant

And why was there a good dividend then

The reason is the same with Bplant

Thplant at that time disposed Gemas Palm oil lands to unlock value & gave out dividend

SEE THPLANT ANNUAL REPORT OF 2018 (Reporting for Year 2017 Activities)

Financial and Operational Performance

For the year under review, THP reported Profit Before

Tax (“PBT”) of RM86.69 million for FY2017, against

a PBT of RM127.30 million a year ago. The Group

also recorded Profit After Tax (“PAT”) of RM50.75

million (FY2016: RM150.47 million). It is important

to note that in FY2016, the Group had recognised

an extraordinary gain of RM112.58 million from

its disposal of THP Gemas Sdn Bhd, which helped

boost its FY2016 bottom line. Excluding the effect

of this extraordinary gain, the Group’s FY2017 core

pre-tax profit more than doubled to RM73.90 million

compared to RM29.30 million last year.

So here we are. The 7.6 sen dividends paid in year 2017 was not from normal operation but from ASSET Disposal

of THP Gemas Sdn Bhd

Look at these lands again which were sold

Again Refer to Thplant 

THP Gemas Sdn. Bhd.

Ladang Pasir Besar

Ladang Londah

Gemas, Negeri Sembilan

1,781 Hectares

 Oil Palm Estate

Rm19,683,000

Ok here let us do a breakdown of these Assets Thplant Sold in Year 2017

1,781 Hectares Book Value Rm19.683 Millions

To convert hectare to Acres multiply by 2.471

So 1,781 X 2.471

= 4,400.851  acres

To get cost per acre Book Value

Divide Rm19.683 Millions by 4,400.851 acres

= Rm4,472.54 Per Acre

Round up nearest decimal

= Rm4,473 Per Acre

That was how cheap Thplant Land holding Cost then. And Now Also the Same for all other 240,000 acres

Now the profit was Rm112.58 Millions

How many per cent in Profit?

Divides Rm112.58 Millions by Rm19.683 Millions Book Value

= 571% Profit

Now All These 240,000 Acres of Thplant OIl Palm Lands are "ALSO GOLD MINE" Lands just like Bplant got

Thplant now 55.7 sen

Our 1st Target Price for Thplant is Rm1.00

Three ways we will see this Rm1.00 breached

1) By Recognition of Value when Jtiasa & Others Move Up & Thplant will rise in tandem

2) By some Assets Sale with Good Dividends if Thplant follows Bplant example to Unlock Value

3) The Fastest Route: A Certain High Takeover Price over Rm1.00 just like KLK Took Private Ijm Plant or LTAT offered Rm1.55 to takeover Bplant

Can we expect privatisation of Thplant?

See this

THPLANT – A candidate for privatization? By Calvin Tan

calvintaneng

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

Publish date: Tue, 30 Nov 2021, 08:26 AM

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

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 private, people with knowledge of the matter said, amid a rally in palm oil prices.

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 Chartered Accountant and a member of the Malaysian Institute of Accountants (MIA) as well as a Certified Practicing Accountant (CPA) of Papua New Guinea.

NOTE: THESE NEW DIRECTORS HOLD ACCOUNTING DEGREES WITH AUDIT EXPERIENCE

So is privatization on the Card?

​