THE INVESTMENT APPROACH OF CALVIN TAN

RESULTS OF PALM OIL COMPANIES SHOW WIDE CONTRAST BETWEEN UPSTREAM & DOWNSTREAMS, Calvin Tan

calvintaneng
Publish date: Sat, 24 Feb 2024, 05:07 PM
calvintaneng
0 1,788
Hi Guys,

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

Dear Friends of i3 Forum


Results of KLK, SIME DARBY PLANT IN DOWNSTREAM & INNOPRISE PLANT & FAR EAST IN UPSTREAM SHOW CONTRASTING RESULTS


ONE IS FARING POORLY WHILE THE OTHER IS THRIVING


SO RESERCH HOUSE & MEDIA SHOULD NOT LUMP ALL PALM OIL COMPANIES THE SAME.

BECAUSE THEY ARE NOT ALL THE SAME


See this


John Neff quote: I don't read, much less follow, the ...

YES! LET US STUDY THE NUMBERS!!


1) KLK


SUMMARY OF KEY FINANCIAL INFORMATION

31 Dec 2023


INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR

CORRESPONDING

QUARTER

CURRENT YEAR TO DATE
PRECEDING YEAR

CORRESPONDING

PERIOD

31 Dec 2023
31 Dec 2022
31 Dec 2023
31 Dec 2022
$$'000
$$'000
$$'000
$$'000
1
Revenue
5,636,052
6,707,722
5,636,052
6,707,722
2
Profit/(loss) before tax
366,157
595,378
366,157
595,378
3
Profit/(loss) for the period
264,902
482,819
264,902
482,819
4
Profit/(loss) attributable to ordinary equity holders of the parent
226,942
443,039
226,942
443,039
5
Basic earnings/(loss) per share (Subunit)
21.00
41.10
21.00
41.10
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 ($$)
13.1200
13.2800
KLK YoY has dropped from 41.10 sen to 21 sen
A drop of 48.9%
A drop due to High FFB & Cpo feedcost

They paid high prices for CPO to process into Cooking oil, soap & others
So we avoid KLK in times of High FFB & Cpo prices


2. BATU KAWAN

SUMMARY OF KEY FINANCIAL INFORMATION

31 Dec 2023


INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR

CORRESPONDING

QUARTER

CURRENT YEAR TO DATE
PRECEDING YEAR

CORRESPONDING

PERIOD

31 Dec 2023
31 Dec 2022
31 Dec 2023
31 Dec 2022
$$'000
$$'000
$$'000
$$'000
1
Revenue
5,832,503
6,988,313
5,832,503
6,988,313
2
Profit/(loss) before tax
389,829
633,021
389,829
633,021
3
Profit/(loss) for the period
269,336
507,397
269,336
507,397
4
Profit/(loss) attributable to ordinary equity holders of the parent
111,736
235,304
111,736
235,304
5
Basic earnings/(loss) per share (Subunit)
28.40
59.80
28.40
59.80
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 ($$)
19.9085
19.9652

PROFIT DROPPED FROM 59.80 TO 28.40 SEN

DROPPED 52.5%

SINCE BATU KAWAN IS A PROXY TO KLK IT ALSO FELL IN EARNINGS

AS SUCH WE AVOID DOWNSTREAM
MEDIA OF COURSE ONLY TOOK NOTICE OF DOWNSTREAM BUT FAILED TO NOTICE UPSTREAM WHICH IS DOING FINE


INNOPRISE PLANT

SUMMARY OF KEY FINANCIAL INFORMATION

31 Dec 2023


INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR

CORRESPONDING

QUARTER

CURRENT YEAR TO DATE
PRECEDING YEAR

CORRESPONDING

PERIOD

31 Dec 2023
31 Dec 2022
31 Dec 2023
31 Dec 2022
$$'000
$$'000
$$'000
$$'000
1
Revenue
63,275
56,418
227,133
269,198
2
Profit/(loss) before tax
21,574
13,234
69,081
111,182
3
Profit/(loss) for the period
16,632
9,643
53,463
82,624
4
Profit/(loss) attributable to ordinary equity holders of the parent
16,632
9,643
53,463
82,624
5
Basic earnings/(loss) per share (Subunit)
3.47
2.01
11.16
17.25
6
Proposed/Declared dividend per share (Subunit)
3.00
2.50
10.00
18.50


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 ($$)
0.6500
0.6300


INNO YoY JUMPED FROM 2.01 SEN TO 3.47 SEN
 
UP 72%

DIVIDEND ALSO INCREASED TO 3 SEN


4. FAR EAST

SUMMARY OF KEY FINANCIAL INFORMATION

31 Dec 2023


INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR

CORRESPONDING

QUARTER

CURRENT YEAR TO DATE
PRECEDING YEAR

CORRESPONDING

PERIOD

31 Dec 2023
31 Dec 2022
31 Dec 2023
31 Dec 2022
$$'000
$$'000
$$'000
$$'000
1
Revenue
190,289
167,252
542,359
785,657
2
Profit/(loss) before tax
60,453
32,719
130,138
274,686
3
Profit/(loss) for the period
52,192
27,586
106,091
227,914
4
Profit/(loss) attributable to ordinary equity holders of the parent
45,859
26,892
99,185
217,268
5
Basic earnings/(loss) per share (Subunit)
7.72
4.53
16.70
36.59
6
Proposed/Declared dividend per share (Subunit)
5.00
8.00
15.00
16.00


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 ($$)
2.3300
2.3100



FAR EAST PROFIT JUMPED FROM 4.53 SEN TO  7.72 SEN


OR UP 70.4%


FROM HERE WE SEE THE STARK DIFFERENCE BETWEEN PURE UPSTREAM DOING FANTASTIC COMPARED TO DOWNSTREAM BEING MEDIOCRE


SO THE VERDICT


GO FOR PURE UPSTREAM LIKE JAYA TIASA, THPLANT, TSH RESOURCES, HS PLANT, IJM PLANT, BPLANT, TAANN & OTHERS


PLEASE BUY OR SELL AFTER DOING YOUR OWN DUE DILIGENCE OR CONSULT YOUR REMISIER/FUND MANAGER


REGARDS


Calvin Tan

More articles on THE INVESTMENT APPROACH OF CALVIN TAN
Discussions
1 person likes this. Showing 6 of 6 comments

calvintaneng

WHY WHEN CPO PRICES ARE HIGH UPSTREAM PALM OIL PLANTERS WILL DO FAR BETTER THAN DOWN STREAM PALM OIL COMPANIES, Calvin Tan

https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/2024-02-22-story-h-188275986-WHY_WHEN_CPO_PRICES_ARE_HIGH_UPSTREAM_PALM_OIL_PLANTERS_WILL_DO_FAR_BET

1 month ago

Fabien _the efficient capital allocator

How to explain TSH results dropping by 44%? Next week UP results will surprise you.

1 month ago

calvintaneng

Tsh sold two plots of lands to reduce debts

1. 2 estates in Sabah to raise Rm248 millions cash (About 8,000 acre )

2. sold Bulugan lands (about 32,000 acres) to raise Rm731.09 millions

about 40,000 acres were sold and will get about Rm18 billions cash

currently Bulugan land still got Rm273 million cash pending

what is the current status

While lands are sold in Principe Final Cash of Rm273 millions yet to come in

as a result there is a reduction of Ffb and this qtr reflected it

however things will improve after final cash Rm273'mullions come in to completely clear all remaining debts of Rm18 millions plus and then these will happen

1. Tsh will save at least Rm20 millions or about 1.5 sen from bank interest

2. As a result the balance sheet will improve without further debt load

2. And Tsh being debt free can now increase its dividend payout like Inno

3. Plus there is a possibility Tsh can give a special dividend from the Rm273 millions can to be received

1 month ago

calvintaneng

so see the complete picture will get better clarity

1 month ago

calvintaneng

See

United Plant in pure upstream doing fantastic

1 month ago

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