THE INVESTMENT APPROACH OF CALVIN TAN

TSH RESOURCES VERSUS SERBA DINAMIK (WHY THEIR ACCOUNTS ARE TOTALLY OPPOSITE) Calvin Tan

calvintaneng
Publish date: Sun, 25 Feb 2024, 06:11 PM
calvintaneng
0 1,788
Hi Guys,

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

Dear Friends of i3 Forum


This evening we will be happy to highlight the Stark Difference between The Accounts of Serba Dinamik Versus Tsh Resources


For Serba let us relook at its Accounts


SERBA DINAMIK TURNING INTO SERBA DYNAMITE ; I3 FORUMERS PLEASE BE VERY CAREFUL NOT TO GET HURT, Calvin Tan Research


Dear Friends, Investors & Traders of i3 Investor Forum 

 

See this

Posted by Petronas > Jun 1, 2021 6:03 PM Report Abuse 

Serba Dinamik name will be changed to Serba Dynamite.

I think this is more appropriate name now. Hahaha.

 

I saw this comment at 6.03pm. From Dinamik to Dynamite? It sets me thinking.

Better warn all dear i3 Formers to be very careful now less they get hurt

 

And these are all the Red Flags found in this Ticking Time Bomb

 

First see the Feb 2021 results of Serba



SUMMARY OF KEY FINANCIAL INFORMATION

31 Dec 2020

INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR

CORRESPONDING

QUARTER

CURRENT YEAR TO DATE
PRECEDING YEAR

CORRESPONDING

PERIOD

31 Dec 2020
31 Dec 2019
31 Dec 2020
31 Dec 2019
$$'000
$$'000
$$'000
$$'000
1
Revenue
1,815,648
1,360,549
6,014,075
4,528,621
2
Profit/(loss) before tax
227,324
139,118
706,337
544,828
3
Profit/(loss) for the period
202,103
140,248
632,089
497,983
4
Profit/(loss) attributable to ordinary equity holders of the parent
202,149
140,883
631,745
496,640
5
Basic earnings/(loss) per share (Subunit)
5.45
3.80
17.03
13.39
6
Proposed/Declared dividend per share (Subunit)
1.60
1.40
5.45
7.51
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 ($$)
0.8900
0.660

A careless perusal will show a very nice result

Revenure jumped from Rm1,360,549,000  to Rm1,815,648,000

Up Rm455,099,000 or Up 33.4%

Profit is Rm202,149,000

EPS is 5.45 

NAV up from 66 sen to 89 sen (impressive? or too good to be true? we shall SEE)

And a dividend of 1.60 sen

From all points Results look excelent (on the face value not until )

Not until?

NOT UNTIL YOU GO AND STUDY THE DETAILS IN THE BALANCE SHEET VERY VERY VERY CAREFULLY

Please go look up Feb 2021 Result of Serba in Bursa Website & follow as we explain in details

See this

Trade and other receivables
 
Rm1,865,070,000 (At 31.12.2020)
Rm1,256,132,000 (At 31.12.2019)
 
SO RECEIVABLES AFTER ONE YEAR HAS INCREASED BY RM608,938,000
 
THAT"S RM609.9 MILLIONS (IOU) THIS IS NOT CASH BUT RECEIVABLES ONLY
AND TOTAL RECEIVABLES BALLOONED TO RM1.865 BILLIONS!!!
 
Debts owed by Who? Will they be collected? If not when will they turn into BAD DEBTS?
 
See What Calvin Johor Sifu Taught About Receivables
 

4. RECEIVABLES IS NOT CASH

This was when I bought into Megan Media at around 67.5  cents. From

the Balance Sheet Megan Media showed a P/E of only 3. NTA at over

Rm2.00. It also pay a small dividend.

So many have been tricked by the “blue ray” disc hype touted by

Megan Media Bosses. However, My Johor Sifu stood his ground &

rejected buying into this popular stock which so many others bought.

 

Why? He questioned the High Amount of RECEIVABLES In Megan

Media’s Accounts. RECEIVABLE IS NOT CASH. What is CASH Then?

According to my Johor SIFU The Smart Accountant, “CASH IS ONLY

CASH IF THE CASH IS RECEIVED AND DEPOSITED SAFELY IN

THE BANK”.

Megan Media could not collect those (IOU) Or Receivables which are fake anyway. Finally unable to pay Bank Loan ....

Megan Media went

bankrupt and got delisted. It was found out later that all the Blue Ray

Disc Factories were non existent. RECEIVABLES WERE ALL FAKE OR

FICTITIOUS.

 

Take a look at the Megan Media Result of Year 2006 (15 years ago)

 

SUMMARY OF KEY FINANCIAL INFORMATION

31/10/2006

INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR

CORRESPONDING

QUARTER

CURRENT YEAR TO DATE
PRECEDING YEAR

CORRESPONDING

PERIOD

31/10/2006
31/10/2005
31/10/2006
31/10/2005
RM'000
RM'000
RM'000
RM'000
1
Revenue
238,134
248,323
468,499
497,182
2
Profit/(loss) before tax
18,641
11,150
37,165
26,615
3
Profit/(loss) for the period
15,173
3,957
28,620
16,926
4
Profit/(loss) attributable to ordinary equity holders of the parent
15,173
3,957
28,620
16,926
5
Basic earnings/(loss) per share (sen)
7.45
1.93
14.06
8.27
6
Proposed/Declared dividend per share (sen)
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 (RM)
2.4800
2.3100
 
From the Above Everyone Gone GaGa Chasing Megan Media. But just like Serba the Profits were parked Under "RECEIVABLES" AND NO CASH
 
So many were conned kaw kaw. Remisiers, Accountants also got conned
 
My Johor Sifu did audit. He does not trust receivables but CASH AND CASH IN THE BANK ONLY!
 
 
 
SO SERBA PROFITS WERE NOT REAL PROFITS BUT (IOU) RECEIVABLES
 
 
Look at Cash
 
Cash and cash equivalents
RM836,352,000 (31.12.2020)
RM 1,306,590,000 (31.12.2019)
 
AFTER ONE YEAR CASH HAS DROPPED BY RM470.2 MILLIONS
 
NOW LOOK AT BANK BORROWINGS
 
Loans and borrowings
 
3,127,514,000 (31 December 2020)
2,938,624,000 (31 December 2019)
 
DEBT HAS INCREASED BY RM188.9 MILLIONS TO    RM3.127 BILLIONS
 
 
What Kind of Balance Sheet is this?
 
From the Cooked Up Presentation that look so good
 
To the Horror  Results in the Balance Sheet?
 
Now Let Us Dig Further:
 
 
Where Did Serba Get So Good Profits last 5 Years
In the Annual Report they look like Going Up In a Straight Line
 
How Come Serba Did So Well While Petronas' Top OGSE Companies like Dayang, Penergy, Carimin, Uzma & Sapura Energy were all Struggling to Survive?
 
Aha! Serba got profits from these places
 
See
 
 
For the quarter ended 31 December 2020 (“Q4FY20”), the Group recorded revenue of RM1,815.6 million which was 33.4% higher than corresponding quarter of the preceding year (“Q4FY19”) due to strong activities from O&M and EPCC segment. The gross profit for the quarter stood at RM307.8 million or 17.0% of total revenue. The Group also recorded profit before taxation of RM227.4 million, 63.5% higher as compared to profit before taxation of RM139.1 million in Q4FY19.
O&M contributed 82.5% of revenue in Q4FY20 with an increase of RM338.0 million or 29.2% against Q4FY19.    The increase was due to higher activities from our MRO activity in Middle East region such as Oman as well as Malaysia. The segment recorded gross profit of RM255.3 million in Q4FY20.
 
Profits came from Middle East such as OMAN?
 
 
ICT segment boost its revenue to RM113.0 million in Q4FY20, higher by RM56.4 million compared to Q4FY19. This evidenced the Group’s initiative to expand its operation in ICT business activities worldwide. Aside from the contribution of the existing contracts which is related to customised solutions involving software developments, the increase was also contributed by contracts in    UAE and Qatar for services relating to Extended Reality (“XR”) training applications
 
UAE & QATAR AGAIN?
 
 
 
EPCC revenue recorded a total of RM203.0 million in current quarter, higher by RM59.1 million as compared to Q4FY19, which contributed 11.2% of the Group’s revenue in Q4FY20   . Revenue from EPCC segment was derived from our various contracts in UAE, Turkmenistan and Malaysia. The segment recorded a gross profit of RM29.0 million yielding a gross margin of 14.4%.
 
UAE & TURKMENISTAN? SO OBSCURE PLACES?
 
Got Payment or Not?
 
NO!
 
No wonder must ask for Money by private placement
 
See
 
On 5 May 2020, the Company has completed the private placement exercise, in which the Company has issued 306,507,000 new shares with an issue price of RM1.49 per placement share.
 
Whoever swallowed these PP shares at Rm1.49 have lost 44% By now. Too bad.
 
SERBA will yet need to borrow more money & Place out More PP Shares
But all look bleak as S&P Global Has Downgraded SERBA from B+ to a B-
 
The Cost of Funds will be harder to get. And if get will incur higher Bank Interest
 
 
 
 
 
 
SO PLEASE STAY SAFE
 
IT IS BETTER TO BE SAFE THAN SORRY
 
BEST REGARDS TO ALL i3 FORUM FRATERNITY
 
 
Calvin Tan Research
 
Please Do Your Own Due Diligence & Investigation
 
In Doubt Consult your Remisier, Fund Manager, Accountant or Auditor

SUMMARY OF KEY FINANCIAL INFORMATION

31 Dec 2020

INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR

CORRESPONDING

QUARTER

CURRENT YEAR TO DATE
PRECEDING YEAR

CORRESPONDING

PERIOD

31 Dec 2020
31 Dec 2019
31 Dec 2020
31 Dec 2019
$$'000
$$'000
$$'000
$$'000
1
Revenue
1,815,648
1,360,549
6,014,075
4,528,621
2
Profit/(loss) before tax
227,324
139,118
706,337
544,828
3
Profit/(loss) for the period
202,103
140,248
632,089
497,983
4
Profit/(loss) attributable to ordinary equity holders of the parent
202,149
140,883
631,745
496,640
5
Basic earnings/(loss) per share (Subunit)
5.45
3.80
17.03
13.39
6
Proposed/Declared dividend per share (Subunit)
1.60
1.40
5.45
7.51
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 ($$)
0.8900
0.660

A careless perusal will show a very nice result

Revenure jumped from Rm1,360,549,000  to Rm1,815,648,000

Up Rm455,099,000 or Up 33.4%

Profit is Rm202,149,000

EPS is 5.45 

NAV up from 66 sen to 89 sen (impressive? or too good to be true? we shall SEE)

And a dividend of 1.60 sen

From all points Results look excelent (on the face value not until )

Not until?

NOT UNTIL YOU GO AND STUDY THE DETAILS IN THE BALANCE SHEET VERY VERY VERY CAREFULLY

Please go look up Feb 2021 Result of Serba in Bursa Website & follow as we explain in details

See this

Trade and other receivables
 
Rm1,865,070,000 (At 31.12.2020)
Rm1,256,132,000 (At 31.12.2019)
 
SO RECEIVABLES AFTER ONE YEAR HAS INCREASED BY RM608,938,000
 
THAT"S RM609.9 MILLIONS (IOU) THIS IS NOT CASH BUT RECEIVABLES ONLY
AND TOTAL RECEIVABLES BALLOONED TO RM1.865 BILLIONS!!!
 
Debts owed by Who? Will they be collected? If not when will they turn into BAD DEBTS?
 
See What Calvin Johor Sifu Taught About Receivables
 

4. RECEIVABLES IS NOT CASH

This was when I bought into Megan Media at around 67.5  cents. From

the Balance Sheet Megan Media showed a P/E of only 3. NTA at over

Rm2.00. It also pay a small dividend.

So many have been tricked by the “blue ray” disc hype touted by

Megan Media Bosses. However, My Johor Sifu stood his ground &

rejected buying into this popular stock which so many others bought.

 

Why? He questioned the High Amount of RECEIVABLES In Megan

Media’s Accounts. RECEIVABLE IS NOT CASH. What is CASH Then?

According to my Johor SIFU The Smart Accountant, “CASH IS ONLY

CASH IF THE CASH IS RECEIVED AND DEPOSITED SAFELY IN

THE BANK”.

Megan Media could not collect those (IOU) Or Receivables which are fake anyway. Finally unable to pay Bank Loan ....

Megan Media went

bankrupt and got delisted. It was found out later that all the Blue Ray

Disc Factories were non existent. RECEIVABLES WERE ALL FAKE OR

FICTITIOUS.

 

Take a look at the Megan Media Result of Year 2006 (15 years ago)

 

SUMMARY OF KEY FINANCIAL INFORMATION

31/10/2006

INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR

CORRESPONDING

QUARTER

CURRENT YEAR TO DATE
PRECEDING YEAR

CORRESPONDING

PERIOD

31/10/2006
31/10/2005
31/10/2006
31/10/2005
RM'000
RM'000
RM'000
RM'000
1
Revenue
238,134
248,323
468,499
497,182
2
Profit/(loss) before tax
18,641
11,150
37,165
26,615
3
Profit/(loss) for the period
15,173
3,957
28,620
16,926
4
Profit/(loss) attributable to ordinary equity holders of the parent
15,173
3,957
28,620
16,926
5
Basic earnings/(loss) per share (sen)
7.45
1.93
14.06
8.27
6
Proposed/Declared dividend per share (sen)
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 (RM)
2.4800
2.3100
 
From the Above Everyone Gone GaGa Chasing Megan Media. But just like Serba the Profits were parked Under "RECEIVABLES" AND NO CASH
 
So many were conned kaw kaw. Remisiers, Accountants also got conned
 
My Johor Sifu did audit. He does not trust receivables but CASH AND CASH IN THE BANK ONLY!
 
 
 
SO SERBA PROFITS WERE NOT REAL PROFITS BUT (IOU) RECEIVABLES
 
 
Look at Cash
 
Cash and cash equivalents
RM836,352,000 (31.12.2020)
RM 1,306,590,000 (31.12.2019)
 
AFTER ONE YEAR CASH HAS DROPPED BY RM470.2 MILLIONS
 
NOW LOOK AT BANK BORROWINGS
 
Loans and borrowings
 
3,127,514,000 (31 December 2020)
2,938,624,000 (31 December 2019)
 
DEBT HAS INCREASED BY RM188.9 MILLIONS TO    RM3.127 BILLIONS
 
 
What Kind of Balance Sheet is this?
 
From the Cooked Up Presentation that look so good
 
To the Horror  Results in the Balance Sheet?
 
Now Let Us Dig Further:
 
 
Where Did Serba Get So Good Profits last 5 Years
In the Annual Report they look like Going Up In a Straight Line
 
How Come Serba Did So Well While Petronas' Top OGSE Companies like Dayang, Penergy, Carimin, Uzma & Sapura Energy were all Struggling to Survive?
 
Aha! Serba got profits from these places
 
See
 
 
For the quarter ended 31 December 2020 (“Q4FY20”), the Group recorded revenue of RM1,815.6 million which was 33.4% higher than corresponding quarter of the preceding year (“Q4FY19”) due to strong activities from O&M and EPCC segment. The gross profit for the quarter stood at RM307.8 million or 17.0% of total revenue. The Group also recorded profit before taxation of RM227.4 million, 63.5% higher as compared to profit before taxation of RM139.1 million in Q4FY19.
O&M contributed 82.5% of revenue in Q4FY20 with an increase of RM338.0 million or 29.2% against Q4FY19.    The increase was due to higher activities from our MRO activity in Middle East region such as Oman as well as Malaysia. The segment recorded gross profit of RM255.3 million in Q4FY20.
 
Profits came from Middle East such as OMAN?
 
 
ICT segment boost its revenue to RM113.0 million in Q4FY20, higher by RM56.4 million compared to Q4FY19. This evidenced the Group’s initiative to expand its operation in ICT business activities worldwide. Aside from the contribution of the existing contracts which is related to customised solutions involving software developments, the increase was also contributed by contracts in    UAE and Qatar for services relating to Extended Reality (“XR”) training applications
 
UAE & QATAR AGAIN?
 
 
 
EPCC revenue recorded a total of RM203.0 million in current quarter, higher by RM59.1 million as compared to Q4FY19, which contributed 11.2% of the Group’s revenue in Q4FY20   . Revenue from EPCC segment was derived from our various contracts in UAE, Turkmenistan and Malaysia. The segment recorded a gross profit of RM29.0 million yielding a gross margin of 14.4%.
 
UAE & TURKMENISTAN? SO OBSCURE PLACES?
 
Got Payment or Not?
 
NO!
 
No wonder must ask for Money by private placement
 
See
 
On 5 May 2020, the Company has completed the private placement exercise, in which the Company has issued 306,507,000 new shares with an issue price of RM1.49 per placement share.
 
Whoever swallowed these PP shares at Rm1.49 have lost 44% By now. Too bad.
 
SERBA will yet need to borrow more money & Place out More PP Shares
But all look bleak as S&P Global Has Downgraded SERBA from B+ to a B-
 
The Cost of Funds will be harder to get. And if get will incur higher Bank Interest
 
 
 
 
 
 
SO PLEASE STAY SAFE
 
IT IS BETTER TO BE SAFE THAN SORRY
 
BEST REGARDS TO ALL i3 FORUM FRATERNITY
 
 
Calvin Tan Research
 
Please Do Your Own Due Diligence & Investigation
 
In Doubt Consult your Remisier, Fund Manager, Accountant or Auditor



OK NOW TAKE A LOOK AT TSH RESOURCES

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
260,928
281,585
1,066,516
1,305,999
2
Profit/(loss) before tax
58,402
66,542
197,639
557,297
3
Profit/(loss) for the period
31,907
50,685
125,667
524,993
4
Profit/(loss) attributable to ordinary equity holders of the parent
25,426
44,168
94,961
456,407
5
Basic earnings/(loss) per share (Subunit)
1.84
3.20
6.88
33.07
6
Proposed/Declared dividend per share (Subunit)
2.50
2.50
2.50
10.50
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 ($$)
1.4831
1.3772


A careless surface (shallow) reader will notice that YoY Tsh profit has dropped from 3.2 sen to 1.84 sen

A drop of 42.5% and will call for a sell


Just like when they say, "If Calvin tells you to sell Serba Dinamik you must buy instead" to the detriment and loss of many as we know by now too late!


Now contrary to people who mistook this Blip quater of Tsh and sell Calvin will tell you to "add on" in weakness


Why?


And so let us go see the balance sheet of Tsh Resources


Non-current liabilities

Loans and Borrowings 

Rm110,963,000 (31,12,2013)

 Rm164,860,000 (31.12.2012)


From above we see Tsh debt improved by


Rm164,860,000 - Rm110,963,000

= Rm53.897 Millions



Current liabilities

Loans and Borrowings 

Rm191,157,000 (As at 31.12.2013)

Rm 394,251,000 (As at 31.12.2012)




Rm394,251,000 - Rm191,157,000

= Rm203.09 Millions


From above we see TSH managed to Pare Down Total Borrowings by


Rm53.897 millions + Rm203.09 Millions

= RM256.99 MILLIONS

This will Be Huge Savings of Bank Interest by up to Rm20 MILLIONS!


NOW SEE FURTHER UNDER RECEIVABLES


Trade and other receivables 

Rm36,025,000 (As at 31.12.2012)

Rm 39,725,000 (As at 31.12.2013)

After one year TSH has managed to collect monies owed

From Rm39.7 Millions to Rm36 Millions

Extra Rm3.7 Millions Cash in Bank Account


See Payables


Trade and other payables 

Rm123,935,000 (As at 31.12.2013)

Rm142,158,000 (As at 31.12.2012)

Another good performance

TSH managed to cut down payables from

Rm142 Millliions to Rm123.9 Millions


Now all these are showing great improvements OVERALL AND ABOVE ALL


See What TSH RESOURCES POSTED

Refer Bursa Qtr Report of TSH


3. Commentary on the prospects

On the back of declining palm oil stock and seasonally lower output of FFB for first half of the

year, CPO price has been trending up since January 2024. It recently breached the RM3,900 level,

supported by the rising demand for biodiesel in Indonesia and the anticipation of flattish palm oil

production.

The Group is on strong financial footing with a net asset per share of RM1.48 and net gearing of

0.02 times as at 31 December 2023. Underpinned by its strong balance sheet, the Group will

undertake new planting at a steady pace on its unplanted land bank over the next few years to

progressively expand its planted hectarage. In addition, the Group intends to pursue strategic

investments in the green economy to further enhance its long term shareholder value.

In view of the general market expectation that average CPO price for 2024 will be at around

current level and with receding inflationary pressure, barring any unforeseen circumstances, the

Group is cautiously optimistic of achieving satisfactory performance for 2024.


INDEED!

STRONG FINANCIAL FOOTING

STRONG BALANCE SHEET


Let us take another Look HOW STRONG?


NON CURRENT DEBT NOW

 Rm110,963,000



Rm191,157,000 

TOTAL OUTSTANDING DEBT

Rm110.963 Millions + Rm191.157 Millions

= Rm302.12 Millions (Total Borrowings)


NOW LOOK  AT CASH

Cash and cash equivalents at end of year 

Rm251,035,000

Short term funds Rm5,349,000

Investment securities Rm28,094,000

Total Cash & Cash equivalent

= Rm284.487 Millions


SO DEBT LESS CASH

= Rm302.12 Millions less Rm284.487 Millions

= RmRm17,633,000

Only A Mere Debt of only Rm17.633 Millions?


AMAZING FEAT!

STANDING OVATION!!

ALL ROUND APPLAUSE!!!


Now there is More!


See this


Investment in an associate Rm78,645,000 (refer balance sheet)


On the Balance sheet of TSH RESOURCES is INNOPRISE PLANT THE ASSOCIATE OF TSH

And go SEE INNO ANNUAL REPORT

TOP 30 HOLDERS OF INNOPRISE PLANT

1. Innoprise Corporation Sdn. Bhd. 240,469,407 50.22

2. TSH Resources Berhad 105,060,592... 21.94%

3. UOB Kay Hian Nominees (Asing) Sdn. Bhd.

Exempt AN for UOB Kay Hian Pte Ltd (A/C Clients) 21,569,950 4.50

4. Alliance Group Nominees (Tempatan) Sdn. Bhd.

Pledged Securities Account for Mutual Corridor Sdn. Bhd. (7005036) 8,500,000 1.78

5. RHB Capital Nominees (Tempatan) Sdn. Bhd.

Pledged Securities Account for Fong Siling (CEB) 5,000,000


At Top 2 TSH has 105 Million INNO shares or about 1/3


How much worth?


See INNO price


1.48


SO 105,000 x Rm1,480

= Rm155.4 Millions


Now Book Value is Rm78.645 Millions


THERE IS A REMEASUREMENT GAIN OF

Rm155.4 Millions - Rm78.645 Millions

= Rm76.775 Millions Surplus (Or Profit paper gain)

That is 5.55 sen profit


So this Qtr profit if include Remeasurement gain

will be 1.84 sen + 5.55 sen

= 7.39 sen profit

If TSH Management wants to make balance sheet look better it could have done that

But it did not

However, being Value Investor, it did not escape our scrutiny


Now coming yet ahead are two Events that Might Unlock Value in TSH


1. BY JULY 4 2024 RM273 MILLIONS FROM BULUGAN FINAL PAYMENT WILL COME IN

ABOUT 19.75 sen (Less 10% share of Garibaldi Thohir)

= 17.77 NET CASH


2. IKN NUSANTARA PHASE ONE WILL LAUNCH BY AUGUST 17 2024 IN EAST KALIMANTAN

BY THEN WE MIGHT SEE PRESIDENT JOKOWI RELAX LAND SALE IN IKN NUSANTARA

IT WILL BE A GOLDEN WINDFALL SHOULD TSH SELL ANY ONE PIECE OF THE 4 (TOTAL 94,700 ACRES OR 52% OF SPORE 180,000 LAND MASS


SO WE STAY INVESTED LONG HAUL


With Kindest & Sincerest Regards

Calvin Tan


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


Discussions
Be the first to like this. Showing 2 of 2 comments

calvintaneng

Serba versus Tsh Resources

On surface Serba gave a rosy result
But our examination of Serba balance showed it was rotten to the core

Tsh Resources result look lousy on surface but inside we see a Rock solid golden balance sheet

1 month ago

calvintaneng

value_invest

Don’t expect TSH dividend to increase in near future. Even TSH sold some land to clear all the debts, the company is expecting to use the cash and even debts for planting expansion again, which is capex intensive. So there is limited cash for dividend in near future. Dividend will only come in after 7 yrs when the capex is over and the plant tree start producing fruits. This is in the situation when some shouted jtiasa 7 yrs ago (2016, debts 1.3bil) at RM2.50 at the initial planting expansion stage. Now 7 yrs later (2024), jtiasa start to paying off debts and tree producing good fruits. Company will start to pay good dividend coming years with all the free cash. If you are interested in plantation stock, Jtiasa will be prefer pick now, or TSH will be GOOD 7 yrs later in 2031.

1 hour ago


calvintaneng

Value Invest only 50% correct

JAYA TIASA NOW AT STAGE 6


THE 7 PHASES OF A SUCCESSFUL PALM OIL COMPANY, Calvin Tan
https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/2023-09-26-story-h-218987595-THE_7_PHASES_OF_A_SUCCESSFUL_PALM_OIL_COMPANY_Calvin_Tan

And TSH is Now at Stage 5 (Not stages 1 -3 where it has no income & high bank loan to service)

TSH already Sold Bulugan lands for Rm731.09 Millions & CASH OF RM465 MILLIONS ALREADY RECEIVED

PLUS IT HAS ONLY ONLY RM17 MILLIONS NET DEBT. ONE MORE QTR RESULT WILL MAKE TSH A NET CASH COMPANY LIKE INNO

SO CASH ALREADY SET ASIDE FOR CAPEX PLUS NO NEED BANK INTEREST EXPENSE TSH FREE CASH FLOW CAN NOW TURN INTO MORE DIVIDEND PAYOUT

PLUS TSH RECEIVES RM3.15 MILLIONS FREE CASH DIVIDEND FROM INNO

ITS LANDS IN IKN NUSANTARA MEANWHILE APPRECIATES UP BY THE MONTH, WEEK, DAY & EVERY SECOND GOING HIGHER AND HIGHER

That is Why TSH is a Different Palm Oil Stock now

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