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 1,791
Hi Guys,
I have An Investment Approach I which I would like to all.
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 INFORMATION31 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 INFORMATION31/10/2006 |
| 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 INFORMATION31 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 INFORMATION31/10/2006 |
| 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 INFORMATION31 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
More articles on THE INVESTMENT APPROACH OF CALVIN TAN
Rimbunan Sawit to beef up crop production and yield, By JACK WONG (Calvin Tan comments)
Created by calvintaneng | Apr 06, 2024
Discussions
Be the first to like this. Showing 2 of 2 comments
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
1 second ago
2 months ago
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Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
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
2 months ago