THE INVESTMENT APPROACH OF CALVIN TAN

TSH RESOURCES (9059) 2023 ANNUAL REPORT: SHOWS A WONDERFUL COMPANY WITH AMAZING CHANGES, By Calvin Tan

calvintaneng
Publish date: Thu, 25 Apr 2024, 06:56 AM
calvintaneng
0 1,809
Hi Guys,

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

Dear Fellow Investors of i3 Forum,

I have read hundreds of Annual Reports over the years. And TSH RESOURCES 2023 ANNUAL REPORT throws out WONDERFUL CHANGE 


And join me to the end as WE SEE SOME AMAZING CHANGES WHICH WILL PROPEL THIS WONDERFUL STOCK INTO STAR DOM!


First. Let us Look at Top 30 Holders (Refer Bursa Website on TSH Resources)


THIRTY (30) LARGEST SHAREHOLDERS


1. Citigroup Nominees (Asing) Sdn. Bhd.

Exempt AN for The Central Depository (Pte.) Limited 250,398,600.... 18.14%


2. Tan Aik Pen 72,281,758.... 5.24%


3. Tan Aik Yong 55,910,287... 4.05%

4. Tan Aik Sim 55,281,134..... 4.01%

5. Tan Aik Kiong 48,303,050.... 3.50%


6. Citigroup Nominees (Asing) Sdn. Bhd.

Exempt AN for UBS AG Singapore 47,409,862.... 3.44%


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

Exempt AN for UOB Kay Hian Pte. Ltd......46,410,358...... 3.36%


8. Tan Ah Seng 39,518,444...... 2.86%

9. Lembaga Tabung Haji 39,461,100...... 2.86%


10. CIMB Group Nominees (Asing) Sdn. Bhd.

Exempt AN for DBS Bank Ltd. 38,483,958...... 2.79%


11. Tan Ek Huat 32,163,423 ............2.33%

12. Tan Aik Pen 30,000,000............ 2.17%


13. iFAST Nominees (Asing) Sdn. Bhd.

Exempt AN for iFAST Financial Pte. Ltd........28,117,500....... 2.04%


14. Tan Aik Hwa 23,441,139............................ 1.70%


15. AmanahRaya Trustees Berhad

Public Islamic Opportunities Fund........21,395,100................ 1.55%


16. DB (Malaysia) Nominee (Tempatan) Sendirian Berhad

Deutsche Trustees Malaysia Berhad for Eastspring Investments Small Cap Fund      14,028,300 ....1.02%


17. AmanahRaya Trustees Berhad

Public SmallCap Fund      13,585,550.......... 0.98%


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

Exempt AN for UOB Kay Hian Pte. Ltd.     13,100,000.......... 0.95%


19. Teo Han Ching @ Teo Jin Hwa 11,805,000........... 0.86%


20. Cartaban Nominees (Asing) Sdn. Bhd.

Exempt AN for LGT Bank AG  11,096,500............ 0.80%


21. Tan Aik Hwa 10,744,355................ 0.78%


22. Cartaban Nominees (Asing) Sdn. Bhd.

SSBT Fund WTAU for WisdomTree Emerging Markets SmallCap Dividend Fund       10,038,000 .......0.73%


23. Tan Aik Yong 9,304,000.............. 0.67%


24. AmanahRaya Trustees Berhad

Public Islamic Select Treasures Fund  .......8,975,200......... 0.65%


25. Tan Aik Yong ................6,250,000.................... 0.45%

26. Tan Aik Pen ................5,427,129........................ 0.39%


27. Citigroup Nominees (Tempatan) Sdn. Bhd.

Employees Provident Fund Board........5,316,000........ 0.39%


28. Cartaban Nominees (Asing) Sdn. Bhd.

SSBT Fund TCT9 for California State Teachers Retirement System  .......5,082,600........ 0.37%


29. HSBC Nominees (Tempatan) Sdn. Bhd.

HSBC (M) Trustee Bhd for Manulife Investment Al-Faid    .....4,737,400....... 0.34%


30. Teo Han Ching @ Teo Jin Hwa 4,700,000............................ 0.34%



Now let us do a detailed study


At Top Number One holding is


1. Citigroup Nominees (Asing) Sdn. Bhd.

Exempt AN for The Central Depository (Pte.) Limited 250,398,600.... 18.14%


FOR THE VERY FIRST TIME SINCE TSH RESOURCES IPO & LISTING WE SEE TSH CHAIRMAN TRANSFFERED 

250,398,600 Tsh Shares or 18.14% into Singapore CENTRAL DEPOSITORY (Pte) Limited FOR SAFE KEEPING

THIS TELLS US TSH RESOURCES' LEADERSHIP IS UPRIGHT & TRANSPARENT


SINGAPORE (SGX) DUAL LISTING FOR TSH RESOURCES WILL NOW EXPOSE TSH TO ALL THE STRINGENT REGULATION OF SINGAPORE. SO THERE IS A HIGHER LEVEL SAFETY & TRANSPARENCY 


NO WONDER THAT TSH RESOURCES HAS ATTRACTED MANY NEW FUNDS AND NEW INVESTORS


SEE THIS


10. CIMB Group Nominees (Asing) Sdn. Bhd.

Exempt AN for DBS Bank Ltd. 38,483,958...... 2.79%


IN TOP NUMBER 10TH POSITION IS DBS BANK (SINGAPORE BIGGEST & MOST SUCCESSFUL BANK) 

DBS BANK HAS EMERGED WITH MORE THAN 38 MILLION TSH SHARES FOR THE VERY FIRST TIME!


A VERY SAVVY TEAM OF BANKERS IN DBS SPOTTED BPLANT & JAYA TIASA! BOTH VERY SUCCESSFUL COMPANIES WITH DISTINCTION! NOW DBS BANK HAS CHOSEN TSH RESOURCES!


LET US LOOK UP DBS BANK INVESTMENTS IN BOTH BPLANT (TAKEN PRIVATE) AND JAYA TIASA


AGAIN REFER TO KLSE BURSA WEBSITE

SEE ANNUAL REPORT OF BPLANT


30 LARGEST SHAREHOLDERS

Name of shareholders No. of shares %

1 BOUSTEAD HOLDINGS BERHAD

ACCOUNT NON-TRADING   1,286,135,900.... 57.42%

2 LEMBAGA TABUNG ANGKATAN TENTERA 237,206,100,,,, 10.5%

3 ALLIANCEGROUP NOMINEES (TEMPATAN) SDN BHD

PLEDGED SECURITIES ACCOUNT FOR CHONG YIEW ON (6000006)  20,003,800..... 0.89%



23 CIMB GROUP NOMINEES (TEMPATAN) SDN BHD

EXEMPT AN FOR DBS BANK LTD (SFS-PB)  2,758,400 ......0.12%






DBS BANK OWNED JUST ABOVE 2.7 MILLION BPLANT SHARES

NOW BPLANT WAS EAGLE GROUP STOCK PICKED IN YEAR 2021 AT 57 SEN

AFTER 24 SEN DIVIDEND OUR HOLDING COST PARED DOWN TO ONLY 33 SEN

LTAT TOOK BPLANT PRIVATE AT RM1.55

FROM 33 SEN TO RM1,55 IS UP 369%

THAT EQUALS TO 120% PER YEAR GAIN FOR THE LAST 3 YEARS 



SEE JAYA TIASA


TOP 30 SECURITIES ACCOUNT HOLDERS

(Without aggregating the securities from different securities accounts belonging to the same Depositor)

No. Name No. of Shares %

1 Malaysia Nominees (Tempatan) Sendirian Berhad

Pledged Securities Account For Tiong Toh Siong Holdings Sdn Bhd 145,000,000..... 14.98%


2 AMSEC Nominees (Asing) Sdn Bhd

KGI Securities (Singapore) Pte. Ltd. for Genine Chain Limited 71,055,164...... 7.34%


3 Tiong Toh Siong Enterprises Sdn Bhd 50,449,008 5.21

4 Amanas Sdn. Bhd. 48,294,961 4.99

5 Nustinas Sdn. Bhd. 48,293,154 4.99

6 Asanas Sdn Bhd 47,459,343 4.90

7 Tiong Toh Siong Holdings Sdn Bhd 45,730,471 4.72

8 Pertumbuhan Abadi Asia Sdn. Bhd. 21,864,045 2.26

9 RHB Capital Nominees (Tempatan) Sdn Bhd

Pledged Securities Account For Tiong Toh Siong Holdings Sdn Bhd 18,000,000 1.86


10 CIMB Group Nominees (Asing) Sdn. Bhd.

Exempt An For DBS Bank Ltd (SFS-PB) 16,790,250...... 1.73%

26 CIMB Group Nominees (Tempatan) Sdn Bhd

Exempt AN For DBS Bank Ltd (SFS-PB) 3,307,500..... 0.34%


DBS BANK HAS 2 POSITIONS IN JAYA TIASA (GIANT TREASURE WITH 206,000 ACRES OF PALM OIL)

IN 10TH & 26TH PLACE TOTALLING JUST OVER 20 MILLION TSH RESOURCES SHARES


Again Jaya Tiasa was picked at 63 sen in year 2021. It closed at Rm1.32 now for a gain of 109%

or 36% gain per year for the last 3 short years

At 36% it has beaten Warren Buffet's Berkshire at 25% & also beaten Peter Lynch's Magellan Fund at 29% yearly

Not bad at all


While DBS Bank invested only 2.75 Million in Bplant & 20 Millions in Jaya Tiasa it has taken a Bigger Position in TSH RESOURCES AT 38 MILLIONS. THIS CONFIDENCE SPRINGS FROM PREVIOUS SUCCESS. AND SUCCESS BEGETS SUCCESS!


See further discovery

15. AmanahRaya Trustees Berhad

Public Islamic Opportunities Fund........21,395,100................ 1.55%


AT TOP 15TH POSITION IS PUBLIC ISLAMIC OPPORTUNITY FUND WITH 21,395,100 SHARES


WHAT SO SPECIAL?


ANSWER:


ALL ALONG EVERY SINGLE TIME PUBLIC RESEARCH COMES WITH WITH COMMENT ABOUT PALM OIL THEY ALWAYS SAY "NEUTRAL", NEUTRAL" & NEUTRAL ON PALM OIL (NO UPGRADE OR OVERWEIGHT FOR PALM OIL BUT ONLY "NEUTRAL??"


NEUTRAL MEANS WHAT?


SEE

neutral

not supporting or helping either side in a conflict,  disagreement , etc.; impartial.
"neutral and non-aligned European nations"

not expressing an opinion or taking actions that support either side in a disagreement or war: Switzerland remained neutral during the war.


NOT TAKING ACTIONS THAT SUPPORT?

IN OTHER WORDS "DON'T BUY" PALM OIL SHARES AND STAY NEUTRAL


BUT PUBLIC MUTUAL FUND IS BUYING MORE TSH SHARES!!


HOW?

GO SEE TSH YEAR 2022 ANNUAL REPORT WILL KNOW

18. Amanahraya Trustees Berhad

Public Islamic Opportunities Fund  18,064,200..... 1.31%


NOW COMPARE YEAR 2022 & YEAR 2023


IN YEAR 2022 PUBLIC ISLAMIC OPPORTUNITY FUND HAD 18.064 MILLION TSH SHARES AND IN TOP 18TH POSITION



NOW TAKE A GOOD LOOK AT  PUBLIC ISLAMIC OPPORTUNITY FUND

IN YEAR 2023 ANNUAL REPORT!!!


15. AmanahRaya Trustees Berhad

Public Islamic Opportunities Fund........21,395,100................ 1.55%

OVER 21 MILLION TSH SHARES AND POSITION UP FROM 18TH TO 15TH PLACE


THEY  TOLD YOU TO BE "NEUTRAL" BUT THEY ARE BUYING MORE?

SO CLEVER INDEED!!


NO WONDER THIS MOST SUCCESSFUL FUND ALWAYS DISTRIBUTE GOOD DIVIDENDS EVERY YEAR!

SO YOU BETTER DO WHAT THEY "DO" AND AVOID LISTENING TO WHAT THEY TELL YOU.


SO TSH HAS ATTRACTED SEVERAL FUNDS (SEE COLORED GREEN)

AMONG THEM IS

22. Cartaban Nominees (Asing) Sdn. Bhd.

SSBT Fund WTAU for WisdomTree Emerging Markets SmallCap Dividend Fund       10,038,000 .......0.73%


THIS IS A  SmallCap Dividend Fund


SO WILL TSH BE GIVING OUT DIVIDENDS?

MOST PROBABLY AS TSH IS NOW IN NET CASH POSITION





HOW COME?

AFTER DEDUCTING DEBT FROM CASH TSH ONLY SHOWED A SMALL RM12 MILLIONS DEBT

BUT SEE VERY VERY VERY CAREFULLY AGAIN


TSH OWNS 21.95% OR 105 MILLION INNOPRISE SHARES


IN ITS BALANCE SHEET TSH ONLY STATED 


Investment in an associate Rm78,645,000 (REFER LATEST QTR REPORT)


NOW A CHECK WITH BURSA WE SEE INNO IS 


Innoprise Plantations Bhd

Market Summary >  Innoprise Plantations Bhd
1.47 MYR +0.0100 (0.68%) today


SO 105,000,000 X RM1.47


= RM154,350,000


THAT MEANS BY REMEASUREMENT INNO HAS GONE UP IN VALUE BY  


RM154,350,000 MINUS RM78,645,000


= RM75.7 MILLIONS!


LESS ITS SMALL DEBT TSH HAS A SURPLUS RM60 MILLIONS CASH!


TSH IS ALREADY DEBT FREE AND CASH RICH!

AND MORE CASH COMING IN SOON


RM221 MILLIONS FROM FINAL PORTION OF BULUANGAN LAND SOLD (DATE LINE IS 4TH JULY 2024


NOW AGAIN WE GO DIG UP WONDERFUL VALUE OF BULUNGAN LANDS  IN TSH


REFER BOTH TSH YEAR 2022 & YEAR 2023 PROPERTY OWNED BY TSH


SEE YEAR 2022 FIRST


Desa Tanah.Kuning & Desa Mangkupadi

Kecamatan Tanjung Palas

Timur Kabupaten

Bulungan Provinsi

Kalimantan Timur


Plantation land

12,731 ha..... Oil Palm Plantation

35 years lease


RM204,557,123 













ABOVE WE SEE TSH GOT 12,731 HECTARE LANDS IN BULUGAN

BOOK VALUE FOR YEAR 2022 IS RM204.55 MILLIONS


TO CONVERT HECTARE TO ACRES


MULTIPLY 12,731 HA BY 2,471

= 31,458 ACRES


HOW MUCH PER ACRE IN VALUE


PRICE DIVIDES BY LAND


SO RM204,557,123 DIVIDES BY 31,458


= RM6,502 PER ACRE COST



NOW SEE YEAR 2023 REPORT



Desa Tanah Kuning & DesaMangkupadi Kecamatan

Tanjung Palas Timur Kabupaten

 Bulungan Provinsi

 Kalimantan Utara


5,398 Ha Oil Palm

RM221,384,353


NOW SINCE TSH ALREADY SOLD AND RECEIVED CASH THE ABOVE 5398 HECTARES ARE AWAITING CLEARANCE OF SQUATTERS ON THE LAND AND FINAL PAYMENT OF RM221,384,353


RM221,384,353?

RM221.3 MILLIONS???


YES!


IN YEAR 2022 WE HAVE OLD BOOK VALUE OF RM6,502 PER ACRE


YEAR 2023 STATES THE CURRENT  NEW PRICE

5398 HECTARES FOR RM221.3 MILLIONS


HOW MUCH PER ACRE NOW IN CURRENT PRICE?


AGAIN MULTIPLY 5398 BY 2.471 TO CONVERT TO ACRES


= 13,338.458  ACRES


HOW MUCH PER ACRE


RM221,384,353 DIVIDES BY 13,338.458


= RM16,579 PER ACRE


SO IN JUST ONE YEAR BULUNGAN LAND VALUE JUMPED FROM


RM6,502 TO RM16,579 OR UP BY MORE THAN RM10,000 PER ACRE


AND 13,338 ACRES TRANSLATE TO A PROFIT GAIN OF 133.3 MILLIONS OR ABOUT 9.64 SEN APPROXIMATE  GAIN


WHERE DID IT SHOW UP


OK LET US SEE TSH LATEST QTR RESULT


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



OK SEE


NAV (NET ASSET VALUE UP FROM RM1.37 TO RM1.48

UP BY MORE THAN 10 SEN


IF BY JULY 4TH 2024 THIS SUM OF RM221 MILLIONS IS RECEIVED THEN TSH WILL REPORT IN ITS FOLLOWING QTR RESULT AS 16 SEN CASH (LESS 10% SHARE OF BILLIONAIRE GARIBALDI THOHIR WILL BE ABOUT 14 SEN NET)


WHAT IF THE DELIVERY IS DELAYED & SALES ABORTED?


VERY GOOD!


BECAUSE RIGHT NOW IN TANJUNG SELOR 90KM AWAY LAND PRICES ALREADY SKYROCKETED TO RM180,000 AN ACRE


SINCE TSH'S TANAH KUNING LANDS ARE CHOSEN TO BE IN THE WORLD'S BIGGEST GREENTECH PARK IT SHOULD BY NOW RISEN TO RM300,000 AN ACRE


PEOPLE ARE GOING GAGA OVER ISKANDAR'S PROPERTY SHARES DUE TO RTS JB SINGAPORE


NOT MANY PEOPLE KNOW A FAR MORE EXCITING PROPERY BOOM IS ONGOING IN IKN NUSANTARA AND BULUGAN GEENTECH PARK OF EAST KALIMANTAN


AT RM6,502 PER ACRE TO RM300,000 PER ACRE IS UP A WHOPPING 4,600%


IN KUTAI WEST BONGAN WHERE TSH OWNS LANDS AROUND RM5,000 PER ACRE

ASKING PRICES THERE ARE AN ASTOUNDING RM3 MILLIONS TO RM4.2 MILLIONS PER ACRE

OR UP A MIND BLOWING 840% (SHOULD BE 840,000%)


ALL THESE ARE EXCELLENT INSPIRING WORK STILL IN PROGRESS


MEANWHILE PLEASE DO YOUR OWN DILIGENT STUDY


IF YOU HAVE MISSED BPLANT AT 57 SEN OR JTIASA AT 63 SEN THEN THIS TSH STILL SO LOW AT RM1.14 SHOULD NOT BE MISSED



WITH SINCERE AND KIND REGARDS


Calvin Tan


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








Discussions
1 person likes this. Showing 5 of 5 comments

calvintaneng

https://www.youtube.com/watch?v=tiKV3nGTpH4

this is Tanah Kuning, Bulugan Regency

Where TSH got 13,338 Acres Prime Lands

4 weeks ago

calvintaneng

IKN NUSANTARA

DAY & NIGHT BUUILDING NON STOP 24 HOURS EACH DAY

TSH HAS 94,700 ACRES HERE

OR ABOUT 52% LAND SIZE OF SINGAPORE 180,000 ACRES

https://www.youtube.com/watch?v=dxecrGoKFBc

4 weeks ago

calvintaneng

just noticed

Tsh's lands in Bongan, Kutai West

Book value bought in years 2005 - 2008 : Rm5,000 per acre

Current asking price is 3.5 millions rupiah per SQ meter

or about Rm4.2 Million per acre

So from Rm5,000 to Rm4.2 Million is an astounding meteoric rise of 840,000% (not 840%)

4 weeks ago

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