Dear friends of i3 Forum

It is very peculiar

PUBLIC RESEARCH TELLS YOU TO SELL TSH REOURCES. BUT THEN THEY THEMSELVES ARE BUYING TSH SHARES LIKE NO TOMORROW?

Let's see

PublicInvest ceases coverage on TSH Resource due to slow growth, sluggish FFB yield

KUALA LUMPUR: Public Investment Bank (PublicInvest) is ceasing its coverage of TSH Resources Bhd

due to the company's limited growth prospects and sluggish fresh-fruit bunches (FFB) yield.

The firm said it is reallocating its internal sources to other sectors.

"Investors should no longer depend on any of our financial forecasts for TSH Resources in making investment decisions, nor infer any adverse opinion as a result of our decision to cease research coverage," said PublicInvest.

In a research note today, PublicInvest said FFB production growth is anticipated to be subdued this year due to the sale of plantation assets in Indonesia and Sabah (13,214 hectares) over the past two years.

"Additionally, the average age of the plantations is increasing (currently 13.4 years old), and FFB yield remains low due to insufficient replanting activities in recent years," PublicInvest said.Additionally, TSH Resources encountered significant crude palm oil (CPO) taxes when exporting its CPO products due to the current unfavourable CPO export tax policy in Indonesia.

"During the first quarter (1Q), it incurred a lower Indonesian export levy of RM20.3 million compared to the first quarter of financial year 2023 (1QFY23) of RM26 million," it noted.

The company has assigned a 'Neutral' rating to TSH Resources with a target price of RM1.02 for its final call.

Calvin comments

Calvin & "EAGLE VISION FIRST MOVER GROUP" ON PALM OIL Have Been Holding TSH RESOURCES Shares since year 2020 at Rm1.09

Bplant at 57 sen (LTAT Took Private at Rm1.55)

Jtiasa at 63 sen (Now over Rm1.20

We noticed Public Research has always given neutral calls on palm oil year after year

neutral

Neutral

NEUTRAL

NEUTRAL!!!

Neutral means what?

See

neutral

adjective

1. not taking part or giving assistance in a dispute or war between others:

   Sweden was a neutral nation during World War II.

2. not aligned with or supporting any side or position in a controversy:

   The arbitrator was absolutely neutral.

SO TO BE "NEUTRAL" MEANS NOT TAKING PART OR NOT SUPPORTING

Now this is What They Say

Now SEE WHAT THEY ACTUALLY DO

Refer Bursa Official Webpage

TSH RESOURCES

Scroll down see TOP 30 Owners of TSH for year

Analysis of Shareholdings

AS AT 31 MARCH 2021

1. Citigroup Nominees (Tempatan) Sdn. Bhd.

Employees Provident Fund Board

107,443,736 7.78

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

Pledged securities account for Tan Aik Pen

93,996,991 6.81

3. Alliancegroup Nominees (Tempatan) Sdn. Bhd.

Pledged securities account for Tan Aik Pen

73,944,824 5.36

4. Tunas Lestari Sdn. Bhd. 68,000,000 4.93

5. Embun Yakin Sdn. Bhd. 67,403,359 4.88

6. Tan Aik Kiong 55,284,987 4.01

7. Tan Aik Sim 53,371,564 3.87

8. Citigroup Nominees (Asing) Sdn. Bhd.

Exempt An for UBS AG Singapore (Foreign)

47,409,862 3.44

9. Tan Aik Choon 41,491,658 3.01

10. Tan Ek Huat 38,934,718 2.82

11. Maybank Nominees (Asing) Sdn. Bhd.

Walton Private Investment Limited

38,483,958 2.79

12. Tan Ah Seng 36,654,089 2.66

13. Tan Aik Hwa 35,941,139 2.60

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

Exempt An for UOB Kay Hian Pte. Ltd.

34,069,958 2.47

15. Amsec Nominees (Tempatan) Sdn. Bhd.

Pledged securities account – AmBank (M)

Berhad for Tan Aik Pen

34,013,279 2.46

16. Tan Aik Yong 33,207,342 2.41

17. Maybank Nominees (Asing) Sdn. Bhd.

L&P Bakri Inc.

28,117,200 2.04

18. Tan Soon Hong 22,914,835 1.66

19. Kumpulan Wang Persaraan (Diperbadankan) 19,547,400 1.42

20. Ong Yah Ho 16,710,290 1.21

21. Cartaban Nominees (Asing) Sdn. Bhd.

Exempt An for LGT Bank AG (Foreign)

14,019,481 1.02

22. Lembaga Tabung Haji 13,668,700 0.99

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

24. Tan Aik Yong 10,918,170 0.79

25. Amanahraya Trustees Berhad

Public Smallcap Fund

10,138,250 0.73

26. Maybank Nominees (Tempatan) Sdn. Bhd.

National Trust Fund (IFM Maybank)

9,967,400 0.72

27. Alliancegroup Nominees (Tempatan) Sdn. Bhd.

Pledged securities account for Tan Aik Yong

9,704,305 0.70

28. Amanahraya Trustees Berhad

Public Islamic Select Treasures Fund

8,975,200 0.65

29. Citigroup Nominees (Tempatan) Sdn. Bhd.

Urusharta Jamaah Sdn. Bhd.

6,400,000 0.46

30. Teo Han Ching @ Teo Jin Hwa 5,800,000 0.42

25. Amanahraya Trustees Berhad

Public Smallcap Fund

10,138,250 0.73

28. Amanahraya Trustees Berhad

Public Islamic Select Treasures Fund

8,975,200 0.65

PUBLIC INVESTMENT BANK GOT

TOTAL OF 19,113,450 SHARES OF TSH or 1.38%

ANALYSIS OF

SHAREHOLDINGS

AS AT 31 MARCH 2022

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

Pledged securities account for Tan Aik Pen

139,396,991 10.10

2. Alliancegroup Nominees (Tempatan) Sdn. Bhd.

Pledged securities account for Tan Aik Pen

73,944,824 5.36

3. Embun Yakin Sdn. Bhd. 67,403,359 4.88

4. Tan Aik Kiong 55,284,987 4.01

5. Maybank Nominees (Tempatan) Sdn. Bhd.

Tan Aik Yong

53,949,717 3.91

6. Tan Aik Sim 53,371,564 3.87

7. Cartaban Nominees (Asing) Sdn. Bhd.

Exempt an for LGT Bank AG (Foreign)

47,921,981 3.47

8. Citigroup Nominees (Asing) Sdn. Bhd.

Exempt An for UBS AG Singapore (Foreign)

47,409,862 3.44

9. Citigroup Nominees (Tempatan) Sdn. Bhd.

Employees Provident Fund Board

44,671,148 3.24

10. Maybank Nominees (Asing) Sdn. Bhd.

Walton Private Investment Limited

38,483,958 2.79

11. Lembaga Tabung Haji 37,789,300 2.74

12. Tan Ah Seng 36,654,089 2.66

13. Tan Ek Huat 35,934,718 2.60

14. Amsec Nominees (Tempatan) Sdn. Bhd.

Pledged securities account – Ambank (M) Berhad for Tan Aik Pen

34,013,279 2.46

15. Tan Aik Choon 29,212,658 2.12

16. Citigroup Nominees (Asing) Sdn Bhd UBS AG 29,041,900 2.10

17. Maybank Nominees (Asing) Sdn. Bhd. L&P Bakri Inc. 28,117,200 2.04

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

Exempt an for UOB Kay Hian Pte Ltd

26,595,358 1.93

19. Tan Aik Hwa 23,441,139 1.70

20. Tan Soon Hong 22,914,835 1.66

21. Tunas Lestari Sdn. Bhd. 16,171,300 1.17

22 Amanahraya Trustees Berhad

Public Strategic Smallcap Fund

13,000,000 0.94

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

24. Amanahraya Trustees Berhad

Public Smallcap Fund

10,138,250 0.73

25. Tan Aik Hwa 9,609,000 0.70

26. Amanahraya Trustees Berhad

Public Islamic Select Treasures Fund

8,975,200 0.65

27. Tan Aik Yong 8,905,000 0.65

28. HSBC Nominees (Asing) Sdn. Bhd.

J.P. Morgan Securities PLC

8,541,000 0.62

29. Tan Aik Pen 7,800,000 0.57

30. Amsec Nominees (Tempatan) Sdn. Bhd.

Ambank (M) Berhad (Hedging)

7,280,600 0.53

NOW TAKE VERY CAREFUL NOTE

WHILE TELLING YOU THEY ARE "NEUTRAL"

See

22 Amanahraya Trustees Berhad

Public Strategic Smallcap Fund

13,000,000 0.94

24. Amanahraya Trustees Berhad

Public Smallcap Fund

10,138,250 0.73

26. Amanahraya Trustees Berhad

Public Islamic Select Treasures Fund

8,975,200 0.65

THEY ADDED ONE EXTRA FUND

CALLED PUBLIC STRATEGIC SMALLCAP FUND WITH 13 MILLION TSH SHARES

TOTAL NOW 32,113,450 shares of TSH or 

2.32%

NEUTRAL?

SEE MORE

ANALYSIS OF SHAREHOLDINGS

AS AT 31 MARCH 2023

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

Tan Aik Pen

112,000,000 8.11

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

Pledged securities account for Tan Aik Pen

82,546,991 5.98

3. Tan Aik Pen 55,800,000 4.04

4. Tan Aik Kiong 55,438,695 4.02

5. Tan Aik Yong 54,000,717 3.91

6. Alliancegroup Nominees (Tempatan) Sdn. Bhd.

Pledged securities account for Tan Aik Pen

53,944,824 3.91

7. Tan Aik Sim 53,371,564 3.87

8. Citigroup Nominees (Asing) Sdn. Bhd.

Exempt an for UBS AG Singapore

47,409,862 3.44

9. Maybank Nominees (Asing) Sdn. Bhd.

Walton Private Investment Limited

38,483,958 2.79

10. Tan Ah Seng 36,654,089 2.66

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

Exempt an for UOB Kay Hian Pte. Ltd.

36,486,358 2.64

12. Tan Ek Huat 35,934,718 2.60

13. Lembaga Tabung Haji 31,586,100 2.29

14. Maybank Nominees (Asing) Sdn. Bhd.

L&P Bakri Inc.

28,117,200 2.04

15. Amsec Nominees (Tempatan) Sdn. Bhd.

Pledged securities account – AmBank (M) Berhad for Tan Aik Pen

28,013,279 2.03

16. Tan Aik Hwa 23,441,139 1.70

17. Tan Soon Hong 22,914,835 1.66

18. Amanahraya Trustees Berhad

Public Islamic Opportunities Fund

18,064,200 1.31

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

Deutsche Trustees Malaysia Berhad for Eastspring Investments

Small-Cap Fund

15,028,300 1.09

20. Amanahraya Trustees Berhad

Public Smallcap Fund

13,585,550 0.98

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

Exempt an for UOB Kay Hian Pte. Ltd.

13,100,000 0.95

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

23. Cartaban Nominees (Asing) Sdn. Bhd.

Exempt an for LGT Bank AG

11,096,500 0.80

24. Tan Aik Hwa 10,480,000 0.76

25. Tan Aik Yong 9,304,000 0.67

26. Cartaban Nominees (Tempatan) Sdn. Bhd.

PAMB for Prulink Equity Fund

9,061,000 0.66

27. Amanahraya Trustees Berhad

Public Islamic Select Treasures Fund

8,975,200 0.65

28. Cartaban Nominees (Asing) Sdn. Bhd.

SSBT Fund TCT9 for California State Teachers Retirement System

6,699,100 0.49

29. Tan Aik Yong 6,250,000 0.45

30. Citigroup Nominees (Asing) Sdn. Bhd.

UBS AG

6,214,800 0.45

GETTING MORE INTERESTING

NOW PUBLIC RESEARCH KEPT UP MORE NEUTRAL, NEUTRAL, NEUTRAL CALL

STAY AWAY FROM TSH!

And see

18. Amanahraya Trustees Berhad

Public Islamic Opportunities Fund

18,064,200 1.31

This name is NEW?

WHACKED UP 18 MILLION OVER TSH SHARES!

20. Amanahraya Trustees Berhad

Public Smallcap Fund

13,585,550..... 0.98%

Was in 

24. Amanahraya Trustees Berhad

Public Smallcap Fund

10,138,250 0.73

​

SO PUBLIC INVESTMENT BANK ADDED MORE!!

FROM 

10,138,250..... 0.73%

​

TO 

20. Amanahraya Trustees Berhad

Public Smallcap Fund

13,585,550..... 0.98%

AN INCREASE OF 3.447 millions over TSH share

How sly? But very cunning indeed!!

from o.73% to 0.98%

NEUTRAL?

DO YOU BELIEVE??

SEE MORE

ANALYSIS OF SHAREHOLDINGS

AS AT 15 MARCH 2024

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 SEE THE FIGURES

15. AmanahRaya Trustees Berhad

Public Islamic Opportunities Fund

21,395,100 1.55

Now in Top 15

Was in Top 18 last year

18. Amanahraya Trustees Berhad

Public Islamic Opportunities Fund

18,064,200 1.31

This name is NEW?

WHACKED UP 18 MILLION OVER TSH SHARES!

SO PUBLIC INVESTMENT BANK ADDED

3,330,900 OR 3.33 OVER MILLION TSH SHARES

We were wondering why Public Investment Bank kept up YELLING

NEUTRAL

NEUTRAL

NEUTRAL

On Palm oil when they did not Issue TSH Structured Call Warrants to BET AGAINST TSH

Now We Know!

THEY WANT YOU TO SELL ALL YOUR PRECIOUS TSH SHARES TO THEM!

17. AmanahRaya Trustees Berhad

Public SmallCap Fund

13,585,550 0.98

24. AmanahRaya Trustees Berhad

Public Islamic Select Treasures Fund

8,975,200 0.65

TOTAL LATEST

43,955,850 shares at 3.18%

YES WHILE PUBLIC RESEARCH TELLS YOU TO SELL

THEY HAVE LOADED UP A WHOPPING 43.95 MILLIONS TSH SHARES ON THE CHEAP!

VERY CHEAP INDEED AS THEY WANT MORE AND MORE AND MORE!!

GET THEM FEARFUL

GET THEM WEAK HANDS TO SELL

THEN LOAD UP KAW KAW!

SO CLEVER!

Warm Regards

Calvin Tan

Please buy or sell AFTER doing your due diligence or consult your remisier/Fund Manager

AND SEE BEYOND THE OBVIOUS AS WELL

FIND THE REAL TRUTH!!

STUDY THE NUMBERS?

YES SEE CAREFULLY

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

Top Number 8

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

Only got 39.5 Millions TSH Shares

 PUBLIC INVESTMENT BANKS

TOTALLED 3 FUNDS GOT A COMBINED TOTAL OF

43,955,850 shares at 3.18%

SO PUBLIC INVESTMENT BANK 43.9 MILLION TSH SHARES BEAT Top 8 With 39.5 Million TSH Shares

SO IN REAL STATUS PUBLIC INVESTMENT BANK IS IN TOP 8 OF TSH RESOURCES!!

PUBLIC INVESTMENT BANK IS INSIDE TOP 10 SUBSTANTIAL OF TSH

In year 1996 Hedge Fund Barton Briggs

Told all to Buy CHINA & HONG KONG Shares

WE WAS "MAXIMUM BULLISH ON CHINA & HONG KONG"

6 days after giving STRONG BUY CALLS HE "SOLD ALL" AND LEFT !!

NOW PUBLIC INVESTMENT BANK tells ALL TO SELL

We will know in TSH Next Annual Report whether they HAVE SOLD ALL OR?

DON'T BE SURPRISED THEY FINALLY LAND ON TOP 5 OF TSH RESOURCES!!