Dear Friends of I3 Forum,
In Palm Oil we are now into the 4th Year of Investing since selling off all Gloves in year 2020 to buy Palm Oil Shares
So we have garnered a little knowledge on the in-workings and out-workings of the Palm Oil Industries
Here we will compare TSH RESOURCES VERSUS JOHOR PLANTATION GROUP
First a recap. Johor Plantation Group was once called Kulim
We bought Kulim at Rm2.50 & Jcorp took Kulim private at Rm4,10 (For a nice 60% gain)
After having taken Kulim private Jcorp hived off 2 estates in Pegerang & Converted them into Townships
AND NOW KULIM IS RELISTED AS JOHOR PLANTATION GROUP AT 84 SEN
SO FAR SO GOOD. JPG IS NOW 95.5 SEN OR UP 13.6% SINCE LISTING
WE WILL NOW DO A COMPARISON BETWEEN TSH RESOURCES & JOHOR PLANTATION GROUP
PLEASE REFER TO BURSA REPORT BY JPG LATEST QUARTER TO SEE ALL THE FACTS & FIGURES REVEALED
TSH RESOURCES
SEE ITS LATEST RESULTS
SUMMARY OF KEY FINANCIAL INFORMATION31 Mar 2024 |
INDIVIDUAL PERIOD | CUMULATIVE PERIOD | ||||
CURRENT YEAR QUARTER | PRECEDING YEAR CORRESPONDING QUARTER | CURRENT YEAR TO DATE | PRECEDING YEAR CORRESPONDING PERIOD | ||
31 Mar 2024 | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2023 | ||
$$'000 | $$'000 | $$'000 | $$'000 | ||
1 | Revenue | 242,388 | 250,298 | 242,388 | 250,298 |
2 | Profit/(loss) before tax | 35,027 | 54,225 | 35,027 | 54,225 |
3 | Profit/(loss) for the period | 25,177 | 37,933 | 25,177 | 37,933 |
4 | Profit/(loss) attributable to ordinary equity holders of the parent | 20,073 | 29,428 | 20,073 | 29,428 |
5 | Basic earnings/(loss) per share (Subunit) | 1.45 | 2.13 | 1.45 | 2.13 |
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 ($$) | 1.4985 | 1.4831 |
SUMMARY OF KEY FINANCIAL INFORMATION31 Mar 2024 |
INDIVIDUAL PERIOD | CUMULATIVE PERIOD | ||||
CURRENT YEAR QUARTER | PRECEDING YEAR CORRESPONDING QUARTER | CURRENT YEAR TO DATE | PRECEDING YEAR CORRESPONDING PERIOD | ||
31 Mar 2024 | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2023 | ||
$$'000 | $$'000 | $$'000 | $$'000 | ||
1 | Revenue | 294,914 | 251,981 | 294,914 | 251,981 |
2 | Profit/(loss) before tax | 63,036 | 152 | 63,036 | 152 |
3 | Profit/(loss) for the period | 49,527 | 23,361 | 49,527 | 23,361 |
4 | Profit/(loss) attributable to ordinary equity holders of the parent | 49,967 | 23,401 | 49,967 | 23,401 |
5 | Basic earnings/(loss) per share (Subunit) | 2.45 | 1.30 | 2.45 | 1.30 |
6 | Proposed/Declared dividend per share (Subunit) | 0.00 | 0.00 | 0.00 | 0.00 |
AS AT END OF CURRENT QUARTER | AS AT PRECEDING FINANCIAL YEAR END | ||||
7 | Net assets per share attributable to ordinary equity holders of the parent ($$) | 1.5300 | 1.4900 |
Cash and bank balances RM 255,825,000
Short term funds RM2,888,000
Other current assets RM7,889,000
Investment in an associate RM78,086,000
Investments in joint ventures RM101,349,000
ABOVE ARE CASH AND CASH EQIVALENTS
TOTAL = RM446,037,000
OR RM446.037 MILLIONS
NOW LOOK AT DEBT
Non-current liabilities
Loans and Borrowings RM98,779,000
Current Liabilities
Loans and Borrowings RM174,707,000
TOTAL DEBT = RM273,486,000
OR RM273.486 MILLIONS
CASH/CASH EQUIVALENT LESS DEBT
= RM172.551 MILLIONS
WE SEE TSH REOURCES A CASH POSITIVE COMPANY
NOW TSH'S INVESTMENT IN ASSOCIATES ARE ACTUALLY SHARES IN INNOPRISE PLANT (STATED AT COST & NOT YET REMASURED)
ACTUAL SHARES ARE 105 MILLIONS AND INNO SHARE PRICE CURRENTLY IS RM1.43
SO 105,000 X 1,430
= RM150.150 MILLIONS
Investment in an associate RM78,086,000
THAT MEANS IF WE UPDATE THE REAL TIME ACCOUNTS OF TSH
RM150.150 MILLIONS LESS RM78.086 MILLIONS
= RM72.064 MILLLIONS (REMEASUREMENT GAIN)
THEN TOTAL CASH/CASH EQUIVALENT WILL BE
RM72.064 MILLIONS + RM172.551 MILLIONS
= RM244.615 MILLLIONS
NOW NOTE VERY VERY VERY CAREFULLY
REFER BURSA
TSH RESOURCES BERHAD
Registration No : 197901005269 (49548-D)
(Incorporated in Malaysia)
Condensed Consolidated Statement of Financial Position
As at 31 March 2024
Assets held for sale..................RM 222,240,000
THESE ASSETS REFER TO FINAL PORTION OF BULUGAN LANDS TO BE SOLD
ABOUT 13,338 ACRES
IF SOLD THEN THE CASH/CASH EQUIVALENT POSITION WILL BE
RM244.615 MILLIONS + RM222,240,000
= RM466.855 MILLIONS
AND HOW MUCH IS THIS EQUIVALENT TO CASH PER SHARE?
THE ANSWER IS 33.7 SEN
SO TSH RESOURCES HAS A VERY HEALTHY BALANCE SHEET
WITH CASH EQUIVALENT OF 33.7 SEN PER SHARE
NO WONDER EASTSPRING FUND, SPORE DBS BANK, PUBLIC MUTUAL FUNDS AND OTHERS HAVE BOUGHT UP CHUNKS OF TSH RESOURCES SHARES
NOW GO SEE JPG BALANCE SHEET
AGAIN PLEASE REFER TO BURSA
Cash and cash equivalents...RM 78,749,000
Other investments................RM 26,385,000
CASH AND CASH EQUIVALENT
= RM105,134,000
ABOUT RM105.134 MILLIONS
NOW SEE ITS DEBTS (REFER BURSA)
Borrowings RM1,367,100,000 (NON CURRENT)
Borrowings RM203,460,000 (CURRENT)
TOTAL DEBT = RM1.57 BILLIONS DEBT
DEBT LESS CASH
= RM1.465 BILLIONS BORROWINGS
THIS HIGH DEBT OF OVER RM1.4 BILLIONS WAS WHAT TSH GOT 5 YEARS AGO
THANKFULLY, TSH HAS MANAGED TO CLEAR OFF ALL ITS DEBTS BY NOW
HOW?
TSH SOLD OFF 2 ASSETS (SABAH & BULUGAN FOR ALMOST RM1 BILLIIONS CASH TO SETTLE ITS DEBT)
WHILE JPG HIVED OFF TWO OF ITS ESTATES IN PENGERANG TO DO TOWNSHIPS
THAT IS WHY WHILE TSH GOT ITS RM1.5 BILLIONS DEBT SETTLED
JPG NOW GOT ALMOST RM1,5 BILLIONS TO BE SETTLED
HOW?
BY WAY OF IPO
IT IS STATED THAT PART OF CAPITAL RAISED IN IPO WILL BE USED TO SETTLE LOANS
AND PART OF CAPITAL WILL BE USED TO SET UP DOWNSTREAM PALM OIL REFINERY (TSH HAS ALREADY DONE )
BUT LOOK FURTHER IN JPG BALANCE SHEET
Deferred tax liabilities.....RM 458,821,000
HIDDEN IN THE BALANCE SHEET OF JPG IS RM458.8 MILLIONS DEFERRED TAX LIABILITIES WHICH WILL NEED TO BE PAID SOMEDAY
AND TSH?
SEE
Deferred tax liabilities.....RM 85,776,000
ONLY 18.6% of JPG
AND COULD BE EASILY SETTLED BY ITS STRONG EARNINGS AS TSH YEARLY DEBT WILL SOON BE MINIMAL WITH STRONG CASH SURPLUS
SO FROM HERE WE SEE TSH TOTAL NET CASH/CASH EQUIVALENT IS ALMOST RM400 MILLIONS CASH POSITIVE
WHILE JPG TOTAL LIABILITIES IS NEAR RM2 BILLIONS IF TAX LIABILITIES INCLUDED
So if JPG is worth 95.5 sen TSH should be worth far more
TSH Current price Rm1.21
Our first target price is Rm1.50
Next Rm2.00
And Rm3.00 to Rm5.00 if any more assets are disposed in Ikn Nusantara to unlock value
WITH KIND REGARDS
Calvin Tan
Please do your own due diligence or consult your Remisier/Fund Manager before buying or selling
IF STILL NOT SURE GET ACCOUNTANT/AUDITOR TO DO AN AUDIT
Created by calvintaneng | Aug 23, 2024
Created by calvintaneng | Aug 22, 2024
Created by calvintaneng | Aug 03, 2024
A careless surface perusal will see Jpg better than Tsh
however with X-Ray eye 👀 we see Tsh very superior
1 month ago
calvintaneng
THE BEST PERSON TO GIVE AN ACTUAL STATUS WILL BE AN HONEST AUDITOR
1 month ago