Before the tariff kicks in, I expect China manufacturer will maximise machine operation tosell as much as possible, even at losses to recover invested capital. before the equipment and raw material become scrap.

@valueinvestor888 Jtiasa has minimal exposure towards USD, USD weaken by 5% they only loss 161k based on AR 2023.

Can sleep going forward, until the group decide to do something to those landbanks

@Sslee where can the corporate presentation be view?

Despite all the accusation in i3, the nav growth performance with such long period of holding cash already put icap in top tier performance among local funds.

4 years (personal) projection:
acquired solar company can deliver 11mil net profit a year
add in issuance to QL which result around 30mil net profit a year
BMGreen existing business generate EBIIT 60mil a year (Annualised based on latest qtr)
Total EBITDA ~ 101million
divide by ~688million shares issue
multiply PE 20

TP ~RM3

The right issue is for investor who prefer to reinvest the money instead of cashing out via dividend.

Will they bid for contracts from datacenter and warehousing to install AIOT solar system for them.

From this article, its not just about Solar, but IOT powered Solar
https://www.nst.com.my/lifestyle/bots/2020/09/622839/tech-digitising-energy-usage

https://www.tatlerasia.com/people/ko-chuan-zhen

The company BM Green plans to acquire has a very solid portfolio in installation. which means they are moving into large scale projects.

Operating cash flow - capex

The latest quarter generate free cash flow of 25million, if annualise towards 75million. and market gives the company 20x valuation, company marketcap would trade around 1.5billion with share price around RM2.60 level.

They company can bring full scale solution to indonesia :) which is a market many x bigger than Msia.

@Save the nett cash position improve slightly from 16mil to 27mil

@sslee why 0.01 sen apart instead of 0.05 or 0.1 sen apart?

@sslee what's the strategy on collecting every 0.01 sen down?

@sslee,
There's a labour shortage since covid for many quarters. the company pays a higher incentives to boost harvest.
The board has said they pay hire incentive tor longer working hours and local to harvest. Whether labour force target is met now is unknown.

Maybe ask @calvintaneng or wait till AGM.

Patiently waiting for Indonesia plant to operate in full scale fabrication.

There's nothing suspicious.

Jayatiasa include labour cost as part of the cost of goods.
They have to pay all the foreign labours all year round regardless low or high crop, hence during low season the gross margin will fall be low 20%.

Dont be lazy, you just need to look back '23 same qtr will do.
:P

Quarter Comparison

Revenue
Mar '23 Qtr : 176 million
Mar '24 Qtr : 209 million (20% higher)

EBIT
Mar '23 Qtr : 20.37 million
Mar '24 Qtr : 20 million (0.2% lower)

Operating Cash Flow
Mar '23 Qtr : 15 million
Mar '24 Qtr : 53 million (3.5x)

Free Cash Flow
Mar '23 Qtr : 3.3 million
Mar '24 Qtr : 35 million (10x)

John is posting extraction from ICAP newsletter, it's not evidence John is TTB.
Even John is TTB, he is not obligated to answer queries from non shareholders, but you can purchase some ICAP shares to post question to him :p

https://www.cnbc.com/2024/05/23/a-sudden-container-crunch-is-sending-ocean-freight-rates-soaring.html

Would this benefit the company?

Looks like it. Increasing such high stake in such short time.

For long term investor, just buy when someone is letting go at dirt cheap price.
How cheap should you consider buying? that depends on your appetite and level of greed.
Just dont get smoked until you trim your position.

Price please drop further, I'm hungry

Tan Sri Liew trim his stake by ~20million in past one year
Ecoworld Capital buy 48million in one week

Looking fwd for development value to be unlock.

Opportunity 😋

I don't have the ability to predict the market 🤓

CEF is like stock, it will trade at premium when demand > supply. you also can view it like REITS, why some reits is trading at a higher premium over their NTA or even yield compare to their peers?

may be dreaming, but that's my valuation :)

Different people has different capital allocation strategy, especially tycoons who have more investment apportunity than us.

You could also ask why PARAMOUNT willing to pay 0.33 if they dont value it signicantly higher. and PARAMOUNT is known to be conservative.

Looking fwd EWINT to trade at fair value above 80 sens.

ICAP NAV has increase 13.9% YTD. ICAP share price has increase 18.7%.
shareholders can jut ignore the noises in here.

Nothing shocking, the NAV climbs, manager fee will increase.
The only benchmark on the fund performance is NAV growth.
Fund manager is doing a great job, the fund NAV increases 15% in one year.

NAV crosses RM4 mark. good for all, especially to largest shareholder COL who can now brag to their strategic investors.
interesting to see COL yet to sell any, share price also holding strong even COL not buying.

When you invest in Jayatiasa, whats your expectation?
20% gain in a month?
50% gain in a year?
100% gain within 3 year?
Or hold until fundamental deteriorates?

Different expectation will affect the way you react to the price swing.

Expecting ~70million free cash flow for coming quarter announcement.

How many months would it takes for Jtiasa harvest to regain momentum?

If someone wants your shares, and you reject their offer price, what they can do is to manipulate the price movement in hope your level confidence get affected and end up giving up your shares bit by bit.

Of course, they can also find someone to sweet talk you to sell or bad talk what you have in hand.

For iCap shareholders who want to sell, take advantage of the situation by queuing at high price as close as possible to NAV, or even at a premium.

Why?
1. Despite being red-flagged on governance and lousy fund management/policy in i3 forum on daily basis, COL is still buying.
2. Since COL keeps buying even the row with the fund manner, it means they need to buy or they recognise TTB stockpick skill, so take advantage when demand is there.
3. If someone is bidding for the rights to slaughter our goose and if lucky we get a fair portion of the egg but none after that, wont you want a premium to it? So never sell at a discount price.
4. ICAP portfolio is demonstating very good growth.
5. The court ruling is favouring iCAP, which in a way brings advantage to normal shareholder when it comes to distribution.

@SSlee if many long term investors were disappointed, The fund manager would not have get the support required in AGM/EGM. Are you a shareholder before quoting long term ICAP shareholders?

SSlee, if you know the story, 惠能 left the temple right after he received the baton.

If apply what 惠能 says, When we leave i3 forum, we wont have to deal with all the arguments in here.

I bet COL will keeps buying even the 20% cap on voting rights is implemented.
Just work out how much COL make for the past one year will clearly see this.

Though the fund manager make it clear the fund is not intended for institution fund, but if the performance prevail, local institution will buy in.

@dompeilee can find other place to brag and end up has to come to jtiasa?

The 5 projects in London though yet to kick start, but in planning stage. working capital will be raised through bank loan as company is in net cash position. :D

If COL keeps buying into TTB iCap dream, why shouldn't we?
In fact icap share price performance is boosting COL own portfolio performance, provide them a beautiful story to feed to their institutional investors.

Congrats to the team winning over POP investment

@engineeringprofit can belanja me wagyu meal?

Hope everyone is happy now, COL, Dumb, ICAP supporters.
:)

For iCap shareholders who want to sell, take advantage of the situation by queuing at high price as close as possible to NAV, or even at a premium.

Why?
1. Despite being redflagged on governance and lousy fund management/policy in i3 forum on daily basis, COL is still buying.
2. Since COL keeps buying even the row with the fund manner, it means they need to buy, so take advantage when demand is there.
3. If someone is bidding for the rights to slaughter our goose and if lucky we get a fair portion of the egg but none after that, wont you want a premium to it? So never sell at a discount price.

@sslee i think the bellwether index plunge refers to KLSE level 5 years ago which is around 1800 points.

@Sslee you can google for bellwether index instead asking here. would that be faster?