JTIASA-CR
issued 35 million shares @ 0.15 = 5.25 million marketcap
Currently share price is trading around 0.60 ~ 21 million market cap
If the share price stays at current level until expiry, will Kenanga IB incurred 16 million losses on the CR?

There's EU-warrant expiring in May.

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.

@zhugeliang
we are not the fund manager, so just stick with what you can instead of wish. If you are not happy with the Fund manager, go to AGM to call for a vote.

Buying icap now is like buying the stocks in their portfolio at 25-30% discount.
that includes KGB, SAM, PADINI, Capital-A.
As long you have business owner mindset instead of traders.

@calvintaneng

When compare Jtiasa to others such as SOP , UTDPLANT, THPLANT, asides from CPO production, should we also factor in their potential land value when transform to non-agri-land?
As I am aware, Jtiasa most CPO is at Pulau Bruit, Dont think it can be turn into a commercial town or something.

@Calvintaneng
Comparing CPO Yield per mature Ha
Jaya tiasa 3.3
UTD Plantation 6.0
Bumitama 4.0
Thplant and SOP after deducting the external source, is around 2.8

How UTDPlant able to have such high yield?

Previously you mentioned UTDPlant has train track, does it mean UTD is more efficient in harvesting and Jayatiasa is actually not able to harvest 100%?

To address selfish motives, shareholder can request a change in company constitution where fee is based on portfolio value instead of NAV.

@sense maker if Boo is lousy,why COL keeps buying? where do you get the idea of "all shareholders"?

@calvintaneng what's the reason Jayatiasa's CPO yield per mature hectar so much lower as compare to SOP, UTDPLANT, TSH?

if you have a long term target with 100% upside, not recommended to trade short term.
If you are right, you make just additional 10-20%
if you are wrong, you might miss 100% on opportunity cost as its very hard for trader to buy at higher price than what they sell.

Jayatiasa should start stingless bee farm, which require minimal investment:
> bee hive cost rm100 in unit (basically consist of wood plank
> bee work for free, and they only required unpolluted environment, which jayatiasa huge forrestry also has that
> bee hive management and harvesting is also not labour intensive
On top of that
> bee increase pollination of plants, which is good for environment.

Here's an article on RH Bee Farm (RH stands for rimbunan hijau, mother company of Jayatiasa)
https://vulcanpost.com/742509/kelulut-stingless-bee-honey-farm-malaysia/
" Currently, R H Bee Farms has less than 20 beekeepers with over 7,000 bee hives, whereas Bayu Kelulut has 4,000 bee hives. Both these farms are supported by MARDI and MATRADE in R&D and overseas market penetration respectively. As of now, both these farms export to Asian countries like China, Hong Kong, Japan, Taiwan, and Singapore."

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.

@zhuge I dont think fair to compare icap with berkshire, berkshire has the whole world to invest. Warren is also another level compare to icap.

What the fund manager want to buy sell is according to his investment style. There are hundreds of funds in malaysia, you tell me how many funds can keep 50% cash for so long yet grow the NAV at this rate.

@zhuge

Doing share buy back increase overall fund exposure to portfolio holdings. fund managers has their own strategy in managing exposure, else he would have bought more of certain stocks with all the idle cash.

If you believe a CEF should do buy back whenever its trading below NAV, go set up a CEF togather with Dumbmoney, and in the prospectus state whenever the fund is trading NAV, the manager is obligated to do buy back. Then we can compare your fund performance in shareholder equity vs icap.
0 seconds ago

if Jtiasa start farming bee in forest concession, guess what would be the share price be. and Malaysian can enjoy cheap good quality honey

From google: Eucalyptus trees are known to attract bees due to their abundant and nectar-rich flowers. The nectar produced by the flowers is high in sugar and has a distinct taste, which makes it a favorite of many bee species.

From Jaya tiasa website : Fast-growing tree species such as Eucalyptus Deglupta (Kamarere), Eucalyptus Pellita and Kelampayan were planted across the plantation areas and the average survival rate of the planted seedlings was above 90 %.

RH bee farm is not a new thing, its been around for at least 5 years and above
https://dayakdaily.com/sweet-success-sarawak-biggest-producer-of-kelulut-honey-in-malaysia/?fbclid=IwAR1IuF8sLA-z5UNpFYWzfZ51HLtgd2g7Xqu0zOX8E4wPEI1TWqz5U3fge8U

only know RH is breeding bee and selling honey. I'm not make allegations Jayatiasa did the same.
I am just asking if calvin is aware of such.

Previous agm not all questions are seen by attendee, I asked but no one address that. same with email, no reply on it as I'm aware of.

@calvintaneng

Rimbunan Hijau is breeding kelulut bee for honey in forest concession. (google RH kelutut honey and RH bee farm)

Jaya tiasa has huge forest concession. So is there breeding of kelutut within their forest concession yet not reported?
The CPO and timber business value is just like peanuts if compare to honey.
CPO is MYR4000/MT aka RM4/kg
Kelutut honey retail is RM120/kg ! even 70% off for wholesale would be RM40/kg

I asked before during AGM, wrote in email, but no reply on the matter.

the biological asset fair value loss of ~(30M) is ignorable since its from timber.
operating cash flow ~148M, Free cash flow ~130M in 1 quarter. pretty inline with expectation.

Wondering why is the company not paring down debt, can save 20M a year in interest. Do they buy into bitcoin? LOL!

NAV hit 3.80. Thanks Mr. Tan.

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 is it accurate measurement by looking at ASK cost/Revenue, as ASK could include maintenance cost, and the company is actively bringing back more non-operating aircraft into operation (which incurred maintenance fee, but not yet revenue).

And the cost-revenue spread is narrowing compare to past 2 quarters

Nice qtr. Added almost 100 million to operating cash flow.

Looking at THPLANT flattish result compare to previous qtr, personally expecting similiar for Jayatiasa but add back 50million cash to current qtr(previous qtr spent on acquisition), so EBIT ~MYR150million

Anyone added any today?

@zhugeliang88

Bill Ackman case illustrates share buy back doesnt narrow NAV discount :p
There's also a so called performance fee charges on the fund :p

You love buy back? invest in berkshire hathaway.

@Tesla123 how is FGV QR considered bad when it doubles its profit compare to previous qtr where average cpo price is the same?

Looking towards qtr results from Capital A, Padini and KGB.

instead of looking at stock price, I rather follow NAV growth and the performance of the holdings company.

SAM, one of Icap largest holdings announced good qtr results, share price rises 30% for past one month (though it has drop significantly over past few months) anyone bought any?

Those who follow @calvintaneng advice owed him a big meal.
Too bad I didnt follow, got freak off by high debt ....

Bill ackman fund also trades at a NAV discount for long period of time. I’ll put some money into it.

https://seekingalpha.com/article/4612912-pershing-square-holdings-unloved-deeply-discounted-value-proposition

@soon9913 Try list out all the directors' selling and buying

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.

After receive the dividend will buy more of EWINT. The outflow of company and people from HK/China has benefit Singapore, UK has postential :)

@Sslee want me to proxy you with one share to post those questions during EGM/AGM?

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.

@ken2004 the turnaournd of AAX can be found in their reports, try read there for more complete picture.

@calvintaneng i thought you are Singaporean. you Msian?

@observatory How about buy one shares so can ask the BOD on upcoming EGM / AGM? Would be good if more active shareholders questioning the BOD.


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.

@observatory
No offence if you didnt get what I meant on "collaboration". Happy investing ^_^

@observatory you dont really get I meant or playing dumb? :)


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 accused of poor governance and lousy fund management/policy by few in this 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.

@observatory When you have a 400 million fund in control, many small cap companies will come knock on your door for "collaboration". You dont even have to wait for NAV increase to makes money, even NAV decrease can makes you handsome money.
But it do depends on what level of responsibility do you hold towards the fund investor.


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 accused of poor governance and lousy fund management/policy by few in this 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.

Why is there selling even now? there could be many reasons:
- short term trader. why YTL power got people sell from rm1 - rm3?
- taking profit. if you accumulate at rm2 few months ago, you are sitting on 40% gain.
- investor needs cash, many icap long term investor are above certain age.

The AUS professor shows COL do BUY/SELL on icap, not pure buying, though the net is buying. You can put yourself on COL shoe and think how you can get the most out of icap as an investor whom goal is not to have a ride as long as possible with the fund manager (vs majority retail investor who want the ride with fund manager).


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 accused of poor governance and lousy fund management/policy by few in this 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.

ouch!
https://www.standard.co.uk/business/troublemaking-investors-have-left-us-all-in-a-mess-6872819.html

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 accused of poor governance and lousy fund management/policy by few in this forum for many years, 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?

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 accused of poor governance and lousy fund management/policy by few in this forum for many years, 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?

@Sslee Even with cash holding, would you able to grab those cheap stocks when horror kicks in?

In 2020, ICAP bought significant position in KGB, APEX & Capital A, the counter you are bearish on >D

Maybe we should propose their fee is based on portfolio NAV without taking cash into consideration :)

@Sslee if not mistaken, the increase in cash pile was due to unloading a holdings that realize huge profit. Valuation that factors in macro uncertainties may lead to retaining of the high level of cash.

So all those who sell to COL are irrational, so lets alert them to be rational.

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 accused of poor governance and lousy fund management/policy by few in this forum for many years, 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?

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

Why?
1. Despite being accused of poor governance and lousy fund management/policy by few in this forum for many years, 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?