@FastMoney what's the purpose of buying back share from shareholders(who is looking to sell), and distribute it to shareholders(who is looking to hold long)?

How would it benefit shareholders who plans to hold long as compare to a dividend payout which shareholders can decide if to buy more from those who want to unload?

@Fast I think SBB is a very common thought one would have, TTB will reply if you raise it in AGM, thats shareholders right and what AGM is for anyway.

One more reason I'm against share buy back, buy back shares is like increasing position in all the stocks within the portfolio for all shareholders.

While a dividend plan allows shareholders to decide, if you doesn't mind increasing overall position, you can use the dividend received to buy more icap shares, which is similiar to SBB which in a way contribute to narrowing the gap.

Lets assume there are 2 groups of shareholders:
A. Shareholders who doesnt mind the discount with a long term holding power, and probably accumulating at discount.
B. Shareholders who in hope the gap to close so they can sell

Now, If you belong to A, would you agree to use icap cash or even your own cash to close the gap for B to cash out at lower discount to NAV?
Hence I think the dividend plan is a more fair approach that balance both needs.

Thus far, the comments here mostly focus on the price gap, instead of looking at the holdings within and their potential. That's short term trader mindset instead of business owner mindset.

If the fund manager approach doest fit our investment goal, we should switch to another fund instead of hoping him to follow our instructions. Else would be better off just buy individual stocks ourself.

@Fast you can ask in AGM why dont they do Share buy back and see what's the fund manager concern. I'm looking fwd mr Tan being challenged by shareholder and the way he respond.

I'm against Share buy back by icap. Prefer gap close due to performance. enforcing a buy back will just encourage fund manager to buy stocks without proper timing and valuation.

If you think icap discount is more lucrative than other opportunity ahead, then you should be the one buying to narrow the gap and see what will eventually happens.

If you are concern the gap will be there for a long period of time, then just exit, most shareholder are in profits, including COL. Just like you cant expect a cash rich company trading below NTA to keep buying back so retail investor can unload their holdings.

Bursa wont want Cap A to delist, its in their interest to see Cap A sail through challenges and becomes huge, it makes KLCI looks good.

Looks like the under harvesting in past year is leading to higher production.
Next qtr announcement jtiasa will be nett cash company.

Why do you need the discount gap to close if you are not selling?

If COL intention is not to liquidate icap, why do they stop buying? The restriction is only on voting, not buying, COL can keep buying since the discount starts widening again.

@Berlin its in a phase where LTAT offer @1.55 , did you reap any profit from that?

The Negative Equity is obvious, so it doesnt matter anymore, What matter are the not obvious.

So why so many would like to waste their time repeating Cap-A negative equity and poke on Tony Fernandez? You guys run a more successful business than Tony or touches more Malaysian life than him?

Better spend time on counter you plan to own.

Will COL pare down their holdings to 20% before AGM? Or they can find a local proxy to hold those holdings.

Regulation 6 of SICDA FOR provides that shares held by
foreigners which fall within the Prescribed Limit shall be
entitled to all rights and obligations attached to the shares
as determined by the Board. Regulation 6 of SICDA FOR also
provides that shares held by foreigners which exceed the
Prescribed Limit shall be subject to a determination by the
Company as to whether such shareholder shall be entitled to
all rights and obligations.
Accordingly, foreign depositors who hold voting shares within
the Prescribed Limit of 20% as against the total quantity of
shares listed on the official list of the Stock Exchange shall
be entitled to vote at any general meeting save for restricted
shares standing to the credit of the securities account of
foreign depositors as being in suspense, pursuant to SICDA
FOR read together with the Prescribed Limit of 20% in the
Company’s Constitution, the Securities Commission Guidelines
for Public Offerings of Securities of Closed-end Funds, the
Bursa Main Market Listing Requirements and Chapter 24A of
the Rules of Bursa Malaysia Depository concerning foreign
ownership of shares in the Company. Determination(s) on
rights and obligations attached to restricted shares may be
made by the Board of Directors of the Company upon the
happening of any of the events listed out in regulation 6(2) of
SICDA FOR, such as and not limited to (i) prior to the calling
of any general meeting; (ii) prior to the undertaking of any
corporate action by the issuer; and (iii) the conversion of
shares

@Fast, their cash hoarding since 2013/14 drag down the performance. too bad
You also need to add back the dividend distributed.

@calvintaneng I did some comparison among JAYATIASA, TSH and UTDPLANT.

the FFB yield per matured planted areas(MT/HA) is much higher in TSH and UTDPLANT
JAYATIASA ~ 16 (prepandemic)
TSH ~ 23.5
UTDPLANT ~ 26.5

do you know the reason behind? was wondering if due to species or planting density? All of their trees are in prime age if not mistaken .

thus would it be more accurate to compare them based on FFB produced instead of land?

@i3lurker pity you, instead of empowering investor community, you waste your life talking baseless crap.

@fastmoney666 sell more lah

@tradebursa

Wouldnt warrant be affected by dividend payout?

@calvintaneng What cause Jayatiasa's Land value per HA or per planted Ha significant lower than TH, SOP, TSH?

Is it due to Jayatiasa didnt revalue the land? location of land or other reasons?

@Lyon91 You need to look at result after other income and losses. Because when the JV pay back, its added into that section.

Better Sales than previous qtr
50 million free cash flow
The management sounds confident and estimating continuous payout into 2024

ouch, i was hoping it drops to 20 cents

with JV in healthcare and EV in pocket, the future looks interesting.

Parts of the Americas have been inundated too. Brazil recorded more than 30 deaths last week after heavy rains and floods in the state of Rio Grande do Sul – the worst natural disaster to hit the state in 40 years, according to CNN’s regional affiliate CNN Brasil.

From Wiki:
In soy, Paraná and Rio Grande do Sul are among the largest producers in the country, with about 16% of national production for each one, second only to Mato Grosso, which has 27% of production.

COL must be deeply in love with i-capital. They blast the fund manager, yet keep buying.

When will Jayatiasa reactivate their timber plant?

@FastMoney Volatility is a value investor's best friend :)

@RISK8888 there are many way to recover capital, stuck yourself in a counter which you dont believe and hope for recovery is not a good option.

There's no ground to rant when you lose capital unless you give back all the profits when you gain. No one force you into buying the shares afterall.

Equity being negative is fine as long the company able to generate free cash flow that is higher than finance interest + repayment.

If COL is being forced to par down holdings to 20%. and retailer queue at RM1 and below, what would happen?

RISK8888, why waste your time here? spend time looking for good counter not good meh? or are you paid by them to convince others selling here?

@arsenal93 lets wait a little longer

If you monitor the price trend without a game plan, you are wasting your time.

@berlin Personal attack doesnt justify your statement more. so why do it? If you doesnt agree, share your figure.

if they press down to. below 0.18, I'm more than happy to buy more

If you are minority shareholder, oppose to offer price below 90 cents.

@abba84 you have to calculate yourself, no one here gonna tell you how much its worth. Just be aware the major shareholders holds too much of the holdings.

Anyone went for AGM? Please share the takeout

These two years, the rainfall seems to be happening through out the year. (true for KL, not quite sure for Sarawak)

Can you share the comparison of tree age between the 3 companies, and how replanting is manage? Would it be upon reaching prime the company will generate very low cash flow for at least few years?

Morning shareholders, are you ready for the big fat payout?
What would you do with the cash?

Cal, have you compare their annual harvest? maybe different company harvest according different timing due to location difference,

@zhuge if the funds own one share, and the share is trading at a discount to its NTA, which also directly affects the fund NAV, should the fund buy more of the share in order for it to close the gap, and boost own NAV?

Under such practice, the manager is consider active trading on share price movement.

And how investor justify the request for fund manager to close the gap through buy back, why dont investor themselves keep buying to increase own ownership to close the gap?

And once the gap is close, what do investor do? hoping other investors to buy their shares ?

@zhuge I think berkshire hathaway NAV growth is way higher than icap, hence it make sense for buffet to perform a buy back. A growth fund goal is to invest in growth companies, instead of finding trading below NTA stocks and wish the share price will eventually catch up. And it's worse if the fund is the one buying up the price...

@BudiLee the company raises a lot of borrowings, and lend it to associate company to build and sell.
The company is unlikely to pay out dividend every year, as launching a project, selling it and handling over take few years.

If you want consistent dividend, search for dividend counters with strong track records.

If Icap utilized the cash to do a SBB to push price up, and COL start selling, who would be the loser if not the long term shareholder?

@zhuge the job of a fund manager is not to manipulate the share price of its own fund through active purchase/selling.

In value investing, the only rational thing to do during price depression in regards to actual value is to keep buying and wait, instead of wishing the gap closes faster.

There are two type of investor here, one might hope to cash out at a fairer level, and another hope the price just keep depress so they can collect along the way.

On the entitlement date, i plan to reinvest everything back into the stock. Hopefully there will be a panic by then and drive the price down further.

at least calvin is consistent in spamming what he believe.

@EngineeringProfit Mind to share your reason?

If TTB is out, who will be taking the place? COL will likely get seat on the board and appoint someone.

Will long term shareholders feel comfortable with this? Who knows what can the appointed manager can do to the fund?
If long term shareholders don't believe the appointment, they will left with the only choice of sell at a discount to NAV. And guess who will be the biggest beneficiary?

I prefer to wait another few years to see if TTB is capable to grow the fund at a higher CAGR, which is a more reliable way to close the gap betwen marketcap and NAV. If he fail, then shareholders can call for EGM to liquidate the fund.

I believe all investors besides COL invest in Icap due to TTB is the fund manager, and now @speakup claimed "we all want TTB to go"

Its actually pretty obvious someone just want to make a quick killing instead of long term investment.
If the thesis is whenever its below NAV, the fund manager should do a SBB. Then most of the properties company should use their cash to do SBB as most of them is trading below NTA. but there's a problem, after the cash are spent, what's left to build on the landbank?