uk net migration break down
https://www.youtube.com/watch?v=PJfDZDMtn_o

if good result price havent jump, and you think it worth more, its chance to buy more.

I forgot to factor in the acquisition spending of 52 million. does the acquisition contribute to revenue yet?
If yes, how much it has contributed to?

The revenue is ~50 million below my estimates based on their harvest accident, at the same time inventory jumps 44 million compared to previous qtr. Is Jayatiasa retaining inventory forfuture sales anticipating better price or the inventory increased comes from the acquisition?

upcoming QR should be way better than previous QR as long the management dont engage in crazy venture or hedging.

Will result be out today?
Jun qtr total CPO harvested 27,607 mt
Sep qtr it spike to 46,036 mt
CPO price maintain at same level.

Since Jun qtr profit at 60million, operating cash flow at 92million
Forecasting Sep qtr profit ~100million, operating cash flow ~ 150million
Will management spend 50million to par down debt, and distribute the 100million as dividend... :D

@calvin Thanks for the sharing. Just wondering what will Jayatiasa be doing with their huge forestation
and timber concession of more than 400k Hectares. their logging division used to contribute >100million profits.

@calvin what's your view on jtiasa timber sector?

Oct 23 FFB harvested touches 3 years high. encouraging!

I'll stop following this post until next AGM, since its more of a one man show for dumbmoney, a shareholder who sides with a foreign fund and defending them.

Happy ranting to other investor shall any of them pay attentino to this forum. lol.

@FastMoney keep 1 share to waste your life ranting? you can rant here even without any shares.

Icap has 140 million shares, the voting result is published, total of ~77million shares counted. which is around 55% shares voted, not 55% turnout.

FastMoney
Are you indicating you are going adding more beyond the 1 share you hold? entrusting more of your asset under the management of Mr. Tan?

@dumbMoney
Quoting doesn't put you in same league, also if comparison is made just based on number of past Nobel winners, all the institution besides the ivy league wouldnt be submitting research papers.

The lengthy presentation provides shareholders a better picture about the discount, also after hundreds of posts and accusation made by you on i3, I think its pretty fair play(though i don't support the action of calling up specific names in AGM).

Anyway, COL has been increasing stake at the same time trying to attack the fund manager. It's kinda questionable what's their intention, perhaps you can elaborate on that.

Why not sell out your positions, to have peace and spend your life on something more constructive with your talent. It benefits the fund manager, the retail shareholders who support the fund manager and yourself, a WIN-WIN-WIN.

Fairplay the answer is in that agm room. What’s the point you ask here? And does it matters which year?

Dumbmoney, what’s stopping you from challenging then on the spot. It would have be spectacular. Since you have the numbers you could have brought down the two academic practitioners. Now you have to rant in i3 for another years. Sigh

So disappointed didn't see dumb money and fast money in action during agm. What a waste of opportunity, there’s 55% shareholdings in the room.

To be fair, All funds are being evaluated based on NAV performance and close peer comparison, not individual stock performance.
If you demand every single investment made by the manager must makes money, you need to approach Fong Si Ling to set up a fund for you to invest in, and you probably need to pay a premium of 30% for it.

Even 1 share, you have the rights, but you wont earn any support or respect from long term shareholders.
Looking fwd to see you in action though.

Warren Buffett's Idea Of Heaven: "I Don't Have To Work With People I Don't Like"

As a shareholder, I start to wonder why those discredited and call the Fund Manager a bluf, yet actively digging into past numbers and didnt sell their shares. :p

Is investor day funded by shareholders? Thought it’s funded by the company, though they charge management fee for managing the portfolio.

@dumbMoney I said you fish for shareholders email. But since “votes” comes to your mind, that’s pretty interesting.

@fairplay what is icap objextives as mentioned in prospectus? I think MAY is not obligated, unless they use must.

@FastMoney666 If the SSB proposal is rejected, what's your plan? unload or hold? or what?

Not sure if its a huge holdings in your portfolio.

If Yes, Dont waste time here. go to the roadshow where many shareholders presence, raise your proposal with numbers. (In case you do that, please record and share)

If No, save your time, sell the position and move on, better spend your energy finding better stocks, maybe berkshire hathaway. since you claim you own it from day one, thats 270% return as of now.

@fast iam accusing dumbM fishing contacts, not you. please refer back.

@Fastmoney666 Wow, Since when I attacked you? I just merely point out the Dropbox shared by dumbmoney required permission to access which will expose my email. And this is typical fishing email strategy by marketeer.

You don’t even take the effort to check all my postings and blindly accuse me as macai just becoz I oppose SBB. .

You make more than 200 comments within the span of a month on ICAP, and only ICAP. Now I seriously question your motives.

@Fast666 Where are you being attacked? please share detail.

@Kelvinfixx one share entitles you to attend AGM.

Wait till SC provides detail on the rejection, what we see here are just repetitive noises.

i3 forum has now becoming a colosseum for quarrel/shaming/rant between few of its members.

@FastMoney666 @dumbmoney calculation is just to fish for shareholders contact for personal agenda.
He will contact you soon, LOL!

@Fast Your questioning on how much icap make in management fee vs shareholder gain is valid, I feel the same too when I do first do the calculation.
but first do you think most fund manager will lose money when market in bear? If you can provide a valid comparison to other Malaysia funds, maybe can convince maangement to take a cut in fee %.
second is the comparison is since 2012 instead inception. Since inception Shareholder Equity gain is ~345million vs total fee charge ~93 million.

What's your concern about TTB holding icap shares through another company, do you prefer your fund manager to have or dont have skin in the fund? Buffet has a very high stake of his wealth tied Berkshire. When he buy shares, he is helping in closing NAV gap, without lowering the cash warchest of icap which can be deploy in future. SBB will lower cash holdings.

Are you still collecting? or just holding becoz its lower than NAV?
Will you be attending AGM and ask the question about SBB? asking here no use, TTB wont answer here.

@FastMoney The vast majority of Buffett's net worth is tied to Berkshire Hathaway, his publicly traded holding and investment company. Buffett owns about 38% of the company's Class A shares and less than 0.001% of Class B shares, according to the Bloomberg Billionaires index.

What's your concern?

If they got something to hide, why would they wanna hide it under the name of CDAM sdn bhd?

@i3gambler
In SBB scenario, there's transaction cost incurred and doesnt put any cash into shareholders had, if mr.A sell, it will widen nav discount.
In Dividend scenario Mr.B buying lower supply in market if not narrowing the NAV gap.


also if mr.A sell, the share price will went down further and widen NAV discount.

@dumbMoney Personally, it's not about fighting COL. but i dont see the rational of using funds from long term holder to fulfil those who want to exit. isnt a dividend payment more fair? Those who seeking exit can use the dividend receive to buy icap shares to close the gap and see if they can exit by then.

@dumbMoney SBB and distribute to shareholders wont increase NAV unless the SBB goal is to narrow the NAV discount. and what's the point of narrowing NAV if not doing a favour for those who wish to sell their holdings?

@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?