@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?

@calvintaneng how do you allocate between the few CPO companies? can share why make such allocation %?

Subur tiasa discount to NTA is huge compare to Jayatiasa. But it still carry quite huge debt. may take it another 2 years to clear.

@dumbMoney since there's so many issues with the fund manager as you claimed, so are you still invested? and why is COL keeps buying it as you claim their intention is never to liquidate it.

@RealValueInvestor the manager fee is based on NAV, so why dont the manager heavily buy stocks if that will drives NAV up?

What I mean is if ICAP did use the cash to do share buy back, what would happen to the portfolio now? We probably wont see SAM, Capital A, Apex, Kellington within the holdings.

@RISK8888 Dont waste your time here, attend the agm and screw them there.

@realValueInvestor canceling shares will always enhance NAV/NTA of remaining shares for any company.

The NAV has been going up, but people still complain over the gap between share price and NAV. So its not about the NAV, but the gap. Unless TTB intention is towards liquidating, there's no reason to close the gap using the cash pile.

Assuming Icap did use those cash for SBB few years ago, what will happen to the portfolio by now?

Meaningful share buy back consist of combination of factor: idle cash on hand + undervalued share price + high business growth.
Eg. the company keep generating high free cash flow which is more than what the company requires to expand, with share price undervalued and management is confident of their business growth, then management will use the money to buy back shares instead of distributing as dividend.

in iCap case, hoarding cash is a bullet to be deploy when opportunity of long term compounder present itself.

I dont think doing SBB to pump up the share price in order for share holders to feel good or exit their position fits icap investment philosophy.
If the fund buy back shares at low, and unload it at high, that's trader mentality.

If you expect icap to do so, you shouldnt buy icap, better consider starting your own close end fund or join a pump and run syndicate instead expecting TTB to exercise such.

I think SBB will indirectly drive up the holdings level within the portfolio, lead to higher concentrated exposure.

@JUST88

SBB, Dividend are not a good options for icap as it reduce the bullet for TTB to buy stocks.
if they use all the cash to buy back icap shares, its just like from now on icap will go into hibernation mode sitting on existing portfolio.

joyvest, be greedy when others are fearful refers to market wide Bear, not based on speculation of a single counter. Salutica is just a "wishful" position now. If the founder who knows so much doesnt top up, why should retail investor do so?

If Cap-A delisted, I dont see how it would imptact AAX. Cap-A operation will be ongoing and supporting AAX.
Cap-A internally generate cash flow is sufficient to sustain debt repayment.

More interested in how the injection would be if it do happens. and how much dilution would happens to AAX.
Or due to the heavy debt incurred, there wont be much dilution on AAX at all ...

TTB might not be buying back, but you can buy, buy until it move towards NAV. its still 30% below NAV as of now. ICAP only remains about 20-30% cash, which need to be used for bargain hunting

If you want quick money, just lump into CPO stocks. global heat which affect oil seed harvent + escalating food price are all pro CPO.

RSIK8888, you should raise such in AGM, this is the wrong place, and a waste of time

waiting @ 70 cents

@dumbmoney If online platform works, EM wont ask everyone to report back in office to work.

If its such a sweet deal, why would they sell it to Jtiasa at a 55% Stake?
Would the transaction requires shareholder's voting? And can those related party vote?

Any shareholders interested to push for liquidation?
Fundsmith, which is labeled as Berkshire hathaway of UK liquidated one of their close end fund due to share price keep trailing below NAV.
I dont see TTB can do much better, and from the AGM, Terry smith speaks more sense than Tan Teng Boo.
Tan Teng Boo has a tendency trying to school the shareholders, and a biase tendency towards China.

The thing I dont like most is if compare how much salary the icap team draws for past five years vs the results, it sucks!