@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!

I dont get the acquitision logic, those lands are left with 41 years leasehold, and the production is falling year by year. Since its owned by related parties, why dont they just inject those asset by issuing shares to them?

I dont like the idea related party to transfer 30% cash holding into their own pocket with a lousy deal.

Personally I prefer they dont distribute the 900million and keep as warchest. There will be a lot of good deal when enter recession.

@juon 70 cent factor in huge margin of safety. I will just hold back now to see if any bad news come out, in the past, Skpres share price has down few times before news outburst. But its a pretty boring and solid company.

queue buy around 70 cents

after all the hooha fantasy from past few weeks, get trashed this morning...

tapi tak ada orang tahu operator sama ada akan goncang ke 67sen rebound 90 sen(25% return), atau goncang sampai 30 sen dan rebound 40 sen(33% return).

setakat ni, Operator goreng hingga 1.70, dan goncang hingga 60sen. dalam proses ni, dia sudah untung jauh lebih daripada marketcap asal Salutica.

Encouraging :
i. higher foreign exchange gain on retranslation of foreign currency bank balances denominated in
British Pound (“GBP”) as GBP strengthened against Ringgit Malaysia (“RM”);
ii. higher interest income from unit trust and fixed deposit following capital contribution repayments
from Eco World-Ballymore and Eco World London; from 4 million > 12 milliom
iii. most of borrowings in MYR.

Not so encouraging:
The current quarter’s reduction in LBT was offset by higher losses incurred on joint ventures resulting
from higher share of losses in Eco World London due to lower completions and increased construction
and defects rectification costs.

Financials compare to previous qtr
- amount owing by JV rises 100million
- net cash inscrease 200+miliion
- compare to previous quarter the NTA rises

Will sit until distribution finish by 2024. By then, if EWINT announce new project launches, share price should be going up again :)

i dont raise those as news to drive stock price, as investment logic whether retail investor should speculate in winning the case against apple.

The share price only reflect market force, not that piece of news. salutica share price actually hit year high the day after the news break out.

Technical trader can always find support and TP even the price is diving. good luck.

https://theedgemalaysia.com/node/663585

None of them acquire more shares too.
If you trade on this pattern case, just think about what if Salutica loses or drop the case vs they win the case.
Would your capital be better off deployed at a more certain investment.

The founders know best whats the chances of winning, if he is highly positive on winning, he would have buy shares, but he didnt, and one of the director even offloading.

The frenzy begins just because a Vitrox shareholder buying in bulk, but anyone knows him well enough?

Yet, there's a people here believe they know better than the founder and speculate winning the case.

From the Edge:
Amid the recent interest in the stock, Salutica chairman Leow Chan Khiang and several of its directors, including Chia Chee Hoong and Low Teng Lum, disposed of some of their shares. Leow and Chia sold 700,000 shares respectively, while Low offloaded 630,000 shares from April 6 to 14, according to bourse filings.

The first payout is targeted after August, many cant wait. :p

If GBP > MYR hold, it will constribute postively to the group.

As their gross margin is around 18%, if GBP strengthens 10%, would it pop up the Gross margin to 28% and provide higher distribution to shareholder?

i3 is indeed flooded with traders who monitor short term price movement.

Perhaps along the cash flow can sustain debt repayment and pay down borrowings, they will be doing fine.

4.5b avg 7.5% only 330million. armada operating cash flow is 1.4billion. They still have acces of 1billion to par down the debt, and further reduce the interest.

Based on Annual Report FY2022

With the receivables 4.5b just almost on par to pay off total borrowings of 4.5b in next few years, does it mean there wont be any dividend payout expected in next few years?

The borrowings interest seems quite high
USD Term loan - floating rate 7.85% (3.55% in 2021)
Sukuk 6.35% (fix rate)
And more than 50% of it has to be repaid within 2 years

Capital A agm is coming, are you ready?

@hng33 thanks for the point, before this I dont quite understand why cant EWINT declare capital reduction instead of dividend to pay shareholders, now I get it....lol

@ECCW business good doesnt means its worth the price.

looks like the commenters here doesnt have any vested interest in AAX, else someone would have provide some info from the AGM today. :p

anyone attended today AGM? please update

the targeted 400 million from fy2024 sales will be retained as working capital, they still got few billion GDV yet to launch project.

I like the management cautious behavior, when interest is low, net debt is high, when interest start running up, they turn into nett cash position within a short time frame. They have the patience to wait for good time to strike.

@ks5S why the funds have to defend the price? They comes in as investor, not share price defender.

Wonder why management and major shareholder not buying....

QL last 4Q ROCE is 13%.
Share price is diving today, but very thin volume, probably squeezing out margin traders.

@Eatcoconutcanwin when airasia business is injected into AAX, there will be heavy dilution and uncertainty what it will cause to it balancesheet. Airasia is so much bigger.

Just to share what WB says about airline stocks
1. It's a business where many player repeatedly goes bankrupt, and get bail out
2. It's a business where only way to grow is to buy more planes (high capex spending), which takes a long time to return it cost.
3. There's no pricing power (to sell more expensive tickets)


It has been shown regardless how well airline grows, one incident can destroy it balance sheet. pandemic, war. And its a desire to travel, not necessity, especially for Airasia case, which focus on leisure travel.

Note 26. There’s a capital commitment in aircrafts purchase yet to be provided.
How will that be funded?

@dumbMoney spot on.

@JohnD0ugh Do you agree with what TTB there's no bargain in the market in 6 years with 3 crisis unfold - trade war, pandemic, ukraine war.

And btw, he bought into Capital A, now look is AAX or capital A excelling?

@arsenal93 the working capital funding is mentioned during their recent AGM. you can write to the management for clarification.

From FY2017 - FY2022
> Investments + Cash Equivalent reduce (16 million)
> add back the 28 million dividend distributed last year, become 12 million
> Within the period, Total Fund management fee + Investment advisory fee is 40 million
> ICAP team gain more than Shareholder's equity gain

From FY2019 - FY2022
> Investments + Cash Equivalent grow 24 million
> add back the 28 million dividend distributed last year, become 42 million
> Within the period, Total Fund management fee + Investment advisory fee is (27 million)
> ICAP team makes around 60% of Shareholder's equity Gain
> The current Asset value is around 446million, 42million gain over 4 years is less than 10% growth!

With share price performance 30% below its NTA.

Personally, I prefer the fund be liquidated so shareholders get back an appropriate return.
Mr.TTB can compare performance since inception, but the recent years performance is very lousy.
Also I dont think its appropriate to benchmark against KLCI index, as % of icap portfolio holdings in the index is negligible. Don't think such performance is right to benchmark against KLCI index.

What's the criteria for COL to able to force the fund into liquidation?