Basically, I avoid REITS in general. The main reason is its limited upside compared to good quality growth stocks.

Risks

We believe the biggest risk to investing in REITs today is the impact from an economic recession. As a result of the recession, rents and occupancy levels in commercial real estate fall, resulting in a decline in property values.

In addition, if interest rates rise and REIT dividend yields move back toward their historical averages, REIT share prices could also decline.

Other risks to investing in REITs include a considerable increase in the amount of new construction (which would reverse the favourable demand-supply characteristics of the current market) and the potential for large common stock issuances.

We note that because of their high payout requirement, REITs generally need to raise capital in order to finance their growth plans. These capital raises can impact the common share price of the REIT.

What are the Risks of Investing in Real Estate Investment Trusts?

Of course, nothing in this life is guaranteed, and that includes real estate investment trusts.

REITs are more than just a pile of properties, they are active businesses, and subject to business risks. It's a testimony to the industry, however, that over the years only a handful have gotten into deep financial trouble.

According to Ralph L. Block in Investing in REITs, those real estate trusts that have gotten into trouble have done so primarily due to:
- excessive debt leverage,
- poor allocation of capital resources, and
- questionable transactions with directors or major stockholders.

That's for individual REITs.

As an industry, their businesses are subject to two particular risks no matter how well managed they are (though good management can succeed despite these dangers).

1. Overbuilding or excess capacity, or overdevelopment.
2. High interest rates

REITs are real estate companies that must pay out high dividends in order to enjoy the tax benefits of REIT status. Stable income that can exceed Treasury yields combines with price volatility to offer a total return potential that rivals small capitalization stocks. Analyzing an REIT requires understanding the accounting distortions caused by depreciation and paying careful attention to macroeconomic influences.

At the individual REIT level, you want to see strong prospects for growth in revenue, such as rental income, related service income and FFO (funds from operations). You want to see if the REIT has a unique strategy for improving occupancy and raising its rents. REITs typically seek growth through acquisitions, and further aim to realize economies of scale by assimilating inefficiently run properties. Economies of scale would be realized by a reduction in operating expenses as a percentage of revenue. But acquisitions are a double-edged sword. If an REIT cannot improve occupancy rates and/or raise rents, it may be forced into ill-considered acquisitions in order to fuel growth.

PAVREIT
5YR CAP APP (3.09) (%)... DY 4.52(%)
10YR CAP APP (0.79) (%)... DY 4.83 (%)

AXREIT
5YR CAP APP 5.83 (%)... DY 4.92 (%)
10YR CAP APP 0.51 (%)... DY 5.18 (%)

YTLREIT
5YR CAP APP (3.93) (%)... DY 4.90 (%)
10YR CAP APP (1.20) (%)... DY 6.15 (%)

UOAREIT
5YR CAP APP(2.91) (%)... DY 7.50 (%)
10YR CAP APP (2.46) (%)... DY 6.96 (%)

ALAQAR REIT
5YR CAP APP 0.56 (%)... DY 5.96 (%)
10YR CAP APP 0.57 (%)... DY 5.73 (%)

SENTRAL REIT
5YR CAP APP (4.78) (%)... DY 7.80 (%)
10YR CAP APP (2.90) (%)... DY 7.49 (%)

ARREIT
5YR CAP APP (7,47) (%)... DY 7.36 (%)
10YR CAP APP (5.08) (%)... DY 7.17 (%)

SUNREIT
5YR CAP APP (0.88) (%)... DY 4.31 (%)
10YR CAP APP 0.63 (%)... DY 4.99 (%)

P/B

SAB 0.67
AEONCR 1.52
AJINOMOTO 1.75
ALLIANCE BANK 0.80
APEX HEALTH 3.36

Price RM 3.58

L5Yr CAGR Cap App (1.85) DY 1.35
L10Yr CAGR Cap App 3.42 DY 1.29

EPS sen
2009 9.47
2014 28.06
2019 15.69
2021 27.28

http://myinvestingnotes.blogspot.com/2023/05/coastal-is-one-of-leading-shipbuilders.html

Warren Buffett: Earnings and not book value are what determine the value of a business.






@5.45

Earnings are what determine value and not book value. Book value is not a factor we consider. Future earnings are a factor we consider.

Earnings have been poor for many great Japanese companies. If you think the return on equity of the Japanese companies is going to increase dramatically, then you are going to make a lot of money in Japanese stocks. But the returns on equity of Japanese businesses have been quite low, and that makes a low price to book ratio very appropriate because earnings are measured against books.

A company earning 5% on book value, I do not want to buy it at book value, if I think it is going to keep earning 5% on book value. A low price to book ratio means nothing to us. It does not intrigue us. In fact, if anything, we are less likely to look at something that sells at a lower value in relation to book than something that sells at a higher relation to book. The chances are we are looking at a poor business in the first case and a good business in the second case.

https://myinvestingnotes.blogspot.com/2023/05/warren-buffett-earnings-and-not-book.html

>>>>
Stock: [INSAS]: INSAS BHD

1 month ago | Report Abuse

And here is another sad truth that all new investors need to learn.

29. Lee Soon Sheng 2,515,000 0.38%

Sslee is stuck. No one is willing to offer more for his shares. And worse, liquidity for insas is so bad that if he were to try to sell his entire position, he would have to ask a substantially lower price below quote, take a huge loss as he paid much higher for his shares, and worse he would have to sell over a longer period of time due to being a illiquid market.

So again, why would you want to buy insas when you can get the liquidity and demand by buying inari shares?

>>>>


Now I have a bit of understanding on how SSLee behaves in Insas.

Well, I have invested in severely undervalued stocks (with good balance sheet) before.

In one instance, the insider was buying and buying all the time, and the price continued to remain low. It was obviously undervalued but the price just did not change at all. After a few years, the inevitable bear market arrived, the share price tanked with the whole market. Then the bear market was over, the share price returned back to the previous low price. And all these times, the insider was buying in meaningful quantities regularly. It was another 2 or 3 years later, the price of the stock crept up gradually and this too coincided with the insider having stopped buying more into its shares. As the price went up, "dumb" investors came into the stock and at a certain high price, the insider started his selling.

Another severely undervalued counter I had was based on an asset play. The company was by my assessment undervalued. Its business wasn't great, just good. It paid regular dividends giving a yield higher than the risk free interest rate of FD every year. You can think of it as an arbitrage :-) , instead of putting in FD, put into this stock and get a yield just above the FD rate. While waiting, you know the prime land in its portfolio was appreciating all the time. The insiders did nothing, just running the everyday business, without any urgency to realise the full value of the stock. This continued for years and into a decade or so. Finally, a day arrived. The major shareholder (insider) made an offer to take the share private, paying a premium of about 80% above the market price. Of course, as usual,, the insider got the company private at a discount even at this price.

What lessons can we learn from these 2 examples? A deep value investor need to understand the business very well, just like every other investors. Why is the company undervalued? How will this undervaluation gap be narrowed? Unfortunately, as a small investor, and in these smaller companies, your investing into such companies are tied to the actions of the insiders who are the majority sharehoders. You will need a lot of PATIENCE, PATIENCE, PATIENCE ...
In the above 2 examples, the catalysts were different. The significant players often can determine the price too set at the end of the day.

As for the returns, it depend on how soon the undervalued stock realises its fair value. Sometimes, the undervalued stock can remain undervalued for a very very long time; long enough for some of its investors to be insolvent. :-)

This person has selective memory. Too intelligent but lacking a bit in integrity. Malaysians are not going to get a good deal with this person. At this advance age, he should gracefully let others with a longer time horizon carry their agenda to govern and develop Malaysia to the next stage. He had his chances, and rightfully, he knew he underachieved, perhaps, through no fault of others. He blew it.

For those who are imvested in YTL Power, their returns over the last 5 and 10 years were as below:

5 years compounded annual return: capital appreciation (0.72%) and dividend yields 4.88%
10 years compounded annual return: capital appreciation (4.47%) and dividend yields 5.23%

>>>>
Posted by OTB > 5 minutes ago | Report Abuse

Do not put words in my mouth.
I am very sure I will never reply in this manner.
I know what is manner and customer is always right.
Show me the proof loh !!
No proof, nothing to talk further.

>>>>

Just take this as the truth. It is hidden in one of the past posts.

OTB

I am polite and direct. Of course, it is true. Why should I post something that is not true?

I joined i3 much later than most. At that time, I gathered you were the top performer in the stock selection contest. There was a lot of discussion between you and Chong, whom you subscribed to his fundamental analysis online course, which you enjoyed. There were a lot of talk about you having people who paid a fees to follow your calls. I was curious and wished to find out more. I posted and that was the reply.

Never mind. I was just curious what you were offering.

In my very early years in i3, I was curious about OTB. Curious enough to send a post to enquire about the service he was offering. His reply was direct: "Just join."

Needless to say, with such a reply, I did not pursue the matter further. I don't think I miss anything.

Despite its recent very poor earnings due to Covid and the aftermath of this, the DPS in 2022 was a generous 15 sen per share. This DPS is expected to be repeated in 2023. Its present price is well supported by the dividends, which at the present price of RM 2.72 per share, translate intoa dividend yield of 5.54%. With the opening up of the economy and travelling, and particularly with more travellers from local and abroad, recovery of its earnings to its previous years is expected.

Its share price:
in 2009 RM 5.10 - RM 7.68
in 2023 RM 24.50 - RM 30.00

Its EPS:
In 2019 47 sen
In 2023 140 sen

Its DPS:
In 2009 41 sen
In 2023 140 sen

It is presently trading at RM 28.20 per share at a fair PE of 20.29.

Is it not true that the investor who makes the most money is the one who got into a stock with good economic moat (duopoly, brand) early in its business life cycle and who has the conviction to sit still.

By definition, this company is a slow grower in Lynch classification of businesses. You get a DY of about 4% and very gradual slow capital appreciation in its share price.

Growth in earnings has flattened the last 3 years. Its PE too is rather too high.

We can expect the management to pay a dividend too for this year.

Q1 2022 EPS 26.77 sen
Q2 2022 EPS 26.37 sen
1H 2022 EPS 53.14 sen
Projected EPS for year 2022 = 53.14 x 2 = 106 sen

This company has turned around convincingly by entering into new businesses in Brazil.

Given its very high earnings the last 2 quarters and this is probably sustainable, at RM 2.28 per share the company is available at a very good price indeed.

Having the right temperament is so important. It is obvious now that NETX at 1 sen per share in 2019 when promoted in this forum was a very expensive stock indeed. Hope you did not find out through directly participating in it, like a Singaporean who sold many of his houses to own this “very cheap stock.”

Summary:

“A 1 sen stock can be the most expensive and a RM 100 stock can be undervalued.”

Harta gave dividends as followed:
2021 82.30 sen per share
2022 21.80 sen per share.
This add up to a dividend of 104 sen per share for the 2 years.

Share prices of Harta (RM)
2017 2.27 - 5.70
2018 5.17 - 7.45
2019 4.52 - 6.18
2020 5.32 - 21.16
2021 4.95 - 13.44
2022 1.46 - 6.10
2023 1.41 - 2.33

Today, Harta trades at RM 2.23 per share and faces a struggle in its business in the next 2 or more years.

Topglove distributed 11.83 sen dividends per share in 2020 and 65.10 sen dividends per share in 2021. This add up to a dividend of 77 sen per share for the 2 years.

Share prices of Topglove (RM)
2017 0.76 - 1.37
2018 1.31 - 2.21
2019 1.40 - 1.89
2020 1.52 - 9.77
2021 1.98 - 7.12
2022 0.57 - 2.53
2023 0.66 - 1.18

Today, Topglove trades at RM 1.09 and faces a struggle in its business in the next 2 or more years.

Its latest EPS is reaching those of its historical highest EPS. Latest dividend of 12.50 sen per share is encouraging. It is trading at fair PE of 17 and DY 3.17%.

Hard asset company. Refineries require lots of capital. Refining margins can fluctuate a lot too. Gruesome business to be in, I think.

When earnings are not predictable, it will be impossible to value the stock. Too hard to value company. Move on.

I used to own Shell and was glad to cash out at $12.00 per shares many years ago.

The CPO price is cyclical. It peaked in 2022.

In 2010, its EPS was 63.50 sen. In 2021, its EPS was 137.09 sen. It has grown its earnings at a faster rate than PBB during the same period.
Today, it too is trading at the low of its historical PE range. DY 3%.

Historically it has grown its EPS from 21.41 sen in 2012 to 31.50 sen in 2022.
At 3.98 per share, PBB is trading at a low of its historical PE range.

... and at a DY of 3.03%.

Most of the revenues and profits of PPB are derived from its grain and agribusiness of its associate, Wilmar.

The 5 Yr average EPS of PPB has grown from 56.83 sen in 2009 to 102.39 sen in 2022. It is trading today at an undemanding PE.

At present price of 16.24 per share, it is trading at an undemanding historical PE.

Jtiasa's business is very cyclical. To profit from this stock, you will need to know when to buy in and when to get out. Unless you have the special skill to do so, look for another stock to invest into.

2022 FYE DPS 2.50 EPS 12.69 sen PE 6.46

The company is not growing its earnings consistently. The earnings fluctuate up and down and over the last 10 years or so, its EPS has ranged from low of 9.34 sen to 13.01 sen . Its PE ranges from 4.71 to 6.83. It is trading today at 84 sen, at PE of 6.46 and DY of about 3%.

Not easy to value this company.

Having the right temperament is so important. It is obvious now that NETX at 1 sen per share in 2019 when promoted in this forum was a very expensive stock indeed. Hope you did not find out through directly participating in it, like a Singaporean who sold many of his houses to own this “very cheap stock.”

Summary:

“A 1 sen stock can be the most expensive and a RM 100 stock can be undervalued.” It is very important to have a check list in your investing. I have one which I use repeatedly. Quality and Management FIRST, then Valuation. Know the company you wish to put your money into very well. Then, you must have a simple way to determine its intrinsic value. Always buy with a MARGIN OF SAFETY to this intrinsic value.

Keep your investing simple and safe.

A game you will wish to be involve using a simple rule.

You can make a lot of money from the foolishness of fellow players in the market.

To buy from them when they panic and sell their stocks at undervalued prices. To sell to them when they are exuberant to own stocks at overvalued prices.

No banks can withstand a run by the depositors.The smaller banks in US are perceived vulnerable to this behaviour of their depositors. The FDIC guarantees up to US 250,000 per name and does not protect ALL depositors leaving some fearful.

A not unthinkable solution is a regulation to prevent access of the depositors to their money for a period until fear subsides.

Charlie Munger was incapable of looking at a business without thinking the economic fundamentals of it.

Quoting Warren Buffett

The following "how" questions can guide the appraisal of business returns.

How much?
How soon?
How long?
How consistent?
How valuable?

When a speaker focuses on these economic fundamentals of a business, the talk is more educational and the approach to investing is safer.

The following "how" questions can guide the appraisal of business returns.

How much?
How soon?
How long?
How consistent?
How valuable?

When a speaker focuses on these economic fundamentals of a business, the talk is more educational and the approach to investing is safer.

Plantation Stocks

Company … Market Cap … Last Price … PE … DY … ROE
AASIA (7054)MAIN … 72.60m … 0.11 … - … 0 … -2.16
BKAWAN (1899)MAIN … 8.694b … 21.76 … 8.06 … 5.06 … 14.32
BLDPLNT (5069)MAIN … 964.92m … 10.32 … 38.28 … 0.48 … 3.49
BPLANT (5254)MAIN … 1.602b … 0.72 … 2.69 … 20.21 … 19.98
CEPAT (8982)MAIN … 211.77m … 0.67 … 6.71 … 6.02 … 7.74
CHINTEK (1929)MAIN … 743.70m … 8.14 … 9.06 … 5.16 … 9.86
DSR (03055)LEAP … 284.77m … 0.91 … - … 0 … -
DUTALND (3948)MAIN … 241.14m … 0.29 … - … 3.51 … -3.14
FAREAST (5029)MAIN … 2.286b … 3.85 … 10.52 … 4.68 … 15.31
FGV (5222)MAIN … 5.290b … 1.45 … 4 … 10.34 … 21.2
GENP (2291)MAIN … 5.357b … 5.97 … 11.36 … 5.7 … 9.04
GLBHD (7382)MAIN … 57.96m … 0.26 … - … 0 … -12.92
GOPENG (2135)MAIN … 153.33m … 0.38 … - … 2.63 … -1.38
HARNLEN (7501)MAIN … 403.67m … 0.73 … - … 0 … -
HSPLANT (5138)MAIN … 1.456b … 1.82 … 6.92 … 6.59 … 10.91
INCKEN (2607)MAIN … 176.72m … 0.42 … - … 0 … -1.61
INNO (6262)MAIN … 622.52m … 1.3 … 7.32 … 14.23 … 28.21
IOICORP (1961)MAIN … 24.009b … 3.82 … 13.1 … 3.66 … 16.11
JTIASA (4383)MAIN … 652.39m … 0.67 … 4.55 … 4.18 … 10.76
KLK (2445)MAIN … 23.480b … 21.72 … 11.68 … 4.6 … 14.72
KLUANG (2453)MAIN … 243.21m … 3.85 … - … 0.7 … -0.95
KMLOONG (5027)MAIN … 1.783b … 1.84 … 10.97 … 8.15 … 19.51
KRETAM (1996)MAIN … 1.455b … 0.63 … 13.21 … 1.6 … 13.48
MALPAC (4936)MAIN … 60.00m … 0.8 … 20.83 … 0 … 1.66
MATANG (0189)ACE … 215.03m … 0.09 … 39.13 … 2.44 … 2.09
MHC (5026)MAIN … 175.91m … 0.9 … 5.08 … 7.82 … 11.22
NPC (5047)MAIN … 216.00m … 1.8 … - … 0 … -0.31
NSOP (2038)MAIN … 238.69m … 3.4 … 8.62 … 4.12 … 4.75
PINEPAC (1902)MAIN … 52.43m … 0.35 … - … 8.57 … -5.4
PLS (9695)MAIN … 373.68m … 0.85 … 24.01 … 0 … 5.1
RSAWIT (5113)MAIN … 285.84m … 0.14 … - … 0 … -0.12
RVIEW (2542)MAIN … 220.49m … 3.4 … 15.66 … 11.76 … 3.84
SBAGAN (2569)MAIN … 214.25m … 3.23 … - … 2.17 … -2.65
SHCHAN (4316)MAIN … 90.79m … 0.31 … 6.07 … 0 … 5.74
SIMEPLT (5285)MAIN … 30.291b … 4.38 … 12.17 … 3.66 … 15.18
SOP (5126)MAIN … 2.208b … 2.48 … 4.6 … 4.03 … 14.59
SWKPLNT (5135)MAIN … 596.40m … 2.13 … 6.17 … 9.39 … 13.55
TAANN (5012)MAIN … 1.459b … 3.28 … 4.63 … 12.2 … 17.97
TDM (2054)MAIN … 301.50m … 0.18 … - … 3.66 … -3.61
THPLANT (5112)MAIN … 464.02m … 0.53 … 6.75 … 5.71 … 9.85
TSH (9059)MAIN … 1.396b … 1.01 … 3.01 … 10.4 … 24.31
UMCCA (2593)MAIN … 1.112b … 5.3 … 15.56 … 2.83 … 5.05
UTDPLT (2089)MAIN … 6.660b … 16 … - … 8.75 …

Stock: [JTIASA]: JAYA TIASA HOLDINGS BHD

4 days ago | Report Abuse

>>>>
Posted by Patient Investor > 3 days ago | Report Abuse

@calvintaneng are you speaking at the Investment Summit 2023?


Patient investor

Yes Calvin will be speaking at Investment Summit 2023 at the kind invitation of MQ Trader and i3 investor

Do come and join us

See you there on 20 May 2023 in Kl
>>>>


Hope the great calvintaneng will share with us his promotion on Netx and allow us to fathom his thinking behind his enthusiasm in this stock. :-)
News & Blogs
Blog: Easy way to read financial statement with case study | Kronologi Asia Berhad

4 days ago | Report Abuse

Good review of its business model in the video. Thks

Stock
Stock: [SALUTE]: SALUTICA BERHAD

1 week ago | Report Abuse

A smart manipulator always distributes his shares to others during the period when the price is on the way up.

News & Blogs
Blog: HOW SYNDICATES USE DECOY TO HUNT UNSUSPECTING PREY IN KLSE JUST LIKE TURKEY HUNTERS IN KENTUCKY USE DECOY HUNT TURKEYS, Calvin Tan

2 weeks ago | Report Abuse

>>>>

Posted by calvintaneng > 3 weeks ago | Report Abuse

This 3iii has tunnel vision

Forgot great stocks like super enterprize, kulim, tmakmur, ijmplant, weida, daiman, thestore, kwantas, karambunai, bonia, texchem, complete logistic, harrison, ancomny

>>>>

1. Great minds talk about ideas
2. Good minds talk about things
3. Weak minds talk about people


:-)

General
My Golden Rule of Investing

2 weeks ago | Report Abuse

Various types of Smart Money:

1. Owners
Comment: May not be reliable

2. Local institutions
Comment: Have the influence on mid-cap stocks but not as strong as foreign funds.

3. Share buyback
Comment: Generally, the impact is not so strong.

4. Insiders
Comments Impact varies but temporary

5. Syndicates
Comment: Impact varies but temporary

6. Foreign funds
Comment: Have strong influence on stocks.

Company … Market Cap … Last Price … PE … DY … ROE
AASIA (7054)MAIN … 72.60m … 0.11 … - … 0 … -2.16
BKAWAN (1899)MAIN … 8.694b … 21.76 … 8.06 … 5.06 … 14.32
BLDPLNT (5069)MAIN … 964.92m … 10.32 … 38.28 … 0.48 … 3.49
BPLANT (5254)MAIN … 1.602b … 0.72 … 2.69 … 20.21 … 19.98
CEPAT (8982)MAIN … 211.77m … 0.67 … 6.71 … 6.02 … 7.74
CHINTEK (1929)MAIN … 743.70m … 8.14 … 9.06 … 5.16 … 9.86
DSR (03055)LEAP … 284.77m … 0.91 … - … 0 … -
DUTALND (3948)MAIN … 241.14m … 0.29 … - … 3.51 … -3.14
FAREAST (5029)MAIN … 2.286b … 3.85 … 10.52 … 4.68 … 15.31
FGV (5222)MAIN … 5.290b … 1.45 … 4 … 10.34 … 21.2
GENP (2291)MAIN … 5.357b … 5.97 … 11.36 … 5.7 … 9.04
GLBHD (7382)MAIN … 57.96m … 0.26 … - … 0 … -12.92
GOPENG (2135)MAIN … 153.33m … 0.38 … - … 2.63 … -1.38
HARNLEN (7501)MAIN … 403.67m … 0.73 … - … 0 … -
HSPLANT (5138)MAIN … 1.456b … 1.82 … 6.92 … 6.59 … 10.91
INCKEN (2607)MAIN … 176.72m … 0.42 … - … 0 … -1.61
INNO (6262)MAIN … 622.52m … 1.3 … 7.32 … 14.23 … 28.21
IOICORP (1961)MAIN … 24.009b … 3.82 … 13.1 … 3.66 … 16.11
JTIASA (4383)MAIN … 652.39m … 0.67 … 4.55 … 4.18 … 10.76
KLK (2445)MAIN … 23.480b … 21.72 … 11.68 … 4.6 … 14.72
KLUANG (2453)MAIN … 243.21m … 3.85 … - … 0.7 … -0.95
KMLOONG (5027)MAIN … 1.783b … 1.84 … 10.97 … 8.15 … 19.51
KRETAM (1996)MAIN … 1.455b … 0.63 … 13.21 … 1.6 … 13.48
MALPAC (4936)MAIN … 60.00m … 0.8 … 20.83 … 0 … 1.66
MATANG (0189)ACE … 215.03m … 0.09 … 39.13 … 2.44 … 2.09
MHC (5026)MAIN … 175.91m … 0.9 … 5.08 … 7.82 … 11.22
NPC (5047)MAIN … 216.00m … 1.8 … - … 0 … -0.31
NSOP (2038)MAIN … 238.69m … 3.4 … 8.62 … 4.12 … 4.75
PINEPAC (1902)MAIN … 52.43m … 0.35 … - … 8.57 … -5.4
PLS (9695)MAIN … 373.68m … 0.85 … 24.01 … 0 … 5.1
RSAWIT (5113)MAIN … 285.84m … 0.14 … - … 0 … -0.12
RVIEW (2542)MAIN … 220.49m … 3.4 … 15.66 … 11.76 … 3.84
SBAGAN (2569)MAIN … 214.25m … 3.23 … - … 2.17 … -2.65
SHCHAN (4316)MAIN … 90.79m … 0.31 … 6.07 … 0 … 5.74
SIMEPLT (5285)MAIN … 30.291b … 4.38 … 12.17 … 3.66 … 15.18
SOP (5126)MAIN … 2.208b … 2.48 … 4.6 … 4.03 … 14.59
SWKPLNT (5135)MAIN … 596.40m … 2.13 … 6.17 … 9.39 … 13.55
TAANN (5012)MAIN … 1.459b … 3.28 … 4.63 … 12.2 … 17.97
TDM (2054)MAIN … 301.50m … 0.18 … - … 3.66 … -3.61
THPLANT (5112)MAIN … 464.02m … 0.53 … 6.75 … 5.71 … 9.85
TSH (9059)MAIN … 1.396b … 1.01 … 3.01 … 10.4 … 24.31
UMCCA (2593)MAIN … 1.112b … 5.3 … 15.56 … 2.83 … 5.05
UTDPLT (2089)MAIN … 6.660b … 16 … - … 8.75 … -

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>>>>

These complaints continue despite ICAP delivering an impressive performance on a consistent basis. So, what is really going on here ? Without all this interference, ICAP's share price would have been trading at a nice premium to its NAV by now, just like it did before City of London's persistent purchases.

>>>>>


Not logical. Why should a closed end fund trades at a premium to its NAV?

The question more relevant to iCap is: why is iCap trading at a HUGE discount to its NAV? Why is this discount so much more than other closed end funds?

Is City of London the cause of this huge discount to iCap’s NAV? Personally， I have difficulty agreeing with this statement. In my opinion, many have been “burnt” in iCap than profited over the last 15 years. Few willing buyers (even though deeply undervalued) with many trapped “sellers/owners” in iCap.

What will be the catalyst that can unlock the value of iCap?

Perhaps another reason for the huge discount is the PERCEPTION that this fund’s return maybe lacklustre like the recent past decade. It did trade at a huge premium (irrationally so) its in early years soon after its launch. Why? Because the return on capital or its growth in NAV was very high.

Post removed.Why?