I have owned PBB for a long time and have had added this stock on regular intervals. In 2008, during the global financial crisis, PBB which was around RM14 - RM16 per share, dropped to about RM 7 or 8 per share.

How did you handle your portfolio of stocks during this crisis? By the time, the challenge from Moolah came, I think the price of PBB was around RM 12, having dropped from $ high of RM 16. Did you sell and then plan to buy back later, at even lower prices?

Anyway, this time capsule proved one simple point. For selected stocks, you may not even have to sell. Given the long time horizon of holding this fantastic company, the continuing holding onto this stock and adding at opportunistic times remain a good strategy. The returns can be volatile for any stock in the short term, but in the long term, these drops remain blips in the long term price chart that continues to uptrend for a long term.

http://fusioninvestor.blogspot.com/2008/07/blog-capsule-bullbear-vs-moolah-on.html

For every 5 stocks you own, expect one to underperform (perhaps, you should sell), three to do as you projected and one to overperform (the one that makes you very rich. The gains from the overperformer exceeds the losses from by many folds.

Don't overdiversify. Stay concentrated. Bang on your best prospects.
Overdiversification drive your returns towards the market returns.

>>>>
Posted by Sslee > 1 hour ago | Report Abuse

If 3iii had used his money on icap to invest on his favorite Nestle or PBB in 2005. What will be his return by now?

So don't waste your money and time on icap. Icap only enrich you know who and not the shareholders.
>>>

I added Nestle in 2005 or thereabout, and it was priced about $22.00 per share or so then. :-)

An INVESTMENT OPERATION is one which, upon THOROUGH ANALYSIS, promises SAFETY OF PRINCIPAL and a SATISFACTORY RETURN. Operations NOT meeting these requirements are speculative.

Astro

How strong is its economic moat?
Who are its competitors?
Is Astro stronger today compared to 10 years ago?
Will it be a stronger company 10 years from now, compared to today?

Answering these questions will be more protective to your capital than analysing its financial statements which will actually reflect the answers to the above questions.

Wish our PM10 good luck and success introducing a healthier political culture to benefit all Malaysians irrespective of race or religion, always upholding and not neglecting the rights enshrined in the Federal Consitutions.

Market price of iCap today is 1.99 per share
NAV of iCap today is 3.33 per share

Two dividends were declared over the lifetime of this fund to-date: namely 9.5 sen (2013) and 30 sen (2021), totalling 39.5 sen.


Based on market price, icap has returned 2.385 (=1.99 + 0.395). The CAGR for my nieve though positive, was not great; perhaps equalled FD rates, maybe even lower than FD rates.

Based on NAV price, icap has returned 3.725 (3.33 + 0.395), My niece would have a reasonable CAGR of about 2x FD rates. Not fantastic either, but she is not going to be "rich".

My returns will be better than my niece but still short of my initial hope and expectations. It is probably half of my initial expectations of 15% per year. That was the figure many initial investors had benchmark for this icap closed end fund. At 15% per year, the fund should have doubled every 5 years, namely, $1.00 initial NAV to $2 (5th year), then to $4 (10th year) and $8.00 (15th year).

The biggest winner to-date is of course the manager who managed this fund; as is also usually the case in many managed funds. Managers of fund should focus on only one parameter in fund management, that is, singularly focussing on growing the ABSOLUTE RETURN over time of its portfolio without taking excessive risks or even better at low risks.

An issue that will have to be decided by the partners or business owners of icap closed end fund in 2025 is whether to continue or to liquidate the fund.

As this date approaches, we will definitely see two differing voices on this issue.

icap closed end fund started in 2005. After 20 years of existence, how many of the initial investors are still holding their stocks? I am among one of these investors at its initiation. In fact, I added more subsequently and am enjoying gains overall.

Those asking for liquidation will definitely be very strong too, as the motivation to cash out at the NAV (thus closing the discount gap) will be a huge incentive for many of them.

Oleochemical segment still facing lots of challenges.
Plantation segment is doing well.
Healthcare sector is generating good profits.
Cash rich. Undervalued based on its asset value.
Meager dividends distributed.

Caution for our Oil Palm Plantation stocks.

1. CPO prices have continued to trend lower as palm stockpiles increase, driven by seasonal factors.

2. Labour issues and higher fertiliser costs are added concerns that may impact this sector.

From The Essays of Warren Buffett: “In Theory of Investment Value, written over 50 years ago, John Burr Williams set forth the equation for value, which we condense here: The value of any stock, bond or business today is determined by the cash inflows and outflows—discounted at an appropriate interest rate—that can be expected to occur during the lifetime of the asset.”

Fiscal year is February-January. All values MYR Millions.
2022
2021
2020
2019
2018
5-year trend

Sales/Revenue
3,985
3,656
3,519
3,247
2,603

Gross Income
845
843
805
684
511

EBIT
575
585
587
492
-


Interest Expense
20
11
16
16
11

Pretax Income
541
589
533
451
355

Pretax Margin 13.56%


Fiscal year is February-January. All values MYR Thousands.
Net Income before Extraordinaries
548,307.0
600,961.0
544,262.0
450,588.0
354,684.0

Funds from Operations
542,629.0
595,215.0
559,010.0
447,340.0
346,609.0

Net Operating Cash Flow
717,858.0
686,761.0
707,011.0
532,833.0
384,410.0

Capital Expenditures
(627,473.0)
(776,102.0)
(416,498.0)
(216,837.0)
(564,281.0)

Free Cash Flow
90,385.0
(89,341.0)
290,513.0
315,996.0
(179,871.0)

Free Cash Flow Yield -0.92%

Cash Dividends Paid - Total
(139,590.0)
(129,219.0)
(103,175.0)
(100,449.0)
(56,496.0)


Fiscal year is February-January. All values MYR Millions.
Cash & Short Term Investments
183
208
397
258
172

ST Debt & Current Portion LT Debt
924
823
688
704
610

Long-Term Debt
253
304
363
270
324


Average Growth Rates Scientex Bhd
Past Five Years
Ending 01/01/0001 (Fiscal Year)
Revenue
+10.35%
Net Income
+8.29%
Earnings Per Share
+6.61%
Capital Spending
+2.24%
Gross Margin
+24.51%
Cash Flow
-30.05%


KEY STOCK DATA
P/E Ratio (TTM)
12.22(12/16/22)
EPS (TTM)
RM0.27
Market Cap
RM5.20 B
Shares Outstanding
1.55 B
Public Float
631.84 M
Yield
2.76%(12/16/22)
Latest Dividend
RM0.0500000007(01/09/23)
Ex-Dividend Date
12/23/22

https://www.youtube.com/watch?v=j6Rs6tRAIUE&t=115s

LIVE: Sidang media Anwar Ibrahim pasca Majlis Permuafakatan Kerajaan Perpaduan

Hopefully, this is the inflection point for Malaysia and Malaysians for a better future. The market likes this and has gone up after this video conference.

>>>>

Insas

Fiscal year is July-June. All values MYR Millions.
2022
2021
2020
2019
2018
5-year trend


Cash & Short Term Investments
1,163
1,124
827
885
915

ST Debt & Current Portion LT Debt
248
224
338
441
275

Long-Term Debt
162
161
29
74
205





Fiscal year is July-June. All values MYR Thousands.
Interest Expense
16,188.0
15,217.0
21,452.0
23,220.0
22,790.0

Non-Operating Interest Income
11,514.0
10,690.0
14,712.0
19,973.0
16,297.0

>>>>

Insas reported having cash of RM 1,163 million (1.163 billion) in 2022.
It also reported non-operating interest income of RM 11.514 million for the same period.

11.514/1,163 = 0.99%.

In 2022, it reported total debts of RM 248 m (ST Debt) + RM 162 m (LT Debt) =RM 410m
In the same period, it incurred interest expense of RM16.188 m.

16.188 m / 410 m = 3.948%


Can SS Lee be kind to elaborate on the above?

A company maybe priced very low relative to its book value for various reasons. Perhaps, the market has priced this stock wrongly, thus it is extremely undervalued.
OTOH, the market may have priced it correctly due to various risks not obvious or highlighted.
Be careful, when the price of a company is low, all the valuation parameters, eg. P/E, P/NAV and DY look very enticing. Still need to understand a lot more why it is priced like it is today. It had been priced likeso for a long time too.

Average Growth Rates AEON Credit Service (M) Bhd
Past Five Years
Ending 02/28/2022 (Fiscal Year)
Revenue
+5.06%
Net Income
+4.81%
Earnings Per Share
+0.12%
Capital Spending
-0.82%
Gross Margin
+61.87%
Cash Flow
-46.69%


KEY STOCK DATA
P/E Ratio (TTM)
9.05(12/15/22)
EPS (TTM)
RM1.39
Market Cap
RM3.25 B
Shares Outstanding
253.66 M
Public Float
80.84 M
Yield
3.45%(12/15/22)
Latest Dividend
RM0.284999996(11/03/22)
Ex-Dividend Date
10/14/22

Free Cash Flow Yield 13.18%
( @price 12.60 per share)

Fiscal year is March-February. All values MYR Millions.
2022
2021
2020
2019
2018
5-year trend

Sales/Revenue
1,706
1,707
1,744
1,519
1,361

Operating Income
858
685
716
725
627

Pretax Income
527
325
390
472
398


Fiscal year is March-February. All values MYR Thousands.
Funds from Operations
704,305.0
823,241.0
773,223.0
696,940.0
644,015.0

Net Operating Cash Flow
671,382.0
798,418.0
(1,250,573.0)
(1,002,740.0)
(405,699.0)

Capital Expenditures
(53,759.0)
(48,206.0)
(68,257.0)
(62,935.0)
(56,058.0)

Free Cash Flow
617,623.0
750,212.0
(1,318,830.0)
(1,065,675.0)
(461,757.0)

Cash Dividends Paid - Total
(123,825.0)
(58,999.0)
(112,501.0)
(105,721.0)
(99,025.0)

All values MYR Thousands.
2022
2021
2020
2019
2018
5-year trend

Cash Dividends Paid - Total
(16,575.0)
(13,260.0)
(13,260.0)
(13,260.0)
(6,630.0)

Average Growth Rates Hong Leong Bank Bhd
Past Five Years
Ending 06/30/2022 (Fiscal Year)
Revenue
-2.34%
Net Income
+4.94%
Earnings Per Share
+4.93%
Capital Spending
+2.22%
Gross Margin
-
Cash Flow
-5.42%

Fiscal year is July-June. All values MYR Millions.
2022
2021
2020
2019
2018
5-year trend

Net Interest Income
4,762
4,499
3,841
3,751
3,859

Net Interest Income after Provision
4,598
3,845
3,513
3,739
3,783

Non-Interest Income
528
715
1,053
882
896

Non-Interest Expense
1,792
1,830
2,224
2,090
5,438

Operating Income
3,334
2,730
2,343
2,531
2,705

Pretax Income
3,336
2,735
2,347
2,623
3,246


Funds from Operations
1,313
1,667
1,384
1,201
1,252

Net Operating Cash Flow
1,741
5,642
1,223
914
2,354

Capital Expenditures
(151)
(145)
(209)
(134)
(136)

Free Cash Flow
1,625
5,522
1,041
791
2,229

Cash Dividends Paid - Total
(1,090)
(712)
(1,023)
(982)
(941)


Free Cash Flow Yield 1.28% (Price per share @ Rm 20.70)

The revenues and PBT for Nestle for 2022 should be better than for 2021.
Still a great company with very strong economic moat.
Generating huge free cash flows which were almost all distributed as dividends annually.
Continues to grow at high single digit growth rate. Require very little capex, all organically, to grow.


If you have owned this company for many years, you know how rewarding this has been and still is.

Is it not true, that the really big fortunes from common stocks have been garnered by those:

- who made a substantial commitment in the early years of a company in whose future they had great confidence and

- who held their original shares unwaveringly while they increased 10-fold or 100-fold or more in value?

The answer is "Yes."

>>>
Posted by calvintaneng > 4 minutes ago | Report Abuse

hahaha

the iron of it all

some one wants to be humble ahd very humble put his Id as integrity, intelligent ??

the very actions contradict himself

might as well said he is an honest thief or boastfully humble ?
>>>


Yes, it may seem preposterous. OTOH, the important thing is your own inner scoreboard.

It is a badge I try to live up to. To post intelligently, truthfully (integrity) and through hard work (industrious). It has little to do with the outside world or opinion.

My initial 3iii was taken up by someone else, and I had to use the above instead.

$€£¥ These were added in as without these, there was also abuse in this forum by people using my above label. Now, at least you will understand.

Yes, have a great day. The market is already closed.

Some who are regular posters here still cannot accept differing views.
Look back at my posts in TSH.

My intention is participation. If someone highlighted how wonderful a stock is, I do not accept the opinion without some personal research. It was obvious I did some fundamental analysis of this company. I shared these here. These are facts. I offered some opinions, my own, based on these datas and facts.

As night follows day, instead of focussing on facts and offering their reasonings or otherwise, the unhealthy discourse like the past recurs.

I have absolutely little interest in such discourse, other than intelligent discussions with people who are honest and truthful in sharing.

Facts and truths are undisputable.
It may hurt some feelings.
The important thing is to be always learning.
Be humble. Be very humble.

Have a good day.

Insas

Fiscal year is July-June. All values MYR Millions.
2022
2021
2020
2019
2018
5-year trend


Cash & Short Term Investments
1,163
1,124
827
885
915

ST Debt & Current Portion LT Debt
248
224
338
441
275

Long-Term Debt
162
161
29
74
205





Fiscal year is July-June. All values MYR Thousands.
Interest Expense
16,188.0
15,217.0
21,452.0
23,220.0
22,790.0

Non-Operating Interest Income
11,514.0
10,690.0
14,712.0
19,973.0
16,297.0

In investing, one faces some uncertainties. Through diligence and hardwork, and with the right investing knowledge, you can reduce these uncertainties and hope for better upsides compared to downsides in your stock selection. Price volatility is always present. However, for those with a long term view of the businesses they are investing into, a lot of the uncertainties are removed, provided they have the right attitude. Investing is most intelligent when it is business-like.

My 2 years discourse on Netx with calvin. All of you know the outcome today. Despite warning calvin for 2 years, he chose to continue with his promotions. If only he even open his heart, he would have realised many of the posts (if not ALL) that I shared in Netx turned out to be true. Surprisingly, or not surprisingly,, almost all I shared turned out as I predicted/suspected.

A fool and his money soon go separate ways.

>>>
Hate the Spammers in i3

yes, 3iii should educate his gang aka mikecyc aka see salty. They thought this is a monopoly game. Investing is a long journey, not just by typing a long article there and expect the world will find the justice for you. Such a naïve action and mindset. Stop being a keyboard warrior and get a good life.
>>>>


It is extremely unlikely to learn anything good from someone whose name includes "hate" in it. Have a good day. May your investing be as productive as some here too.

>>>>
calvintaneng

3iii is nothing compared to Great Banker Teh Hong Piow

at least he sees so much value in Tsh Resources by getting 3 of his Public Mutual Funds to buy up 32.74 Million Tsh shares

The fact that Teh Hong Piow has chosen to invest in Tsh is a testament and endorsement that TSH RESOURCES IS WORTH PUTTING HIS MONEY INSIDE

TSH = A CHAMPION PALM OIL SYOCK ENDORSED BY A GREAT CHAMPION BANKER CALLED TEH HONG PIOW

1 hour ago

>>>>


My wife who attended the PBB and LPI AGMs regularly always reported how wonderful to see Teh Hong Piow attending the meetings brought in by the buggy. Thanks to Teh Hong Piow, many investors into his company are extremely grateful for his stewardship of his companies. My family and I are extremely thankful to him, for obvious reasons too. May he be blessed in the hereafter and rest in peace.

It is strange to see calvin using every effort to hit his targets. Allow opposing views, which are just as intelligent to be shared. If you need to understand this last statement, just referred to the 2 years discourse on investing in Netx. :-)

A few years ago, my friend asked me for a stock recommendation. She had never made any money in her stock investments, always losing money. She bought Padini at 1.60 after I explained this company to her. In the early few months, she monitored the prices frequently (not a good behaviour in long term investing). At times, she saw the price was below her buying price. Now, she is happy knowing she has made 100% gain in this investment, not including the dividends received. She occasionally lamented she wished she had bought more. :-)

Average Growth Rates Padini Holdings Bhd
Past Five Years
Ending 06/30/2022 (Fiscal Year)
Revenue
-4.29%
Net Income
-2.70%
Earnings Per Share
-2.70%
Capital Spending
-13.66%
Gross Margin
+41.55%
Cash Flow
+66.38%

Very well managed locally grown company.
Cash cow.

Fiscal year is July-June. All values MYR Thousands.
2022
2021
2020
2019
2018
5-year trend

Net Income before Extraordinaries
205,110.0
74,146.0
107,321.0
219,265.0
239,696.0

Funds from Operations
297,312.0
168,008.0
242,850.0
208,694.0
204,597.0

Net Operating Cash Flow
484,940.0
193,809.0
163,501.0
136,494.0
159,478.0

Capital Expenditures
(16,480.0)
(5,619.0)
(11,855.0)
(27,951.0)
(51,986.0)

Free Cash Flow
469,249.0
188,795.0
152,158.0
109,611.0
108,646.0


Cash Dividends Paid - Total
(65,791.0)
(16,448.0)
(49,343.0)
(75,660.0)
(75,660.0)


Sales/Revenue
1,319
1,029
1,355
1,783
1,679

http://myinvestingnotes.blogspot.com/2012/07/my-18-points-guide-to-successfully.html
My investing philosophy

>>>>
Stock: [TSH]: TSH RESOURCES BHD

1 day ago | Report Abuse

He was Sifu once in dutchlady

Now no more

He fossilised like old dinosaur

Dutchlady story long over now Holland grandma
>>>>



DLady is a rather interesting company in my portfolio. At $64 per share at its peak, it was a 40 bagger in my portfolio. If you were to consider its past dividends too, it was a great investment indeed. Its price has since dropped by slightly 50% and its dividends have shrunk in the last 2 years.

What lessons can you derive from DLady? I am still holding this stock in my portfolio and will continue to hold this stock. The balance sheet of this company is strong. Its capital expenditure up to 2025 will be substantial. The drop in its dividends has to be interpreted as the company allocating its cash flow into capex. It remains cash rich and debt free. As for its future business, the management has proven itself for many years to date; be confident that it will still be able to deliver good results in the future.

It is not uncommon to see a stock price up 50% and down its equivalent one-third in a year. Those who are long term investors would have experienced drops of 50% or even more in their counters; only to see them being multi-baggers many years later.

I also am holding another stock for the last 20 years or so. It was bought at price RM X. My friend did the same. The price soon dropped 50% to RM 0.5X,, for various reasons, either market related or company related news. I bought more during its drop and continued doing so. Those unfamiliar with this way of buying will feel extremely uncomfortable. A few months later, its price crept up to RM2X. My friend sold all his stocks and was happy making 100% on this counter. I continue to hold this stock until today. Its prices had shown steady upward and downward swings over short period: at one time had also dropped by 50% too. Though its price is still off its past peak price, its present price is a 10 bagger from my average price to date. If you were to include the dividends received yearly, this has turned out to be a fantastic very good return indeed. Those who are not long term in their investments maybe will not experience too many of these returns.

My 18 points guide to Successfully compounding your money in Stocks

1. Be a good stock picker.
2. Think as a business owner.
3. Always look at value rather than the price. Do the homework.
4. Buy and hold is alright for selected stocks.
5. Compounding is your friend, get this to work the magic for you.
6. Mr. Market is there to be taken advantage of. Do not be the sucker instead. BFS;STS.
7. Always buy a lot when the price is low. Doing so locks in a higher potential return and minimise the potential loss. But then, if you have confidence in your stock picking, you would have picked a winner - it is only how much return it will deliver over time.
8. Never buy when the stock is overpriced. Not observing this rule will result in loss in your investing. This strategy is critical as it protects against loss.
9. It is alright to buy when the selected stock is at a fair price.
10. Phasing in or dollar cost averaging is safe for such stocks during a downtrend, unless the the price is still obviously too high.
11. Do not time the market for such or any stocks. Timing can increase returns and similarly harms the returns from your investment. It is impossible to predict the short term volatility of the stock, therefore, it is better to bet on the long-term business prospect of the company which is more predictable.
12. By keeping to the above strategy, the returns will be delivered through the growth of the company's business.
13. So, when do you sell the stock? Almost never, as long as the fundamentals remain sound and the future prospects intact.
14. The downside risk is protected through only buying when the price is low or fairly priced. Therefore, when the price is trending downwards and when it is obviously below intrinsic value, do not harm your portfolio by selling to "protect your gains" or "to minimise your loss." Instead, you should be brave and courageous (this can be very difficult for those not properly wired) to add more to your portfolio through dollar cost averaging or phasing in your new purchases. This strategy is very safe for selected high quality stocks as long as you are confident and know your valuation. It has the same effect of averaging down the cost of your purchase price. However, unlike selling your shares to do so, buying more below intrinsic value ensures that your money will always be invested to capture the long term returns offered by the business of the selected stock.
15. Tactical dynamic asset allocation or rebalancing based on valuation can be employed but this sounds easier than is practical, except in extreme market situations. Tactical dynamic asset allocation or rebalancing involves selling at the right price and buying at the right price based on valuation. Assuming you can get your buying and your selling correct 80% of the time;, to get both of them right for a profitable transaction is only slightly better than chance (80% x 80% = 64%). Except for the extremes of the market, for most (perhaps, almost all of the time), for such stocks, it is better to stay invested (buy, hold, accumulate more) for the long haul.
16. Sell urgently when the company business fundamental has deteriorated irreversibly. (Reminder: Transmile)
17. You may also wish to sell should the growth of the company has obviously slowed and you can reinvest into another company with greater growth potential of similar quality. However, unlike point 14, you can do so leisurely.
18. In conclusion, a critical key to successful investing is in your stock picking ability. To be able to do so, you will need to acquire the following skills:
To formulate an investing philosophy and strategy suitable for your investing time horizon, risk tolerance profile and investment objectives.
The knowledge to value the business of the company.
The discipline to always focus on value.
The willingness to do your homework diligently.
A good grasp of behavioural finance to understand your internal and external responses to the price fluctuations of the stock in the stock market.
A good rational thinking regarding the risks (dangers) and rewards (opportunities) generated by the price fluctuations of the stock in the stock market.


Is it not true, that the really big fortunes from common stocks have been garnered by those
who made a substantial commitment in the early years of a company in whose future they had great confidence and
who held their original shares unwaveringly while they increased 10-fold or 100-fold or more in value?

The answer is "Yes."

Average Growth Rates My E.G. Services Bhd
Past Five Years
Ending 12/31/2021 (Fiscal Year)
Revenue
+19.03%
Net Income
+11.36%
Earnings Per Share
+10.36%
Capital Spending
+11.91%
Gross Margin
+72.86%
Cash Flow
+0.86%


Strong balance sheet.

http ://myinvestingnotes. blogspot.com/p/philosophy.html

My investing philosophy

http://myinvestingnotes.blogspot.com/p/philosophy.html

>>>

calvintaneng

Tsh dividend 3 sen + 8 sen = 11 sen for 2022

For year 2023 Tsh will challenge Inno in dividend pay out as Tsh turns debt free and cash rich
>>>>


I am surprised calvin's understanding of dividends is so superficial. :-)

Fiscal year is July-June. All values MYR Millions.
2022
2021
2020
2019
2018
5-year trend

Cash & Short Term Investments
239
275
524
503
409

ST Debt & Current Portion LT Debt
344
44
242
63
61

Long-Term Debt
120
50
35
231
287


Total Accounts Receivable
784
192
166
177
187

Accounts Payable
141
135
136
130
127

Total Current Assets
1,053
598
840
939
1,121

Total Current Liabilities
530
241
433
237
266

Total Equity
1,359
1,105
1,086
1,177
1,163

Liabilities & Shareholders' Equity
2,016
1,399
1,556
1,648
1,717

Fiscal year is July-June. All values MYR Thousands.
2022
2021
2020
2019
2018
5-year trend

Net Income before Extraordinaries
213,702.7
51,903.9
(87,722.5)
29,838.4
(568,124.3)

Funds from Operations
193,570.1
127,212.5
144,264.8
128,923.3
84,805.4

Net Operating Cash Flow
100,834.8
122,354.0
36,809.3
188,961.2
52,900.6

Capital Expenditures

36,166.5)
(177,186.6)
(673.6)
(27,218.8)
(1,438.1)

Free Cash Flow
64,668.3
(54,832.6)
36,135.8
161,742.4
51,462.5

Free Cash Flow Yield 7.47% (Price @ RM 2.59 per share)

Fiscal year is July-June. All values MYR Thousands.
2022
2021
2020
2019
2018
5-year trend

Sales/Revenue
232,698.6
161,571.4
211,082.5
156,329.3
158,674.7

Gross Income
88,084.6
50,029.2
76,836.5
67,137.0
47,505.1

EBIT
60,976.0
47,241.4
(77,160.6)
38,563.5
38,670.0

Non Operating Income/Expense
97,330.0
8,335.7
5,290.3
1,472.0
(597,009.8)


Interest Expense
15,174.9
6,586.6
12,581.1
15,687.0
17,922.4

Pretax Income
162,217.3
51,903.9
(87,722.5)
29,838.4
(568,124.3)

Which of its company's businesses are generating operating profits and which are operating at losses?

Calvin is smart to share why TSH reported an operating loss the latest quarter? Will this be reversed or continued next quarter?

When you invest, do your homeworks diligently. In particular, study the free cash flows of the company. Of course, FCF varies with the stages of the company's life.

For a matured company that has a great business, you would like it a lot when it is generating increasing FCF over a long period. This growing FCF reflects the quality of its business with a strong economic moat. FCF in this great company can be used to pay down debt, grow its business organically or through acquisition, buyback its own shares and to distribute dividends.

Besides FCF, look also for ROA > 10% and ROE > 15%, as a general guide.

>>>>

Fiscal year is January-December. All values MYR Thousands.
30-Sep-2022
30-Jun-2022
31-Mar-2022
31-Dec-2021
30-Sep-2021
5-qtr trend

Sales/Revenue
262,652.0
424,413.0
337,349.0
328,350.0
309,074.0

>>>>>

A significant drop in its revenues of the latest quarter.
What were the reasons?


You are a better investor when you think of your stock like a business you own and operate.

>>>>
Fiscal year is January-December. All values MYR Thousands.
Qtr 30-Sep-2022

Sales/Revenue
262,652.0

Gross Income
94,624.0

SG&A Expense
121,439.0
>>>>>


Operating expenses were more than its gross income. This is worrying.

It paid 11m in interest expense too.

Thus, this latest quarterly loss is doubly worrying should it continues into subsequent quarters.

Was its gross margin too low relative to its revenues?
Was its operating expenses too high relative to its revenues?
How can TSH increase its next quarterly revenues, should the CPO price remains unchanged the subsequent months?

The company's debt was huge. What were these debts used for in the past?

Selling assets to pay down debt and to raise working capital is good move by management of TSH and will buy TSH some breathing space for now.

If revenues do not improve, or gross margins do not improve, or its SGA expenses (operating expenses) remain at this level, the business of TSH will be challenging indeed.

Not a great business. Maybe good to gruesome company, perhaps nearer to the gruesome end.

Share your comments.

Dear fellow investors,

Did calvin explain the operating loss faced by TSH in its lastest quarterly results?

>>>>
Fiscal year is January-December. All values MYR Thousands.
Qtr 30-Sep-2022

Sales/Revenue
262,652.0

Gross Income
94,624.0

SG&A Expense
121,439.0

Non Operating Income/Expense
301,367.0

Interest Expense
11,012.0

Pretax Income
283,349.0


The pretax profit for the last quarter included 301,367.0 (x1,000) non-operating income. If you were to minus this off, looks like its operating income for the last quarter was actually negative (a loss).
>>>>

Summary

Revenues and profits had been flat over the last 5 years.
Slight increased in revenues over these years, but profit margins not increasing due to rising costs of raw materials.
Operating expenses were well contained.
Interest expenses remained low/negligible.

Dividends had been cut drastically over the last 5 years.
Many funds looking for dividends had sold down this counter as dictated by their funds requirements.
Capital expenditures had increased over the last 2 years and will remain high until 2025.
Due to high capital expenditures already planned for the next few years, dividends will remain at present levels for the near term, as company needs to invest its funds into PPE for future growth.
Capital expenditures, though high the last 2 years, had been funded from internal generated cash and not from borrowings.
Company borrowings remained negligible to date despite huge capex the last 2 years.
In 2021, cash in hand remained remarkably high.