With the cash from MMC and IJMPLANT privatization, it’s great opportunity to look for fire sales .

Looking forward to good buys .

There is knee jerk reaction. However, agriculture commodities will very quickly rebound because they are basic needs of people.

Ya, fantastic earning, but disgusting dividend! Management got to act more reasonably !

public investors must participate in full force in next AGM to demand better treatment. Very very unreasonable to pay peanut dividend when the company make huge amount of gain! I have no respect for Management who ill treat minority investors.

panic sell by retail investors.

Agree with Peaches L. The world is much better prepared now than before. A lot more scientific knowledge than when the virus 1st spread in early 2020 and remedy , be it new vaccine or anti-viral pills, can be available much quicker to contain the problem. No need to panic at all.

I think it is also a problem of over relying on one customer.

I think the world is much better prepared to cope with this new variant than when the Virus outbreak took place early 2020 (with zero knowledge and no vaccine then) Global investors having gone thru steep plunge and also experienced swift recovery in stock prices , will probably behave more rationally this round. In any case, the scientific information about this new variant is yet to come.

Earn 22 sen in Q3, yet only pay 4 sen interim dividend. Damn stingy Management!

The wide panic selling is triggered by the new African mutated Covid variant. That doesn’t change the fundamentals of plantation companies. May be CPO price may surge further as Covid lockdown measures somehow hamper agriculture production too.

Panic selling irrespective of fundamentals due to fear of a new African mutated Covid variant. Anyway, new variant or mutation is to be expected by scientists sometime ago.

Fear for a new African mutated Covid variant spark panic selling .

The lower it goes the better . I am ready to continue adding

Keep an eye on this stock. long term value is emerging.

Agreed. Swkpltn is under Taann's leadership is expect to pay generous dividend too. Final /special dividend should be good, especially CPO remain bullish into 2022.

With road and air travel recovering fast and with improving refining spread, PetronM will do well going forward. I will add when price dip.

contribution from oil palm plantation segment is too small to make a different. I wonder why the timber business has been bleeding for years and yet Management hasn't done anything about it.

I think the sky is clearer and brighter now. Looking to buy on dip.

pure upstream CPO producers refer to those who produce and sell FFB and/or CPO with little or no involvement in refining/conversion (downstream) business.
Pure up stream producers are : BPlant, THplant, Taann, SWKpltn, MHC, Cepat, HSPltn, KMloong .
Upstream producers whose plantation predominantly in Malaysia are better choice.

Overcapacity is quite a serious problem that pressure selling price in the near future. Also, there a better glove counter than this one to choose from if you still think there is good future in this sector.

https://newswav.com/A2111_YbFkbJ?s=A_e9hNZI7
Shell is setting up a big biofuels plant in spore. Just wonder is the feedstock will be CPO ?

https://newswav.com/A2111_YbFkbJ?s=A_e9hNZI7
Shell setting up a big biofuels plant in spore . Just wonder if the feedstock will be CPO ?

Pinky, GENP is also a good stock , but Bplant is even better. Hahaha.

Ya, Indonesia government squeezes plantation companies harder to cross subsidize domestic usage for cooking oil and the ambitious B30 biodiesel programs.
Plantation companies in Indonesia are also subject to forex risk , policy and regulations changes .
100% upstream Malaysian CPO producers are better choices.

I also pick up quite some at 66 to 66.5 sen.

GENP :
Q3 EPS 11.39 sen
YTD EPS 30.16 sen
YTD Dividend 11.00 sen
Share price $6.94

What should be the relative /fair price for TAANN who deliver much superior results ??

TAANN :
Q3 EPS 23.45 sen
YTD EPS 49.59 sen
YTD Dividend 30 sen
Fair price ??

GENP :
Q3 EPS 11.39 sen
YTD EPS 30.16 sen
YTD Dividend 11.00 sen
Share price $6.94

What should be the relative /fair price for TAANN who deliver much superior results ??

TAANN :
Q3 EPS 23.45 sen
YTD EPS 49.59 sen
YTD Dividend 30 sen
Fair price ??

IOI :
Jul-sept qtr EPS 4.45 sen
Jan-sept qtr EPS 16.59 sen
share price now : $3.77

I think the performance of this giant is disappointing compare to many mid cap and small cap plantations like TAANN, SWKPLTN, MHC . Even GLCs counters like BPlant and THPLANT is comparatively a lot more undervalued than IOI based on their FY2021 EPS.

Simeplant :
Q3 EPS 8.80 sen
YTD EPS 25.90 sen
YTD Dividend 7.90 sen
Share price now $3.88

Some mid cap and small cap like TAANN, SWKPLTN, MHC comparatively a lot more undervalued than Simeplant (Simeplant itself is also undervalued)

Taann :
Q3 EPS 23.45 sen
YTD EPS 49.59 sen
YTD Dividend 30 sen
share price now $3.37

Swkpltn :
Q3 EPS 15.11 sen
YTD EPS 34.15 sen
YTD dividend 5 sen
share price now $2.49

Big is not always better.

Considering that the prolonged lockdown during July-Sep qtr, the q3 results is not bad at all . Time to add

I think steel price and share price of steel manufacturers will stage a rebound soon.

will see share price recovery for all steel stocks soon. Sept qtr results are badly affected by MCO closure . Steel prices will see recovery and stay at higher level than in the past years.

Per BS as at 30/6/21. Cash increased to $372 mil from the usual $80+ mil . A $300 mil drawdown of medium term sukuk happened during March- Jun 21.
Per BS as at 30/9/21 just released today, cash remain around at $314 mil.
Because of maintaining high cash level , Q3 financial charges increase by $5 mil.
What’s the financial logic of maintaining high level of cash by increasing the already high level of borrowings ?
Is there specific use of the cash of over $300 mil despite that there are already $778 mil of assets have been earmarked for disposal?
Is the cash standby for privatization?
Lembaga TH owned 73.84% of the company. Other shareholders hold 26.16% or 231 mil share.
If privatization offer is $1.00 it need $231 mil
If privatization offer is $1.30 , it need $300 mil

Just my wild thought.

THplant earned 3.03 sen per share , though higher you and mom, is below my expectations. This is because the realized average CPO price for Q3 is only $3,640 due to some forward sales .

I evaluate TSH solely for its oil palm business. If you include the timber business in the equation, there are a lot more issues such as state policy , long term timber products price , cost of production , gestation period , etc to be looked into , which entails very different discussion.

Calvin,
I don’t think there is any commercial value to the un-rehabilitated forest land . I am not privy to the concession agreement and can’t confirm if the concession is even transferable. But I seriously doubt it is transferable!
The concession is only the rights to cultivate timber tree for later harvest. The concession land , which I believe is non transferable, is NOT an asset to the company. Consequently, we don’t see it being reported in the list of assets in the annual report .
Sarawak government has cancelled quite some forestry concession and threaten to withdraw more if the awarded companies fail to comply to the rate of forest rehabilitation.
The right of use assets in the book are for all the leasehold oil palm lands in Indonesia . Domestic and foreign company can only hold leasehold or right to use property in Indonesia. The lease in Indonesia is always very short , 20-40 years only. In the case of TSH, the lease is for 35 years and all leases are expiring in 2040-2046 ie 20 years time . Consequently, the value of the land will continue to depreciate as the renaming lease get shorter. Extension of lease to foreign company in Indonesia is a big question mark! Don’t expect land appreciation for TSH!

Calvin, TSH is awarded the concession to rehabilitate about 123,000 ha forest land . So far only about 30,000 ha has been rehabilitated up to end of last year. The biological assets value are the fair value of all tree planted on these 30,000 ha which can be harvested when they mature one day . Once the assets already reflecting current fair value (thru fair value changes on qtrly basis) , there is no gain when they are harvested and sold .
You must understand that biological assets is simply just another class of asset.

Palm trees /bearer palms of the plantation is registered as Property Plant and equipment in the balance sheet.

Property , plant and equipment consists of FREEHOLD land and building, bearer plants, machineries, fixtures etc.

Leasehold land are registered as Right of use assets.

Just additional knowledge to share

Biological assets are revalued at fair value qtrly. As the trees in the commercial forest grow older , they should fetch higher value provided the market price is favourable. Same apply to sugar cane, livestock etc.
Any gain in fair value (thru valuation) is recognised as profit in P&L on one side of the account and increase of Biological asset value on the other side (debit/credit).
When the biological assets are "harvested" and sold , there is no or little contribution to P& L as its commercial value/fair value is already captured qtrly in P&L. Therefore, the accounting trial will simply be conversion of Biological asset to other current assets like cash/account receivable.

@calvin, With due respect, I would like to correct your understanding on Biological Assets . Your statement that TSH which has double the value in Biological assets means TSH "plant the most trees (both palm &timber)" is grossly inaccurate.
TSH has 42,000 ha oil palm planted and 30,168 ha rehabilitated forest (total 72,168 ha)
SDarby has 603,145 ha oil palm + some rubber, sugar cane and livestock.
It is impossible that TSH planted more tress on 72,168 ha of land than SDarby >603,145 ha of oil palm alone!
I think it is very important to know what is registered as biological assets in the account. For plantations companies in Malaysia , biological assets registered in the book consist of the following : Mature FFB ready for harvest (but still on the trees), tree in commercial forestry, livestocks, other crops/produce that can be harvest with commercial value.
In the case of TSH : the biological assets are mostly the trees in the rehabilitated forest and some mature FFB on tress.
in the case of sime darby : the biological assets are mature FFB on the tress, cane and livestock (cattle).
As the composition of the business are different, the amount of biological assets in each company varies considerably. The quantum DOES NOT tell the financial prospect of the company.

I will sell TSH to add Bplant.

TSH also announced September qtr results today. I would like to make comparisons between the 2 :
TSH :
Sept qtr EPS 3.27 sen
Ytd EPS. 7.65 sen
Sept qtr dividend Nil
Ytd dividend Nil
NA per share $1.14 (land in Indonesia )
Share price $1.17

Bplant
Sept qtr EPS. 4.27 sen
Ytd eps. 6.97 sen
Sept qtr dividend 1.75 sen
Ytd dividend 4.35 sen
Na per share $1.19 ( land in Malaysia)
Share price $0.715

You decide which one is a better buy .

TSH also announced September qtr results today. I would like to make comparisons between the 2 :
TSH :
Sept qtr EPS 3.27 sen
Ytd EPS. 7.65 sen
Sept qtr dividend Nil
Ytd dividend Nil
NA per share $1.14 (land in Indonesia )
Share price $1.17

Bplant
Sept qtr EPS. 4.27 sen
Ytd eps. 6.97 sen
Sept qtr dividend 1.75 sen
Ytd dividend 4.35 sen
Na per share $1.19 ( land in Malaysia)
Share price $0.715

You decide which one is a better buy .

Ya. Who want to sell better sell fast and sell lower . I am eagerly waiting for good buys .

For 3 Q, Bplant realized the highest av selling of CPO at $4331. Well done.

3Q NPAT of $96 mil is well above my own estimate .

fully agreed! Despite robust earning, EPF nonstop selling down plantation counters which include IOI, Sime Darby, GENP, KLK. They have caused potential markat capitalization loss by the $billions! What a wealth destroyer they are !

Ya, Jayatiasa is same like Taann i, in both oil palm and timber . But there is huge difference in management quality and financial quality between the 2. Taann is far more superior.

Danny123, are you still keeping cash that earns nothing?