It's more reasonable to base on the stakes for sharing portion of planted area from joint venture , subsidiaries and associates for comparison purposes. It shows that SWKPLNT is still the lowest in term of market capitalization per hectare among three companies.

1.SWKPLNT
- Market Capitalization per hectare: RM 24,240

- Number of shares: 279,564,000 units
- Market capitalization: RM 0.749 billion
- Planted areas year 2013: 30,904 hectare ( excluding non controlling interests portion in subsidiary Pelita Suai)

2. KULIM
- Market Capitalization per hectare: RM 53,500

- Number of shares: 1,278,731,000 units
- Market capitalization: RM 4.45 billion
- Planted areas year 2013: 83,176 hectare ( Malaysia 47,107 hectare + NBPO 36,069 hectare) note: 49% stakes in NBPO of 73,610 hectare

3.THPLANT
- Market Capitalization per hectare: RM 34,450

- Number of shares: 882,910,000 units
- Market capitalization: RM 1.854 billion
- Planted areas year 2013: 53,810 hectare ( excluding non controlling interests portion in subsidiaries and associates like Hydroflow, Bakti & Sabaco, Pelita Gedong & etc)

Kulim is actually not really undervalued after taking into account 49% stake in New Britain Palm Oil. Market Capital per hectare would be RM 52,000. This value is more than double of Swkplnt.

Not many people is willing to buy this counter now. I like to buy while the prices stay at low level. Latest quarterly results was over my expectation. I will collect more.


EPS: 6.23 cents (Qtr 31-3-2014)
P/E: 14.70 times
EPS: 17.7 cents

Dividend yield: 3%
Dividend: 8 cents / share

Mature area (2013): 26,728 hectares
Immature area (2013): 4,918 hectares or 18.4% of mature area

Facts will show up next week.

It depends how you interpret the results base of the facts of ' 1Q14 net profit of MYR5.6m (+75% YoY, -85% QoQ)'. It would rather disappointing while comparing with 4Q13.

With an increase in planted area in year 2013, SWKPLNT is the lowest in term of Market capitalization / hectare RM 23,000

P/E: 19.16 times
EPS: 14.20 cents

Dividend yield: 3%
Dividend: 8 cents / share

Mature area (2013): 26,728 hectares
Immature area (2013): 4,918 hectares or 18.4% of mature area

Think FFB 4,000 Mt per month will only be possible in the end of this year when more trees reaching mature stage.

Bear in mind, Oil palm age from 5-8 years is considered young palm and 9-20 years is reaching prime. Age of 5-8 years yield less crop and fruit size small.

The FFB production will grow gradually. It may take a bit time to wait the trees to reach prime stage. If I am not mistaken, WTK started planting 2,000 hectare in year 2007 and with an average of 1,500 hectares each year until 2012.

Why you said 2009 AR is wrong?

cy, FFB production stays on the right track for the past few years. The growth rate is expected to be at least 100% for the next 3 years. In a maximum scenario the FFB production would reach 200,000mt per annum.

FFB production:
Year
2013 - 15,700 Mt
2012 - 7.300 Mt
2011 - 2,500 Mt

WTK timber segment alone has been offered a good profit to the company over the past few years. Bear in mind, it planted 9,700 hectare of Palm Oil trees as at 31 Dec 2012. I would expect the planted area grow to 10,700 hectare until last year. More important is the plantation segment would contribute positively startng this year as more trees entering maturity stage.

DY: 2.07%
PER: 10.77 times

EPS:
1st Qtr 2014 - ?
4th Qtr 2013 - 4.46 cents
3rd Qtr 2013 - 3.21 cents
2nd Qtr 2013 - 2.69 cents
1st Qtr 2013 - 2.17 cents

The most important is to buy a share with plenty margin of safety. If we take a look of the market capital / hectare for THPLANT, KULIM & SWKPLNT, it offers much more than enough. All these shares are still traded at dirt cheap prices.

It's rather unrealistic for searching a plantation company giving a current dividend yield of 5%. GenP & Kluang would probably meet your criteria which offer more than 5% after taking into account special dividends.

Vietnam serves as a gateway to exporting products to the members of Trans Pacific Partnership (TPP) and ASEAN countries. Those Taiwanese companies don't have much choices in order to enjoy such benefits. Furthermore, they would still able to enjoy low unskilled labor costs in the next few years. Riot is just a temporary setback.

There are some companies distribute a decent dividends. Share price is not primarily due to low dividend payout.

Dividend Yield:
SWKPLNT - 3.27%
THPLANT - 1.72%

Potential of moving upward due to :
- Announcing good quarterly result before end of the month.
- High immature palm oil tree 27,399 hectares or represents 83% of mature areas.
- Low valuation as compare with its peers.
- EPF started acquiring shares last week
- High gear but strongly backed by Lembaga Tabung Haji ( 71% shareholding )

WTK has started the engine. It would move higher before announcing good quarterly results in 2 weeks time.

It is still considered cheap to collect at current price. I am expecting the coming eastwind (quarterly results) to make a break through at this price level.

WTK:

DY: 2.07%
PER: 10.77 times
Gearing: 6%

EPS:
1st Qtr 2014 -
4th Qtr 2013 - 4.46 cents
3rd Qtr 2013 - 3.21 cents
2nd Qtr 2013 - 2.69 cents
1st Qtr 2013 - 2.17 cents

Its hard to buy below 25 cents at in the near term. I should have bought more when it was dropped at 24 cents last week.

I would expect WTK to generate more profit than the previous quarter in the coming announcement since the log production for 1st Qtr 2014 was 13% higher than 4th Qtr 2014. I believe it would head north at least after the announcement.

I was also puzzled with the warrant went up today. This's not the first time the warrant shot up suddenly to 88 cents from 84 cents. It had happened few times last month.

Big players have a lot of tickets on hand now. Slaughtering can be initiated against contra players easily while the whole market is not doing well.

No worry. Experts would certainly make a comeback after the price drops to realistic level. haha

13132323. Market cycle up and down offers us the opportunity to make profit. Sold when it flied to unrealistic high in such a short time. Big players won't let go goreng Asiapac easily. I am expecting good news in coming months.

No change in business fundamental. It is a healthy correction retreating to 25 cents after hitting new high of 32 cents. I will collect back ticket gradually at this level.

Icon. I guessed it would generate a net profit above RM 10 million annually from Maintenance Charges. After reading " Cashflow projections for TRIplc UiTM concession "...

Thanks for your informative article. I was actually looking for more information of Maintenance Charges under Uitm concession project. It seems that future net profit is not so impressive for Triplc.

Reserve stays at negative or RM94.6 million even after taken into account exceptional gain from disposal of land in year 2012. It may need to sell some lands to pare down the accumulated losses. Without sufficient profit, the company is not a able to frank dividends unless it opts for capital repayment.

Price shot up by more than 50% in less than a month. It's a handsome profit for those who bought at 20 cents. I locked profit early but am still happy as Asiapac achieved my target price in such a short time.

Your blogging on the past few property companies is very informative. I will keep it for my future reference. I don't have to do work so hard to compile the data. Thanks.

Icon8888. Your target to generate 100% returns in 3 year time is too slow. Based on your blogging on the past few property companies price performance, 100% returns should be able to achieve in less than 6 months.

He is the smartest investor in i3investor. He is the only one who has discovered the gem. What a greatest discovery in the history. I am eager to know more on how it works but... It seems like a marketing gimmick to attract public attention. There could be many assumptions or conditions behind to support his claim.

After going through a tough period Ytlland is finally joined the property counters rotational play at this time. Hope it would move up further.

Target achieved. I locked some profit.

" Uitm is part of the 23 years concession the Group
secured in 2010 whereafter, upon the completion of
the construction work, maintenance works would be
carried out for a period of 20 years. As of to-date, the
construction of this project is near completion. "

The construction of Uitm will be completing in Apr 14. The revenue and profit is expected to be fully recognized in this 2 quarters.

What's the future prospect of Triplc? Is it maintenance works a lucrative business?

It reminds me of " Business cycle, economy expansion and recession are natural phenomena in market economy, as natural as low and high tides. Recession is a natural mechanism of clearing the economy of inefficient units and a mechanism of restoring economy equilibrium after the economic growth induced turbulence. ". I prefer to take a break for holiday. :)

I would expect Asiapac to perform better in the next few quarters given huge unbilled sales.

Asiapac financial performance for the past few quarters / years:

Turnover
Qtr 30-12-13 - 80m
Qtr 30-9-13 - 86m
Qtr 30-6-13 - 36m
Qtr 31-3-13 - 44m
Qtr 31-12-12 - 32m
Qtr 31-9-12 - 12m
Qtr 30-6-12 - 15m

Profit:
Qtr 30-12-13 - 8m
Qtr 30-9-13 - 9m
Qtr 30-6-13 - 3m
Qtr 30-3-13 - 6m
Qtr 31-12-12 - 0.8m
Qtr 31-9-12 - ( 0.3m )
Qtr 30-6-12 - 0.3m

EPS
Qtr 30-12-13 - 0.83 cents
Qtr 30-9-13 - 0.93 Cents
Qtr 30-6-13 - 0.31 Cents
Qtr 31-3-13 - 0.65 Cents
Qtr 31-12-12 - 0.08 Cents
Qtr 31-9-12 - (0.03 ) Cents
Qtr 30-6-12 - 0.03 Cents


Turnover
FY 2014 - 202m ( 3 quarters )
FY 2013 - 103m
FY 2012 - 89m
FY 2011 - 36m
FY 2010 - 102m


Profit:
FY 2014 - 20.1m ( 3 quarters )
FY 2013 - 17.6m
FY 2012 - 15.7m
FY 2011 - 11.4m
FY 2010 - 20.2m

EPS
FY 2014 - 2.07 cents ( 3 quarters )
FY 2013 - 1.8 cents
FY 2012 - 1.61 cents
FY 2011 - 1.17 cents
FY 2010 - 2.08 cents

Why I am willing to invest 45% of my capital in Asiapac:

1. Huge unbilled sales 508 million
2. Command a reasonable profit margin
3. Imago Mall will start contributing in near future
4. Potential take over target due to loose shareholding structure
5. PER: 6.2 times
6. NTA 38 cents

Tommylim, thanks for your invitation. I may plan a trip there to witness the opening ceremony of Imago mall as Asiapac is the biggest investment in my portfolio.

Icon. The operation results from plantation operation in Indonesia is fully consolidated in P/L. Profit portion of non controlled subsidiary was excluded separately under Profit /(loss) Attributed to: Non-controlling Interest

Icon8888. You seem our lucky star. There are few times you churned out the articles, then we make money. Thanks.

Tommylim, I top up another 30% since Icon8888 churned out the article about Asiapac. Asiapac alone is my biggest investment now. I am still sitting tight to wait for it to move up further. Cheers.

Icon. Great to hear that you would blog on Asiapac. I added 30% before your report is out. wakaka

The share price of plantation company is relied heavily on CPO prices movements. Corporate development or dividend are secondary issues. You can make money by buying any plantation counters when the CPO price break 3000 level.

乾旱導致棕果減產‧棕油價4月或攀3千
Sat, 22 Mar 2014
（吉隆坡21日訊）消息指出，大馬長達兩個月的干旱氣候令棕果產量大減，導致棕油提煉商減產，部份提煉廠甚至只運作一半產能。

加工棕油產品如精制軟棕油和精制硬棕油的產出減少，可能導致供應緊縮，影響印度、中國和歐洲買家。

一名交易商表示，目前沒有一家提煉廠是全面產能運作。這位交易商在柔佛擁有一家每日產能2千公噸的提煉廠，佔全國棕油產量的五分之一。

“即使你願意付出更高價格，也無法獲得原棕油。”

由於庫存降低，大馬3個月期原棕油期貨在2月份上漲近10%，並於3月11日衝上每公噸2千916令吉的18個月新高水平。

知名分析員米斯特里（Dorab Mistry）早前表示，如果厄爾尼諾氣候模式重現，棕油價格可能在4月份抵達3千令吉。

一名以吉隆坡為基地的交易商指出，供應極為緊縮，他在巴西古當的兩間廠，每日產能共2千公噸，最快可能在下週初暫停營運。

一家期貨經紀行的交易商指出，一些提煉商正考慮關廠，因無法獲得充足原料，到時市場供應將會緊縮。

豐益國際（Wilmar）相關提煉公司的一名員工指出，如果繼續供應短缺，其中一間廠將於3月杪停工。

他表示，短期內原棕油確實供應不足，其提煉廠自2月起便只運作55%產能。

印尼一家首要提煉廠的員工指出，印尼將於4月份起進入旱季，產量將降低。同時非法燒芭造成的煙霾和乾旱也令收成延後。

上週大馬大部份地區降雨，將可消彌干旱對收成的破壞，但種植公司表示，3月份的棕果產量仍受月初的干旱所打擊。

今年首兩個月半的大馬降雨量僅60至70毫米，相比往常為350至400毫米。

不過，大馬棕油提煉商協會首席執行員莫哈末嘉化阿末表示，這不會形成災難，除非關廠超過一個月，但這是不可能的。由於關廠會帶來重大成本，因此不可能完全停產。（ 星洲日報／財經）

Nothing to worry about unless CPO prices stop heading north due to vanishing of potential El Nino.

I would expect a FFB production growth of 10% as most of its young planted area acquired in Year 2008 & 2009 would enter maturity or prime stage.

FFB production
Year 2012 - 459,597 mt
Year 2013 - 424,502 mt
Year 2011 - 367,866 mt

They started to dish out FFB production since Jan 14. It seems Rsawit is more confident in revealing more information. All Jtiasa, Subur Tiasa & Rsawit are ultimately placed under the same Tiong's family. The management is not really that professional as what you said.