Posted by Tang Michael > 2014-03-07 15:37 | Report Abuse

Is innoprise sinora or sindora which was taken private two years back........sindora pays very good dividen when it was listed......too sad

Posted by Icon8888 > 2014-03-07 15:48 | Report Abuse

Sinora.

Sindora owned by johor corp

Sinora by Sabah state government

Posted by Up_down > 2014-03-07 15:56 | Report Abuse

Great write up. Hefty FFB production growth is started from this year onward to achieve at least 20% CAGR for the next 4 years.

Posted by Jonathan Keung > 2014-03-07 16:13 | Report Abuse

TSH will benefit from the JV.

Posted by Up_down > 2014-03-07 16:14 | Report Abuse

Recent performance of its plantation division:

Turnover:
31 Dec 13 - 10,322,000
30 Sep 13 - 8,465,000
30 Jun 13 - 6,290,000
31 Mar 13 - 4,441,000

Profit / (Loss) before tax:
31 Dec 13 - 3,085,000
30 Sep 13 - 3,038,000
30 Jun 13 - ( 132,000 )
31 Mar 13 - ( 1,562,000 )

EPS:
31 Dec 13 - 1.25 cents
31 Sep 13 - 1.41 cents
30 Jun 13 - ( 0.13 cents )
30 Mar 13 - ( 0.89 cents )

Posted by ksng0307 > 2014-03-07 16:27 | Report Abuse

what about harn len, Icon 8888

Posted by profit profits > 2014-03-07 16:44 | Report Abuse

what about pinepac ? I tot this is cheapest palm plantation stock.

Posted by Up_down > 2014-03-07 16:53 | Report Abuse

INNO's management team are more competent than Pinepac. Pinepac does not whole own the plantation business in Indonesia. Its operation keep making loss. Some more, I can't see their FFB growth for the past 2 years even though their young tree entering maturity stage. Don't really know how they take care the palm oil tree.

Posted by Icon8888 > 2014-03-07 17:01 | Report Abuse

I consider myself to be an objective person. I seldom jump into conclusion unless there is sufficient evidence. For example, in the case of ivory and London Biscuits, I argued that there is not sufficient evidence to prove bad corporate governance. The two companies might have made some mistakes in the past two years, and they might turn around once they ironed out the kinks. (I don't know whether I am right or wrong, but at least that is how I sort out my thought process)

But in the case of H, there is simply no reason to explain that kind of year after year, consistently subpar FFB yield with that kind of age profile, some more in Sabah. I strongly suspect bad corporate governance as the direct contributing factor (you know what I mean)

I won't touch this company with a ten foot pole

Same for D Land

Posted by Icon8888 > 2014-03-07 17:04 | Report Abuse

Company P ?

Sigh, poor execution, less than satisfactory corporate governance

Not for me ....

Posted by Up_down > 2014-03-07 18:10 | Report Abuse

Harlen's executive chairman is an 88 year old man. At such age, how he got ability to manage the business operation of the company. Operation has not returned to black even though the FFB production in final quarter was 34% higher than 3rd quarter 2013. It is better for him to step down. If I am not mistaken, he is still drawing 1.45 million salary and the total Directors remuneration about 4 million each year.

Harlen disposed its 2,410 hectares of plantation land in Sabah in year 2013. Their FFB production would be lower this year.

Posted by Ricky Kiat > 2014-03-07 21:58 | Report Abuse

good sharing

Posted by bsngpg > 2014-03-07 22:40 | Report Abuse

Thanks

Posted by ipomember > 2014-03-08 10:51 | Report Abuse

thanks for your insights.

Posted by rlch > 2014-03-08 11:37 | Report Abuse

Please take a look at Golden Land(plantation stock) which is cheaper, NTA RM2 and have dividend paying record in the past.

Posted by Icon8888 > 2014-03-08 12:24 | Report Abuse

I think golden land EV per ha is 40+

Let me check

Posted by Icon8888 > 2014-03-08 13:34 | Report Abuse

I did a quick check. Golden land has 9359 ha plantation land in Sabah, out of which 8613 ha planted, 6917 ha matured. They also have 8157 ha unplanted land in Kalimantan.

Enterprise value = RM223m equity + loan of RM142m - RM19m cash = RM347m

Value of empty land per ha in Kalimantan let's say RM3000 per ha. Value = RM25m

EV for Malaysian plantation is hence RM347m less RM25m = RM322m

RM322m / 8613 ha = RM38,546 per ha

Of course they have some smallish property projects.

Posted by Alex Chan > 2014-03-08 14:15 | Report Abuse

eps 1 cents last year....LOL

Posted by Up_down > 2014-03-08 14:24 | Report Abuse

That's why the share price traded at low price. lol

Posted by rlch > 2014-03-08 15:34 | Report Abuse

Alex EPS for GL Bhd is higher ie 1.95sen vs Innoprise 1.25sen in latest quarterly report. NTA for GL Bhd also way higher despite share price cheaper. GL Bhd will benefit from current surge in CPO price not Innoprise as most of Innoprise trees are still immature.

Posted by speakup > 2014-03-08 15:38 | Report Abuse

My friend told me yesterday's Focus Malaysia magazine recommended buy Hap Seng Plantations. Said TP rm2.90.

Posted by speakup > 2014-03-08 15:39 | Report Abuse

Cepat is the plantation leader at the moment, rest all following.

Posted by Up_down > 2014-03-08 17:33 | Report Abuse

Cepat's mature plantation area is about 7,696 hectare only & NIL immature area.

Posted by rookie > 2014-03-09 12:59 | Report Abuse

your cost of production estimate at RM1300 is too low... i think they easily hit RM1700 bcos their trees are still almost all immature.

Also, remember that this stock is SUPER ILLIQUID.. let say u buy 10,000 shares... maybe u already > 50% volume of the day... so be careful

Posted by Up_down > 2014-03-10 15:09 | Report Abuse

Japan sees higher chance of El Nino this summer
http://www.reuters.com/article/2014/03/10/us-weather-elnino-japan-idUSBREA2908B20140310

Posted by kakashit > 2014-05-09 13:23 | Report Abuse

Icon bro, ur planting schedule is not accurate

"The company plans to plant up the balance of 2,135 hectares of plantable land in 2013." (taken from Innoprise AR 2013 chairman statement)

I dunno where u get the planted year, coz it is not stated in any statement of Inno

Inno only shows matured, immatured and newly planted hectare area.

Posted by kakashit > 2014-05-09 13:25 | Report Abuse

Innoprise oilpalm age profile as at 31 Dec 2013
year planted size (hec) percentage
matured 5896 43.7
matured in 2014 5209 38.6
immatured 262 1.9
newly planted 2135 15.8
total 13502 100

this is my own spreadsheet

Posted by kakashit > 2014-05-09 20:30 | Report Abuse

Y Inno never show their list of properties in AR? Isnt this compulsory?

Posted by Icon8888 > 2014-05-09 20:47 | Report Abuse

They leased the land from state government. As the land doesn't belong to them, it doesn't show up in their book

The lease was for 30 years only

However, in latest annual report, the company said the state government has extended the lease to 60 years

So now they can plant two cycles, just like many sarawak plantation companies

Posted by Icon8888 > 2014-05-09 21:08 | Report Abuse

Today Innoprise announced April FFB production of 9111 MT

If annualized, equals 110,000 MT FFB

Based on 21% OER, CPO production is 23,000 MT

Based on CPO price of RM2600 and cost per MT of RM1300, profit per MT would be RM1300

PBT will be RM1300 x 23,000 = RM30 mil

Net profit = RM22.4 mil

Market cap now RM361 mil

PER 16 times

Of course this is just a rough calculation based on various assumptions, might be different from actual figures

For discussion only, please don't blame me when results differs

Posted by kakashit > 2014-05-12 10:14 | Report Abuse

tq bro, I always keep track of ur posting, ur hv been feeding me lots of precious info.

Posted by kakashit > 2014-06-29 15:53 | Report Abuse

pe 16! so pricey.

Posted by 3iii > 2019-01-22 13:07 | Report Abuse

http://www.corporateinformation.com/ImageSvr/Chart.ashx?T=SS&C=C45898870

Posted by qqq3 > 2019-01-22 13:20 | Report Abuse

https://www.indexmundi.com/commodities/?commodity=palm-oil&months=240

Posted by qqq3 > 2019-01-22 13:20 | Report Abuse

look at the 20 years CPO chart

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart) > 2019-12-28 14:04 |

Post removed.Why?

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart) > 2019-12-28 14:07 | Report Abuse

>>>>>


5) target price

due to its small market cap, we should ascribe a relatively low EV per ha of RM40,000 (big cap trades at EV per ha ranging from RM60,000 to RM100,000+).

Based on RM40,000 per ha, Innoprise's sustainable market cap works out to be RM40,000 x 13,000 ha = RM520m, or RM2.75 per share

This represents 55% upside from current price of RM1.76



(6) implied PER

based on target price of RM2.75 and FY2015 EPS of 20 sen, PER works out to be approximately 13 times. Which is not unreaosnable for a company with strong dividend payment capacity


>>>>>>


27.12.2019


Price 94.5 sen

Posted by Up_down > 2019-12-28 14:25 | Report Abuse

Base on the conditions at the time of writing, INNO was seen worth at that TP but valuation change as time goes on. Be liquid and recognize the impermanent nature.