Posted by JohnDough > 2021-09-12 16:13 | Report Abuse

“With icapital.biz Berhad, investors get a very attractive NAV discount. A rise from RM2.08 to RM3.47 would yield them a handsome gain of 67% with hardly any major risk.

Even if the discount stays at 20%, investors still get to enjoy a decent 33.5% profit. A NAV discount eventually disappears. This profit projection has not yet taken into account the likelihood of further gains in icapital.biz Berhad’s NAV.

With icapital.biz Berhad, investors get a well-managed closed-end fund, founded on integrity, and offers excellent prospects. There is in fact no reason at all to wind up icapital.biz Berhad – why chop down a bountiful fruit tree before it has matured ?

Australian Securities Exchange’s oldest listed investment company has been around since 1928. New York Stock Exchange and Toronto’s oldest closed-end funds have been around since 1929, surviving even the 1929 Great Depression.”


i Capital Newsletter Volume 33 Issue 4

Posted by Eastern686 > 2021-09-12 17:55 | Report Abuse

The thing is, icap investors got how many "TEN YEARS" for TTB to 糟蹋???

Posted by ocbc > 2021-09-13 15:45 | Report Abuse

JohnDough : i look at recent QR, NTA is 3.04 , not 3.47

Posted by Nepo > 2021-09-15 11:09 | Report Abuse

Hold Kellington 28,383,200 shares at the cost of around RM 0.70 (Today price RM 1.66)
Hold Kellington warrant around 9,500,000 shares at the cost of NIL, (today price RM 0.60)
Hold Sam 4,738,000 shares @ RM 7.xx, today price RM 14.xx

Posted by cyngpenang > 2021-09-15 11:09 | Report Abuse

Its latest NTA is 3.49 reported on 9 Sep 2021. Check out the link below:

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3191425

Posted by stockraider > 2021-09-15 11:32 | Report Abuse

If like that better buy insas loh!

At least got dividend mah!

Value wise is even much better loh!


Posted by cyngpenang > Sep 15, 2021 11:09 AM | Report Abuse

Its latest NTA is 3.49 reported on 9 Sep 2021. Check out the link below:

https://www.bursamalaysia.com/market_information/announcements/company...

Posted by stockraider > 2021-09-15 11:34 | Report Abuse

What about 60% of its overall total investment into FD given return of 2% pa leh ?

Income earn from FD Not enough even to pay management fees


Posted by Nepo > Sep 15, 2021 11:09 AM | Report Abuse

Hold Kellington 28,383,200 shares at the cost of around RM 0.70 (Today price RM 1.66)
Hold Kellington warrant around 9,500,000 shares at the cost of NIL, (today price RM 0.60)
Hold Sam 4,738,000 shares @ RM 7.xx, today price RM 14.xx

Posted by JohnDough > 2021-09-19 12:58 | Report Abuse

“How will icapital.biz Berhad’s NAV perform in the coming years and decades ?

The future performance of icapital.biz Berhad’s NAV depends on the composition of its current equity portfolio and what the fund manager does with the RM209 million cash in its balance sheet as at 31 May 2021 (this is down from RM307 million as at 31 Dec 2018).

A look at icapital.biz Berhad’s existing equity portfolio would reveal that, in terms of number of shares held, BioAlpha, AirAsia, Kelington, Kronologi, Padini and Parkson are the highest, totalling around 155 million shares.

Should the share prices of these stocks increase by an average of RM1 per share, icapital.biz Berhad’s NAV would be boosted by RM155 million or RM1.11 per share, with its NAV leaping from RM3.47 to RM4.58 on this alone. Is this outcome likely?”


i Capital Newsletter Volume 33 Issue 4

Posted by dumbMoney > 2021-09-20 00:59 | Report Abuse

Kellington has an ex-bonus TTM PER of 46 and a P/B ratio of 6.5. For this to be a value stock, it better go up by at least $1 soon.

Posted by Nepo > 2021-09-20 11:43 | Report Abuse

top up some.
Hopefully not become water fish..

Posted by dumbMoney > 2021-09-20 16:09 | Report Abuse

Compared against some other Asian equity CEF, iCap is the champion discounter https://www.dropbox.com/s/x1idba709w9zukr/Closed-End%20Fund%20Screener%20-%20CEF%20Connect%20-%20Brought%20to%20you%20by%20Nuveen%20Closed-End%20Funds.pdf?dl=0

Posted by Nepo > 2021-09-22 13:51 | Report Abuse

last chance boarding Icap.
The express train begins to depart..hurry..
Boarding time 22 Sept 2021 RM2.06

Posted by JohnDough > 2021-09-26 11:46 | Report Abuse

“Will icapital.biz Berhad’s NAV discount be there forever ? How can one take advantage of such an attractive discount ? Should icapital.biz Berhad not be wound up in order to realise its underlying asset values ?

Well, first of all, icapital.biz Berhad was set up by Tan Teng Boo as a closed end fund meant for long-term investors. How long is long? Let us learn a few lessons from Scottish Mortgage Investment Trust PLC, an investment trust listed on the London Stock Exchange.

Scottish Mortgage is an investment trust that aims to maximise total returns over the long term from a high conviction, actively-managed portfolio. This is similar to icapital.biz Berhad. It was launched in 1909, about 112 years ago. In comparison, icapital.biz Berhad is but a spring chicken. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

Scottish Mortgage once traded at a persistent discount to its NAV. The discount disappeared in 2013, endowing its share price with a premium to NAV; in the last year or so, Scottish Mortgage’s share price has traded around parity.

The share price of Scottish Mortgage rallied from around £44 in 1994 to above £1,300 in 2021, generating a massive gain of 29.5 times. An investment of $1,000 in 1994 would have been worth $29,500 in 2021.

An investment of only $34,000 would have made one a millionaire. The take-away here is that somebody who invested in Scottish Mortgage at a 15% NAV discount in 1994 would have gained “extra” returns from the disappearance of said discount.

This is one of the most compelling strengths of a well-managed closed end fund – buy at a discount, sell at a premium. Can icapital.biz Berhad enjoy a similar outcome where its NAV discount vanishes? The case for it is strong indeed.

However, before we present it, one must first ask whether icapital.biz Berhad’s NAV discount is a natural phenomenon or an artificial one.

In fact, keen-eyed investors, including the MSWG, should query City of London as to why they buy millions of icapital.biz Berhad shares (even going so far as to breach the regulatory 20% single shareholding limit) and consequently widen icapital.biz Berhad’s NAV discount.

City of London used to pressure icapital.biz Berhad to conduct a 10% share buyback to narrow the NAV discount, while itself buying over 20% of icapital.biz Berhad’s share capital, thereby worsening the discount it has been so persistently complaining about.

These complaints continue despite icapital.biz Berhad delivering an impressive performance on a consistent basis. So what is really going on here? Without all this interference, icapital.biz Berhad’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.

icapital.biz Berhad’s NAV performance over the course of its first 5,777 days was in fact superior to Scottish Mortgage’s. And yet, icapital.biz Berhad still managed to preserve RM209 mln in cash or RM1.49 per share, poised to put it to good use at the nearest opportunity.

Perhaps Bursa Malaysia should make icapital.biz Berhad a constituent of the KLCI, just like the London stock exchange did with Scottish Mortgage.”


i Capital Newsletter Volume 33 Issue 4

Posted by Noni > 2021-09-26 12:06 | Report Abuse

Very likely will be discounted from NAV for a very very long time.
Is the nature of the setup.

Posted by Nepo > 2021-09-26 19:13 | Report Abuse

Holding icap is like holding a bare vacant land.
I believe NAV will appreciate in value over time. But for how long the discount will disappear, no one has a clue.This is an uncertainty to long-term holders. Scottish Mortgage needed almost 100 years to reflect its value.

For Icap, you need to have ability to hold for very very very very long loong looong loooong-term without any dividend. If the discount persists for a very long-term, the holders are not worth to cash out when there is an urgent requirement of the fund.

Perhaps the mgt can suggest to reduce the management fee. In this way, icap long-term holders will feel more secure and willing to keep the shares..because money is there and NOT use to pay huge management fee...

Posted by dumbMoney > 2021-09-28 01:24 | Report Abuse

How can persistent buying of a share by an institutional investor causes the price discount to widen instead of narrowing? With the same logic, if the same investor starts selling down, the price discount should go down, i.e. the share price goes up? Assuming no change in NAV, price discount and price move in opposite directions. So buying causes price to go down, and selling causes price to go up! Unbelievable logic.

Posted by Noni > 2021-09-28 01:28 | Report Abuse

Because institutional hold a lot. They moment they let go, prices will go down, else not enough buyer......unless buyer willing to pick up from them at market price. They have a lot to sell oh.....

Posted by gohkimhock > 2021-09-28 01:30 | Report Abuse

投資最好是自己來, 不要假手於人..

Posted by Nepo > 2021-09-28 08:43 | Report Abuse

The moment the institutional fund needs to sell because of the holding beyond 20%, the share price will press down due to dumping. If sb buy in at the time, it maybe lower than today price..that is why though there is a huge discount as per today, long-term investors still wait and see..probably this is what ttb thinks..

"...City of London used to pressure icapital.biz Berhad to conduct a 10% share buyback to narrow the NAV discount, while itself buying over 20% of icapital.biz Berhad’s share capital, thereby worsening the discount it has been so persistently complaining about..."

Posted by lching > 2021-09-28 08:51 | Report Abuse

睁眼说瞎话：“icapital.biz Berhad delivering an impressive performance on a consistent basis.”

Posted by firehawk > 2021-09-28 11:03 | Report Abuse

Net Asset Value per share of iCapital.Biz Berhad as at 22 September2021 was 3.64 !!

Posted by Eastern686 > 2021-09-28 11:13 | Report Abuse

If a person holding icap stock for since 2014 and he want to sell his shares now, what price can he sell, net asset value of 3.64 可看不可吃。Only last week or so ah Boo mentioned in icap weekly update his ambitious to turn icap for a long long long term sort of funds, don't want to sell icap closed end fund to realised the NAV asset leh...

Posted by Nepo > 2021-09-28 12:48 | Report Abuse

This share is only suitable for super long loong looong-term holders.

And I am willing to allocate some funds to bet on this share..
I collected my 1st batch in Year 2005 i.e listing year
Now is my 2nd batch..because of HUGE DISCOUNT appears NOW.

If you like this share, you have to prepare to hold for at least next 10 years

I have prepared to pass this stk to my next generation.

Has been followed this stk more than 15 years..cry

I hope Ttb not disappointed me..

Posted by JohnDough > 2021-10-03 12:55 | Report Abuse

“Value investing succeeds because it goes hand in hand with a focus on the long-term and compound return. With patience and a long-term focus, compound return works wonders.

Warren Buffett has not always been one of the richest men in the United States.

When he reached 30 years of age or by 1960, Buffett’s net worth was US$1 million. By age 43, Buffett’s personal net worth was at a high of US$34 million. In 1982 or age 52 years, Buffett had a net worth of US$250 million.

By 1989 at age 59, Buffett was worth US$3.6 billion. He hit US$32.3 billion in 2001. As of mid-August 2015, Buffett’s net worth is US$67 billion, and by mid-2021, he is worth more than US$105 billion.

Buffett did not become a billionaire until he was 50 years old. What is most interesting is that, 99% of Warren Buffett’s net worth was earned after his 50th birthday.

This is the secret of compound return – or as they say, let your money work for you. Compound return works best over the long-term as it needs time to unleash its reward.”


2021 Annual Report icapital.biz Berhad – Tan Teng Boo

Posted by abang_misai > 2021-10-04 12:56 | Report Abuse

The question ... how's ah boo's compound annual rate return compared to WB's 28% per year?

Posted by dumbMoney > 2021-10-04 13:04 | Report Abuse

Until such time that the fund can be liquidated at NAV, shareholder returns should only be based on the share price, as this is all that he will get at exit all these years.

Posted by Philip ( buy what you understand) > 2021-10-04 13:18 | Report Abuse

It's amazing that people still believe in icapital. Tan Teng boo is actually worse than mutual funds, because you can at least sell those for nav value. The very fact that Icap is selling for below nav shows that majority do not view ttb actions of putting 60% money in fixed deposit instead of making it work during cheap sales period. If you are not buying when prices have crashed, then you will probably never be buying.

Posted by dumbMoney > 2021-10-04 20:04 | Report Abuse

The price discount is a trust deficit, reflection on the manager.

Posted by abang_misai > 2021-10-05 08:01 | Report Abuse

If you open your eyes, ah boo has changed his investment philosophy. Ah boo is now after stocks that have good future growth prospects than value stocks. I believe this is a game changer for Icap. I’’m impressed by this and has jumped into the boat. Im prepared to hold for 10years.

Posted by Nepo > 2021-10-05 10:13 | Report Abuse

Trust fund manager needs to take care shareholders, therefore they are very careful in selection of the stock. yes, I notice ttb now invest in growth stk. I am particularly surprised when he adds Airasia in his portfolio because AIrasia is regarded as high risk high return.

Value fund managers like TTB need to keep huge pile of cash in case of stock crash, they can do bottom fishing..not like individual investors/speculators, they can do whatever they like, no need to be responsible to others..

Posted by Nepo > 2021-10-06 16:13 | Report Abuse

Look at it investment counters, the gains are proceed at the exceptional fast pace, when the confident gain, very soon the discount gap will close...

Posted by Thirai Thiraviam > 2021-10-07 08:50 | Report Abuse

I first bought Icap shares in 2010, and kept on adding more every time the price dropped to around RM2 or less. Yesterday, I bought the shares for the first time at around RM2.30. Icap is now selling at 40% discount! I figured even if Icap were to return to its traditional discount rate of 20%, the price would rise to RM3.10.

As to TTB, I find his persistent anti-American vitriol and pro-China obsequiousness tiresome.

Posted by Nepo > 2021-10-07 10:03 | Report Abuse

@Thirai, thanks for sharing..

If today NAV = RM 3.9x, then most probably most of the SAM shares still hold tight tight by ICAP...

SAM is a superstar .. I believe most of the individual investors already profit-taking..

Wondering how TTB handles SAM shares a this moment..

Posted by Thirai Thiraviam > 2021-10-07 12:40 | Report Abuse

@Nepo - It's RM 3.93 now, just as you had suggested above. So, ICAP is now selling at 41.5% discount.

Posted by Nepo > 2021-10-07 15:34 | Report Abuse

Great. Let assume ICAP still hold tight tight SAM shares. so SAM performance still has material impact on ICAP performance.

If SAM continues to appreciate all the way up up up to RM 30 and ICAP still holds tight tight until then..then he is really smart.

Posted by JohnDough > 2021-10-10 11:24 | Report Abuse

“The NAV of icapital.biz Berhad has again jumped, this time to RM3.93. The KLCI is 18% below its all-time high; the NAV of icapital.biz Berhad is at a new record. This is the compounding power of Tan Teng Boo’s value investing philosophy.

The NAV of icapital.biz Berhad, in absolute amount, is now more than RM550 million. Time to include this stock in the KLCI?

With new infections falling, along with the re-opening of the Malaysian economy and RM200 over million cash in reserve, its NAV is expected to rise further. Its share price will follow suit.”


i Capital Newsletter Volume 33 Issue 9

Posted by ahbah > 2021-10-10 11:35 | Report Abuse

ttb & co is reali smart. Their gaji in their pocket naik kuat kuat but

their shareholders got NOTHING !!!

Posted by ahbah > 2021-10-10 11:58 | Report Abuse

The most interesting is how much is WB paid for managing the fund ?

What is WB's gaji ?

Posted by freeze789 > 2021-10-10 13:34 | Report Abuse

after Sam and kellingto. now SURIA. mmmmhhh let see the movie

Posted by abang_misai > 2021-10-10 13:37 | Report Abuse

Watch out for his pick for MKH & Salute. Both can really well.

Posted by Nepo > 2021-10-11 09:18 | Report Abuse

Wow! TTB is right in choosing Airasia. Finally Airasia fly
A real gem that is missed by most investors
keep it uppp.

Posted by Nepo > 2021-10-11 09:20 | Report Abuse

Icap comes back after Year 2008..

Posted by Najib Zamry > 2021-10-11 10:49 | Report Abuse

wow ICAP is marvellous. Deep discount to NAV 3.95

Posted by ZeaXG > 2021-10-12 12:43 | Report Abuse

Market already moved up. ICAP still sitting on 200mil cash uninvested, missed the boat liao? NAV shoud've been higher to be honest, maybe RM5 is possible if he had invested that 200mil

Posted by Nepo > 2021-10-12 16:13 | Report Abuse

What if market collapse..?

Posted by abang_misai > 2021-10-12 16:53 | Report Abuse

Most importantly, Icap is now buying growth stocks. They have changed their investment philosophy. Give them a chance.

Posted by Kevin Tam > 2021-10-14 23:04 | Report Abuse

If more retail investors understand value , it is normal that few months or 1 year from now , the difference of NAV with share price of Icap can be reduced to 16-20%…. many don’t understand invest in shares not only care for dividend income , there is capital gain which can be more important than dividends … If Icap sell more SAM n Kelington in next few months , realised profits will show in quarterly profit…. I think NAV is most important thing of a closed end fund like Icap ..

Posted by rogers123 > 2021-10-15 07:56 | Report Abuse

Icap has a rubbish management team. Time has given so many years. Rubbish is still rubbish. NO excuse

Posted by dumbMoney > 2021-10-15 14:55 | Report Abuse

Just buying back own shares at around $2 would have made at least 20%, easiest trade in the books.

Posted by JohnDough > 2021-10-17 15:16 | Report Abuse

“With new infections in Malaysia falling, along with the re-opening of the Malaysian economy and RM210 over million cash in reserve, its NAV is expected to rise further. Will its share price follow suit?

As its fund manager, my investing decisions influence the NAV performance of icapital.biz Berhad. On the other hand, the market price of icapital.biz Berhad is, positively or negatively, determined by investors, especially those who breached the 20% single shareholder limit.

Let me reiterate the power of compounding for the long term by quoting from the 2021 Annual Report:

“With icapital.biz Berhad, shareowners get a well-managed fund, founded on integrity, and offers excellent prospects. There is in fact no reason at all to wind it up – why chop down a bountiful fruit tree before it has matured?””


icapital.biz Berhad 1Q22 report – commentary by fund manager