Posted by moneySIFU > 2021-11-23 16:16 | Report Abuse

QUARTERLY PRODUCTION FIGURES (MINING / PLANTATION / TIMBER)

31-Oct-21: 71,807 (note 2)
30-Sep-21: 239,222 (YOY: +61,746MT / +34.8%)
30-Jun-21: 255,151 (YOY: +36,069MT / +16.5%)
31-Mar-21: 228,187 (YOY: +20,460MT / +9.8%)

31-Dec-20 180,963 (average= 60,321MT/month)
30-Sep-20 177,476 (note 1)
30-Jun-20 219,082
31-Mar-20 207,727

--------------------------------
(note 1 - explanation by management)
The decline in FFB production in Q3 2020 was primarily due to the lagged impact of the drought in Indonesia in Q3 2019. We anticipate the production to normalise in Q4 2020.

note 2
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3210325

Posted by moneySIFU > 2021-11-23 16:18 | Report Abuse

It is interesting to know TSH has been doing very well in keeping up the production of FFB

Posted by calvintaneng > 2021-11-23 16:40 | Report Abuse

If all things go according to norm Tsh should follow Ijmplant spectacular results as they both have similar and identical business

Posted by Johnzhang > 2021-11-23 20:00 | Report Abuse

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 .

Posted by Johnzhang > 2021-11-23 20:11 | Report Abuse

I will sell TSH to add Bplant.

Posted by calvintaneng > 2021-11-23 20:20 | Report Abuse

Of course from the Obvious Bplant will be a better buy (Calvin got both Bplant & Tsh)

But Bplant insiders no buying whereas Tsh Boss bought like no tomorrow

There are HIDDEN VALUE in TSH which is yet to be revealed

Eg. It has taken Ekowood private at 40 sen a share
see https://klse.i3investor.com/servlets/stk/5091.jsp

From long experience when Insider Boss buying non stop with no apparent reason there must be Hidden Value only he knows

Eg. Tomypak

This one many years ago Boss buying at 40 sen. He kept buying at 40 sen very consistently with no apparent news. He just kept buying at 40 sen
After a very long time he bought enough Tomypak shares he suddenly announced a 4 sen dividend to the surprise of all. 4 sen means 10% dividend at 40 sen cost. From there it went up from 40 sen to Rm4.00 (Up 1,000%) & split by bonus

So don't look at the surface. Just follow Insider Boss of Tsh buy and hold. They must have some hidden knowledge unknown to all since there is little news about Ekowood & others

One more thing

TSH every time when it disposes an Asset it always showed a New Value at least 70% more. And 1st Qtr of 2022 TSH will complete a Sale of 2 plots land in Sabah

So great things are yet ahead

Posted by Jeffson87 > 2021-11-23 20:59 | Report Abuse

TSH biological total asset = 400mil+
Bplant biological total asset = 49mil
KLK biological total asset = 200mil+
Sime Plant biological total asset = 280mil+

All are good. It's a matter of personal preferences.
Cheers

Posted by calvintaneng > 2021-11-23 21:04 |

Post removed.Why?

Posted by danny123 > 2021-11-24 09:07 | Report Abuse

Good result ve to come down also

Posted by warrenchok90 > 2021-11-24 09:47 | Report Abuse

this week will drop. gonna top up more.

Posted by haushinka > 2021-11-24 10:55 | Report Abuse

price up the fans come n bash the haters...price down haters come n bash the fans...its normal for price go up n down ...no need bashing liao....just maturedly discuss enuff d

Posted by Flying Fox > 2021-11-24 10:56 | Report Abuse

Not so good result indeed, no compare then don’t know. Compared BPlant with same revenue, profit is double of TSH for quarter ended 30/9/2021.

Indonesia government took up big churn via export duty & levy amounted to 184mil, even more than profits of the company. Quite a negative surprise

Posted by Johnzhang > 2021-11-24 11:48 | Report Abuse

@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.

Posted by greenland > 2021-11-24 11:55 | Report Abuse

Thank you Johnzhang.

Posted by Johnzhang > 2021-11-24 12:01 | Report Abuse

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.

Posted by Johnzhang > 2021-11-24 12:07 | Report Abuse

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

Posted by calvintaneng > 2021-11-24 12:14 | Report Abuse

Johnzhang

See TSH Company write up

Sustainable Forestry
In 1997, we were awarded with a 100-year concession to carry out forest rehabilitation, environmental conservation and industrial tree planting on 123,385 ha of forestry land in Ulu Tungud, Sabah, also known as Forest Management Unit 4 (FMU 4). The Group is committed to safeguarding the environment as part of our way of doing business

TSH has 123,385 Hectares of Forest Concession lands

Once hectare is 2.471 acres

So 123,385 x 2.471

= 306,000 ACRES

TSH Has Total 306,000 ACRES OF FOREST CONCESSION FOR 100 YEARS

So these are now part of the Rm400 Millions in Biological Assets

Like Ekowood these are hidden value

See

https://www.tsh.com.my/sustainable-forestry/

Posted by greenland > 2021-11-24 12:23 | Report Abuse

Thanks Johnzhang. It helps us understand the reports much more..

Posted by Chua Zhi En > 2021-11-24 12:40 | Report Abuse

not really surprising with these results. glad that I put more capital in TAANN and lesser in TSH.

Posted by Johnzhang > 2021-11-24 12:45 | Report Abuse

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.

Posted by calvintaneng > 2021-11-24 13:01 | Report Abuse

Yes,

But the balance of 93,000 hectares also got a value as TSH called it "Rights of Use Assets" with 100 years lease

Right of use assets book value is Rm292 Millions

What is the current market value? As in all Assets - Right of Use Assets also can be revalued & sold

Posted by Johnzhang > 2021-11-24 13:54 | Report Abuse

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!

Posted by novice2020 > 2021-11-24 14:01 | Report Abuse

@Johnzhang, Thanks for your clear explanations stated above. Also agree with you that it is more accurate to evaluate the performance of the company based on PE rather than EPS. There are certainly many plantation companies with better PE based on 3rd Quarter results. And prospective PE based on the full year results.

Posted by Johnzhang > 2021-11-24 14:08 | Report Abuse

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.

Posted by calvintaneng > 2021-11-24 14:44 | Report Abuse

Johnzhang 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!

No. These lands are not transferable but only the remaining years of "Rights" could be sold

The company has to register these lands under different sub entities that got the Rights

So they can be sold as sub companies

This was how many Bumi and non bumi entities get Govt allocated "concession lands at nominal sums and do nothing themselves. They either "rent out these lands for a yearly fee for others or out right sale of these separate companies if price is right

Posted by Benhobenhobenho > 2021-11-24 17:28 | Report Abuse

Share price up slow but down so fast to 1.13. It took almost a month to go to 1.21 but in a matter of 1-2 days to drop back to 1.13

Posted by calvintaneng > 2021-11-24 22:35 | Report Abuse

Tsh actually has two quarters of increasing profits

For 1st qtr of next year Tsh's Sabah land disposal will see better earnings

Also Cpo at world record price of over Rm5,300 a ton makes Tsh even more compelling at this low price

Posted by Investorrr > 2021-11-24 23:09 | Report Abuse

TSh's operation cost very high.

Posted by durian1 > 2021-11-25 01:15 | Report Abuse

What is the debt like for TSH and Bplant?

Posted by calvintaneng > 2021-11-25 05:23 |

Post removed.Why?

Posted by Benhobenhobenho > 2021-11-25 13:44 | Report Abuse

The reason for share price of plantation counters to be stagnant could be due to ESGi isues which Malaysia has a reputation for. Why is our Malaysian govt not doing anything to address this concern with the foreign countries like US n UK. So far our govt is not doing anything but only know how to collect tax n more tax from the corporate sector. It's high time govt do something about this ESG issues before more companies are affected. The latest one affected is ATA a supplier to the world famous giañt electrical item company DYSON.

Posted by calvintaneng > 2021-11-25 13:47 | Report Abuse

TSH RESOURCES GOT GOOD ESG COMPIANT

SEE

https://www.youtube.com/watch?v=N2561n37Ig8

Posted by Benhobenhobenho > 2021-11-25 13:50 | Report Abuse

Nowadays foreign funds are also looking at the background of malaysian companies especially plantation sector before they invest. Too many of our companies have ESG issues.

Posted by Benhobenhobenho > 2021-11-25 14:16 | Report Abuse

Though there may just be just a few among them which indeed have ESG issues, but foreigners are looking at plantation sector as a whole. Overall becoz of this, all the plantation counters are dragged down. But not in overseas where plantation stocks are having a bull run now as u can see.
https://klse.i3investor.com/blogs/www.eaglevisioninvest.com/2021-11-25-story-h1594642685-A_LOOK_AT_WORLDWIDE_PALM_OIL_STOCKS_BULL_RUN_TIME_IN_GHANA_NIGERIA_THAI.jsp

Posted by Stock Kingdom > 2021-11-25 16:43 | Report Abuse

Indonesia government is not friendly to palm oil companies, look at the export levy & duty paid by TSH, it is as huge as the total profit of TSH.

Posted by Johnzhang > 2021-11-25 17:30 | Report Abuse

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.

Posted by calvintaneng > 2021-11-25 20:37 |

Post removed.Why?

Posted by danny123 > 2021-11-25 22:00 | Report Abuse

Try very hard to con people, PROMOTER

Posted by warrenchok90 > 2021-11-26 10:06 | Report Abuse

happy Top up 1.09

Posted by calvintaneng > 2021-11-26 10:44 | Report Abuse

To be fearful when others are greedily buying and to be greedy when others are fearfully selling

--- Warren Buffet

Posted by warrenchok90 > 2021-11-26 14:57 | Report Abuse

not enough money to top up!!

Posted by PlantBull > 2021-11-26 15:05 | Report Abuse

Today buy buy buy!!

Posted by Investorrr > 2021-11-26 15:45 | Report Abuse

think because Indonesia 's president mentioned before that the country intends to stop exporting commodities and reserve for manufacturing bio oil

Posted by Benhobenhobenho > 2021-11-26 15:59 | Report Abuse

When come to dividends, I noticed tsh is very careful n not generous as compared with other plantation counters.like innoprise

Posted by warrenchok90 > 2021-11-27 12:01 | Report Abuse

to tell the truth yesterday all drop due to new variant COVID alarm...

Posted by warrenchok90 > 2021-11-27 12:02 | Report Abuse

check news and check foreign stock too. nothing to do with stop exporting... if stop exporting country economic will die before getting sickness.

Posted by warrenchok90 > 2021-11-27 12:08 | Report Abuse

my experience tell me slowly accumulate while can... if plantation can't do well I don't think other counter can do well too.. bursa crash

Posted by warrenchok90 > 2021-11-27 12:11 | Report Abuse

try check commodities price all drop everyday... but palm oil price still able to sustain... if the palm oil price remain same till year end... I bet the outcome will be very Fabolous

Posted by warrenchok90 > 2021-11-27 12:12 | Report Abuse

and palm oil normally will remain high price at year end due to cold weather. certain place production very low.mm so price will be remain high for the time being

Posted by calvintaneng > 2021-11-29 03:09 | Report Abuse

Insider boss of Tsh bought Rm Millions at much higher prices above Rm1.13

so this oversold price is now a rare opportunity to enter at lower cost than him