ICAP (5108): Financials Summary, Key Results, Growth

enigmatic [bamboo investing style]

In this world only got one and only one WB. All the others WB wannable are fake.

1 month ago

chopstick

as for me, , i just finish my happy hour, just google who 's life is so boring, facing i3 platform whole days, nothing much u can do

1 month ago

chonghai,
Probability for this Closed-End Fund to dissolve is highly impossible. Many shareowners would want its continuance until the Designated Person passes on.

1 month ago

As I have shown above, what is even worse than the harassment is that this large activist foreign voter and its collaborators have bashed the shares of your Fund, just like Slater Walker did with Haw Par.

This bashing has huge detrimental impact on your Fund and more importantly on the development of a closed-end fund industry in Malaysia. The same group of activists has previously wound up another listed closed-end fund, Amanah Millenia Fund in 2007.

Unlike other listed Funds or listed companies, icapital.biz Berhad was intentionally set up and promoted by myself with a unique objective on top of a social mission.

The objective was not just narrowly financial but it also was broader and to demonstrate that sound long-term investing by individuals can work in Malaysia.

Achieving such a long-term social economic objective is an important part of nation building and can bring about many positive contributions to the development of this young country and its capital market.

It can also help bring about a better society. While Lee Kuan Yew wanted to make sure that Slater Walker did not destroy Singapore’s reputation as a global financial centre, successfully building icapital.biz Berhad is to me very similar to building a better Malaysia.

We have worked very hard and with our heart to attract and maintain high quality share owners in icapital.biz Berhad. We still have a very long way to go in this daunting journey. As your Fund’s Designated Person, I truly envy the highly favourable and positively constructive situation Warren Buffett is in with his Berkshire Hathaway.

i Capital.biz Berhad 2024 Annual Report

1 month ago

Just wonder had TTB give any thought why icapital or rather TTB failed to acheived the objective?

Is it because of large activist foreign voter and its collaborators have bashed the shares of your Fund?

Or because TTB can't even acheived his low bar of doubling your money within 5 to 8 years?

1 month ago

Income

People exits from I cap?

1 month ago

chonghai

If TTB can compound ICAP NAV even at a rate of 15% per year, no bashing will work.

1 month ago

ScotFree

Ttb is comparing himself as the next Lee Kuan Yew

1 month ago

Najib Zamry

TTB keeps his words. 10.41 sen dividend declared. 3.4% dividend yield. Not bad ya

1 month ago

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥

Under the written procedures established by ICAP pursuant to the Securities Industry (Central Depositories) (Foreign Ownership) Regulations 1996, foreigners who hold Shares which are within the prescribed limit of 20% of the total number of issued Shares ("Prescribed Limit") shall be entitled to the Interim Dividend and are entitled to participate in the DRP provided that such participation will not result in a breach of the Prescribed Limit.

I read the above remarks from the yesterday dividend announcement.

I have a few questions:
Meaning COL needs to dispose their shareholding to below 28m in order to entitle for the dividend and DRIP?
As on 21st Oct, they still have 30.8m, they need to dispose another 2.8m shares in the next few trading days?
Then we better don't rush in to buy now, as the share price could go further down?
What if COL could not dispose to below 28m shares, will they sue ICAP/TTB?
Who is going to pay for the legal fees then? ICAP or TTB?

1 month ago

All shareholders have equal entitlements.

1 month ago

That is what ICAP said, foreigners have equal right provided they hold not more than 20%.
And it look like COL try to bring down their holding to 20% or less.

1 month ago

Is TTB now saying he paid COL the 2021 dividend by mistake?
Can someone ask TTB to file a legal claim to COL to pay back the 2021 dividend?

Ann. Date
Ex Date
Type
Subject
Amount
22-Oct-2024 05-Nov-2024 DIVIDEND Interim Dividend (with Dividend Re-Investment Plan) RM 0.1041
18-Nov-2021 17-Dec-2021 DIVIDEND Special Dividend RM 0.2000
22-Aug-2013 17-Sep-2013 DIVIDEND Special Dividend RM 0.095

1 month ago

In my commentary in last year’s annual report, I gave my positive outlook on Malaysia. Briefly, I wrote that from a macro viewpoint, “Malaysia’s domestic political development has entered a new stage, one which I think heralds better political governance, promises a better and stable government and hence a better Malaysia.

With Malaysia blessed as a country with great and plentiful human talents, the anticipated new era will give birth to a country which will once again be on the right path of fulfilling her potential. I expect the Malaysian stock market to be a beneficiary.”

Then, in my talk on 5th November at the 2023 Investor Day, I forecasted that the KLCI would reach 2,500 to 3,000 points in the next three to five years. Nearly one year later, my longer-term bullish views of Malaysia and her stock market have remained the same.

With this, it is very timely for me to remind share owners about a very important principle on compound return. Investors are told it is never wrong to take a profit. Charlie Munger has a simple answer for this question.

“The first rule of compounding: Never interrupt it unnecessarily” - Charlie Munger

His advice is one of the most important principles on successful investing. Investors should not interrupt that compounding lightly. The combination of Malaysia entering a better era, icapital.biz Berhad invested in more stocks and a high quality share ownership structure can produce a very exciting future for your Fund’s NAV and share price.

Do not interrupt the compounding of your investment in icapital.biz Berhad.

Finally, let us remember what Lee Kuan Yew warned about Slater Walker. Let us all ensure that another British investor now does not destroy icapital.biz Berhad, a budding role model for Malaysian individual investors, and other companies listed on Bursa to emulate.

i Capital.biz Berhad 2024 Annual Report

1 month ago

"Self-praise is for losers. Be a winner. Stand for something. Always have class, and be humble." - John Madden

1 month ago

Income

The director emoluments must be based on fund performance.
You must follow Warrant Buffalo fees charges for his fund.
Why can’t follow????

1 month ago

But the Expense Ratio of Open End Unit Trusts / Mutual Funds in Malaysia also around 2%.

1 month ago

Would someone pump up the ex-dividend price, otherwise look at the current market price, who wants to opt for DRIP?

1 month ago

It doesnt matter if no one will participate in DRP. if there's no participation, the fund size shrinks and less liquidity, thats all. Berkshire-A shares don't split because they don't want too many trading activities on it.

1 month ago

Fund manager will receive less fee if the fund size shrinks.
However, I think TTB is a professional manager, he could have set the exercise price with huge discount so that certainly almost all unitholders would opt for DRIP.

1 month ago

Most of the ASEAN economies are performing well (with Thailand being the exception). Besides, Vietnam, Thailand, Indonesia, Cambodia and Singapore have all recently seen stable political changes.

Given such positive trends and responsible societies, should the ASEAN stock markets, including that of Malaysia, not be trading at a premium to those found in conflict-torn areas like Europe and Britain ?

The same principle applies to the share price of icapital.biz Berhad. It should be trading at a premium or at least without discount.

Should the present large foreign investors allow the stock price of icapital.biz Bhd to trade without any interference, the discount of your Fund will disappear at a faster pace and its stock price will then be able to trade at a rational level earlier than otherwise. Your Fund, like Malaysia or ASEAN, has yet to be understood and appreciated.

I would like to share two useful quotes from Charlie Munger with our shareowners:

“People calculate too much and think too little.”

“The big money is not in the buying and the selling, but in the waiting.”

i Capital.biz Berhad 1Q2025 Report

1 month ago

Thinking is not enough you need to put your thought into calculation or paper to get a clearly picture.

Only loser or those cannot perform or did not perform will quote below in the self fallacy if you wait long enough your stocks will start to perform.
“The big money is not in the buying and the selling, but in the waiting.”

1 month ago

你知不知道你知不知道我等到花兒也謝了

1 month ago

leekengchan65

ICAP appears to be holding only 14.54% in cash. It seems he is bullish on the Malaysian stock market. But he is not optimistic about the U.S. stock market. And now the U.S. stock market is at a high record. If the US stock market falls, won’t Malaysia fall? This is a bit similar to what happened in 2008, when ICAP was only 15.58% cash left that time. Then he believed that because China is here, even if the U.S. stock market crashed, Malaysia and other countries in the world will not have problems. And we know the final result, he failed. This time is a bit similar to last time

1 month ago

The dividend payout is only around 2.6% of NAV, so to the management fee its quite insignificant.

Its so interesting to watch its share price trading below the DRP offer price. Hope it drops further so i can buy from market.

1 month ago

140m*0.1041*1.5%Fee=219K per year, and for every subsequent years.

1 month ago

4dview

The more shareowners take up cash instead of DRP, the more TTB’s management and investment advisory fees will be dented.

4 weeks ago

Whatever the outlook may be, I would like to reiterate to share owners that the portfolio of icapital.biz Berhad is managed based on the eclectic value investing philosophy of Capital Dynamics.

The margin of safety principle underlines it all and it takes on greater importance in an environment that is best summed up as “It was the best of times, it was the worst of times.”

i Capital.biz Berhad 4Q2016 Report

4 weeks ago

It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair.
Charles Dickens, A Tale of Two Cities

If only you had bought ............instead of icapital. A Tale of Two.......

3 weeks ago

Checked Yahoo Finance just now,

1) ICAP=2.89, and the adjusted close price on 19th Oct 2005 was 0.8588.
The annualised return = (2.89/0.8588)^(1/19.07years)-1=6.57%,

2) KLCI=1,610.13, and it was 914.17 on 19th Oct 2005.
The annualised return = (1610.13/914.17)^(1/19.07years)-1=3.01%,
However, KLCI Dividend Yield was averaging around 3 to 4% for the past 19 years.
A total of 3.01%+3.50%=6.51%.

So I would say both ICAP and KLCI performance are about the same for the past 19 years.

3 weeks ago

FastMoney666

The fund manager always omitted the KLCI dividend when making comparisons and insisted that he had beaten the KLCI by a wide margin. 😎

3 weeks ago

The concept of value investing is really simple. However, understanding and applying this time-proven investing style consistently is another story altogether.

Value investing is about finding the intrinsic value or sustainable earning power of a stock, a business or an asset and then buying it at an attractive price, which is always below the intrinsic value of the stock, business or asset.

Doing so provides the buyer a margin of safety, one of the central concepts in value investing.

i Capital.biz Berhad 4Q2015 Report

3 weeks ago

I took time to go through all quarterly reports from Feb 2017 to Aug 2024.
I copy and paste all the "Non-current assets" and "Current assets" to a speadsheet.
And calculate the ratio of "Current assets" over "Total Assets", more or less is the Cash Level.

I plot a chart.
I can see a very clear picture, the Cash Level was very high at around 65% from Nov 2018 to May 2020.
Then from May 2020, it is clear that the Cash Level drop from 65% to 17% at Aug 2024, almost like a straight line.

My calculation.
1) KLCI
From May 2020 to Aug 2024, KLCI grew up at an annualised rate of 3.1%.
The KLCI Dividend Yield was averaging at 4.1%.
Therefore the CAGR for KLCI including Dividend was 3.1% + 4.1% = 7.2%.
2) ICAP NAV
From May 2020 to Aug 2024, ICAP NAV's CAGR was 10.3%, including the 20 sen dividend.

Conclusion:
ICAP was correct to reduce the Cash Level from 65% to 17%.
And the result was ICAP out performing the KLCI+Dividend by 10.3% - 7.2% = 3.1%.
My expectation on ICAP is very reasonable, I would be happy as long as ICAP could beat KLCI+Dividend.
To me, a 3.1% out perform is already vey Good.

3 weeks ago

guatmingsuktbD

'The concept of value investing is really simple. However, understanding and applying this time-proven investing style consistently is another story altogether.'

Icap still living in dinosaur times, LOL.

2 weeks ago

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥

As a long-term value investor, icapital.biz Berhad does not engage in market-timing. Its fund manager continues to hunt for attractively valued stocks, irrespective of the prospects of the stock market and the Malaysian economy.

i Capital.biz Berhad 2Q2014 Report

2 weeks ago

The market price swings like a pendulum.

By market timing, you buy when you think the price will be swinging upwards and sell when you think the price will be swinging downwards.

On the other hand, value investors tend to price the market, buying when the it is undervalued and may sell when it is overvalued.

2 weeks ago

On behalf of the Board of Directors of ICAP, RHB Investment Bank and Astramina Advisory Sdn Bhd wish to announce that based on the valid DRFs received by the Share Registrar, ICAP will be issuing 1,036,359 DRP Shares pursuant to the DRP. The DRP Shares to be issued represent 21.85% of the total 4,742,949 DRP Shares that would have been issued had all the entitled shareholders of ICAP elected to reinvest the Electable Portion into DRP Shares.

We can buy ICAP from market at 2.88 but there were still unitholders opted for DRIP at 2.92.

1 week ago

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥

Warren Buffett shared with us the virtues of patience, “We don’t get paid for activity, just for being right. As to how long we’ll wait, we’ll wait indefinitely.”

i Capital.biz Berhad 1Q2014 Report

1 week ago

>>>
Posted by i3gambler > 2 days ago | Report Abuse

On behalf of the Board of Directors of ICAP, RHB Investment Bank and Astramina Advisory Sdn Bhd wish to announce that based on the valid DRFs received by the Share Registrar, ICAP will be issuing 1,036,359 DRP Shares pursuant to the DRP. The DRP Shares to be issued represent 21.85% of the total 4,742,949 DRP Shares that would have been issued had all the entitled shareholders of ICAP elected to reinvest the Electable Portion into DRP Shares.

>>>

78%+ chose to receive the dividends.

1 week ago

It seems like Mr.Tan is spending so much time on geo political matters and expressing his supports towards China, what benefits does this brings to us as shareholders? I prefer my fund manager to stay away from expressing geo political views or act in the interest of other governments.

during investor day, he claimed Western media only focus on China September consumer spending on first tier city drops, yet didn't disclose all the other cities growth. But he also never disclose the whole picture on which sector fuels the growth, and what happened during that month.

In September, china government dish out "trade in" voucher for appliances and gadgets, and there's sudden spike in food inflation in September.
Look into the stats, the growth is indeed fueled by those category. Appliances +20%, telco gadgets +12%, basic food +10%
The growth in October even pick up paces, powered by e-commerce platform presale activities for 11.11
Will one change their fridge TV or handphone every month or quarterly?

References
www[dot]stats[dot]gov[dor]cn/sj/zxfb/202410/t20241018_1957039.html
www[dot]stats[dot]gov[dor]cn/sj/zxfb/202411/t20241115_1957427.html

While accusing western media selective reporting, why act in similar manner ? As shareholder, I feel disappointed.

I hope Mr.Tan will keep his political views and ideology to icap fan club or China fund meeting, not in icap shareholder meetings and newsletter. Unless China government is willing to invest in icap and buy until the share price to NAV level, please be as neutral as possible. There is enough polarity going on, why keep adding fuels especially on things beyond our limits?

Also stop bragging "success","smartest" "most innovative" "greatness" on oneself and policy. Even Warren Buffet, Charlie Munger and many legendary investor don't do that. Only China like to use BIG words to fan up nationalism.

20 hours ago

People brag for several reasons, often tied to psychological and social factors:

Self-Esteem Boost: Bragging can be a way for individuals to boost their self-esteem. By highlighting their achievements, they reinforce their self-worth and feel more confident.

Social Validation: People often seek approval and validation from others. Bragging can be a method to gain recognition and admiration, enhancing their social standing.

Competition: In competitive environments, bragging can serve as a strategy to assert dominance or superiority over peers. It can be a way to signal success and capability.

Insecurity: Sometimes, individuals who feel insecure may brag to mask their feelings of inadequacy. By projecting confidence, they hope to convince themselves and others of their worth.

Cultural Factors: In some cultures or social groups, boasting about achievements is more accepted or even encouraged as a way to inspire others or celebrate success.

Storytelling: Bragging can also be a form of storytelling, where individuals share their experiences to entertain or engage others, even if it comes off as boastful.

Overall, bragging is often a complex behavior influenced by a mix of personal insecurities, social dynamics, and cultural norms

19 hours ago

The investments of icapital.biz Berhad are selected based on the eclectic value investing style of Capital Dynamics. As such, the Fund Manager and Investment Adviser of your Fund are continuously seeking stocks that are attractively priced.

i Capital.biz Berhad 3Q2010 Report

15 hours ago

@JohnD0ugh Which fund in Malaysia will claim they are not continuously seeking stocks that are attractively priced? Or passively seeking overpriced stocks?

15 hours ago

FastMoney666

@Patient Investor......be careful lo, later you will be labelled as the running dogs again

14 hours ago

FastMoney666

I think TTB is setting up a trap for himself now on the dividend tinge since DRIP take up rate was only 20%....NAV will drop if his performance does not matching the dividend rate. He will receive a bit lesser management fees but at least most people will feel a bit better. In the most extreme case he may suspense dividend, then it will cause iCAP shares to drop...more and more people will feel no incentive to invest with iCAP.

So, I think this most innovative dividend design to auto-correct discounts gap as good as dead to me. Just look at the discounts now, it's approaching 25-28%. Beginning of the year was 20%, it has gotten worse by 5-8%.

14 hours ago

The DRP Shares will be issued to you at the issue price of RM2.92 per DRP Share (“Issue Price”) as determined by our Board on 27 September 2024 (“Price-Fixing Date”). The Issue Price is fixed based on the VWAMP of ICAP Shares of RM3.0192 for the 5 market days immediately prior to the Price Fixing Date, after adjusting for the Interim Dividend of RM0.1041 per ICAP Share to the 5-day VWAMP of ICAP Shares.

Base on the above statement in the NOTICE OF ELECTION,
3.0192-0.1041=2.9151, and fixed the Issue Price without any discount.
If he is money face, he could have given 10% discount, the Issue Price would be RM2.63.
Then almost all unitholders would opt for DRP because ICAP bear the cost of DRP.

12 hours ago