Patient Investor

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

i3gambler

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

JohnD0ugh

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

Sslee

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

Sslee

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

Patient Investor

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

i3gambler

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.

1 month ago

JohnD0ugh

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

1 month ago

Sslee

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.......

1 month ago

i3gambler

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.

1 month 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. 😎

1 month ago

JohnD0ugh

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

1 month ago

i3gambler

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.

1 month 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.

1 month ago

JohnD0ugh

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

1 month ago

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥

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.

1 month ago

i3gambler

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.

3 weeks ago

JohnD0ugh

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

3 weeks ago

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥

>>>
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.

3 weeks ago

Patient Investor

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.

2 weeks ago

Sslee

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

2 weeks ago

JohnD0ugh

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

2 weeks ago

Patient Investor

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

2 weeks ago

FastMoney666

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

2 weeks 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%.

2 weeks ago

i3gambler

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.

2 weeks ago

Patient Investor

@Fast unlike you, I’m long term shareholder and I don’t question his ability and integrity in managing the fund.

2 weeks ago

FastMoney666

@Patient Investors- so you took the DRIP?

2 weeks ago

JunHoHoHoHo

Is it worth to subscribe DRIP ... ?

2 weeks ago

Patient Investor

@JunHoHoHoHo it depends on how much shares you want to get, if only a little you can get it from the market since the price is below the DRIP price, But if you need a huge amount, the market might not able to give you the volume below 2.91. Also there's brokerate to be paid getting from market.

2 weeks ago

JohnD0ugh

ICAP was listed on the KLSE on 19 Oct 2005. From then until Sep 2023, ICAP served as a pure long-term capital appreciation fund.

It paid out dividends only on two special occasions – in FY2013, when a special 9.5 sen dividend was paid out to utilise tax credits which were expiring then, and in Dec 2022, when a Special 20 sen Covid-19 dividend (totalling RM28 mln) was paid out to help shareowners whose finances may have been affected by the pandemic.

ICAP is the only listed company in the entire world to have paid out such a dividend. In response to long-held requests from a diverse array of shareowners and the tireless hard work of the Fund’s Designated Person, ICAP launched the most innovative dividend policy in the world in 2023.

Unlike conventional listed companies, where dividends are paid as a percentage of net earnings, net earnings are irrelevant to a closed-end fund like ICAP. Its dividend must be based on its Net Asset Value (NAV), and not merely calculated as a simple percentage of its NAV.


i Capital Newsletter Volume 36 Issue 18

1 week ago

FastMoney666

I am shocked by the claim by ICAP is the only listed company in the entire world to have paid out such a dividend during Covid. To claim only the only ONE meaning if we can find one, he is lying?

1 week ago

FastMoney666

1. Maybank
https://klse.i3investor.com/web/stock/entitlement/1155

1 week ago

FastMoney666

2. Public Bank
https://klse.i3investor.com/web/stock/entitlement/1295

3. RHB Bank
https://klse.i3investor.com/web/stock/entitlement/1066

1 week ago

FastMoney666

4. Heneiken Malaysia Berhad
https://dividends.my/heim-3255/

1 week ago

FastMoney666

5. IGB REITs
https://klse.i3investor.com/web/stock/entitlement/5227

1 week ago

FastMoney666

6. Coca Cola
https://www.morningstar.com/stocks/xnys/ko/dividends

1 week ago

FastMoney666

7. P&G
https://www.morningstar.com/stocks/xnys/pg/dividends

1 week ago

FastMoney666

The fund manager think we all are Pak Chee?

1 week ago

FastMoney666

By the way, he is EPF dividend history for past 70 years++

https://www.kwsp.gov.my/en/others/resource-centre/dividend

1 week ago

FastMoney666

Just take a stone and throw also can hit, please la... Also be profressional to use word like Total Shareholder Return. Even Ah Fook like me also know !

1 week ago

JunHoHoHoHo

Lol. Why you shok sendiri, FastMoney666 😆

1 week ago

FastMoney666

Aiya......Fast and Furious mah.....beh tahan when the Fund manager making false claim🤣🤣

1 week ago

ericlee18

Find me a Company in the entire world that named its dividend as Special Covid-19 dividend. Tak ada kan ?

1 week ago

FastMoney666

Good try. Best of luck for those buy into such spin🤣🤣

1 week ago

Patient Investor

Upon the implementation the Most innovative DRP programme, the NAV gap remains.
City of London still left with less than 1 million to dispose to par down holdings to 20%.
We shall wait and see if the NAV gap close up when they finish unloading.

6 days ago

JohnD0ugh

Designing ICAP’s dividend policy proved a complex undertaking as it has to meet the differing needs of shareowners without abandoning the raison d’être of ICAP. After careful research and conducting numerous simulations, the most innovative dividend policy was designed to meet three objectives:

(i) For ICAP to trade at a rational price;
(ii) To cater to shareowners who desire long-term capital appreciation; and
(iii) shareowners, young or old, single or with households, who need regular income.

Consequently, the innovative dividend policy of ICAP became an aggregate of 2 components:

(i) Base Rate: 1% of NAV per share.
(ii) Top-up Rate: 8% of the difference between the share price and NAV per share.
a. The NAV per share is an average of 4 weekly NAVs before the dividend payout date.
b. The share price is the volume-weighted average price over 4 weeks before the dividend payout date.

The first ICAP dividend to be declared under its innovative dividend policy went ex on 5/11/2024.

At the same time, ICAP introduced a Dividend Reinvestment Plan (DRP) so that shareowners can receive their dividend either as cash or a reinvestment in ICAP. This plan has also been completed.


i Capital Newsletter Volume 36 Issue 18

4 days ago

JunHoHoHoHo

Haha, those fund managers obviously IDSS this stock everyday, FastMoney666 😁

3 days ago