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.

https://theedgemalaysia.com/node/737603

Bermaz Auto is facing rising competition in the sport utility vehicle and electric vehicle segments, dragging on its earnings outlook.
Sales of Mazda vehicles could fall by 19%, while that of Kia could grow at a slower rate, according to the research house’s projections. Overall, Bermaz Auto’s core earnings in FY2025 could decline 37% to RM222.1 million, or 19.1 sen per share.

Oct CPO production -17%
CPO Yield improves 9%
CPO price +15%

Nov CPO production -22%
CPO Yield improves 12%.
CPO price +28%

So profit contribution to upcoming qtr should be better.

@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.

@calvintaneng Can offer some advice, If agriculture land asking for rm6000 per acre in Sabah, worth it? It has oil palm but havent been managed for long time, so i assume the trees should already past prime.

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

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

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.

would the logging and manufacturing business ever be return to prime ?

@Sslee are you going to attend Jtiasa AGM?

wait for insider to buy only go in.

@Sslee @calvintaneng
Can help to elaborate pg 142 of annual report, it states "It is assumed that the harvested timber will be sold locally. The export of planted timber extracted
from reforested plantation is currently suspended by the Government of Sarawak until further
notice. In addition, the Group has not obtained the license to harvest the reforested plantation."

So who are actually harvesting and selling the log in Jtiasa monthly production report?

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.

Dont think it got anything to do with petrol subsidy, pecca, bauto still holding strong. though drbhicom also in downtrend

wondering why the stock keep dropping, the last QTR report looks good.
Is PROTON cutting local supply chain further?

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.

will wait till company start buy back or insider buying.

despite a lot of challenging question all carried above 98%.

All carried . LOL

For Capital A shareholders point of view, they will support this, The challenge lays in RCUIDS holders and AAX shareholders

Sleep on it, wake up at November for qtr report

anyone going AGM? I'll bring some popcorn for drama.

24'Q3 CPO Production is almost as 23'Q4
But Average price is ~7% stronger than 23'Q4
23'Q4 company get RM134million FCF
So coming qtr announcement should be ~145million

Pray declare dividend 7sens per share.

Hope the company benefit from the property boost in China latest policy.

Any chance to get at 0.60?

Time to fly :)

We public shareholders shall take advantage by queueing low at a huge discount when COL decides to trim down their stakes.

Ignore the noises from short term traders.

Are we getting buffet lunch at coming AGM?

Before the tariff kicks in, I expect China manufacturer will maximise machine operation tosell as much as possible, even at losses to recover invested capital. before the equipment and raw material become scrap.

@valueinvestor888 Jtiasa has minimal exposure towards USD, USD weaken by 5% they only loss 161k based on AR 2023.

Can sleep going forward, until the group decide to do something to those landbanks

@Sslee where can the corporate presentation be view?

Despite all the accusation in i3, the nav growth performance with such long period of holding cash already put icap in top tier performance among local funds.

4 years (personal) projection:
acquired solar company can deliver 11mil net profit a year
add in issuance to QL which result around 30mil net profit a year
BMGreen existing business generate EBIIT 60mil a year (Annualised based on latest qtr)
Total EBITDA ~ 101million
divide by ~688million shares issue
multiply PE 20

TP ~RM3

The right issue is for investor who prefer to reinvest the money instead of cashing out via dividend.

Will they bid for contracts from datacenter and warehousing to install AIOT solar system for them.

From this article, its not just about Solar, but IOT powered Solar
https://www.nst.com.my/lifestyle/bots/2020/09/622839/tech-digitising-energy-usage

https://www.tatlerasia.com/people/ko-chuan-zhen

The company BM Green plans to acquire has a very solid portfolio in installation. which means they are moving into large scale projects.

Operating cash flow - capex

The latest quarter generate free cash flow of 25million, if annualise towards 75million. and market gives the company 20x valuation, company marketcap would trade around 1.5billion with share price around RM2.60 level.

They company can bring full scale solution to indonesia :) which is a market many x bigger than Msia.

@Save the nett cash position improve slightly from 16mil to 27mil

@sslee why 0.01 sen apart instead of 0.05 or 0.1 sen apart?

@sslee what's the strategy on collecting every 0.01 sen down?

@sslee,
There's a labour shortage since covid for many quarters. the company pays a higher incentives to boost harvest.
The board has said they pay hire incentive tor longer working hours and local to harvest. Whether labour force target is met now is unknown.

Maybe ask @calvintaneng or wait till AGM.

Patiently waiting for Indonesia plant to operate in full scale fabrication.

There's nothing suspicious.

Jayatiasa include labour cost as part of the cost of goods.
They have to pay all the foreign labours all year round regardless low or high crop, hence during low season the gross margin will fall be low 20%.

Dont be lazy, you just need to look back '23 same qtr will do.
:P

Quarter Comparison

Revenue
Mar '23 Qtr : 176 million
Mar '24 Qtr : 209 million (20% higher)

EBIT
Mar '23 Qtr : 20.37 million
Mar '24 Qtr : 20 million (0.2% lower)

Operating Cash Flow
Mar '23 Qtr : 15 million
Mar '24 Qtr : 53 million (3.5x)

Free Cash Flow
Mar '23 Qtr : 3.3 million
Mar '24 Qtr : 35 million (10x)

John is posting extraction from ICAP newsletter, it's not evidence John is TTB.
Even John is TTB, he is not obligated to answer queries from non shareholders, but you can purchase some ICAP shares to post question to him :p

https://www.cnbc.com/2024/05/23/a-sudden-container-crunch-is-sending-ocean-freight-rates-soaring.html

Would this benefit the company?