ICAP NAV has increase 13.9% YTD. ICAP share price has increase 18.7%.
shareholders can jut ignore the noises in here.

Nothing shocking, the NAV climbs, manager fee will increase.
The only benchmark on the fund performance is NAV growth.
Fund manager is doing a great job, the fund NAV increases 15% in one year.

NAV crosses RM4 mark. good for all, especially to largest shareholder COL who can now brag to their strategic investors.
interesting to see COL yet to sell any, share price also holding strong even COL not buying.

When you invest in Jayatiasa, whats your expectation?
20% gain in a month?
50% gain in a year?
100% gain within 3 year?
Or hold until fundamental deteriorates?

Different expectation will affect the way you react to the price swing.

Expecting ~70million free cash flow for coming quarter announcement.

How many months would it takes for Jtiasa harvest to regain momentum?

If someone wants your shares, and you reject their offer price, what they can do is to manipulate the price movement in hope your level confidence get affected and end up giving up your shares bit by bit.

Of course, they can also find someone to sweet talk you to sell or bad talk what you have in hand.

For iCap shareholders who want to sell, take advantage of the situation by queuing at high price as close as possible to NAV, or even at a premium.

Why?
1. Despite being red-flagged on governance and lousy fund management/policy in i3 forum on daily basis, COL is still buying.
2. Since COL keeps buying even the row with the fund manner, it means they need to buy or they recognise TTB stockpick skill, so take advantage when demand is there.
3. If someone is bidding for the rights to slaughter our goose and if lucky we get a fair portion of the egg but none after that, wont you want a premium to it? So never sell at a discount price.
4. ICAP portfolio is demonstating very good growth.
5. The court ruling is favouring iCAP, which in a way brings advantage to normal shareholder when it comes to distribution.

@SSlee if many long term investors were disappointed, The fund manager would not have get the support required in AGM/EGM. Are you a shareholder before quoting long term ICAP shareholders?

SSlee, if you know the story, 惠能 left the temple right after he received the baton.

If apply what 惠能 says, When we leave i3 forum, we wont have to deal with all the arguments in here.

I bet COL will keeps buying even the 20% cap on voting rights is implemented.
Just work out how much COL make for the past one year will clearly see this.

Though the fund manager make it clear the fund is not intended for institution fund, but if the performance prevail, local institution will buy in.

@dompeilee can find other place to brag and end up has to come to jtiasa?

The 5 projects in London though yet to kick start, but in planning stage. working capital will be raised through bank loan as company is in net cash position. :D

If COL keeps buying into TTB iCap dream, why shouldn't we?
In fact icap share price performance is boosting COL own portfolio performance, provide them a beautiful story to feed to their institutional investors.

Congrats to the team winning over POP investment

@engineeringprofit can belanja me wagyu meal?

Hope everyone is happy now, COL, Dumb, ICAP supporters.
:)

For iCap shareholders who want to sell, take advantage of the situation by queuing at high price as close as possible to NAV, or even at a premium.

Why?
1. Despite being redflagged on governance and lousy fund management/policy in i3 forum on daily basis, COL is still buying.
2. Since COL keeps buying even the row with the fund manner, it means they need to buy, so take advantage when demand is there.
3. If someone is bidding for the rights to slaughter our goose and if lucky we get a fair portion of the egg but none after that, wont you want a premium to it? So never sell at a discount price.

@sslee i think the bellwether index plunge refers to KLSE level 5 years ago which is around 1800 points.

@Sslee you can google for bellwether index instead asking here. would that be faster?

JTIASA-CR
issued 35 million shares @ 0.15 = 5.25 million marketcap
Currently share price is trading around 0.60 ~ 21 million market cap
If the share price stays at current level until expiry, will Kenanga IB incurred 16 million losses on the CR?

There's EU-warrant expiring in May.

For iCap shareholders who want to sell, take advantage of the situation by queuing at high price as close as possible to NAV, or even at a premium.

Why?
1. Despite being redflagged on governance and lousy fund management/policy in i3 forum on daily basis, COL is still buying.
2. Since COL keeps buying even the row with the fund manner, it means they need to buy, so take advantage when demand is there.
3. If someone is bidding for the rights to slaughter our goose and if lucky we get a fair portion of the egg but none after that, wont you want a premium to it? So never sell at a discount price.

@zhugeliang
we are not the fund manager, so just stick with what you can instead of wish. If you are not happy with the Fund manager, go to AGM to call for a vote.

Buying icap now is like buying the stocks in their portfolio at 25-30% discount.
that includes KGB, SAM, PADINI, Capital-A.
As long you have business owner mindset instead of traders.

@calvintaneng

When compare Jtiasa to others such as SOP , UTDPLANT, THPLANT, asides from CPO production, should we also factor in their potential land value when transform to non-agri-land?
As I am aware, Jtiasa most CPO is at Pulau Bruit, Dont think it can be turn into a commercial town or something.

@Calvintaneng
Comparing CPO Yield per mature Ha
Jaya tiasa 3.3
UTD Plantation 6.0
Bumitama 4.0
Thplant and SOP after deducting the external source, is around 2.8

How UTDPlant able to have such high yield?

Previously you mentioned UTDPlant has train track, does it mean UTD is more efficient in harvesting and Jayatiasa is actually not able to harvest 100%?

To address selfish motives, shareholder can request a change in company constitution where fee is based on portfolio value instead of NAV.

@sense maker if Boo is lousy,why COL keeps buying? where do you get the idea of "all shareholders"?

@calvintaneng what's the reason Jayatiasa's CPO yield per mature hectar so much lower as compare to SOP, UTDPLANT, TSH?

if you have a long term target with 100% upside, not recommended to trade short term.
If you are right, you make just additional 10-20%
if you are wrong, you might miss 100% on opportunity cost as its very hard for trader to buy at higher price than what they sell.

Jayatiasa should start stingless bee farm, which require minimal investment:
> bee hive cost rm100 in unit (basically consist of wood plank
> bee work for free, and they only required unpolluted environment, which jayatiasa huge forrestry also has that
> bee hive management and harvesting is also not labour intensive
On top of that
> bee increase pollination of plants, which is good for environment.

Here's an article on RH Bee Farm (RH stands for rimbunan hijau, mother company of Jayatiasa)
https://vulcanpost.com/742509/kelulut-stingless-bee-honey-farm-malaysia/
" Currently, R H Bee Farms has less than 20 beekeepers with over 7,000 bee hives, whereas Bayu Kelulut has 4,000 bee hives. Both these farms are supported by MARDI and MATRADE in R&D and overseas market penetration respectively. As of now, both these farms export to Asian countries like China, Hong Kong, Japan, Taiwan, and Singapore."

For iCap shareholders who want to sell, take advantage of the situation by queuing at high price as close as possible to NAV, or even at a premium.

Why?
1. Despite being redflagged on governance and lousy fund management/policy in i3 forum on daily basis, COL is still buying.
2. Since COL keeps buying even the row with the fund manner, it means they need to buy, so take advantage when demand is there.
3. If someone is bidding for the rights to slaughter our goose and if lucky we get a fair portion of the egg but none after that, wont you want a premium to it? So never sell at a discount price.

@zhuge I dont think fair to compare icap with berkshire, berkshire has the whole world to invest. Warren is also another level compare to icap.

What the fund manager want to buy sell is according to his investment style. There are hundreds of funds in malaysia, you tell me how many funds can keep 50% cash for so long yet grow the NAV at this rate.

@zhuge

Doing share buy back increase overall fund exposure to portfolio holdings. fund managers has their own strategy in managing exposure, else he would have bought more of certain stocks with all the idle cash.

If you believe a CEF should do buy back whenever its trading below NAV, go set up a CEF togather with Dumbmoney, and in the prospectus state whenever the fund is trading NAV, the manager is obligated to do buy back. Then we can compare your fund performance in shareholder equity vs icap.
0 seconds ago

if Jtiasa start farming bee in forest concession, guess what would be the share price be. and Malaysian can enjoy cheap good quality honey

From google: Eucalyptus trees are known to attract bees due to their abundant and nectar-rich flowers. The nectar produced by the flowers is high in sugar and has a distinct taste, which makes it a favorite of many bee species.

From Jaya tiasa website : Fast-growing tree species such as Eucalyptus Deglupta (Kamarere), Eucalyptus Pellita and Kelampayan were planted across the plantation areas and the average survival rate of the planted seedlings was above 90 %.

RH bee farm is not a new thing, its been around for at least 5 years and above
https://dayakdaily.com/sweet-success-sarawak-biggest-producer-of-kelulut-honey-in-malaysia/?fbclid=IwAR1IuF8sLA-z5UNpFYWzfZ51HLtgd2g7Xqu0zOX8E4wPEI1TWqz5U3fge8U

only know RH is breeding bee and selling honey. I'm not make allegations Jayatiasa did the same.
I am just asking if calvin is aware of such.

Previous agm not all questions are seen by attendee, I asked but no one address that. same with email, no reply on it as I'm aware of.

@calvintaneng

Rimbunan Hijau is breeding kelulut bee for honey in forest concession. (google RH kelutut honey and RH bee farm)

Jaya tiasa has huge forest concession. So is there breeding of kelutut within their forest concession yet not reported?
The CPO and timber business value is just like peanuts if compare to honey.
CPO is MYR4000/MT aka RM4/kg
Kelutut honey retail is RM120/kg ! even 70% off for wholesale would be RM40/kg

I asked before during AGM, wrote in email, but no reply on the matter.

the biological asset fair value loss of ~(30M) is ignorable since its from timber.
operating cash flow ~148M, Free cash flow ~130M in 1 quarter. pretty inline with expectation.

Wondering why is the company not paring down debt, can save 20M a year in interest. Do they buy into bitcoin? LOL!

NAV hit 3.80. Thanks Mr. Tan.

For iCap shareholders who want to sell, take advantage of the situation by queuing at high price as close as possible to NAV, or even at a premium.

Why?
1. Despite being redflagged on governance and lousy fund management/policy in i3 forum on daily basis, COL is still buying.
2. Since COL keeps buying even the row with the fund manner, it means they need to buy, so take advantage when demand is there.
3. If someone is bidding for the rights to slaughter our goose and if lucky we get a fair portion of the egg but none after that, wont you want a premium to it? So never sell at a discount price.

@Sslee is it accurate measurement by looking at ASK cost/Revenue, as ASK could include maintenance cost, and the company is actively bringing back more non-operating aircraft into operation (which incurred maintenance fee, but not yet revenue).

And the cost-revenue spread is narrowing compare to past 2 quarters

Nice qtr. Added almost 100 million to operating cash flow.

Looking at THPLANT flattish result compare to previous qtr, personally expecting similiar for Jayatiasa but add back 50million cash to current qtr(previous qtr spent on acquisition), so EBIT ~MYR150million

Anyone added any today?

@zhugeliang88

Bill Ackman case illustrates share buy back doesnt narrow NAV discount :p
There's also a so called performance fee charges on the fund :p

You love buy back? invest in berkshire hathaway.

@Tesla123 how is FGV QR considered bad when it doubles its profit compare to previous qtr where average cpo price is the same?

Looking towards qtr results from Capital A, Padini and KGB.

instead of looking at stock price, I rather follow NAV growth and the performance of the holdings company.

SAM, one of Icap largest holdings announced good qtr results, share price rises 30% for past one month (though it has drop significantly over past few months) anyone bought any?

Those who follow @calvintaneng advice owed him a big meal.
Too bad I didnt follow, got freak off by high debt ....

Bill ackman fund also trades at a NAV discount for long period of time. I’ll put some money into it.

https://seekingalpha.com/article/4612912-pershing-square-holdings-unloved-deeply-discounted-value-proposition