From FY2017 - FY2022
> Investments + Cash Equivalent reduce (16 million)
> add back the 28 million dividend distributed last year, become 12 million
> Within the period, Total Fund management fee + Investment advisory fee is 40 million
> ICAP team gain more than Shareholder's equity gain

From FY2019 - FY2022
> Investments + Cash Equivalent grow 24 million
> add back the 28 million dividend distributed last year, become 42 million
> Within the period, Total Fund management fee + Investment advisory fee is (27 million)
> ICAP team makes around 60% of Shareholder's equity Gain
> The current Asset value is around 446million, 42million gain over 4 years is less than 10% growth!

With share price performance 30% below its NTA.

Personally, I prefer the fund be liquidated so shareholders get back an appropriate return.
Mr.TTB can compare performance since inception, but the recent years performance is very lousy.
Also I dont think its appropriate to benchmark against KLCI index, as % of icap portfolio holdings in the index is negligible. Don't think such performance is right to benchmark against KLCI index.

What's the criteria for COL to able to force the fund into liquidation?

targeting ~20mm operating cash flow for coming qtr announcement.

is there any announcement on how AAX plans to raise the capital for the flight business injection from Capital A?

@risk8888 where do you got the figure of 17 billions in sales and they are not making money?

from annual report, revenue recognised since 2017 ipo is around 1.4 billion. Generated Free Cash flow of 1.7 billion in total.
Financial position improves from net debt of 1 billion in 2019 to net cash in latest qtr
in FY2022 year end, total amount owed by JV is 1.7 billion which could translate to revenue pre write off.

Hopefully sustainable recovery on home sales
https://www.reuters.com/world/uk/uk-house-sales-pre-covid-levels-after-mini-budget-shock-rightmove-2023-04-11/
https://www.telegraph.co.uk/property/house-prices/uk-house-prices-rise-april-2023-nationwide/

Thanks for the ticket! am looking forward

@calvintaneng got free ticket? lol

What if Apple talks to plantronic and Logitec to stop business with Salutica?

@calvintaneng are you speaking at the Investment Summit 2023?

upside is 0.15, downside is 0.60, its not worth risking

the fair price is around 0.9~1.00 as of now.
There's no basis to benchmark against what's the ipo price, as the prospect back then and now are different.
The management just show they stick to their word, dividend is already proposed via capital reduction.

Salutica shares issued is ~420 million shares.
before April , the share price is just below 0.3, giving it a market cap of ~120million

Over past two weeks, Salutica total volume traded is ~500 millions shares, trading within 0.60 to 1.68. If the sharkgroup just make 30 cents from the 1.00 gap through active trading., It would have made ~ 150 miliions, more than salutica marketcap before the run.

Even the stock price tanked down back to 30 sen, The insider has basically make more than what the company initial market cap is worth.

The new shareholder owns 20 millions shares, out of 500 millions traded. great bait this is.

Waiting for foreign investor to buy in for the JV prospect

Sell value greater than buy value, yet price goes up? good luck

it went up and come down for speculative reasons. its only valid if you can come up with solid numbers to justify it.

Retail might justify the big investor go in at higher price, but be aware he would be able to average down even at high price through Infra day trading. You might see how much he might buy at one day, but you can’t know how much he buy and sell through proxy. His daily trading volume announced is just 5% off total volume.

Anyone attended AGM? why the company keep such high cash holdings?

@Julian1981 what role did MR CHEONG SIEW CHYUAN play in Vitrox?

Why would a shareholder in Vitrox accumulating matters in this case? Is he on board or management of Vitrox?

How many country has Salutica has filed the pattern which it sues Apple on?

Current Asset - Total liabilities > rm0.42 per share
If add back investment in JV and owing by JV from Non current asset, that's rm0.92 per share.

China will moving as fast as they can to establish their EV presence globally, before Japan and Europe catch up. When work start, the valuation will be totally different. Remember how VS and SKPRES valuation after becoming Dyson assembly partner?

The JV partner's business in China plays a supporting role towards EV industry, and has credible list of clients.
Malaysia is a strategic hub for SEA expansion for China EV manufacturer.

P&L of the JV partner https://xueqiu.com/snowman/S/SZ300825/detail#/GSLRB
reflects revenue and profit is growing for past few years.

FYE 2021 current inventory 448million > FY 2022 revenue 404 million, operating cash flow 155 million
FYE 2022 current inventory 493 millin > would it bring higher revenue and operating cash flow?

Sunsuria market cap is below 600million at MYR0.60. Looks like undervalue.

Can minority shareholders stop them from injection?

I don’t think the jv is about selling ev to consumer, but supporting the ev industry player. Which makes it not competing but servicing them. Malaysia is a strategic location to service SEA region ev manufacturers.

If they were to sell indeed, most likely to public transport sector.

@curiousq does it matter if a business can make 60million in bad years, and 300million in good years (after paying for bank interest) yet value at merely 600 million?

So do you bought any during the 7000 a.k.a glory days?

If the JV goes through, Sunsuria will be their SEA expansion partner. and the market its not about the piece of land in Sunsuria city anymore. And the good thing is its not going to start from scratch, Ald already process the technology know how, just duplication.

阿尔特主营业务为整车研发、核心零部件研发及制造、新能源汽车研发等，累计服务客户60余家，包括小鹏汽车、蔚来、吉利汽车、威马汽车、哪吒汽车等。就在11 月，阿尔特与宁德时代新能源科技股份有限公司、深圳壁虎新能源汽车科技有限公司，签署了战略合作框架协议，拟在滑板式底盘、新能源车业务及新能源汽车换电业务领域开展合作。
另外，南都记者梳理发现，阿尔特曾多次提到，拓展整车ODM（原始设计制造商）业务是公司基于现有整车研发及核心零部件制造业务做出的长期发展战略规划。

AGM takeout :
Company will focus on clearing completed inventory and disbursed dividends to shareholders, targeted 900 million if sales target of 1.4 b achieved.
Which upon distribution, they would still have free hundred million kept as working capital and completed inventories ~400 million for 2024 that can funds working capital.
Not considering venture into other countries.
3 yet to launch projects, GDV of eight billion ringgit which will only be launched when economy conditions stabilized and they can see good profit in it.

Just personal note, might miss some figure. I feel the management is quite responsible with shareholders funds, if you want to invest with them patience is required as they are careful and only choose to make their move when there’s certainties plus within their scope of competency.

Tracking what they said in past quarters, they deliver pretty well. Also they are in nett cash position in a high interest rate environment, which could be deployed for bargain hunting on lands.

have a longer view, patience is part of luck.
https://www.theedgemarkets.com/article/how-strength-soybean-prices-linked-black-sea-conflict-%E2%80%94-braun

To clear the air and doubt over CPO counter :
https://www.theedgemarkets.com/article/how-strength-soybean-prices-linked-black-sea-conflict-%E2%80%94-braun

the quarter result looks good. But any new customer announced?

why is there so many noise asking people to buy sell?

@calvintaneng will you sell out if hit rm2.5 before next qtr release?

At current price, Can CPO producer buy PUT to lock in future profit? is there such thing?

Ukrain war, where would the elite and rich flee to if not US? UK perhaps?

damn, ukraine are being invaded,and oil price sky rocket.

Thanks for sharing, im not aware Bplant holds vast landbank, I just comment base on numbers.

Bplant latest qtr FCF is 140+mm, on the back of 2.3b market cap
Jtiasa latest qtr FCF is 100+mm, on the back of 0.8b market cap (with timber division consider sleeping)

I'll go for Jtiasa if target to add more.

glad to see free cash flow 150mm in 2 quarters
@calvintaneng when do you foresee Sarawak logging restriction will be lifted?

@johnzhang if you want cash in pocket, just unload some share when price up, its the same with paying dividend

@CCWong can share the excel via cloud? :D

Happy New Year to Jtiasa investor ... >D

@calvintaneng I'm surprise to hear they lock in for such long period, I thought commodity by max will lock for only 1-2 months.

Btw, can you kindly pm me Jayatiasa IR , I wrote to them few times and dont think they read email at all...

@calvintaneng where can see the info of forward lock in sale?

@everest when it hit 3800, we think its all time high, then it climbs further to 4300, also all time high, then 5000. I think whether its all time high or not is not important, what justify is the valuation, which takes into consideration of company financials and overall market condition.

If you are short term trading it, looking at the technical could be accurate, but so far the promoter is having a long term view analysis which requires patience. if you build a house recently for rm1million, will you sell it for 500k just becoz your neighbour do so which he built his for 300k 20 years ago.

If all time high is a problem, its unlikely you hold on to Amazon, Google, Facebook, Apple, Tesla.

Personal view: Jtiasa though sitting on a giant treasure, main issue is with the management (recent AGM is disastrous). its like Malaysia, have good resources, but lousy government.

flood in Pahang,Johor, Sabah, all 3 are major palm oil plantation states. Consider Good news for Oil Palm player in Sarawak?

@calvintaneng what's the good news?

Anyone know is there flood in Sarawak affecting Jtiasa estate? Brazil is suffering serious flood in the north east region, might affect Soy export.