https://klse.i3investor.com/web/news/detail/251311

The initial plan was to grow the population of the city to 350,000 people and make Putrajaya a showcase of Malaysian heritage and identity.

However, today there are just 120,000 residents living in the city, enjoying its gentle pace of life and beautiful surroundings.

https://www.express.co.uk/news/world/1953417/travel-asia-malaysia-putrajaya-kuala-lumpur


Another example: Canberra, Australia.

https://www.express.co.uk/news/world/1953417/travel-asia-malaysia-putrajaya-kuala-lumpur

>>>>
back to the island like on December 2020 for 3 months…


jjohnchew

2,806 posts

Posted by jjohnchew > 3 days ago | Report Abuse

Hoho he said sold 8 apartments to buy Netx , this round sold the balance ke .🤣🤔
>>>>


Maybe. Perhaps.

Message to admin:

Except for a few, many have difficulty posting in i3 investor.

I noticed Engineering Profit faces the same problem as I had when creating new thread. All the paragraphs are jumbled and the post appeared as just a huge single paragraph. Can you kindly have a section to advise how participants can post pictures, graphs, charts and paragraphs in this forum?

Many thanks.

3iii

Message to admin:

Except for a few, many have difficulty posting in i3 investor.

I noticed Engineering Profit faces the same problem as I had when creating new thread. All the paragraphs are jumbled and the post appeared as just a huge single paragraph. Can you kindly have a section to advise how participants can post pictures, graphs, charts and paragraphs in this forum?

Many thanks.

3iii

Message to admin:

Except for a few, many have difficulty posting in i3 investor.

I noticed Engineering Profit faces the same problem as I had when creating new thread. All the paragraphs are jumbled and the post appeared as just a huge single paragraph. Can you kindly have a section to advise how participants can post pictures, graphs, charts and paragraphs in this forum?

Many thanks.

3iii

Sarawak to lead and show the right ways.👉

TDM continues to speak with forked tongue even at his advance age. Wouldn't it be better to refocus on less divisive 3R issues of Recruit, Retrain and Retain skill personnels to grow our country for the betterment of all? Probably not. He will probably carry his bitterness to his next world. We pray for his continuing good health.

Scientex continues to display strong financial performance, driven by its diversified business model in packaging and property development. The company is well-positioned for future growth, backed by its robust property pipeline and steady packaging business, with improving margins and cost controls.

👍

😍

Mahkota by election. Abstention is also a choice.

Did the youth leader undergo indoctrination by the BTN during his formative years and has difficulty with independent thinking despite his higher education.

MACC is working hard and "overtime". It has uncovered so many corruption cases. Prosecuting, and securing the returns of the money and punishing the perpetrators appear painfully slow, in the eyes of the public. Nevertheless, keep up the good work.

What have been uncovered and reported, are probably a small fraction of the total. Going for the big fishes will be more effective outcome than going for the Ikan bilis.

It was mentioned by PMX a couple or so years ago that the government can save a lot of money through effective tackling of corruptions, leakages and wastages; and the amount saved, according to PMX is more than enough to implement many of the socio-economic policies for fellow Malaysians.

Good directive by PMX. This is another wastage and leakage to the government's revenue. Please plug these aggressively. A necessary reform indeed.

Investing should be kept simple, but not simpler! 😀

The weakening of US dollar pagainst MYR affects the profit margins of exporters negatively, including our plantation companies.

With the MYR strengthening against the US, this should be positive for the profit margins of DLady, Nestle and Padini.

https://www.thestar.com.my/news/nation/2024/09/16/tuanku-muhriz-expresses-regret-sadness-over-reports-of-child-exploitation

Dia patut bersuara.

Calvin Tan
Iinvestor Blogger
Calvin Tan
With 31 years of experience, Calvin began his
investing journey in 1992 with an IPO bui
struggled with losses for many years. When
Calvin stumbled upon a book by Dr. Neoh
Soon Kean on value investing , in the year
2005, and has been applying these principles
to his trading strategy. Since then, he has
managed to make up for his past losses and
also achieved significant profits from his
investments. Now, as a firm believer in the
power of valle investing, Calvin is passionate
about sharing his knowledge with others.

Calvin Tan
Iinvestor Blogger
Calvin Tan
With 31 years of experience, Calvin began his
investing journey in 1992 with an IPO bui
struggled with losses for many years. When
Calvin stumbled upon a book by Dr. Neoh
Soon Kean on value investing , in the year
2005, and has been applying these principles
to his trading strategy. Since then, he has
managed to make up for his past losses and
also achieved significant profits from his
investments. Now, as a firm believer in the
power of valle investing, Calvin is passionate
about sharing his knowledge with others.

Calvin Tan
Iinvestor Blogger
Calvin Tan
With 31 years of experience, Calvin began his
investing journey in 1992 with an IPO bui
struggled with losses for many years. When
Calvin stumbled upon a book by Dr. Neoh
Soon Kean on value investing , in the year
2005, and has been applying these principles
to his trading strategy. Since then, he has
managed to make up for his past losses and
also achieved significant profits from his
investments. Now, as a firm believer in the
power of valle investing, Calvin is passionate
about sharing his knowledge with others

Summary:

Sadly, a very gruesome company indeed.

Look for another.

FYE Dec 2023
MYR millions

INCOME STATEMENT
Rev 40
GI 11
SGA Exp 85
EBIT (74)
Int Exp 28
PBT (119)
Equity in Affiliates 131
Consolidated Net Income 12
Minority Int Exp 17
Net Income 17

EPS (dil) 0.01 sen


BALANCE SHEET

TCA 594
TA 2417

TCL 550
TL 999
TEq 1480


Cash 64
STDebt 75
LTDebt 421
TOTAL DEBT 496
NET CASH -432

AR 519
AP 238

Current ratio 1.08
Quick ratio 1.08
Cash ratio 0.12

Asset turnover 0.02
Return on Average Assets 0.70%


CASH FLOW STATEMENT
Net income 12
D&A 20.4
Other funds (63)
FFO (30)
CWC 22.3
NOCF (8)

CAPEX (61)
Sale of fixed asset (0.5)

Proceeds from Stock Options 37.4

FCF (69)
FCF Yield -16.71%

FINANCIAL DATA
PRICE 0.14 MYR
MARKET CAP 364.96m
EPS 0.12 sen PER 116.67 ROE 0.20%
P/b 0.24 NTA 0.590
DIV 0

I find KMLoong an easier company to understand and also to value. I agree, KMLoong has limited upside growth.

Owning land is a way to grow rich. Value of land keeps pace and exceeds inflation rates.

SSLee Thanks for sharing your insight into JTiasa.

KMLoong owns its plantation lands. JTiasa leases its plantation lands.
How does this difference affects their valuations?

History of JTiasa: started with timber concessions. Essentially timber business and reforestation. Then due to poor economic knowledge on reforestation, diversify into plantation. Incurred a lot of debt to develop its plantation sector.
Need to study in detail, the assets it is holding today.

For the amount of money put into building Putrajaya and Cyberjaya, I wouldn't say these were great success stories.

Excellent article on KIM LOONG. Mr. Gooi shared his thoughts clearly.

>>>
KMLoong 30,000 acres
Jtiasa 206,000 acres
Tsh 150,000 acres oil palm and over 300,000 acres of forest concession
>>>

Latest FYE Profits
KMLoong 117m (from its plantations only)
TSH 95 m
JTiasa 141 m

WHY are the plantation profits of TSH and JTiasa so small relative to their plantation acreages?

>>>
KMLoong 30,000 acres
Jtiasa 206,000 acres
Tsh 150,000 acres oil palm and over 300,000 acres of forest concession
>>>

Latest FYE Profits
KMLoong 117m (from its plantations only)
TSH 95 m
JTiasa 141 m

WHY are the plantation profits of TSH and JTiasa so small relative to their plantation acreages?

https://www.youtube.com/watch?v=BB2r_eOjsPw
Changing world order (5 minute version)

https://www.youtube.com/watch?v=xguam0TKMw8
Changing world order

Is it true that KMLoong has 33,000 acres of plantation?
If yes, this 33,000 acres of plantation generated 117 m profit in FYE 2024.

How big are the planted and unplanted plantations of: TSH and JTiasa?
How much profits wer? generated by these in their last FY.

>>>>
Stock: [JTIASA]: JAYA TIASA HOLDINGS BHD

11 hours ago | Report Abuse

KM Loong have smaller plantation land/assets and thus smaller equity resulting in high ROE

KM Loong make a lot of money from milling as it mill able to collect FFB from surtounding small holders.

Segmental information
Major segments by activity:-
Revenue Results
Year ended Year ended
31/01/2024 31/01/2023 31/01/2024 31/01/2023
RM’000 RM’000 RM’000 RM’000

Plantation operations
Revenues 234,726 263,954
Profits 117,130 145,190
Profit margin 49.9% 55%

Milling operations
Revenues 1,493,417 1,866,579
Profits 110,737 110,581
Profit margins 7.4% 5.9%

Total Revenue 1,728,143 2,130,533
Total Profits 227,867 255,771
Profit margins 13.2% 12%

>>>>


Summary:
Milling segment contributed 6x to 7x the revenue of the plantation segment, that is 85% to 87% of the total revenues were due to the Milling segment.
Plantation segment enjoyed profit margins close to 50%. and contributed about 50% of the total profits of the company.
Milling segment enjoyed profit margins of 6% to 7%. and contributed about 50% of the total profits of the company.
Combined Plantation and Milling segments gave a profit margin of 12% to 13%.

After a long run, the stock market is a weighing machine.

Cathie Wood of Ark Invest is a "speculator and gambler".

KMLOONG VS TSH VS JTIASA

KMLOONG has the highest revenues. However, its gross profit margin is lower than TSH and JTIASA.

Despite the lower gross profit margin, KMLoong manages its operating expenses better than TSH and JTIASA. Its EBIT margin is higher than those of TSH and JTIASA.

Also, KMLoong has less borrowings and holds a lot more cash than TSH and JTIASA.

Market caps
KMLoong 2.393b
TSH 1.56b
JTIASA 1.042b

KIM LOONG
FYE JAN 2024

INCOME STATEMENT
Rev 1526m
Gross Income 276m
EBIT 219m
Interest exp 2m
PBT 232m
PAT 148m



TSH
FYE Dec 2023

INCOME STATEMENT
Revenues 1067m
Gross Income 398m
EBIT 181m
Interest exp 20m
PBT 190m
PAT 95m


JAYA TIASA
12 months FYE 30/6/2024

INCOME STATEMENT
Revenue 1,015.8 m
Gross Profit 305.7 m
Operating Profit 227.2 m
Finance costs 18.5 m
PBT 206.6 m
Net Profit 141.1 m


KMLOONG has the highest revenues. However, its gross profit margin is lower than TSH and JTIASA.

Despite the lower gross profit margin, KMLoong manages its operating expenses better than TSH and JTIASA. Its EBIT margin is higher than those of TSH and JTIASA.

Also, KMLoong has less borrowings and holds a lot more cash than TSH and JTIASA.

Market caps
KMLoong 2.393b
TSH 1.56b
JTIASA 1.042b

KIM LOONG
FYE JAN 2024

INCOME STATEMENT
Rev 1526m
Gross Income 276m
EBIT 219m
Interest exp 2m
PBT 232m
PAT 148m



TSH
FYE Dec 2023

INCOME STATEMENT
Revenues 1067m
Gross Income 398m
EBIT 181m
Interest exp 20m
PBT 190m
PAT 95m


JAYA TIASA
12 months FYE 30/6/2024

INCOME STATEMENT
Revenue 1,015.8 m
Gross Profit 305.7 m
Operating Profit 227.2 m
Finance costs 18.5 m
PBT 206.6 m
Net Profit 141.1 m

[KMLOONG]: KIM LOONG RESOURCES BHD

15 hours ago | Report Abuse

FYE JAN 2024

INCOME STATEMENT
Rev 1526m
Gross Income 276m
EBIT 219m
Interest exp 2m
PBT 232m
PAT 148m

BALANCE SHEET
CA 514M
TA 1257M

CL 149m
TL 276m
TEq 980m

Cash 419m
ST Debt 16m
LT Debt 35m


CASH FLOW STATEMENT
FFO 235m
NOCF 235m

CAPEX (45m)
Cash Dividends 145m

FCF 190m
FCF Yield 2.28%


FINANCIAL DATA

PRICE 2.45
Market Cap 2.393b
No of Share 976.76
ROE 19.28% P/B 2.78 NTA 0.88
EPS 16.97 sen PER 14.44
Dividend 13 sen
DY 5.31%

FCF 226.28m

Net Cash RM 379.76m (16%)
Net Cash per share RM 0.39


TSH RESOURCES BHD

15 hours ago | Report Abuse

FYE Dec 2023

INCOME STATEMENT
Revenues 1067m
Gross Income 398m
EBIT 181m
Interest exp 20m
PBT 190m
PAT 95m

BALANCE SHEET
CA 645m
TA 2845m

CL 318m
TL 540m
TEq 2047m

Cash & Eq 250m
ST Debts 192m
LT Debts 112m

CASH FLOW STATEMENT
Net income 197.8m
D&A 101.4m
FFO 195.6m
CWC 34.3m
NOCF 230m

Capex (64.1m)

Dividends Paid (35.5m)

FCF 165.9m
FCF Yield 9.77%


FINANCIAL DATA
Price 1.13
Market Cap 1.56b
No of shares 1.382b
ROE 4.75%
NTA 1.456
P/B 0.77
EPS 6.92 sen
PER 16.33
Dividend 2.5 sen
DY 2.21%
DPO Policy 20%

FCF 194.31 m


JAYA TIASA HOLDINGS BHD

16 hours ago | Report Abuse

12 months FYE 30/6/2024

INCOME STATEMENT
Revenue 1,015.8 m
Gross Profit 305.7 m
Operating Profit 227.2 m
Finance costs 18.5 m
PBT 206.6 m
Net Profit 141.1 m

BALANCE SHEET
NCA 1,595.6m
CA 395.7m
TA 1981.3m

CL 141.9m
NCL 175.6m
TL 454.2m

Equity 1,527.1m

Cash & Eq 283.0m
STL & Borrowings 57.7m
LTL & Borrowings 136.6m

Net Asset per Share 1.58
No of ord shares 967.991m

CASH FLOW STATEMENT
PBT 206.6m
D&A 137.7m
OCFBWCC 395.9m
CFO 391.8m
NCF from operating activities 360.0 m

Acquisition of subsidiaries (52.3m)
Acquisition of PPE (49.3m)

Dividend paid (40.7m)

FINANCIAL INFORMATION
JTIASA
Share price 1.070
Market cap 1.042b
ROE 9.14%
P/B 0.68
NTA 1.58
EPS 14.44 sen
PER 7.41
DPO policy 20%
Dividend 3.2 sen
DY 2.99%

FCF 307.4m

Investing versus Speculation

What is the difference between investing and speculation?

Benjamin Graham addressed the differences between them on the very first page of his book, The Intelligent Investor.

Graham wrote, "An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return."

Based on this definition, there are three components to investing:

thorough analysis,
safety of principal, and
adequate return.

Graham added, "Operations not meeting these requirements are speculative."


To this, we can add:

(1) Any contemplated holding period shorter than a normal business cycle (typically 3 to 5 years) is speculation, and

(2) any purchase based on anticipated market movements or forecasting is also speculation.



Value investing meets Graham's definition of investing, addressing on: its focus on individual company analysis to determine intrinsic value, the margin of safety concept, and its success over the long term.

The distinction between investing and speculation is important for a reason Graham cited in 1949 and remains true today: "... in the easy language of Wall Street, everyone who buys or sells a security has become n investor regardless of what he buys, or for what purpose, or at what price...."

The financial media often refers to "investors" taking profits, bargain hunting, or driving prices higher or lower on a particular day. However, these actions are rightly attributed to speculators, not investors.



Investors and speculators approach their tasks differently.

Investors want to know what a business is worth and imagine themselves as owning the business as a whole. Unlike speculators, investors maintain a long-term perspective—at least 3 to 5 years. They look at a company from the perspective of owners. This means they’re interested in factors such as corporate governance, structure, and succession issues that may affect a company’s future and its ability to create wealth for years to come. Investors may use their voting rights to assist in enhancing company value over the long term.



Speculators, on the other hand, are less interested in what a business is actually worth and more concerned with what a third party will pay to own shares on a given day. They may be concerned only with short-term changes in a stock’s price, not in the underlying value of the company itself.


The problem with speculation is simple:

Who can predict what a third party will pay for your shares today, tomorrow, or any day?

Stock market prices typically swing between extremes, stoked by the irrational emotions of fear and greed.




Focus on the long term business value

Such dramatic price fluctuation on a day-to-day basis can test long-term investors’ mettle in maintaining their focus on business value.

Remember, the tendency is for business values day-to-day to remain relatively stable.

Day-to-day price changes should hold little interest for the long-term investor, unless a price has fallen to the “buying level” that represents a sizable margin of safety.

But that’s often difficult to remember when newspaper headlines, TV news anchors, friends, and coworkers are lamenting or lauding the market’s most recent lurch forward or back.

GOOD/GREAT COMPANY

GOOD COMPANY

GRUESOME/GOOD COMPANY

GRUESOME COMPANY

Hengyuan

FYE ending Dec 2023
MYR m
Rev 15399
GI 293
EBIT 227
Int Exp 114
PBT (500)
PAT(489)

BALANCE SHEET
TCA 3295
TA 5638

TCL 3731
TL 4235
TEq 1403

Cash 1029
STD 1216
LTD 505

Current Ratio 0.88

CASH FLOW STATEMENT
Net income (500)
D&A 144
FFO 245
CWC 111
NOCF (134)

Capex (245)
Cash Dividend 0

FCF (379)
FCF Yield -41.16%


FINANCIAL DATA
PRICE 2.01
MARK CAP 603m
ROE -35.85%
P/B 0.46
NTA 4.378
EPS -156.95 sen

Div 0
FCF 229.27m

FYE JAN 2024

INCOME STATEMENT
Rev 1526m
Gross Income 276m
EBIT 219m
Interest exp 2m
PBT 232m
PAT 148m

BALANCE SHEET
CA 514M
TA 1257M

CL 149m
TL 276m
TEq 980m

Cash 419m
ST Debt 16m
LT Debt 35m


CASH FLOW STATEMENT
FFO 235m
NOCF 235m

CAPEX (45m)
Cash Dividends 145m

FCF 190m
FCF Yield 2.28%


FINANCIAL DATA

PRICE 2.45
Market Cap 2.393b
No of Share 976.76
ROE 19.28% P/B 2.78 NTA 0.88
EPS 16.97 sen PER 14.44
Dividend 13 sen
DY 5.31%

FCF 226.28m

Net Cash RM 379.76m (16%)
Net Cash per share RM 0.39

FYE Dec 2023

INCOME STATEMENT
Revenues 1067m
Gross Income 398m
EBIT 181m
Interest exp 20m
PBT 190m
PAT 95m

BALANCE SHEET
CA 645m
TA 2845m

CL 318m
TL 540m
TEq 2047m

Cash & Eq 250m
ST Debts 192m
LT Debts 112m

CASH FLOW STATEMENT
Net income 197.8m
D&A 101.4m
FFO 195.6m
CWC 34.3m
NOCF 230m

Capex (64.1m)

Dividends Paid (35.5m)

FCF 165.9m
FCF Yield 9.77%


FINANCIAL DATA
Price 1.13
Market Cap 1.56b
No of shares 1.382b
ROE 4.75%
NTA 1.456
P/B 0.77
EPS 6.92 sen
PER 16.33
Dividend 2.5 sen
DY 2.21%
DPO Policy 20%

FCF 194.31 m