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

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

SSLee

Value investing: growth and value are two sides of the same coin.
In my experience, all investing is value investing. You have to decide which game you wish to play (Great/Good/Gruesome companies). You have to decide on your investing time horizon (short term, medium term or long term). You have to decide on your investment objectives (compounding at a certain high rates of returns over 5 to 10 years, at low risk).

You can then choose to buy a company valued at $1 at 50 sen, or, buy a company priced at $1 today but with a value of $2 in 5 years (due to growth, etc). I choose to stay with the latter.

The owners of KMLoong and Crescendo are the same. They have been good stewards of both these companies.
KMLoong: high ROEs, P/B is reasonable, DY is 5%+.
Well managed. Growth is slow and steady; but more challenging going forward.

Investing is a journey and also an experiential one. You have the company's business and the share price. Stay focus on the company's business ALWAYS. Share price should not influence you so much, it is only there for you to take advantage of. Of course, if price influences an investor emotionally, he/she will not be a safe investor.

SSLee

How to be fabulously rich? Stay with quality companies for the long term (5, 10, 15, 20 or more years).

Compare JTiasa and KMLoong

Look at the historical 10 or 20 years revenues and earnings.
Which company had consistent and growing revenues and earnings? JTiasa: earnings were volatile. There were years when these were losses. Losses for a plantation stock???

Which company had rewarded its shareholders more over the last 10 years? Look at the price charts of these 2 companies.
Why are their price charts so different? Which would you have preferred, on hindsight? :-)

Have a great investing philosophy and stay within it. I never invest for the short term (very rarely).

Among the top plantation stocks in Malaysia is Kim Loong. It is a very well managed plantation company. Those who have invested in Kim Loong are laughing all the way to the banks.

Cannot say the same thing for TSH recommended by our Singaporean friend, who bought at 1.78 and now trying to claw back his losses through hyper-activities.

Most money in the stock market are made by those who know how to identify quality companies, buying them at fair or low prices, holding them for the long term and just sitting on their asses. Time in the market, and not timing the market.

htt ps:/ /stream-asset.sto ckbit.c om/stream_85139_6c710889-df17-460a-b04e-77d5e8ebd60b_1.pdf

Company Background

• Kim Loong Resources Bhd’s (KLR) holding company, Syarikat Kim Loong Sdn Bhd,
had its humble start in 1967 with a 1000-ac rubber plantation estate in Ulu Tiram,
Johor. KLR was listed on the main market of Bursa Malaysia in year 2000 and
currently having a market capitalisation of close to RM1.9bn. KLR is primarily
involved in oil palm cultivation and related businesses.

• As at FY23, the group’s total planted area stood at 16,263-ha of which 91% are
fully planted with oil palms. Out of the total planted area, approximately 76%
comprise mature palms above 6 years old, 13% are young mature below 6 years
old while the remaining 11% are at an immature stage. KLR’s plantations are located in the states of Johor, Sabah and Sarawak.

• Additionally, the Group also owns and operates 3 palm oil mills which are
strategically located within the vicinity of its plantations in Kota Tinggi, Johor and in Keningau and Telupid, Sabah. Currently, the processing capacity of KLR’s 3 palm oil mills are 100 MT/hour (Kota Tinggi mill), 90 MT/hour (Keningau Mill) and 60
MT/hour (Telupid Mill) respectively.

• At the same time, we understand that KLR has begun supplying power to TNB/SESB through its 1.8MW for Kota Tinggi mill and 2.0MW for Keningau mill. Also, KLR are looking to commissioned for another 1.5MW for their Telupid mill in 2HFY24.

TA Research
9.9.2024

FFP Production Growth
FY 2025: projected a %% increase in FFB production growth. and hopeful the volatile CPO prices stabilise and averaging at RM 4000 / tonnes. Rising cost environment poses tremendous challenges. New revenue streams from selling palm shells to 3rd parties, and frommits solvent extraction plants, helped counterbalance the increased expenses.

Expansion & Land Acquisition
Challenges faced are high land prices and ESG restrictions.
Group is exploring coconut plantation, in experimental stage, as a potential area for growth and earnings diversification.
Carbon credits market, particularly for its plantations, could provide an additional revenue stream

Renewable Energy & Future Plans
Supply electricity from its biogas plants to Tenaga.
Exploring solar farm prunects on its plantation land, but may not be feasible, due to the remote locations of the group's properties.

VALUATION
TP RM 2.50/share, based on CY25 PER OF 16X.
Due to LIMITED UPSIDE POTENTIALS at current price level, TA Research downgrade KIMLoong from Buy to HOLD.

TA Research
9.9.2024

For 2025, group is focused on earnings recovery, expecting 5% growth in FFB production and explores new revenue streams, looking at coconut plantations.


Past performance:
FY 2023: record breaking performance
FY 2024: slight decline
FY 2025: Capex projected at RM 60mm, for upgrading mill equipment and replanting efforts. Additional USD 80m formconstruction of new mill in Sarawak over the next 2-3 years.
Dividend policy: targets 30% profit distribution, in recent years this has consistently paid out over 80%. FY24, dividend payout slightly reduced in keeping with earning pressure.

Plantation Operations:
Replanting about 1000 ha per year over the next 5 years
Striving to increase production to 350k tonnes from estimated 330k tonnes in FY24.
The three biogas plants, now provide excess power to the grid for some additional revenue, though the impack on profitability may not be substantial.

Our Singaporean friend

Less promotions. Please post more quality posts.

calvintaneng, our dearest Singaporean friend,

It should be obvious from the many comments above, you are irritating a lot of people in this forum. Perhaps, our Singaporean friend should be kind enough on HIMSELF, to tone down his behaviour and activities. My advice to our Singaporean friend is to reduce his activities by 90%: hopefully, by staying focus and disciplined, our Singaporean friend can produce more high quality posts. For now, our Singaporean friend is just spamming. Many have noticed our Singaporean friend's posting the same repeatedly in many threads often. Surprisingly, many tolerated our Singaporean friend's indiscretion due to their politeness.

👏👏👏👏

>>>
Posted by Sslee > 3 hours ago | Report Abuse

So taking profit is not a bad idea as you do not need to hold your beloved stocks forever.
>>>

Keep managing your portfolio. Optimise its quality and potential returns.

If you keep selling all your winners (just because you panic), you will be left with ______ in your portfolio.

Buffett buys and sells based on pricing and not on timing.

SSLee. It is extremely difficult to time the market. Those who claim to be able to do so consistently are not honest.

However, at the extreme of the market, you may have a high probability of being more right than wrong. It is just that pricing coincides with timing at the extremes of the market. Even then, Buffett called the bottom of the market in Sept 2008, coinciding with the Lehman bankruptcy. The market continued to go down and only reverted in March 2009.

At the top and the very bottom of the price trend, only a few transactions occurred

As usual, not much of value from our Singaporean friend. Just a lot of "hot air".

Banks in US are risky investments at moment. Look at SVB bank, the bank that failed last year. Due to high Fed interest rates, the bonds it held was below book value and when there was a run on the bank, it was illiquid and went under very quickly. Banks are highly leveraged.

It is also known that many banks in US have balance sheets not dissimilar to that of SVB.

Why is Buffett raising cash? He probably think the market was overvalued and maybe banks are risky bets today. Buffett is a master of market "timing" too. He has been right in the few times he called the market tops and bottoms; and these were often at the extremes of the markets.

CRG

CRG announced a very good last 1H results. Its half yearly earnings, when annualised, exceeded the earnings of Bonia. CRG was a company within Bonia before it was listed in LEAP separately.

Sadly, this company maybe taken private by the major shareholder.

Taking this company out of Bonia, listing it separately and now making an offer to acquire all its to take it private, this does not look good for the owners of Bonia. How is the management's interest aligned with those of the shareholders of Bonia or CRG?

Very good last 1H results. Its half yearly earnings, when annualised, exceeded the earnings of Bonia. CRG was a company within Bonia before it was listed in LEAP separately.

Sadly, this company maybe taken private by the major shareholder.

Taking this company out of Bonia, listing it separately and now making an offer to acquire all its to take it private, this does not look good for the owners of Bonia. How is the management's interest aligned with those of the shareholders of Bonia or CRG?

Value investors avoid selling when bad news is temporary. Single-quarter profit margin slippage should provoke questions, but not sales orders. If investigation shows deeper problems, then the condition might be permanent and selling indicated. Permanent deterioration requires more evidence.

When in doubt concerning where deterioration is temporary or permanent, value investing might include a hedging strategy. This would call for selling some but less than all shares held.

Value investors never sell solely due to falling prices. They require some evidence related to the declining intrinsic value of the business to warrant a revision in the hold-or-sell calculus. Stock price fluctuations are far too fickle to influence such an important decision.

In the case of a preset policy to sell when price reaches a certain high level, many value investors follow the same mixed strategy adhered to when unsure whether a development is permanent or temporary: selling some, but not all.

When to sell?

The same factors used to select and avoid stocks are used to decide which stocks to sell and when.


Sales are indicated when the key factors supporting an original buy are gone. Here is a summary of such factors:

(1) Internal:

dubious management behaviour,
vague disclosure or complex accounting,
aggressively increased merger activity,
dizzying executive compensation packages.

(2) External:

intensifying new competition,
disruptive technological onslaughts,
deregulation,
declining inventory and receivables turns.

(3) Economic:

shrunken profit margins;
declining returns on equity, assets, and investment;
earnings erosion;
debt increased aggressively in relation to equity;
deterioration in current and quick ratios.

The same factors used to select and avoid stocks are used to decide which stocks to sell and when.


Sales are indicated when the key factors supporting an original buy are gone. Here is a summary of such factors:

(1) Internal:

dubious management behaviour,
vague disclosure or complex accounting,
aggressively increased merger activity,
dizzying executive compensation packages.

(2) External:

intensifying new competition,
disruptive technological onslaughts,
deregulation,
declining inventory and
receivables turns.

(3) Economic:

shrunken profit margins;
declining returns on equity, assets, and investment;
earnings erosion;
debt increased aggressively in relation to equity;
deterioration in current and quick ratios.

Our Singapore friend,

Please stay focus on your promotion. You sounds more like a salesman promoting the many "goodies" of TSH without staying with the most important facts.

Wouldn't it be better for your followers to learn from you:

1. The businesses of TSH
2. The assets of TSH. Its balance sheet. Its strength and its weaknesses.
3. The 10 years revenues, earnings, EPS and DPS of TSH. How has TSH rewarded its shareholders in the past? How TSH will be rewarding its shareholders in the future?
4. Maybe you can project its future cash flows going forward. What will be its cash flow from operations over the next 5 years? What will be its capex for the next 5 years? What will be its projected FCF for the next 5 years? Of course, these figures should be conservatively estimated.
5. How do you value TSH based on your assumptions? Be conservative in your assumptions? Hopefully, our Singaporean friend can also show here how "undervalued" TSH is?

Value should be so obvious, you do not need to use high power mathematics.

Valuation
Post the earnings adjustment, we have lowered TSH’s TP to RM1.07 (previously RM1.22), based on CY25 PER of 16x. Maintain Sell.
Source: TA Research - 23 Aug 2024

OTB collects fees to share his research with his subscribers.
OTB also manages funds for those who are willing to place their money with him.
OTOH, OTB too has shared his picks in this forum. It is often difficult to know if the sharing was truly altruistic or otherwise for various reasons.
In any case, often conflict of interests may occur from such sharing.

Our Singaporean friend claiming that Nusantara will be bigger than Shenzhen. This is typical of our Singaporean friend, sharing his very bombastic elated promotions. This is not dissimilar to him sharing he sold 8 houses to buy his eagle-eyed gem NETX; and it was so important for him to share this with his followers. 🤔😪

Growth? Slow, stalwart or fast.
Cyclical?
Asset play?
Turnaround?


Or

Just a Singaporean hype to dump promotion?

😉