>>>>
SEE_Research

April 8, 2022 Calvin Tan Smart Investment

When Palm OIl was At Its Peak of Rm4,000 It created Many Billionaires now Palm oil is above Rm6,000 per ton will we see more Billionaires?

By Calvin Tan
Dear Investors of i3 Forum Malaysia’s richest man Robert Kuok with Rm40 Billions built his wealth in commodities like sugar, flour and Palm Oil. And that was when Palm oil peaked at Rm4,000 a ton Another Palm oil Billionaire is Remisier King of Singapore Peter Lim who turned $10 Millions into $1.5 Billions See the early days of Peter Lim Peter

Will these Millionaires also Turn into future Billionaires through

TSH RESOURCES?


Meanwhile we happily follow them buy and load up all the funds ____
at RM 1.72 as much
Meanwhile we happily follow them buy and load up all the funds ____
at RM 1.72 as much

Tsh now Rm1.72
Meanwhile we happily follow them buy and load up all the funds ____
at RM 1.72 as much


Short term target is Rm2.00 (very soon will reach there)

By year end / 30 December 2022 / we expect TSH to Reach Rm3.00 to Rm4.00
(historic high before bonus)

We compute that TSH Can Reach the Astounding Figure of Rm150 per share (that means it will have overtaken Nestle)

We compute that TSH Can Reach the Astounding Figure of Rm150 per share (that means it will have overtaken Nestle)

We compute that TSH Can Reach the Astounding Figure of Rm150 per share (that means it will have overtaken Nestle)
>>>>


Calvintaneng posted like so for many of his promotions. Too manic in his posts; without good insight.

"Great minds talk ideas

Good minds talk events

Weak minds talk people "


Weak minded calvintaneng has taken his leave of absence.

>>>
Stock: [TSH]: TSH RESOURCES BHD

2023-01-19 16:42 | Report Abuse

They is lots of gain

Loan pared down overall from Rm1 billions to only Rm140 millions

Now Rm,238 millions cash from assets sold will turn debt into net profit Rm98 millions with a clean start for year 2023

from now every fresh profit will result in high cash inflow

Tsh is morphing into a high dividend paying share like Innoplant

First interim dividend is 8 sen

More will come

>>>

stockraider was caught out on two occasions in past for not telling the truth. That reflects a lot on his integrity.

High ROE and increased dividends for this quarter. Very good results.

here are the yearly price ranges of crude palm oil (CPO) over the last 40 years, converted to Malaysian ringgit:

1982: RM985-RM1,602 per metric ton
1983: RM1,216-RM1,856 per metric ton
1984: RM1,160-RM1,770 per metric ton
1985: RM1,272-RM1,904 per metric ton
1986: RM1,260-RM1,728 per metric ton
1987: RM1,152-RM1,608 per metric ton
1988: RM1,176-RM1,744 per metric ton
1989: RM996-RM1,440 per metric ton
1990: RM916-RM1,320 per metric ton
1991: RM1,056-RM1,524 per metric ton
1992: RM825-RM1,212 per metric ton
1993: RM714-RM1,068 per metric ton
1994: RM657-RM972 per metric ton
1995: RM753-RM1,152 per metric ton
1996: RM759-RM1,134 per metric ton
1997: RM816-RM1,260 per metric ton
1998: RM621-RM1,000 per metric ton
1999: RM675-RM1,140 per metric ton
2000: RM642-RM1,011 per metric ton
2001: RM534-RM844 per metric ton
2002: RM599-RM976 per metric ton
2003: RM791-RM1,303 per metric ton
2004: RM970-RM1,675 per metric ton
2005: RM1,307-RM1,990 per metric ton
2006: RM1,423-RM2,447 per metric ton
2007: RM1,890-RM3,225 per metric ton
2008: RM1,359-RM3,721 per metric ton
2009: RM1,705-RM2,863 per metric ton
2010: RM2,129-RM3,238 per metric ton
2011: RM2,352-RM3,352 per metric ton
2012: RM2,534-RM3,430 per metric ton
2013: RM1,680-RM2,654 per metric ton
2014: RM1,872-RM2,616 per metric ton
2015: RM1,872-RM2,616 per metric ton
2016: RM2,370-RM3,555 per metric ton
2017: RM2,520-RM3,380 per metric ton
2018: RM2,023-RM2,844 per metric ton
2019: RM2,060-RM3,316 per metric ton
2020: RM2,009-RM3,423 per metric ton
2021: RM3,763-RM4,949 per metric ton

Overall, 2022 was a good year for Malaysian palm oil producers as the record-high CPO prices (+15% to RM5,087 per tonne) more than offset rising costs of production (higher labour and fertiliser costs).

Research houses have maintained their ‘neutral’ recommendation on the plantation sector for 2023, with crude palm oil (CPO) prices ranging between RM3,500 and RM4,000 for most parts of the year.

UNITED PLANTATIONS
INTERIM PROFIT OR LOSS STATEMENT
RM'000

Revenue/Sales

QUARTERS Q1 Q2 Q3 Q4
2017 379,233 355,262 370,820 369,008
2018 325,544 309,930 340,858 329,259
2019 322,264 270,532 278,661 301,644
2020 318,909 294,317 334,036 392,796
2021 399,654 481,869 525,500 626,459
2022 642,908 701,258 649,621 521,021
2023 459,987

PROFITS AFTER TAX
QUARTERS Q1 Q2 Q3 Q4
2017 79,397 112,935 99,482 102,868
2018 100,913 88,077 95,116 89,994
2019 67,063 76,173 60,551 80,539
2020 81,528 124,060 95,904 100,085
2021 75,710 136,707 154,966 154,860
2022 61,610 185,724 197,084 161,146
2023 112,459

CVIEW

Profitability
Gross Margin +30.72
Operating Margin +2.80
Pretax Margin +5.08
Net Margin +3.74
Return on Assets 0.45
Return on Equity 0.73
Return on Total Capital 0.37
Return on Invested Capital 0.51

Country Heights

Profitability
Gross Margin +75.98
Operating Margin -97.02
Pretax Margin -157.76
Net Margin -125.97
Return on Assets -6.73
Return on Equity -11.19
Return on Total Capital -6.79
Return on Invested Capital -8.80

E&O

Profitability
Gross Margin +58.56
Operating Margin -16.86
Pretax Margin +58.66
Net Margin +42.84
Return on Assets 1.83
Return on Equity 3.73
Return on Total Capital -0.83
Return on Invested Capital 2.22

Farlim

Profitability
Gross Margin +20.93
Operating Margin -51.23
Pretax Margin -63.97
Net Margin -64.28
Return on Assets -7.17
Return on Equity -8.07
Return on Total Capital -6.42
Return on Invested Capital -

Hua Yang

Profitability
Gross Margin +40.96
Operating Margin +15.05
Pretax Margin +11.62
Net Margin +1.27
Return on Assets 0.16
Return on Equity 0.35
Return on Total Capital 2.47
Return on Invested Capital 0.23

Eco World

Profitability
Gross Margin +18.56
Operating Margin -9.21
Pretax Margin -79.05
Net Margin -146.54
Return on Assets -7.00
Return on Equity -8.91
Return on Total Capital -0.44
Return on Invested Capital -7.78

Crescendo

Profitability
Gross Margin +39.75
Operating Margin +22.01
Pretax Margin +16.72
Net Margin +10.68
Return on Assets 1.74
Return on Equity 2.66
Return on Total Capital 3.94
Return on Invested Capital

A lot of developments in i-City but the shareholders have not received their rewards.

Using GDV as the starting point, we can, as a guide, expect gross profit margin of just above 50%, pretax profit margin of about 30% and Net margin (after tax) of about 25% for a well run property development company.

Matrix

Profitability
Gross Margin +54.96
Operating Margin +29.55
Pretax Margin +29.69
Net Margin +22.99
Return on Assets 7.85
Return on Equity 11.04
Return on Total Capital 12.11
Return on Invested Capital 10.09


The profit margins of a well run property development company.

19/05/23
RM0.19 MYR

Fiscal year is July-June.
All values MYR Thousands. 2022 2021 2020 2019 2018
5-year trend
Sales/Revenue 101,786.6 76,460.3 80,612.8 122,498.5 115,171.2
Gross Income 56,789.5 37,834.4 36,483.9 59,263.0 58,857.8
Pretax Income 29,302.0 7,922.6 5,288.3 8,496.4 6,459.3
Net Income Available to Common 22,230.6 3,984.5 3,001.2 4,340.4 3,772.3
EPS (Diluted) 0.03 0.00 0.00 0.01 0.00

Funds from Operations 30,696.6 17,867.9 12,433.9 13,497.7 8,998.8
Net Operating Cash Flow 21,264.3 16,110.7 30,617.5 19,341.1 1,170.1
Capital Expenditures (2,649.0) (848.0) (377.1) (2,519.3) (1,441.2)
Free Cash Flow 18,615.3 15,262.7 30,240.4 16,821.9 (271.1)
Free Cash Flow Yield 8.42%



Cash Dividends Paid - Total (4,028.3) (4,028.3) (4,028.3) - -

Cash & Short Term Investments 53,135.4 45,311.7 49,220.2 30,865.2 15,429.6
ST Debt & Current Portion LT Debt 6,748.5 6,270.0 6,344.4 844.0 1,331.6
Long-Term Debt 24,617.1 23,622.2 20,913.9 14,580.6 15,172.2

Total Accounts Receivable 11,128.2 10,445.7 8,969.9 15,902.9 24,273.7
Inventories 11,120.4 9,588.9 9,623.9 14,881.3 19,242.2
Accounts Payable 830.5 1,292.0 1,303.5 765.0 2,672.0

Total Current Assets 84,201.3 65,856.8 68,330.5 63,954.0 63,747.2
Total Current Liabilities 19,916.4 16,403.9 16,793.7 7,941.9 9,694.6
Current Ratio 4.23 4.01 4.07 8.05 6.58
Quick Ratio 3.67 3.43 3.50 6.18 4.59
Cash Ratio 2.67 2.76 2.93 3.89 1.59

Net Property, Plant & Equipment 41,516.3 36,616.5 36,116.1 31,127.7 32,495.2
Total Assets 136,107.2 112,778.3 110,430.3 95,801.5 96,828.2
Return On Average Assets 17.86%

Total Liabilities 45,787.2 40,666.6 38,260.7 23,001.8 25,305.2
Total Shareholders' Equity 90,320.0 72,111.7 72,169.6 72,799.7 71,523.0

KEY STOCK DATA
P/E Ratio (TTM)
5.48(05/19/23)
EPS (TTM)
RM0.03
Market Cap
RM201.41 M
Shares Outstanding
805.65m
Public Float
246.93 M

Ratios & Margins Carlo Rino Group Bhd
All values updated annually at fiscal year end
Valuation
P/E Ratio (TTM) 5.48
P/E Ratio (including extraordinary items) 7.21
Price to Sales Ratio 1.70
Price to Book Ratio 1.92
Price to Cash Flow Ratio 8.15
Enterprise Value to EBITDA 5.18
Enterprise Value to Sales 1.47
Total Debt to Enterprise Value 0.21
Total Debt to EBITDA 0.90
EPS (recurring) 0.03
EPS (basic) 0.03
EPS (diluted) 0.03
Efficiency
Revenue/Employee -
Income Per Employee -
Receivables Turnover 9.44
Total Asset Turnover 0.82
Liquidity
Current Ratio 4.23
Quick Ratio 3.67
Cash Ratio 2.67
Profitability
Gross Margin +55.79
Operating Margin +26.00
Pretax Margin +28.79
Net Margin +21.84
Return on Assets 17.86
Return on Equity 27.37
Return on Total Capital 23.66
Return on Invested Capital 21.10
Capital Structure
Total Debt to Total Equity 34.73
Total Debt to Total Capital 25.78
Total Debt to Total Assets 23.04
Interest Coverage 36.92
Long-Term Debt to Equity 27.26
Long-Term Debt to Total Capital 20.23
Long-Term Debt to Assets 0.18

Profits of plantation companies are affected by crude palm oil (commodity) prices which are heavily influenced by many external factors:

- seasonal fluctuation on palm oil production,
- weather conditions
- availability of supply of other major vegetable oils e.g. soya
- labour supply in oil palm plantations' FFB harvesting and unloading activities.
- strength of the ringgit
- increase in the oil palm productive areas
- tariffs for palm oil products

CPO prices had experienced a decline beginning the third quarter of 2022 due to the

- high CPO production season,
- rising palm oil stocks and
- declining soybean oil prices.
Palm oil industry saw higher production, exports and revenue in 2022

The Malaysian Palm Oil Board (MPOB) expects the price of crude palm oil (CPO) to average at RM5,100 a tonne in 2022, which is 15.7% higher compared to RM4,407 a tonne in 2021.

The government agency also foresees the price of CPO to stabilise at an average of RM3,800 a tonne in 2023 in anticipation of

- higher palm oil production,
- improved weather conditions in the second half of 2023 and
- higher availability of supply of other major vegetable oils.

https://myinvestingnotes.blogspot.com/2008/08/investment-policies-based-on-benjamin.html

FRIDAY, 1 AUGUST 2008
Investment Policies (Based on Benjamin Graham)
Summary of Investment Policies

A. INVESTMENT FOR FIXED INCOME:
US Savings Bonds (FDs or Amanah Sahams for Malaysians)

B. INVESTMENT FOR INCOME, MODERATE LONG-TERM APPRECIATION AND PROTECTION AGAINST INFLATION:
(1) INVESTMENT FUNDS bought at reasonable price.
(2) Diversified list of primary common stocks (BLUE CHIPS) bought at reasonable price.

C. INVESTMENT CHIEFLY FOR PROFIT: 4 approaches are open to both the small and the large investors:
(1) Representative common stocks bought when the MARKET level is clearly LOW.
(2) GROWTH STOCKS, when these can be obtained at reasonable prices in relation to actual accomplishment – GROWTH INVESTING.
(3) Purchase of securities selling well BELOW INTRINSIC VALUE – VALUE INVESTING.
(4) Purchase of WELL-SECURED PRIVILEGED SENIOR ISSUES (bonds and preferred shares).
(5) SPECIAL SITUATIONS: Mergers, arbitrages, cash pay-outs.

D. SPECULATION:
(1) Buying stock in new or virtually new ventures (IPOs) .
(2) TRADING in the market.
(3) Purchase of "GROWTH STOCKS" at GENEROUS PRICES.


_______________


For DEFENSIVE INVESTORS: Portfolio A & B
(Portfolio A: Cash, FDs, Bonds Portfolio B: Mutual funds, Blue chips)

For ENTERPRISING INVESTORS: Portfolio A & B & C
(Portfolio C: Buy in Low Market, Buy Growth stocks at fair value, Buy value stocks i.e. bargains, High grade bonds and preferred shares, Arbitrages)

For SPECULATORS: Portfolio D
(Should set aside a sum for this separate from their money in investing.)

My first post in my blog on investing on 1.8.2008. Soon, I can look back at 15 years of blogging and sharing.
I noted too that many bloggers whom I have linked my site with have stopped blogging.
ht tps://my investingnotes.blog spot.com/2008/08/investment-policies-based-on-benjamin.html

myinvestingnotes.blogspot.my (Bullbear Buffett Stock Investing Notes)
Keep INVESTING Simple and Safe (KISS) ****Investment Philosophy, Strategy and various Valuation Methods**** The same forces that bring risk into investing in the stock market also make possible the large gains many investors enjoy. It’s true that the fluctuations in the market make for losses as well as gains but if you have a proven strategy and stick with it over the long term you will be a winner!****Warren Buffett: Rule No. 1 - Never lose money. Rule No. 2 - Never forget Rule No. 1.

My first post in my blog on investing on 1.8.2008. Soon, I can look back at 15 years of blogging and sharing.
I noted too that many bloggers whom I have linked my site with have stopped blogging.
https://myinvestingnotes.blogspot.com/2008/08/investment-policies-based-on-benjamin.html

myinvestingnotes.blogspot.my (Bullbear Buffett Stock Investing Notes)
Keep INVESTING Simple and Safe (KISS) ****Investment Philosophy, Strategy and various Valuation Methods**** The same forces that bring risk into investing in the stock market also make possible the large gains many investors enjoy. It’s true that the fluctuations in the market make for losses as well as gains but if you have a proven strategy and stick with it over the long term you will be a winner!****Warren Buffett: Rule No. 1 - Never lose money. Rule No. 2 - Never forget Rule No. 1.

https://klse.i3investor.com/web/hti/advice

Very good advice.

>>>
"Suriyan

*Public Bank Bhd's* shareholders have voted in favour of the group's final remuneration of RM20 million, together with various benefits in kind, to its late founder Tan Sri Teh Hong Piow, in appreciation and recognition of his contribution to the country's third largest bank by asset size."
>>>>


A small amount with a big appreciation value to the great steward of PBB.

kcchong nice article.

For newcomers to the stock market, read widely to acquire the knowledge and have a methodology to invest into the stock market. You must know your investment objectives, your time horizon, your appetite for risk taking and your capacity to take this risk. Learn accounting (not to the level of the accountants, but enough to be a safe investor), learn about what market fluctuations mean to you as an investor, learn all about how to value a stock (for many stocks, you will not be able to value, but you must know your circle of competence that these are outside this circle of yours) and learn about margin of safety (as espounded by Benjamin Graham). Learn all about behavioural finance and how your thinking drives your behaviour, mood and body. Be able to remain rational although the herd maybe behaving very differently from yours.

Invest regularly, diversify (but do not over diversity, diworsify), reinvest your dividends, stay with good quality (growth) companies and for the long term.

Good luck.

If TSH is as good as what promoter calvintaneng suggested, why did its price not continue to rise from RM 1.80 upwards? Why has its price dropped back to RM 1.00?

If you have any investing questions or issues, please share in this thread. Hopefully, those in this forum can try to offer some suggestions or answers.

I own Maybank for many years already. Dividends are not taken out but reinvested again via DRIP. I have not done any serious calculations for many years on Maybank. Just excited to know stkoay's returns of 20+% over 2 years in Maybank. Maybe I will relook how he did it, trying to emulate his returns. :-)

https://sgx.i3investor.com/servlets/forum/600041904.jsp

The Singapore version of i3 investor is extremely quiet, almost not alive at all.
The Malaysian counterpart is also rather quiet too. The bear market must have taken a huge toll on many players. The "snake bite" effect is real. :-)

Yes, either method gives the same result. :-)

Perhaps a better way to calculate your return:

Initial capital employed:
Total in 2021 + Total in 2022
= $ P for X number of shares.

Today, you have
(1) X number of shares valued at RM 8.71X
(2) Y number of shares from DRP valued at RM 8.71Y
(3) cash dividends not invested yet, RM Z.

Final amount of this investment today is:
= RM 8.71 X+ RM8.71Y + RM Z

Then you can calculate the return:
= { (RM 8.71 X + RM 8.71Y + Z) - P } / P

>>>
Posted by stkoay > 5 hours ago | Report Abuse

I bought first batch from March to early May 2021 at average 8.32.
2nd batch on November n December 2021 at average 8.02
...then a little in June and September 2022 at 8.61 and 8.93.

.....now still holding recent cash dividend waiting for good entry point....
>>>

Year .. Share Price range (RM) .. DPS (sen)
2019 .. 8.37 - 9.71 .. 57.00
2020 .. 6.96 - 9.01 .. 52.50
2021 .. 7.79 - 8.60 .. 66.50
2022 .. 8.17 - 9.18 ..58.00
2023 .. 8.26 - 8.87 ..

>>>
Posted by stkoay > May 17, 2023 11:39 AM | Report Abuse

I started accumulating from March 2021.
My current average cost is 7.896, after factoring in DRP shares.
At 8.70, my total return (unrealized plus cash dividend) is 21.8%

....that is over just a 2 years duration....and the overall market is down during this period.
>>>

Am interested to know how you calculate your total return. Thks.

Assuming you have bought Maybank in 2013 at the lowest price of RM 8.70 and have received RM 5.59 in dividends to date.

At today's price of RM 8.73, your capital appreciation in share price is RM 0.03 and the total returns you received is RM 0.03 + RM 5.59 = RM 5.62.

Your compound annual return for the last 10 years is approximately 5.11%.


[Remember to reinvest your dividends.]

Maybank

Adjusted Price RM
2013 Price range 8.70 - 10.80
2023 Price range 8.26 - 8.87

Dividends per share (sen) received
2013 51
2014 55
2015 57
2016 50
2017 55
2018 57
2019 57
2020 52.50
2021 66.50
2022 58

Total dividends per share received over the last 10 years = 559 sen = RM 5.59

Today, Maybank closes at RM 8.73 per share

>>>>
Posted by Mikecyc > 1 week ago | Report Abuse

Haha finally see the Speaker Callvin photo is uploaded… the old man whom bullied me as a Newbie on 2019 . Uncles n Aunties May ask you the following questions loh :

1) posted in Netx on 2020 .. asking ppl to sell other shares to buy Netx … said had sold 8 houses out of 20 houses to buy … repeatedly saying Win Win Win with cost 1 sen .. but posted on 2022 in Tsh is Lost in Netx !!! What is this investing tactic ???

2) Promoted Tsh up to Peak Range RM 1.80 … then on Sliding down , asked followers to Averaging down on every 10 sen down !!! What is this Investing tactic ???

3) Promoted Scomies from 7 sen to 12 sen on 2019 … then posted another Blog promoting Scomies from 12 sen to TP 30 sen … but Scomies is Sliding down from 12.5 sen … just Pump n Dump ..

Ppl questioning you .. replied is did not Promote at 12 sen even shown your blog … then said is small matter even in PN17 as Mother will pay back the Loan .. how is Scomi and Scomies today ? Scomi is delisted… Scomies Price is worst than delisted price ( Current Price divided by 5 ) !!! What is this Investing Tactics ??? Hahahaha
>>>>


Hmmmm!!!

PHILIP FISHER'S WISE WORDS
"The refusal to sell at a loss, while completely natural and normal, is probably one of the most dangerous in which we can indulge ourselves in the entire investment process.

More money has probably been lost by investors holding a stock they really did not want until they could 'at least come out even' than from any other single reason. If to these actual losses are added the profits that might have been made through the proper reinvestment of these funds if such reinvestment had been made when the mistake was first realized, the cost of self-indulgence becomes truly tremendous."

(Common Stocks and Uncommon Profits)

If you owned a very lousy stock and lost money, your opportunity cost is you could have interest accrued from an FD at zero risk.

If you own a FD at zero risk giving low interest, your opportunity cost is you could have owned a good company with some risks attacked with potential for higher returns. Also FD is not without risk as it may not provide a rral return due to inflation.

10 years returns of 3 bank stocks

Company.. Pr appreciation (Compound) .. DY
MBB .. (1.29%) .. 6.53%
PBB .. 1.86% .. 3.94%
HLB .. 4.11% .. 2.78%

Price volatility of Maybank annually is small.

Year.. Pr range ..Pr Volatility
2021.. 7.79 - 8.60 ..10.4%
2022 .. 8.17 - 9.18 .. 12.36%
2023 .. 8.26 - 8.87 .. 7.38%

If you are a very long term holder, even if you manage to buy at the lowest price, this contributes a very small boost to the compound return from the stock over many years.

If you hope to buy and sell short term, you will need the luck of a trader. Most traders lose money in stocks over the many and frequent transactions in the long run.

ROE - 5 Yr Avg14.12
ROE - Latest FY12.26
Book Value/Share (RM) 0.38
Latest P/B 1.91

ROE - 5 Yr Avg 6.61%
Book Value per share RM 10.17

At a ROE of 6.61% and probably fluctuating little around this figure for a long time, and given the risk free interest rate today is 4% and rising, how much would you be willing to pay to own Tenaga? Its fair price is probably its present book value of RM 10.17, As a value investor , you may wish only to own it if you can get at a discount (for a margin of safety). OTOH, you may wish to look for another stock.

MKT Capt (RM m) : 74.5
ENT Value (RM m) : 3,696.2

The above tells a story/

Price RM 2.08
Market Cap 419 m

EPS (sen) Latest FY 22.31 sen
DPS(sen) - 2022 17 sen
Latest DY (%) on 2022 DPS 8,06%

BV per share RM 1.98
P/B 1.05 x
ROE latest FY 11.30%

Dicey Strategies: Can work and Doesn't work sometimes

Of the eight dimensions on which value investors can differ, two invite suspicion.

1. Shorting is one.
It just doesn’t work that well. I know of no principals that both rely on shorting and outperform over the long term.

2. Leverage is the other.
While debt can be milked for bonus returns much of the time, one big margin call can be enough to foul years of solid results.



I nonetheless include shorting and leverage on the list to allow for the possibility that they could be made to work under some circumstances.

But they’re dicey.
They’re back doors out of the kingdom of value investing and into a land of some other, less practical strategy.
Some would say that this invalidates them as intelligent tactics.
To those with long-term perspectives, something that doesn’t work sometimes can ultimately be indistinguishable from something that doesn’t work at all.