>>>
Posted by calvintaneng > 48 minutes ago | Report Abuse

I think Philip at least more forth right and speak his mind

he will tell you what he likes or hates upfront

this 3iii I know him since year 2013: 9 long years have passed

and this is an honest evaluation

3iii will stretch out his right hand of "friendship " but his left hand holds a dagger and will give you a real nasty stab if you are not careful

>>>

Not true. Nothing to do with being personal.
It is always on the stocks.

There are so many counters, when promoted, shot up by 50% to 100%, and a few months later prices dropped back to pre-promotion or even below pre-promotion prices.

The hero of Netx, calvintan is an expert in these promotions. He should know what I meant when I posted my views.

>>>
Posted by calvintaneng > 43 minutes ago | Report Abuse

3iii

Your unfinieshed job was your neglect of warning people in Utusan and london biscuit while commenting against Uzma in year 2019

Now go study Kgb (0151) and do not shirk this time
>>>>

calvintan
Don't sound so silly. Please. :-)

HEIM

I bought this stock in the 1990s. I am still holding this stock.
I paid a certain price for this stock. It was giving good dividends yearly. Then 1997 appeared, and its share price remained below my buying price until early 2000s.
After about 10 years of holding this stock with most years when its share price was below my buying price, I added up the returns from this stock. Its DY was 8% to 9% per year, and I have already received almost all my capital in this stock in dividends.

The share price of Guinness (as HEIM was known then), soon went above my buying price. What a lovely feeling too. But more importantly, I learned another lesson.

You bought a company at price X and the share price subsequently went down for many years before retouching the buying price. How can you profit from such price behaviour of this stock? 1. If it is dividend paying, you would have made a gain above your buying price. 2. If you bought more stocks at the lower price, and when the stock retouched its old price, you would have made money, even if the stock did not pay any dividend. You can only have the confidence to average down in those stocks deemed of high quality business with economic moats.

At today's high price for HEIM, this is another multi-bagger in my portfolio. You can only see these multi-baggers in general if you are a long term investor.

It’s better to buy a wonderful company at fair price than a fair company at wonderful price.

1. Understand the business
2. Business must have DCA
3. Management with integrity
4. Buy at a sensible price

Big Fat Pitch. Focus Investing. Long term portfolio for capital appreciation and income.

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

3iii on the other hand only goes around finding faults with people all the time

When Calvin first promoted Pm Corp in year 2013 Stockraider reposted my article in Investlah

as a result he came to attack me because of Stockraider highlighting Pm Corp

>>>>>

It was Leno in investlah who highlighted his pick of PMCorp. We had a good discussion on this stock compared to my pick. Don't even know who stockraider was at that time.

>>>>>
he kept attacking Pm Corp and some poor souls were infected with his poison. Sold pm corp and switched to patimas

patimas was a far worst stock which 3iii did not go give warning

patimas later went bankrupt

>>>>

Again, these are imaginations of calvin. Not telling the truth at all. Far from the truth.

http://www.investlah.com/forum/index.php/topic,50774.msg1451335.html#msg1451335
Re: Patimas (7042) ~ TP 30 cents

Read the above thread in investlah. A classic thread for anyone who wish to know how clever and powerful manipulators can be,


>>>>
again in year 2019 he came to attack Uzma when it dropped from 90 sen to 55 sen

but failed to warn people in Utusan and London biscuit (both went bankrupt)
Uzma then up 100% from 55 sen to Rm1.10
>>>>>

Typical of the hero of Netx, calvintan. After his long stay in Netx from 2019 to 2011, the results of his promotion were there for everyone to glance at. I can't even remember participating in any serious discussion in UZMA. I did have a look and gave my opinion. As I anticipated and suspected, it is not a stock that qualify in my book. Today its price is back to its doldrum days, though as not unexpected there are people like the hero of Netx telling us how much he had profited. Well, what can I say?

>>>>
now 3iii goes Attack Tsh while Calvin told him to go check up on Kgb (0151) which has Rm530 million receivables (iou) and high debt

Every one please take note and you will know
>>>>

I had a look at TSH. I studied its finances. I read its quarterly and annual reports. I tried to understand its risks and its rewards. I even did a valuation on this (usually I don't, since it failed the first part of my analysis). I posted what I think of this stock. Rather than discussing on these facts, the hero of Netx, calvintan chooses to post in his usual unproductive manner.

>>>>
SSLee talk ideas while 3iii need to learn from him
>>>>>

I do learn from SSLee, Philip, Charles T, KYY, OTB and many others here. After all, there are a wealth of personalities here and their participations here gave this forum rich materials to study and to learn from. Even the hero of Netx, calvintan knows I don't just post my views without some basis, which I also posted clearly, the reason for my thinking so. Of course, being individuals, everyone should do their due diligence and make their own decisions.

This is the last day of 2022. May the new year 2023 be an even better year for everyone.

SSLee
Also, why do you spend so much time being an investor activist? It is probable easier and more productive just to save your time and walk away from such company.

>>>
I had another misadventure on HRC and my profound apology if my comments in HRC had led some to lose their money in HRC. But let's ensure I will be there at the next AGM to hold BOD and Management accountable.
>>>

Why did you choose this company to invest into?
It is a refinery?
Do you understand the business of an oil refinery?
What are the challenges facing this industry? Regulatory measures can be extremely costly.
How is its profits affected by the price of crude oil?
What is its capex (maintainance) requirement?
What are its potential for future growth?
Historically, how has its revenues, earnings, free cash flow, and capital expenditure requirements looked to you?
Look at its capital structure, what are its debt levels, its ability to service the debt (profit before tax/interest rate ratio) and others?
Why did Shell decided to sell it? If Shell did not sell it, Shell was going to abandon this refinery, why?



Why try to jump over a 10 feet hurdle, instead of a 3 feet one? Did you understand all the risks first, and then look at the reward side, before investing into this company?

In the 1990s, Petdag was a growth company. It soon saturated the market. For every existing Shell station, you can now also find a Petronas station nearby. It is now a matured company. A fast grower is now a stalwart. Petdag generates a lot of cash from its business operations.
It used to reinvest close to RM 500 m in capex in its early years. Now its capex requirement is less and it is paying more of its earnings as dividends.

Nestle is a company with extremely strong economic moat. Perhaps, the strongest there is among the companies in KLSE. Its growth is in the high single digit. More importantly, this growth is steady and consistent, almost predictable for many years. Growth comes from increase in the population and also exports of its halal products. It is nevertheless a growth company too, abeit not a fast grower. Due to its quality earnings that translate into high operating cash flow and minimal need for maintainance or reinvestment capex, it distributes almost all its free cash flow as dividends. Its market price is high, since it is well supported by those who invested in it.

There are also many growth companies in Bursa. Only problem is to find those which can growth its earnings over a LONG PERIOD (not easy). Also, the earnings growth must be GROWING CONSISTENTLY FOR LONG PERIOD (harder still). A problem faced by growth investors is when growth stalls, the stock price can fall a lot. Therefore, it is very important to ensure that the company or companies invested in must enjoy some competitive advantage in their services or products that people love and also determine they have a long run way.

Not all such companies chosen will turn out to be profitable investments. Beware of the risks involved in investing in growth stocks. Always look at risks before looking at the rewards.

Understanding a Growth Company

Growth companies have characterized the technology industry. The quintessential example of a growth company is Google, which has *grown revenues, cash flows, and earnings substantially* since its initial public offering (IPO).

Growth companies such as Google are expected to increase their profits *markedly* in the future; thus, the market bids up their share prices to *high valuations*.

This contrasts with *mature companies*, such as utility companies, which tend to report *stable earnings with little to no growth*.


Main points:

- Growth companies create value by continuing to *expand above-average earnings, free cash flow, and spending on research and development*.

- Growth investors are less worried about the dividend growth, high price-to-earnings ratios, and high price-to-book ratios that growth companies face because the *focus is on sales growth and maintaining industry leadership.*

Overall, growth stocks *pay lower dividends* than value stocks because profits are *reinvested* in the business to *drive earnings growth*.

Three growth stocks (with more expensive valuations than the S&P 500), Google, Tesla, and Amazon are also the leaders in their respective niche industries.

1. Google is continuing its technology conglomerate-status by expanding into new technologies such as *artificial intelligence*.

2. Tesla is the popular *electric car maker and undisputed leader* of the industry.

3. Amazon continues to disrupt the retail sector through its *e-commerce platform*, which takes away business from traditional brick-and-mortar retail competitors.

Those are attractive narratives for investors looking for growth to continue into the future.

That being said, these three companies are also now fairly established within their industries and are considered solid investments that have very different characteristics from when they started out as small companies years ago.

Many growth companies exist in different sectors, one being Etsy (ETSY), the e-commerce retail platform that sells a large array of vintage and craft items.

Growth Companies During Bull and Bear Markets

During bull markets, growth stocks are preferred and tend to outperform value stocks because of environmental risk and the perceived low risk in the markets. However, growth stocks tend to underperform value stocks during bear markets because weak economic activity hinders sales growth and the growth engine that drives the stocks higher.

Mature companies tend to weather bear markets better than growth companies as they are firmly rooted within their industry, have a dedicated consumer base, are well-known, and have stronger financials, such as larger cash reserves to ride out the poor performing economy.

Mature companies also have an easier time raising capital in difficult economic times because of the fact that they are established and their credit is proven; growth companies often have less established financials so obtaining a loan, for example, may be more difficult. This is why growth companies often receive capital from venture capital firms or angel investors. This additional capital can be imperative to helping some growth companies survive an economic downturn.

What Is a Growth Company?

A growth company is any company whose business generates significant positive cash flows or earnings, which increase at significantly faster rates than the overall economy. A growth company tends to have very profitable reinvestment opportunities for its own retained earnings. Thus, it typically pays little to no dividends to stockholders, opting instead to put most or all of its profits back into its expanding business.

KEY TAKEAWAYS
- A growth company is one in which its business generates positive cash flows or earnings faster than the overall economy.
- Growth companies typically reinvest their earnings back into the company as opposed to paying out dividends to continue spurring growth.
- Growth companies stand in contrast to mature companies, those that tend to report stable earnings with little to no growth.
- Mature companies typically have an easier time obtaining financing than growth companies because of their established business and financials.
- Investors in growth companies are not focused on dividend income but rather on the appreciation of the company's share price.

In today's economy, which sector is characterized as having many growth companies?

https://www.investopedia.com/terms/g/growthcompany.asp
Growth company

Four principles for successful, long-term investing:

1. Invest regularly, regardless of market conditions;
2. Reinvest all earnings;
3. Invest in growth companies and
4. Diversify to reduce risk.


The heart of this investment approach to investing is the third principle — investing in growth companies.

KLSE CI
Market valuation
22.12.2022

PE ratio 16.08
DY 4.22%
P/BV 1.49
FBM KLCI 1,468.35

ICIVF
i Capital International Value Fund invest globally

This Fund started investing in July 2009. Its performance in AUD since then is shown below in Table 2, together with the benchmarks MSCI ACWI Index and ASX200.

Table 2 : 1 Jul 2009 to 31 October 2022

Total Return % Change
Currency 01-Jul-2009 31-October-2022
ICIVF A$ 1.0000 1.0425 4.25
MSCI ACWI A$ 306.1537 916.9951 199.52
ASX200 A$ 3,874.00 6863.5000 77.17


After 13 years of investing, ICIVF returned a positive 4.25%.
OTOH, MSCI ACWI and ASX200 returned 199.52% and 77.17% respectively.
Returns are based on A$ (Australian dollar).

Philip, Thanks for sharing your lifetime journey in work and investing. You were down and remarkably you were able to bounce back. That is sheer herculean task and definitely very impressive. Fail you may, but do not lose hope. Pick up again and achieve again. Love the picture of the younger looking Robert Kuok. He is truly a remarkable person and businessman.

Just wondering how he financed his 128 million shares (assuming averaging RM 1 per share = RM 128 m) purchased since August 2020. Maybe he has deep pockets or a friendly banker.

Changes in Director's Interest (Section 219 of CA 2016)
TSH RESOURCES BERHAD

Name TAN AIK PEN
Descriptions(Class) Ordinary shares


Direct (units) 336,799,317
Direct (%) 24.403
Date of notice 29/12/2022

Direct (units) 208,619,317
Direct (%) 15.115
Date of notice 28/08/2020

Direct (units) 10,830,068
Direct (%) 10.97
Date of notice 11/10/2004

From the latest Annual Report

Size of Shareholdings Shareholders % No. of shares held %
1 - 99 355 4.03 12,740 Negligible
100 - 1,000 1,043 11.83 601,719 0.04
1,001 - 10,000 4,450 50.47 22,101,778 1.60
10,001 - 100,000 2,481 28.14 78,848,383 5.71
100,001 - 69,008,674* 486 5.51 1,065,267,074 77.18
69,008,675 and above** 2 0.02 213,341,815 15.47
Total 8,817 100.00 1,380,173,509 100.00

486+2 = 488 people hold 92.65% of TSH shares
8817 - 488 = 8329 people hold 7.35% or 101,551,880 of TSH shares

From Aug 2020 to today, TAN AIK PEN has increased his shareholdings by 128,180,000 shares , taking his % holding from 15.115% to 24.402%.

Remarkably, the share price of this counter has dropped or remains flat and not increased. There are as many willing sellers to meet TAN AIK PEN's incessant buying of this share. ;-)

I bet these sellers are not among those who hold less than 100,000 shares; the group that are shouting in this forum with the hero of Netx, calvintan.

An analyst put the fair price of TSH lower than my RM 1.00 per share. Interesting to note this. When I gave the fair value at RM 1.00, you can notice I was generous. However, I protected the downside by demanding a huge margin of safety.

Fair price RM 1.00
Buy at 50 sen or 70 sen
Sell at 90 sen (Reason, margin of safety eroded at that price)

Of course, I can be absolutely wrong. However, based on conservative assumptions.

Everyday buying 500,000 shares. Strange way of buying shares. Is he buying because it is undervalued? Is he buying to fulfill an obligation?

>>>
SEE_Research

https://www.eaglevisioninvest.com/when-palm-oil-was-at-its-peak-of-rm4000-it-created-many-billionaires-now-palm-oil-is-above-rm6000-per-ton-will-we-see-more-billionaires-calvin-tan/


THE INVESTMENT APPROACH OF CALVIN TAN
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? Calvin Tan

calvintaneng
Publish date:

Thu, 07 Apr 2022, 10:33 PM

As clear as certainty with crystal clear as the SUPER BULL RUN OF PLANTATION STOCKS IN KLSE ;
ONCE IN A CENTURY

Meanwhile we happily follow them buy by all in
pile it up and load it up

Tsh now Rm1.72 / 8 April 2022

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

Learn to count with your dirty fingers __ very soon from
8 April 2022 to 29 December 2022 ___ how many days 10 days , 100 days , 163 days
It is illiot you calvintaneng is 265 days of * very soon *
You are real k on artist your
* very soon * using on your k on arithmetic.


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

TSH to reach Blue Chip Status of over Rm10.00

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

?????????????????????????????????????

>>>>

Did the hero of Netx, calvintan wrote the above about TSH?
If true, he is beyond speculating; perhaps, gambling with his future!

For 2 years, from 2019 to 2021, the hero of Netx, hyped and promoted Netx. Now it is obvious, at least to me and perhaps many others, he was a speculator and liar. The game he championed was more akin to selling higher to the next suckers, the Greater Fool game. He boasted to all his absolute conviction in this stock and declared selling 7 or 8 houses and dumping all these into this single stock.

He puffed and he huffed. To cut the story short, the hero of Next , calvintan blew his houses to shattered pieces. The hero of Netx, calvintan led those who shared his irrational exuberance to Holland. The manipulators of Netx ate the hero of Netx, calvintan and his followers, reducing them from heroes to zeroes.

Now the hero of Netx, calvintan puzzled why this stock Netx was the focus in many posts and his other stocks. The hero of Netx, calvintan forgets selectively and often.

HEIM
2022 Dividends RM 1.06

HEIM distributes about RM 1.00 dividend yearly and consistently over the years.
How do you value HEIM?

If I were to give the same valuation of TSH (I gave above) to HEIM, it should be valued at RM 33.30. However, HEIM is today priced at RM 25.38.

Therefore, I can conclude that investing in HEIM is better than investing in TSH, as it is more undervalued compared to TSH.

More importantly, the business of HEIM is great. It is better to own a great company at fair price than to own a fair company at a great price. Comparing TSH and HEIM, TSH is neither a great company nor at a great price today.

I hope the hero of NETX, calvintan, understands my reasoning. :-)

>>>>
Posted by calvintaneng > Dec 29, 2022 4:42 PM | Report Abuse

Yes better 3iii go away

We have

THE INTELLIGENT INVESTOR

BEN GRAHAM SAID BUY WITH A 30% DISCOUNT TO NTA

THE NTA OF TSH IS RM1.60

A DISCOUNT OF 30% MEANS RM1.12

ANYTHING BELOW BEN GRAHAM THINKS SAFE
>>>>


I enjoy the hero of Netx, calvintan's reasoning. By the same reasoning, Parkson should be extremely value. Look at its NTA and look at its market price. :-)

I know the hero of Netx, calvintan knows too. Use the discount to NTA if you are liquidating this company. It is better for now, to use the valuation method for an ongoing business. How much return you expect to get from this business investment on an annual basis?

>>>
How much dividend will Tsh be paying in year 2023?

for that we see Tsh paid 3 sen dividend in Feb 2022 when it's borrowings still very high about Rm1 Billions

the sale of Sabah lands(Rm249 millions) & Bulugan lands (Rm731.09 millions) bring in Rm980 million cash

and by now in principle Tsh is debt free with saving on bank interest payment about 3.6 sen

if Tsh can pay 3 sen like Feb 2022 plus the saving of bank interest of 3.6 sen as added dividend payout the dividend could easily go up to 6.6 sen
>>>>


The non-operating income is non-recurring. At most, you get a one-off special dividend. I know the hero of Netx, calvintan is aware of this too.

Thus, should you get a special dividend which is non-recurring, do not use this in your calculation of your intrinsic value. The hero of Netx, calvintan knows this too.

Anyway, to make it easy to understand (for me):

1. Fair value of TSH is RM 1.00 per share.
2. For this, I hope to get a return of 3 sen per share yearly.
3. On a good year, maybe a special dividend too, but this is non-recurring.
4. But, would you buy at $1.00 per share today? Of course, not.

Buy with a margin of safety.
Buy below 70 sen or 50 sen/share.

When do you sell?
Maybe when this margin of safety is no longer enough for your comfort. Perhaps, at 90 sen per share.

Thus, TSH is not a buy for me at the moment. But I think I won't be in this stock as there are other bargains available with better reward:risk profile.

Good luck. Valuation is based on an individual's assumptions. Therefore, for each, their own valuation. My valuation maybe absolutely wrong but you will have to make up your own assessment and decision.

How do I value TSH?

If I were to invest into TSH today, how much return can I expect yearly from TSH?
Being a value investor, I would be conservative in my assumptions.
I assume it will be able to sustain the 3 sen dividend per share. The special dividends on top of this will be bonus and cannot be predicted to recur yearly.
Also, what happened to all its retained earnings? Has each RM1/year of retained earnings translate into a RM1/year rise in its market capitalization. In TSH, this has not been the case.

Thus, my back of envelope fair value for TSH is Rm 1.00 per share.
Since as a value investor, I would like to buy with a margin of safety, should I even buy this stock, it has to be below 70 sen per share (30% MOS) or 50 sen per share (50% MOS).

Probably, will look for bargains elsewhere. TQ

Kim Loong is a much better managed plantation business than TSH.

Kim Loong is a pure plantation stock, with plantations and oil palm mills. Very focused in its business. The owners have been excellent stewards of the shareholders' funds. Low key owners. Very strong balance sheet. Oil palm mills revenues are now higher than those from its plantations.

Its share price has risen more over the long-term, consistently and predictably compared with the share price of TSH. Also, its share price appreciation has beaten TSH at every period, except the recent 3 months.

Those who own plantations managed efficiently, will recognise the business of Kim Loong mirrors those of their own plantation returns.

When should you buy plantation stocks? At a time of extreme pessimism.
[This is not a recommendation. Just sharing. You are likely to lose due to volatility of share prices of stocks. However, those who own Kim Loong who are short term focus will be disappointed. Its business grows steadily and surely and slowly, by the 5th year, you can expect to see positive returns on your initial investment.]

TSH, JTiasa and FGV are all trading at PEs of 3 or 4. Are these low PEs indicating they are undervalued? Why are they so "CHEAP"? Are they truly cheap? Please study the PE fluctuations of cyclical stocks to understand more.

Company TSH JTIASA
Mkt cap 1.49B 618.31M
Employees 7,216 2,881
P/E ratio 3.13 4.27
Div yield 7.41% 4.41%

Company TSH (KLSE) FGV (KLSE)
Mkt cap 1.49B 4.89B
Employees 7,216 15,577
P/E ratio 3.13 3.37
Div yield 7.41% 5.97%

TSH Resources Berhad TSH (KLSE) versus Kim Loong Resources Bhd KMLOONG (KLSE)

Company TSH KMLOONG
Mkt cap 1.49B 1.78B
Employees 7,216 1,392
P/E ratio 3.13 11.03
Div yield 7.41% 5.43%

Markets exist because of differences of opinion among investors. If securities could be valued precisely, there would be many fewer differences of opinion; market prices would fluctuate less frequently, and trading activity would diminish.

To fundamentally oriented investors, the value of a security to the *buyer must be greater than the price paid, and the value to the *seller must be less, or no transaction would take place.

The discrepancy between the buyer’s and the seller’s perceptions of value can result from such factors as
- differences in assumptions regarding the *future,
- different intended *uses for the asset, and
- differences in the *discount rates applied.

Every asset being bought and sold thus has a possible range of values bounded by the value to the buyer and the value to the seller; the actual transaction price will be somewhere in between.

Forward looking statement on plantations and millings of CPO

With impact arising from the drought weather conditions in South America and Canada in early of the year, Russia/Ukraine conflict since February 2022 as well as the export restriction policy of Indonesia, the disruption of supply of many commodities has caused surge in prices of commodities as well as vegetable oils have surged to a very high level. Under such volatile market conditions, CPO price has also jumped to an unprecedented level above RM8,000 per MT in early March 2022.

However, following the change in Indonesia’s policy to boost its CPO export, the average CPO price for July 2022 plunged sharply to RM4,100 per MT, recording a drop of more than RM2,000 per MT as compared to the preceding month, and this is the biggest drop in monthly average CPO price in history. CPO price has further plunged sharply to around RM3,300 per MT level in September 2022 before a steady recovery to the current level at around RM4,000 per MT.

The movement of CPO price has become highly unpredictable, hence the Group will continue to monitor the impact of volatile pricing on the performance of the Group.

Although the current high production season which might cause pressure on CPO price, the management expects the average CPO price for the remaining period of the financial year 2023 could remain around RM4,000 per MT and is of the view that the Group could still benefit from the current level of CPO price especially the plantation operations.

Having said that, the Group has also faced challenges such as significant surge in cost of fertiliser likely caused by high international shipping costs as well as the belligerence between Russia and Ukraine, and higher labour costs as a result of shortage of foreign workers and the revised minimum wages effective from May 2022.

Based on the above, we expect the Group to perform well and could achieve a record high revenue and profit for the financial year 2023.

https://myinvestingnotes.blogspot.com/2022/12/dutch-lady_28.html
Financial statements of DLady

Addendum

As an investor, it is good to be diligent and alert. In any case, I am only highlighting this, as it is unlikely the promoter the hero of Netx, calvintan will do so as honestly as 3iii . :-)

>>>
calvintaneng

Ok i want to enlighten all about

NON OPERATING INCOME

Dinosaur 3iii said Tsh latest qtr profit came from asset disposal which is a non operating income

What is the difference between operating and non operating income?

In other words

What is passive and active income

And also total overall income

2 hours ago
>>>>

The hero of Netx, calvintan has enlightened us.
So much for his spinning.

The profit for this quarter would have been negative if the income from the disposal of its asset (non-operating income) was removed.

When we look at the operating business of this company, surely an operating loss of its core business should raise a red flag. At least try to understand why this was the case, rather than spinning like the hero of Netx fame.

I opine that the huge SGA expenses for the latest quarter which were so much higher than the gross profit declared was deliberate. This expenses included a lot of impairment charges which were put into this latest quarter account. For those unaware, just looking at the net profit may not realise this. Manipulative accounting is common, may not be illegal.

As an investor, it is good to be diligent and alert. In any case, I am only highlighting this, as it is unlikely the promoter the hero of Netx, calvintan will do so. :-)

TSH

Fiscal year is January-December. All values MYR Thousands.
Quarter 30-Sep-2022 30-Jun-2022
Sales/Revenue 262,652.0 424,413.0
Cost of Goods Sold (COGS) incl. D&A 168,028.0 258,775.0
Gross Income 94,624.0 165,638.0
SG&A Expense 121,439.0 50,967.0
Non Operating Income/Expense 301,367.0 15,987.0
Pretax Income 283,349.0 60,994.0


Questions:

1. Why did the revenue drop so much this latest quarter?
2. Why did the SGA expenses rise so much this latest quarter, despite a lower revenue?
3. The Gross Profit was less than the SGA in the latest quarter, therefore, the company reported a loss in its business operations for this period.
4. The big profit reported was due to a one-off non-recurrent non-operating income.
5. Did the company take the opportunity to clean up its books in this quarter, by taking all the charges in this quarter, thereby the markedly increased SGA expenses.

Of course, I may be absolutely wrong! But worth inspecting into these figures, nonetheless.

TSH

Fiscal year is January-December. All values MYR Thousands.
Quarter 30-Sep-2022 30-Jun-2022
Sales/Revenue 262,652.0 424,413.0
Cost of Goods Sold (COGS) incl. D&A 168,028.0 258,775.0
Gross Income 94,624.0 165,638.0
SG&A Expense 121,439.0 50,967.0
Non Operating Income/Expense 301,367.0 15,987.0
Pretax Income 283,349.0 60,994.0


Questions:

1. Why did the revenue drop so much this latest quarter?
2. Why did the SGA expenses rise so much this latest quarter, despite a lower revenue?
3. The Gross Profit was less than the SGA in the latest quarter, therefore, the company reported a loss in its business operations for this period.
4. The big profit reported was due to a one-off non-recurrent non-operating income.
5. Did the company take the opportunity to clean up its books in this quarter, by taking all the charges in this quarter, thereby the markedly increased SGA expenses.

Of course, I may be absolutely wrong! But worth inspecting into these figures, nonetheless.

Fiscal year is January-December. All values MYR Thousands.
Quarter 30-Sep-2022 30-Jun-2022
Sales/Revenue 262,652.0 424,413.0
Cost of Goods Sold (COGS) incl. D&A 168,028.0 258,775.0
Gross Income 94,624.0 165,638.0
SG&A Expense 121,439.0 50,967.0
Non Operating Income/Expense 301,367.0 15,987.0
Pretax Income 283,349.0 60,994.0

Book Value

What something cost in the past is not necessarily a good measure of its value today. Book value is the historical accounting of shareholders’ equity, the residual after liabilities are subtracted from assets.

Sometimes historical book value (carrying value) provides an accurate measure of current value, but often it is way off the mark.

Current assets, such as receivables and inventories, for example, are usually worth close to carrying value, although certain types of inventory are subject to rapid obsolescence.

Plant and equipment, however, may be outmoded or obsolete and therefore worth considerably less than carrying value. Alternatively, a company with fully depreciated plant and equipment or a history of write-offs may have carrying value considerably below real economic value.

Inflation, technological change, and regulation, among other factors, can affect the value of assets in ways that historical cost accounting cannot capture.

- Real estate purchased decades ago, for example, and carried on a company’s books at historical cost may be worth considerably more.

- The cost of building a new oil refinery today may be made prohibitively expensive by environmental legislation, endowing older facilities with a scarcity value.

- Aging integrated steel facilities, by contrast, may be technologically outmoded compared with newly built mini mills. As a result, their book value may be significantly overstated.

Reported book value can also be affected by management actions. Write-offs of money-losing operations are somewhat arbitrary yet can have a large impact on reported book value.

Share issuance and repurchases can also affect book value. Many companies in the 1980s, for example, performed *recapitalizations, whereby money was borrowed and distributed to shareholders as an extraordinary dividend. This served to greatly reduce the book value of these companies, sometimes below zero.

Even the choice of accounting method for mergers – purchase or pooling of interests – can affect reported book value.

To be useful, an analytical tool must be consistent in its valuations. Yet, as a result of accounting rules and discretionary management actions, two companies with identical tangible assets and liabilities could have very different reported book values. This renders book value not terribly useful as a valuation yardstick.

As with earnings, book value provides limited information to investors and should only be considered as one component of a more thorough and complete analysis.

Earnings and Earnings Growth

Both earnings and book value have a place in securities analysis but must be used with caution and as part of a more comprehensive valuation effort.

Earnings per share has historically been the valuation yardstick most commonly used by investors. Unfortunately, as we shall see, it is an imprecise measure, subject to *manipulation and accounting vagaries. It does not attempt to measure the cash generated or used by a business. And as with any prediction of the future, earnings are nearly impossible to forecast.

Corporate managements are generally aware that many investors focus on growth in reported earnings, and a number of them gently massage reported earnings to create a consistent upward trend. A few particularly unscrupulous managements play accounting games to turn deteriorating results into improving ones, losses into profits, and small profits into large ones.

Even without manipulation, analysis of reported earnings can mislead investors as to the real profitability of a business. Generally accepted accounting practices (GAAP) may require
actions that do not reflect business reality.

- By way of example, amortization of goodwill, a *noncash charge* required under GAAP, can artificially depress reported earnings; an analysis of cash flow would better capture the true economics of a business.

- By contrast, *nonrecurring gains* can boost earnings to unsustainable levels, and should be ignored by investors.

Most important, whether investors use earnings or cash flow in their valuation analysis, it is important to remember that the numbers are not an end in themselves. Rather they are a means to understanding what is really happening in a company.

Discussion of dividend yield.

Although at one time a measure of a business’s prosperity, it has become a relic: stocks SHOULD SIMPLY *NOT* be bought on the basis of their dividend yield.

Too often struggling companies sport high dividend yields, not because the dividends have been increased, but because the share prices have fallen. Fearing that the stock price will drop further if the dividend is cut, managements maintain the payout, weakening the company even more. Investors buying such stocks for their ostensibly high yields may not be receiving good value.

On the contrary, they may be the victims of a pathetic manipulation. The high dividend paid by such companies is not a return on invested capital but rather a return of capital that represents the liquidation of the underlying business.

calvin is obviously a very honest guy. Reading his post, we would have the feeling that he bought UZMA at the lowest lowest and sold at the highest price. Of course, we all know this was not possible. He attributed his cleverness in making a profit from UZMA; and yes, he perhaps indeed did. But, then I would say he was lucky. He was speculating, he did not even know what was the intrinsic value of UZMA when he was speculating in this stock. This I was certain.

In any case, he sold UZMA and bought into Netx which he had a lot of confidence in.
We knew the outcome of this in 2021. calvin the hero of Net.

NETX (0020) - THE MOST MISUNDERSTOOD DIGITAL STOCK OF HIDDEN VALUE, Calvin Tan Research
calvintaneng
Publish date: Mon, 07 Oct 2019, 12:12 AM
https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/228509

>>>
Posted by calvintaneng > 2019-10-08 12:33 | Report Abuse

Wahaha!!

While I having lunch someone whataspp to say Uzma touched Rm1.00 today!!

All naysayers make no money

Believers are now very very happy

Clap!
Clap!!
Clap!!!

Uzma 1st target price of 80 sen cleared

Uzma 2nd target price of Rm1.00 now reached

Next Target price of Rm1.20 is final

Hmmm?

Only less than 20% more from Rm1.00 to Rm1.20 now

Not too interesting

So

So Calvin switch to

Redtone....can up 100%
Opcom.....can up 200%
Netx.........can up ????

Okok don't say too much as Calvin and buddies are now accumulating

Many happy returns

Calvin say BIG Big Thank You to all supporters of Uzma

Uzma

Utterly
Zealous
Mastering
All

Regards
Calvin Tan Research
Singapore

>>>

All I know is calvin is hero of Netx.
No idea of his other ventures.

>>>>
calvintaneng

Super bodoh dinosaur missed Uzma at 55 sen & condemned it

Calvin the lion heart bought Uzma at bottom 55 sen (Calvin also bought TSH Below Rm1.00

THEN?

THEN UZMA JUMPED 100% TO RM1.10

AT RM1.10 CALVIN ISSUED SELL CALL

See

https://www.eaglevisioninvest.com/sell-uzma-sell-carimin-buy-opcom-redtone-netx-others/

6 minutes ago
>>>>

>>>>
Posted by kl_guy > 30 minutes ago | Report Abuse

tsh is long term investment , 3-5 years hold up. if want to make over night gain...goto glove counter.
>>>>


I have never seen calvin tan, the hero of Netx, promoting any stock with long term time horizon of 5 years. Perhaps, I was wrong. ;-)

But many in Netx became long term investors after its price dropped by >70% from the time their calvin, hero of Netx promoted it after his phone call to Penelope. :-)

calvin

calvin is more a speculator than an investor. This was obvious in his participation in Netx from 2019 to 2021.

Surprisingly and sadly, he doesn't seem to learn from his mistakes. He continues to repeat the same, hoping to get fantastic returns.

His top-down approach is just hype. In Netx, he started with having a phone-call to a lady Penelope in Netx and he started creating a story from then. It is now obvious that calvin's promotion on Netx was based on his own inventions, hopefully you know what this meant.

His top-down approach on oil palm stocks based on cyclical CPO is similarly interesting. When I first looked at TSH due to the noises of calvin, I noted its price was RM 1.70. Today, it is about RM 1.03.

What is his intrinsic value for TSH?
How undervalued is TSH, according to calvin?
What is the catalyst that will propel its price towards its intrinsic value?

As for the intrinsic value, how does calvin arrive at his value?

CHOOSING THE RIGHT BROKER

Use a Broker to Whom You Are Important

Whether buying or selling, there are distinct advantages to finding and doing business with long-term-oriented stockbrokers who recognize that it is in their interest to build and maintain mutually beneficial relationships with clients. If customers feel that their best interests are being served and that brokerage commissions are a secondary consideration,
long-term relationships are likely to ensue. By contrast, brokers who charge exorbitant commissions or routinely recommend trades designed more to generate commissions than
investment profits will eventually lose customers. The challenge is to find one or more brokers with whom you feel comfortable.

An appropriate broker will possess a balance of experience and desire, a commitment to the investment business, and a willingness to sacrifice immediate commissions for the sake of
long-term relationships. You want a broker with sufficient clout within his or her firm to provide you with access to analysts and traders, one with experience to handle your account
properly and to know when to call you and when not to waste your time.

You don’t want a totally inexperienced broker who is learning at your expense, a complacent broker satisfied with mediocre results, or one so successful that your account is relatively
unimportant. Michael Price and Bill Ruane would have no problem capturing the undivided attention of any broker; they would be very important clients for anyone. Other investors
must work harder to find one or more brokers to whom they will be important clients.

One possibility is to develop a relationship with a fairly young but capable broker to whom
your account is currently very important and one who will gain importance and clout within the firm over time.