Fiscal year is July-June. All values MYR Millions.
2022
2021
2020
2019
2018
5-year trend

Cash & Short Term Investments
239
275
524
503
409

ST Debt & Current Portion LT Debt
344
44
242
63
61

Long-Term Debt
120
50
35
231
287


Total Accounts Receivable
784
192
166
177
187

Accounts Payable
141
135
136
130
127

Total Current Assets
1,053
598
840
939
1,121

Total Current Liabilities
530
241
433
237
266

Total Equity
1,359
1,105
1,086
1,177
1,163

Liabilities & Shareholders' Equity
2,016
1,399
1,556
1,648
1,717

Fiscal year is July-June. All values MYR Thousands.
2022
2021
2020
2019
2018
5-year trend

Net Income before Extraordinaries
213,702.7
51,903.9
(87,722.5)
29,838.4
(568,124.3)

Funds from Operations
193,570.1
127,212.5
144,264.8
128,923.3
84,805.4

Net Operating Cash Flow
100,834.8
122,354.0
36,809.3
188,961.2
52,900.6

Capital Expenditures

36,166.5)
(177,186.6)
(673.6)
(27,218.8)
(1,438.1)

Free Cash Flow
64,668.3
(54,832.6)
36,135.8
161,742.4
51,462.5

Free Cash Flow Yield 7.47% (Price @ RM 2.59 per share)

Fiscal year is July-June. All values MYR Thousands.
2022
2021
2020
2019
2018
5-year trend

Sales/Revenue
232,698.6
161,571.4
211,082.5
156,329.3
158,674.7

Gross Income
88,084.6
50,029.2
76,836.5
67,137.0
47,505.1

EBIT
60,976.0
47,241.4
(77,160.6)
38,563.5
38,670.0

Non Operating Income/Expense
97,330.0
8,335.7
5,290.3
1,472.0
(597,009.8)


Interest Expense
15,174.9
6,586.6
12,581.1
15,687.0
17,922.4

Pretax Income
162,217.3
51,903.9
(87,722.5)
29,838.4
(568,124.3)

Which of its company's businesses are generating operating profits and which are operating at losses?

Calvin is smart to share why TSH reported an operating loss the latest quarter? Will this be reversed or continued next quarter?

When you invest, do your homeworks diligently. In particular, study the free cash flows of the company. Of course, FCF varies with the stages of the company's life.

For a matured company that has a great business, you would like it a lot when it is generating increasing FCF over a long period. This growing FCF reflects the quality of its business with a strong economic moat. FCF in this great company can be used to pay down debt, grow its business organically or through acquisition, buyback its own shares and to distribute dividends.

Besides FCF, look also for ROA > 10% and ROE > 15%, as a general guide.

>>>>

Fiscal year is January-December. All values MYR Thousands.
30-Sep-2022
30-Jun-2022
31-Mar-2022
31-Dec-2021
30-Sep-2021
5-qtr trend

Sales/Revenue
262,652.0
424,413.0
337,349.0
328,350.0
309,074.0

>>>>>

A significant drop in its revenues of the latest quarter.
What were the reasons?


You are a better investor when you think of your stock like a business you own and operate.

>>>>
Fiscal year is January-December. All values MYR Thousands.
Qtr 30-Sep-2022

Sales/Revenue
262,652.0

Gross Income
94,624.0

SG&A Expense
121,439.0
>>>>>


Operating expenses were more than its gross income. This is worrying.

It paid 11m in interest expense too.

Thus, this latest quarterly loss is doubly worrying should it continues into subsequent quarters.

Was its gross margin too low relative to its revenues?
Was its operating expenses too high relative to its revenues?
How can TSH increase its next quarterly revenues, should the CPO price remains unchanged the subsequent months?

The company's debt was huge. What were these debts used for in the past?

Selling assets to pay down debt and to raise working capital is good move by management of TSH and will buy TSH some breathing space for now.

If revenues do not improve, or gross margins do not improve, or its SGA expenses (operating expenses) remain at this level, the business of TSH will be challenging indeed.

Not a great business. Maybe good to gruesome company, perhaps nearer to the gruesome end.

Share your comments.

Dear fellow investors,

Did calvin explain the operating loss faced by TSH in its lastest quarterly results?

>>>>
Fiscal year is January-December. All values MYR Thousands.
Qtr 30-Sep-2022

Sales/Revenue
262,652.0

Gross Income
94,624.0

SG&A Expense
121,439.0

Non Operating Income/Expense
301,367.0

Interest Expense
11,012.0

Pretax Income
283,349.0


The pretax profit for the last quarter included 301,367.0 (x1,000) non-operating income. If you were to minus this off, looks like its operating income for the last quarter was actually negative (a loss).
>>>>

Summary

Revenues and profits had been flat over the last 5 years.
Slight increased in revenues over these years, but profit margins not increasing due to rising costs of raw materials.
Operating expenses were well contained.
Interest expenses remained low/negligible.

Dividends had been cut drastically over the last 5 years.
Many funds looking for dividends had sold down this counter as dictated by their funds requirements.
Capital expenditures had increased over the last 2 years and will remain high until 2025.
Due to high capital expenditures already planned for the next few years, dividends will remain at present levels for the near term, as company needs to invest its funds into PPE for future growth.
Capital expenditures, though high the last 2 years, had been funded from internal generated cash and not from borrowings.
Company borrowings remained negligible to date despite huge capex the last 2 years.
In 2021, cash in hand remained remarkably high.

All values MYR Thousands.
2021
2020
2019
2018
2017
5-year trend
Capital Expenditures
(61,692.0)
(93,228.0)
(20,038.0)
(34,278.0)
(16,280.0)

Cash Dividends Paid - Total
(32,000.0)
(51,200.0)
(64,000.0)
(128,000.0)
(179,200.0

ST Debt & Current Portion LT Debt
8,487.0
19,598.0
17,358.0
15,172.0
-

Long-Term Debt
6,652.0
3,590.0
340.0
-
-

Cash & Short Term Investments
118,300.0
55,605.0
61,532.0
32,109.0
61,339.0

DLady


Fiscal year is January-December. All values MYR Millions.
2021
2020
2019
2018
2017
5-year trend


Sales/Revenue
1,134
1,101
1,067
1,049
1,065

Gross Income
400
357
405
416
401

SG&A Expense
189
184
195
194
174

Interest Expense
3
3
4
3
-

Pretax Income
285
98
138
171
158


2021
PBT margin 25.1%
PAT margin 21.9%

Bonia dropped from a high of RM2+ to 80 sen. My assessment then was it was undervalued. After buying in, the price went up to RM 1.20. One has a sense of elation to make 50% so quickly after purchasing. A few months later, it dropped and dropped to 40 sen. The feeling was why did I not take profit at RM 1.20.

But the counter was undervalued. During the MCO, its business suffered. However, the management was proactive. They closed down the unprofitable stores. They did some internal restructuring. The listed CRG into the leap counter. Slowly, the losses were trimmed, expenses contained.

Now it is profitable, generating healthy cash flows.

The price reached a high of RM 2.80+. It has since corrected slightly.

Those able to sell at the highest or buy at the lowest and do this repeatedly must have incredible skills. More likely, no one has this unique ability. For the smart investor, capturing the long terms gains over a long time horizon is a reasonable strategy to adopt. Selling and buying based on value.

calvin will be more credible when he also talks about his losses as enthusiastically as he talks about his winners. Haha ;-)

Presently, too much noise from little, of very little value.

>>>>

calvintaneng

Tsh chairman buying 500,000 shares insignificant ?

of course you obviously don't know maths

he has 330 million Tsh shares cost rm400 millions more or less

>>>>>
0.5 m / 330 m
= 0.0015%.

A listed company's share price dropped drastically. His stockbroker informed him that it did not look good for the company for the price to remain at such low levels. The insider bought some shares to support the price but the price went up temporarily and slightly but soon reverted to its previous lows.

>>>>
calvintaneng

Calvin also recommended pm corp in year 2013 at 15 sen and it did gave an 8 sen cash payout

after that pm corp still paid some dividends which brought down pm corp overall cost to 7 sen

so now after 9 years pm corp now 19.5 sen means it is up by double digit gain for each of 9 years

>>>>>>



Such a creative way of calculating returns. Only calvin can fool himself. At least be honest.

Your capital was $x
Your total dividends received were $y
The present price is $z

Total % return over 9 years
= [($z - $x + $y)/$x] - 1


Then calculate the CAGR.

Insiders buying into Netx was highlighted by calvin during his promotion of this company. I hope he learned his bitter lessons that being not careful, can be harmful to his cashing out of his 7 properties and putting them into Netx without first engaging his forebrain. But then, I don't think calvin is an intelligent investor, in my book at least. A lot of noise do not translate into intelligent activities.

>>>
Posted by calvintaneng > 4 minutes ago | Report Abuse

Tsh chairman bought 500,000 shares at rm1. 023 today

>>>>


I don't think this amount is significant relative to his total ownership of this company.
A significant purchase will need to be a lot more than this.

>>>
calvintaneng

JTIASA

DEBT EVAPORATED FROM RM800 MIL TO ONLY RM257 MIL

ONE YEAR NET CASH INCOME NOW RM130 MILLIONS
>>>>


What are its ROA and ROE?

If you are yourself a plantation owner, for example, of 100 acres. You will be excited when the price of CPO trended upwards and you obtained a windfall in profits. But, don't be lulled into thinking this is a growth trend in its business. At most, you got a windfall profit for a period.

>>>
TSH

ROA 5.23%
ROE 7%

>>>


These were ther returns of TSH during the "peak prices of CPO."
Going forward, you can expect these to trend downwards too.
Moreover, there is no sustainable growth prospect in this company in the short term.

CPO prices are at best cyclical.

I just do not understand why Calvintaneng continues to mislead a lot of people by not focussing on the facts.

Looking at the revenues the last 5 qtrs, we can conclude that the revenues for plantation peaked about 6 months ago. It has since declined significantly.

Profit margins had shrunk due to increasing operating expenses.
(Tremendous shortage of workers facing the big plantation owners. Some owners felt the pain during the peak price CPO period, watching their palm products left unharvested.)

Fiscal year is January-December. All values MYR Thousands.
Qtr 30-Sep-2022

Sales/Revenue
262,652.0

Gross Income
94,624.0

SG&A Expense
121,439.0

Non Operating Income/Expense
301,367.0

Interest Expense
11,012.0

Pretax Income
283,349.0


The pretax profit for the last quarter included 301,367.0 (x1,000) non-operating income. If you were to minus this off, looks like its operating income for the last quarter was actually negative (a loss).

Fiscal year is January-December. All values MYR Thousands.
30-Sep-2022
30-Jun-2022
31-Mar-2022
31-Dec-2021
30-Sep-2021
5-qtr trend

Sales/Revenue
262,652.0
424,413.0
337,349.0
328,350.0
309,074.0

Gross Income
94,624.0
165,638.0
138,771.0
140,493.0
116,160.0

SG&A Expense
121,439.0
50,967.0
112,606.0
75,195.0
28,113.0

Non Operating Income/Expense
301,367.0
15,987.0
71,755.0
(15,183.0)
(10,973.0)

Interest Expense
11,012.0
7,151.0
8,949.0
8,426.0
11,532.0

Pretax Income
283,349.0
60,994.0
91,758.0
54,214.0
51,805.0

TSH
The 5-qtr trend

Funds from operations and net operating cash flows had shown downtrends.

Be wary.

Fiscal year is January-December. All values MYR Thousands.
30-Sep-2022
30-Jun-2022
31-Mar-2022
31-Dec-2021
30-Sep-2021
5-qtr trend

Funds from Operations
77,055.0
95,888.0
80,086.0
93,894.0
109,252.0

Net Operating Cash Flow
31,705.0
60,684.0
38,905.0
131,888.0
123,749.0

TSH

ROA 5.23%
ROE 7%

Qtr Ending 30/9/2022

Net Cash 361m

Short term debts 216m
Long term debts 296 m
Total debts 216m + 296m = 512m

Net Debt 512m - 361m = 151m

What ma you learn from Calvin's wanton promotions in i3? Lessons from from wanton promotion of Netx.

>>>
This is a highly manipulated stock. It is part of the game of Fintec Global Berhad.

When dishonest Calvin promoted this Netx stock, I was not surprised there would be excitement among the herd.

For those who did not understand the difference between investing and speculating, their hard earned money were soon separated from their pockets. In this game promoted by Calvin, if you did not know who was the PATSY, it was likely you.

>>>>

This is a highly manipulated stock. It is part of the game of Fintec Global Berhad.

When dishonest Calvin promoted this Netx stock, I was not surprised there would be excitement among the herd.

For those who did not understand the difference between investing and speculating, their hard earned money were soon separated from their pockets. In this game promoted by Calvin, if you did not know who was the PATSY, it was likely you.

>>>
JJPTR

@1.20 buy 8sen dividend. PE3
@1.18 buy ,boss keep buying
@1.14 buy, keep, next dividend fat fat when BuluganLand payment come
@1.09 buy more, boss is waiting 26m dividend. you should follow
After ex ,price drop to 1.00, dividend wiped out by capital loss.
2 hours ago>>>>



Dividends of 8 sen
At this price, DY is so so high.
Calvin continues to make the same mistake deliberately in his wanton promotions.
Perhaps, it is deliberate to trap the uninitiated.

》》》》

Posted by Goinvest88 > 2019-12-25 07:49 | Report Abuse

Thanks for your great golden rule sharing. I get your valuable indicator on TA golden rule. Merry Christmas & wishing you prosperous new year 2020


calvintaneng

48,753 posts

Posted by calvintaneng > 2019-12-25 13:00 | Report Abuse

MERRY CHRISTMAS TO GREAT SIFU pureBULL

When you appear something always brewing. After reading your 3 Points it reminded me of OGSE upstream stocks bull run time

Now it also apply to Netx & others of NFCP bull run soon



3 GOLDEN RULES to Great Winning Stocks ~ PureBULL.Strategy





a. FA Golden Rule

1st thing 1st, Stocks must make MORE money this year than last year.

This is exactly WHAT uncle KYY had been shouting so LOUD yr in n yr out.

NETX DID NOT MAKE MONEY THIS YEAR BUT NETX WILL MAKE LOTS OF MONIES FROM YEAR 2020 to 2023



b. TA Golden Rule

Stocks must be in CORNERED CONDITION prior to HIGH flying journey.

Hard earned experience over many years is required to identify, know n master this rule.


NETX HAS BEEN CORNERED BY DIRECTORS BUYING, FROM RIGHTS ISSUE & PP & EMPLOYEES' ESOS PLUS LOTS OF PEOPLE WHO WHATASPPED CALVIN



c. Right Timing Golden Rule

Right Timing is to buy at

RIGHT TIMING IS THE VERY HEART OF IT ALL. AFTER 7 YEAR DOWNTREND AND SCRAPPING ROCK BOTTOM THE TIME CO-INCIDES WITH COMING NFCP RM50.3 BILLIONS FIBERISATION THRUST CHUN CHUN

Last small purebear that gives rise to the BIGGEST pureBULL.

NB: Stocks move in pure sine wave w wavy zero axis, after -ve sine is +ve sine n the process repeats forever.

》》》》

Proven ;-)

》》》》

>>>>

stockraider Why calvin want u to make investors pledge leh ??

The answer is that calvin wants to protect & guide u to the art of making monies loh....!!

Without this pledge investment guide, alot of investors will be running around like mindless chicken, thus resulting in lost of big profit making opportunity loh....!!

Yes stay with sifu calvin & make the investment pledge on NETX loh..!!

THIS THE NETX INVESTORS PLEDGE

1) I BELIEVE IN RM50.3 NFCP FIBERISATION AS A REAL COMING EVENT

2) THEREFORE I BUY INTO NETX BECAUSE IT IS A SPECIALIST IN DIGITAL NETWORK INFRAR AS IT WILL GET JOB AWARDS

3) I WILL NOT BE SWAYED BY NAYSAYERS TO SELL IN FEAR OR BE MOVED BY THEIR FEAR-MONGERING

4) I PLEDGE TO HOLD FIRM ALL MY SHARES TILL I SEE JOB AWARDS ROLL OUT FROM TELEKOM

5) I WILL KEEP NETX AS RM50.3 BILLIONS NFCP JOB AWARD IS A VERY RARE OPPORTUNITY AND I WILL HOLD FIRMLY ALL MY NETX SHARES TILL I ACHIEVE SUCCESS IN MY INVESTMENTS

6) I WILL JOIN IF WITHIN MY ABILITY TO DEFEND NETX AGAINST NAYSAYERS

7) I BELIEVE THEREFORE I INVEST. I INVEST THEREFORE I EXPECT NETX TO DO WELL IN COMING NFCP BULL RUN
09/12/2019 12:06 AM


>>>>>>

》》》》》


Proven.

Politic is a game of compromises and possibilities. Flexibility is always needed.

Play fair, just and reasonable, most views can be accommodated. No one will win all, or will lose all.

As long as the focus is on building a better nation, the unity government will survive and will deliver. However, should focus be shifted negatively to personalities and emotive divisive issues, the breakup can be just as fast.

Hopefully, PM10 with his huge experience in opposition and his huge sufferings in politics will be able to use his skills to provide the great leadership needed to make Malaysia great again.

All Malaysians wish our PM10 well.

Today, we celebrate the first day of our new PM in office.

>>>>
calvintaneng

Tsh has declared the highest 8 sen dividend

This has drawn in Real genuine long term investors

Stale bull are the remaining few who sold as well as short term tradera

Investors who can buy and hold got 3 advantages

1. Dividend of 8 sen is 3x bank FD

2. Price appreciation of those 94700 acres in Kutai/Nusantara

3. Tsh chairman consistent buying will uphold prices
Eventually free float will get less and less and price will go higher and higher

>>>>>


One off sale of asset.

Same modus operandi employed when calvin was heavily promoting GSB. It was selling a hotel for RM 12 million, and he "cleverly" misled his followers to thinking this was the cheapest stock in town with very low PE. It was one-off and alas, a lousy business remains lousy throughout his promotion.
Then he promoted NETX, the best stock in the Malaysian market which will benefit hugely from NFC projects. Alas it was just his promotion but turned out all to be BIG FAT LIES or perhaps, his CASTLES IN THE AIR. As expected, he was proven very wrong and misled many of his followers into losses. Of course, if you were to believe him, he lost 8 houses. :-)

Since Netx was a promotion he did in past, one can learn a great deal of his modus operandi. He promoted Netx, a penny stock, which he believed strongly had the potential to reach 20 sen (before capital changes). Imagine that was a stock rising from 1.5 sen to 20 sen. He also shared he sold many houses and placed the proceeds into this Netx counter. The story he built was NFC (the fiberisation of the internet) will benefit Netx hugely. He concocted stories of how Netx was involved in this sector and how this huge injection of funds by the government for NFC was going to be huge profits for Netx. Of course, all these turned out not to be true. Calvin was only building castles in the air, selling a story to those who were "ignorant" or "suckered by greed".

I like to share my discussion in Netx which lasted about 2 years. Calvin was promoting this stock very strongly at that time.

What he did then and what he is doing now in TSH are not much different? Calvin puts forward a theme or a story. He is basically telling a story, to talk the stock price up. He builds on this story with fantastic good news; some incredible ones too.

OMG, the darling stocks of KYY in the past, touted as the best stocks during the promotion are today lingering in the doldrum. They have been for some time now.

Jaks 25.5 sen
Q: what has happened to the much touted power plant business in Vietnam?

Eversendai 0.95 sen
Q: Eversendai made some bad investments in Singapore, and over stretched its business in the Middle East, damaging its business and now facing a very challenging time with huge debts.

>>>>
Posted by Sharefisher > Oct 5, 2022 5:22 PM | Report Abuse

Haha ha... PBB is old man stock.
>>>>>

Adjusted for capital gains:
In 11.5.2006, its price was RM 1.23 per share
Today, 20.10.2022, its price is RM 4.35 per share.
DY today is 3.63%

A silly stock where you just need to buy in at a fair price and hold for a very long term.

From my observations, KYY did make a lot of money in the furniture stocks and some in Hengyuan. He also lost a lot in Jaks and Eversendai; this forced him to sell assets to cover.

Very good article. Very well written too.

"In the battle between impatience and patience, the latter wins.

With over nineteen years of practicing long term investing with sincerity and with decent success (purely based on personal standards of success), and seeing a lot of my fellow investors drop out due to their disbelief in its continuity and now ruing their decisions, I can vouch for this powerful idea.

Long term investing is certainly hard, but if you know how to deal well with its hardness, it’s totally worth it."

Peace can only come through talks and negotiations.
This war will be costly in human sufferings and human lifes.
The leaders of both sides should come to the negotiating table.
Perhaps, the time is not right yet for either or both sides to do so.

>>>
Posted by firehawk > Oct 18, 2022 4:18 PM | Report Abuse

Could insas be regarded as a value trap counter?
>>>


Insas is an "undervalued" company by many measures. Low PE.
However, an undervalued company can remains undervalued for a long time, for various and obvious reasons.


Share prices adjusted for capital changes:
On 9th March 2007, Insas was RM 0.66 per share.
Today, 20.10.2022, Insas is RM 0.76 per share.

For many years, the shareholders did not receive dividends.
Its DY today is 5.3%.

One of the problems with investing in a not so good company is the opportunity cost. The opportunity cost of not investing into a good / great company that delivers high consistent returns over the long term is obviously very huge indeed.

Share prices adjusted for capital changes

TSH
28.12.2007 RM 1.09
20.10.2022 RM 1.05
DY 2.83%

Nestle
26.12.2007 RM 25.50
20.10.2022 RM 134.00
DY 1.73%

It is obvious that Nestle has rewarded its shareholders a lot more compared to TSH over the long term.

Calvin's excitement over TSH is his usual promotions of getting suckers into his shares for the short term for his own benefits.

Stay with quality and long term.

>>>>Statistics show that 90% of investors in the stock market lose money. There are many reasons why so many investors lose money.>>>>>


Stay with high quality companies with durable competitive advantage.
Buy these when they are fair value for the LONG TERM.

Today, many good companies are selling at cheaper valuations than the last 2 years.

JnJ slow steady share price appreciation with regular quarterly dividends yearly for decades.

Quality company
Buy value.

Is price below intrinsic value?
If yes, buy.

>>>

Mikecyc

Callvin lies in TSH :

1. Joint Venture with Wilmar in Sabah only , not included Indonesia .

2. Asset Disposal in Sabah for RM 248 million is not only Sales of 2 pc of Land , also included a Palm oil Mill .

3. Wilmar Joint Venture on Refinery Mill which TSH supply materials with Payment Term 10 Day .. But in Latest Annual Report is stated Normal Credit Term is not exceeding 12 month.

4. Said called TSH HQ secretary Jenny as IR Officer , she said is not a issue on Indonesia CPO export Ban , as the CPO is Thru Refinery process ..to cooking oil etc . Asked him to confirm the statement is said by Jenny , Callvin is twisting in 2 replied , did not dare to confirm .

5. Bulugan Land is sold for RM 731.09 million .. expecting High Dividend payout …. But the Land Sales proceed is No allocation for Dividend ….

6. Conartist Callvin is Promoted Netx for 15 months … always said Win Win Win with Cost 1 sen only … But recently ( ard early August 2022 ) is posted in TSH said is Lost in Netx …

>>

Callvin mis-calculate on fact n figure :

1. Said Chairman is bought 25 million share within 5 months , each month is 5 million ..

Actual : is bought 24.5 million share from 1/4/2022 to 4/8/2022 ( 4 month PLUS 4 day ) … only 500,000 share is bought on March 2022..

2 days ago

>>>>>

Price of TSH
1.4.2022 1.68
25.4.2022 1.89 (highest price reached)
1.8.2022 1.06
18.10.2022 0.98 (today)

>>>>
calvin posted:

Stock: [TSH]: TSH RESOURCES BHD

2022-02-24 19:10 | Report Abuse

Rm1.60 only?

Hold tight till Dec 2022 and expect Rm2 to Rm3 target my friend

Stock
Stock: [TSH]: TSH RESOURCES BHD

2022-02-24 18:54 | Report Abuse

Tsh result excellent!

3 sen dividend is the appetizer

Sale of Sabah lands almost done will bring in 6 sen profit (to be reported in May or Aug 2022 qtr result)

Another 26 sen profit to come from Bulugan Regency Land sale

Total insight is a nice 32 sen profit

Remeasurement gain from Innoplant price rise will add to bottom line

If Tsh starts giving out consistent cash dividend like Innoplant it will be like Bplant the Cash cow

>>>>

Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of favourable business conditions.

The purchasers view the current good earnings as equivalent to 'earning power' and assume that prosperity is synonymous with safety.


Benjamin Graham





When calvin promoted XYZ as the next big brilliant find from his research, was he investing or speculating? Inability to distinguish his investing from speculating revealed calvin's big flaw in his promotions.