Your dream come true soon cause it is ready to wear for showing to public. Everything just nice.

It's a good sign when you see something like a bra in the making.

People won't care much where is the plantation area and debt now. What they really care is CPO price movement. If CPO price is heading north, all plantation counters would follow suite.

Fabrication of chart is almost completing. Be prepared to take off.

Harlen's executive chairman is an 88 year old man. At such age, how he got ability to manage the business operation of the company. Operation has not returned to black even though the FFB production in final quarter was 34% higher than 3rd quarter 2013. It is better for him to step down. If I am not mistaken, he is still drawing 1.45 million salary and the total Directors remuneration about 4 million each year.

Harlen disposed its 2,410 hectares of plantation land in Sabah in year 2013. Their FFB production would be lower this year.

INNO's management team are more competent than Pinepac. Pinepac does not whole own the plantation business in Indonesia. Its operation keep making loss. Some more, I can't see their FFB growth for the past 2 years even though their young tree entering maturity stage. Don't really know how they take care the palm oil tree.

Plantation fever will continue so long as no raining in next 2 weeks. Of course, if no rain for more than 3 months, all palm oil trees would be dying.

I treat an investment as my own personal business. I prefer to evaluate the business performance at least 6 months ahead. Plantation business is much easier to do projection. It depends mostly on CPO price movement.

Recent performance of its plantation division:

Turnover:
31 Dec 13 - 10,322,000
30 Sep 13 - 8,465,000
30 Jun 13 - 6,290,000
31 Mar 13 - 4,441,000

Profit / (Loss) before tax:
31 Dec 13 - 3,085,000
30 Sep 13 - 3,038,000
30 Jun 13 - ( 132,000 )
31 Mar 13 - ( 1,562,000 )

EPS:
31 Dec 13 - 1.25 cents
31 Sep 13 - 1.41 cents
30 Jun 13 - ( 0.13 cents )
30 Mar 13 - ( 0.89 cents )

By looking at current PER, it would scare you off from investing in plantation counters. Current share prices are not truly reflected the potential of windfall profit to be generated from dry weather. The prices would be seen even higher by the time you notice the PER drops to reasonable level in future.

Great write up. Hefty FFB production growth is started from this year onward to achieve at least 20% CAGR for the next 4 years.

Clapping for his brilliant results by outperforming majority of fund managers.

Miketyu. Exactly. Wakaa

Great. This is an unpolished gem.

It is time to strike back after being suppressed long period.

Kulim's share price had been trending downward for the past few quarters due to its lackluster financial performance. It's considered as a laggard since many plantation counters have reflected positively in share price when CPO price raised sharply recently.

SMI has substantial interests in Asiapac. If Asiapac up, SMI would follow suit. It is still run by the 70 year old uncle of Ma Sau Cheong. Quite enjoying life by sitting on the board and drawing million salary each year.

I normally don't like a company to exercise a right issue requesting money from minority. I would ask myself where the substantial shareholders get the big chunk of money to subscribe the share.

This Asiapac will attract big goreng kaki. It's not an illiquid penny which you have to wait long time until some big players notice. It on the right track given the consolidation supported at 20 cents level.

I am a small fly so have to sitting tight watching the game.

Stockpiles in Malaysia continue dropping. http://www.theedgemalaysia.com/business-news/278908-palm-reserves-in-malaysia-dropping-to-five-month-low-on-output.html

It must be included in P/L through sharing of Associate profit/loss.

Ivory would need more cash to finance its projects. They may call for another round of right issue. It is very unlikely to go for private placement since the amount of money raised may not justify for such exercise.

Patient is the way to earn big money from a good fundamental company. I don't think my opportunity cost is high by investing in Asiapac.

New Britain Palm Oil (NBPO)

FFB production of NBPO is expected to be higher in year 2014 given majority ( 55% ) of its planted area entering prime stage of harvesting. Young mature area ( 3 to 7 years ), representing 26%, would yield higher FFB as partial of the areas are almost entering prime stage.

Total Planted: 78,343 hectare
Mature area: 66,746 hectare
Immature area: 11,597 hectare

Palm oil age profile (Year 2012):
Mature - PNG - > 18 12,968
Mature - PNG - 13 to 17 14,599
Mature - PNG - 8 to 12 21,786
Mature - PNG - 3 to 7 17,393
Immature 11,597

Be patient. It takes a bit time for big players to fabricate technical graph looking bullish.

CWallUK. Kulim-wc is a very good bet for earning more profit during CPO price bull run.

The cat is patiently waiting the before making a surprise strike so just let those small mouse playing around at 20 cents. The big cat is aiming for bigger mice.

It's time to come back to strike for those low value or unnoticed plantation companies. I exited plantation industry 2 years ago. My plantation portfolio consists of INNO, SWKPLNT, KULIM & GLBHD. What about you?

I have dump 70% of my capital in plantation companies. No mercy. I must whack early to strike for big gain.

Dry weather causes tree stress and FFB production s expected to fall steeply. Potential of El Nino. CPO price traded above RM 2,800. Good time to whack plantation companies in full force.

I am sure it would happen soon. Solid fundamental plus itself a penny share. It will attract a lot of attention from goreng kaki once taking off. After consolidating at 20 cents, this is the springboard for its to surge higher.

Tommylim. It's Investlah.com forum.

Just missed out the NTA. Thanks. The above factors are actually enough for me to continue sitting there waiting for the next wave.

Tommylim. Appreciate if you could post the pictures for latest construction progress of Imago Mall in Investlah under Asiapac thread. Thanks.

I would sell immediately if its fundamental change. Why I need to worry much for Asiapac?

What hold me back from selling:

1. Huge unbilled sales 508 million
2. Reasonable profit margin
3. Imago Mall will start contributing in near future
4. Potential take over target
5. PER: 5.4 times

With huge inventory, It can't even make money during the cocoa prices flying. Be prepared to tapao when the prices of cocoa depressing.

INNO, SWKPLNT, KULIM, GLBHD. Bullish CPO. Plantation theme in year 2014.

I have diverted my attention to plantation counters.

It's a good fundamental company generating stable profit and paying decent dividend every year.

This stock is almost on the way to Holland soon.

Inventory value RM 508 million as at 30 June 2013. Let say the average price was RM 6,900/mt ( US 2300/ton). There was 73,000mt of cocoa in its warehouse. They supposed to make at least RM 73 million (73,000 x RM 1,000) from the average cocoa price increased to US 2700/mt for the past 6 months if they really trade cocoa.

It inventory hit a record high 850 million or almost 94,000 mt of cocoa as at 31 Dec 13. Amazing!

This is the basic information for digestion before investing in a plantation company. It shows the past lacklustre performance and future potential given higher FFB production.

Update:

Plantation division

Turnover:
31 Dec 13 - 10,322,000
30 Sep 13 - 8,465,000
30 Jun 13 - 6,290,000
31 Mar 13 - 4,441,000

Profit / (Loss) before tax:
31 Dec 13 - 3,085,000
30 Sep 13 - 3,038,000
30 Jun 13 - ( 132,000 )
31 Mar 13 - ( 1,562,000 )

EPS:
31 Dec 13 - 1.25 cents
31 Sep 13 - 1.41 cents
30 Jun 13 - ( 0.13 cents )
30 Mar 13 - ( 0.89 cents )

Kulim facts:

PER: 56 times (adjusted )
EPS: 6.1 cents (adjusted)
NTA: 2.92
Gearing: 0.3
Dividend yield: NIL
Special Dividend: 90 cents (Year 2012)

FFB year 2013: 879,000MT
FFB year 2012: 716,000MT
FFB year 2011: 637,000MT
FFB year 2010: 551,000MT

Mature area (2012): 101,916 hectares
Immature area (2012): 22,018 hectares


EPS
Qtr 30-12-13 - (0.61) cents
Qtr 30-9-13 - 1.3 Cents
Qtr 30-6-13 - 5.24 Cents
Qtr 31-3-13 - 0.17 Cents (adjusted)

Sarawak Plantation facts:

Current price: 2.60
Lowest price in 24 months: 2.45

P/E: 18.32 times
EPS: 14.20 cents
NTA: 2.08
Gearing: NIL
Dividend yield: 3.08%
Dividend: 8 cents / share

FFB year 2013: 334,804MT
FFB year 2012: 303,118MT

Mature area (2012): 24,709 hectares
Immature area (2012): 3,218 hectares
Estimate Planted area (2013): 1,500 hectares ( 21.8 million )


EPS
Qtr 30-12-13 - 5.4 cents
Qtr 30-9-13 - 5.65 Cents
Qtr 30-6-13 - 0.48 Cents
Qtr 31-3-13 - 2.67 Cents
Qtr 31-12-12 -(2.49) Cents
Qtr 31-9-12 - 7.25 Cents
Qtr 30-6-12 - 5.78 Cents
Qtr 31-3-12 - 5.95 Cents


Turnover
Qtr 30-12-13 - 113m
Qtr 30-9-13 - 104m
Qtr 30-6-13 - 71m
Qtr 31-3-13 - 74m
Qtr 31-12-12 - 91m
Qtr 31-9-12 - 120m
Qtr 30-6-12 - 118m
Qtr 31-3-12 - 102m

Profit before tax:
Qtr 30-12-13 - 16m
Qtr 30-9-13 - 20m
Qtr 30-6-13 - 2m
Qtr 30-3-13 - 6m
Qtr 31-12-12 - ( 3m )
Qtr 31-9-12 - 26m
Qtr 30-6-12 - 21m
Qtr 31-3-12 - 23m

Capital Management as at 31 Dec 13:

Loan & Borrowing - > 306,751,000
Trade & Other Payable -> 105,681,000
Cash & Cash Equivalent -> ( - 29,817,000 )
Net Debt 382,615,000

Shareholder's Equity -> 378,564,000
Capital & Net Debt -> 761,179,000

Gearing Ratio 50%

Rule number 1, never touch China counters. Rule number 2, never forget rule number 1.

Icon888. This is the only property counter on my hand now. You would discover more after reading this thread.

Tommylim. Thanks for your update.

My tolerance is lower than you. Many property company will not be doing well this year. It's rather high risk to invest in property counters. I invest in Asiapac because of its high unbilled sales and Imago Mall.