Expecting at least above 5% increase in yield p.a. for a 10 year performance. But seems didn't happen at all.

Axreit's performance is only stable but not improving, which is kind of disappointed. I thought its warehouse business (now including own property development capability) could enhance its profits. Maybe still need more years. This strategy has at least run more than 5 years now? Still not much fruit.

I don't like PP because it almost always gave me odd lots, which is impossible or very expensive to sell. Unless i am big investor, who can buy lots of shares to round up the PP offers to avoid odd lots, which I am certainly not one of them.

i thought icap's recent performance was because liquidation. So it's about a court case coming up? Then, still long long way to go. Court case, can dragged few years if not a year or so.

@invest8912
Thanks for the link. In the announcement articles, it only said Shah Alam II factory was closed down. In About->Plants, it stated there are only two plants left now, Main and Shah Alam (I). Not sure about the capacity ratio of the closed plant. If they are equal ratio, revenue could drop by 1/3, that's very serious.

panamy is very bad on investors relationships. Not much news after such big news and share price big dropping.
does anyone know what is the website of panamy with its IR (investors relationship) link?

really no hope....

continues to drop....scary....only because panamy said closing down one factory?

icap's NAV discount spread has been getting bigger and bigger. It's easy to see how market evaluate this close end fund's performance. Besides, we never really hear anything TTB said about icap, we only hear him talks about his couple new China funds. Icap is basically abandon when i look at it.

icapital actually hired a writer (JohnD0ugh) to defends in this forum? haha!

Exactly. All the cash can be just used to pay TTB and team management fees. What else can those cash used for? TTB is not buying any shares, and not paying investors' any dividend, and definitely no buyback plan. Market sees TTB, therefore consistently trading at huge discount. Investors can't sell the stock to monetize the cash in it because the stock price is horrible. It's not 1 year, 2 years, or 3 years in such condition. It's 4 years, 5 years. Who has so many 5 years to burn on their investment that still seeing no light for future? TTB keeps singing for China's success story in recent years. If so, shouldn't he already buy huge amount of China blue chips ETF such as PRINCIPAL FTSE CHINA 50 ETF? Did he? Ask yourself, what kind of fox TTB is. Can you trust any word coming out from his mouth.

@Nepo, calculating NAV vs market price discount isn't the way to valuate a stock's intrinsic value. You should open up your heart, read carefully what people comments in this thread, and digest them. Think calmly, don't involve self emotion in it. The truth will show his face. It's not the face you used to.

Does ICAP still a big invertor of Boustead? LCS scandal involved.
Former Boustead Heavy Industries Corp Bhd managing director Tan Sri Ahmad Ramli Mohd Nor today claimed trial to abusing his position by offering contracts for the RM9.13 billion procurement of littoral combat ships (LCS) by Boustead Naval Shipyard Sdn Bhd (BNS).
Is TTB good friend of him (too)? Long term investor even Boustead's horrible performance, the so called ultimate value investor TTB.

@Nepo do you know what a value trap is? I'm sure you know. But, like most retail "investors," knowing is very different from actually doing what they already know. This is the main difference between professional and amateur. TTB has behaved like a typical "Chinese glue" (中華膠) in recent years, which undoubtedly affected his investment judgment. He has been stubbornly waiting for a tedious world recession for at least four years, and it has yet to come. For this reason, TTB refuses to put cash to work. On the other hand, we see many masters doing the opposite. During market downturns, they either buy stocks or buy back their own shares. Warren Buffett has also been pouring in huge amounts of cash. Over the past 4 years, Buffett's BRK shares have risen 44.7%, while iCap has fallen 28.6%. It's not that iCap has been overlooked, it's that iCap has become the quintessential value trap stock. Its copious amounts of cash are useless because the TTB is not using this weapon. He's too stubborn to accept his own lapses in judgment, and he's a classic megalomaniac.

ICAP will stay "undervalued" for.....forever, perhaps. It's a classic example of value trap, and continue to be one in the future as long as TTB still ruling the fund. Believe it or not.

what is the yield at current stock price?

It's pointless to calculate how much discount icap price to its NAV, because investors have lost confidence in him. TTB's lack of investors' friendly attitude brought in this terrible discount. I won't be surprise if the discount goes all the way to 50% in near future. It's very easy to solve this discount problem, but he just won't do it (for the investors). He is a very selfish person, he only cares about his own and his company's income. Another horrifying thing is, after watching his live shows lately, his China-oriented mindset has extended to new highs, which making his mind very bias and anti-Universal values. This is very concerning for his investors. I'd long dumped all my icap. I am glad I did that.

How is its projects? Good reviews or not? Parc3, Novum, EST8....

Every time JohnDough speaks, icap price drops further. Because he portraits a cult group of blind supporters, which scared the hell out of many people. People starts to feel creepy if continue to hold their icap when looking at the psycho behave JohnDough.

@dumbbMoney, seriously, you should forget about the dual listing thing. TTB just using this thing to give depressing shareholders some hope for them to continue supporting icap. The simple rule of thumb on dual listing: icap's performance. Just ask yourself, will you buy icap listed in HK if the icap listed in bursa performs badly? This is the basic, performance. In fact, icap performed much better when TTB mentioned dual listing while being "attack" by the london boys. Look at icap in recent 5 years, performance was depressing. There is no way icap could find any new international investors to support the dual listing.

creepy JohnDough, creepy creepy .....

dumbMoney, it really is. Just take a look at how this JohnDough react in this thread, his (or her) actions were horrifying, giving me the feel of serial killer. Very scary. Real cult, it is.

ICAP is the best brain wash machine targeted at dump and ignorant malaysian retail "investors". Surprisingly, more than you can ever imagine, there are so many such people.

“I never want to pay above intrinsic value for stock ”。。。buffett.

Ok, let me calculate ICAP's intrinsic value......++--//**......results: RM1. Ok, i'll wait ICAP price to go below RM1 to buy.

ICAP's humongous NAV discount portraits how much respect market gives TTB. The conclusion: NO RESPECT! So, please TTB's fans and TTB's staffs who wrote in this forum, NEVER EVER compare TTB with the world most respectable value investor, Buffett. You guys are humiliating yourself as well as TTB by putting their names side by side, embarrassing!

Regarding dual listing. Some of you "trusted" TTB and believe what he told you. TTB said dual listing will unlocked ICAP's valuation because foreigners will appreciate his way of "value investment" and give ICAP a satisfactory valuation. The point is, you still trust what he said? If you follow his interview with foreign financial TV stations, you will see that those foreigners didn't look admiring his opinions at all. In fact, from their expressions, I saw "big doubts" on their face. I think TTB felt it too, that's why he keeps delaying the dual listing thing year after year. What if, the foreign listed ICAP has even worse valuation than bursa listed ICAP? TTB can die already, no more excuse to blame and must face the real world.

#Nepo, are you sure you know what you were talking about? TTB hold some of the worst company to hold when their businesses show years (if not decades) of earnings falling perspectives, such as Parkson and Bstead. And then, you talked about TTB being "conservative". You must understand, TTB doesn't lose anything by "conservative", he continues to receive huge amount of manager fees from ICAP shareholders although his "conservative" made ICAP one of the worst performer in past 3-5 years. ICAP shareholders has benefit nothing from TTB being "conservative" on ICAP (but TTB benefits himself huge instead, which is the opposite of many world famous companies which pay the CEO according to the company's share price performance).

ICAP Robot Psyco #JohnDough appeared again! Run!....

OMG, the creepy #JohnDough float out again with his trademark sleepwalking talk.....creepy creepy!

#JohnDough = Psycho .....scary.....

ya, i'm satisfy. Panamy will continue to stay as one of the most investor friendly well run company in my long term portfolio.

oops....sorry. just saw the dividend announcement. Less than before, but didn't let me down, still not bad.

So late, still not announcing dividend? Unlike past years.

#JohnDough, How much have you lost in ICAP? Relax man. You are becoming scary now, I think you should see a psychiatrist before mental breakdown.

#Quincy, you are comparing TTB's ICAP performance via KLCI30, which is already a very sad thing. Anyway, during this 7 years, ICAP NAV were down by 3.3%. And you are satisfy with his performance? This sounds really sad. If you put your investment in FD 7 years ago, you will get a compound growth of FD rate for 7 years....consider the rate is 3%, your profit will be 23% of your initial investment. So who beats who here?

Okay, lets talked about myself now. My own portfolio is a bit difficult to calculate performance because i withdraw money from it every few months. Lets talk about my sister's portfolio which I've been investing for her for about 8+ years now (consider close to your 7 years period). Her portfolio has no money in and out thing, it's one shot initial investment money put in, then never withdraw until now, I just use that money to trade on her portfolio. The performance is 114% gain, that goes 13.6% average annual gain. That portfolio, I treated it highly on value investment, everything buy for super long term in mind. I must admit her portfolio performance is even better than my own portfolio which trades much more frequent. So Buffett is correct, less trading activities is a good practice.

Lastly, I will say this. Some people are stubborn. Stubborn people is extremely difficult to learn well, because ego takes it all. It's sad, when you really think about it. It's sad and stupid.

#enigmatic, the reason i "seem to be bitter" about TTB is because i hate liars and insincere person who made use of their smart ass to manipulate simple minded person in order to make profit from them. In local stock market, there are two such person. TTB, and Koon Yew Yin. I always shoot them. They both use the name of value investing to do bad things that benefiting themselves as priority.

#enigmatic, you were wrong about the reason why i "seem to bitter" about TTB. It has nothing to do with whether i made money from subscription and trading ICAP. Any mature investor should understand that all materials are just one of the many opinions giving to us when we research on the market or any stock. Since you gave that as your judgement, I suspect your knowledge and experience in stock market is rather limited and immature. I suggest you should learn more before putting big money into the market.

#Quincy, you were suggesting me to subscribe to a non-performing fund managers' writing works? Are you ICAP staff? Because the logic is just....unbelievably funny. Let me tell you this, in fact, I was one of the big fan of TTB about 7 or 8 years ago. I attended all ICAP's big investment days/week and attended as many free talks as possible. And, I actually paid and subscribed to the ICAP newsletters for one whole year during that time. So, i really quite familiar with TTB's way of thinking. My conclusion today is this, not worth it. TTB doesn't deserve his title. Some of us had finally seen "the truth" on him, but a lot others still blur blur admiring him. I'm sure you subscribe to the newsletter (if you are not ICAP staff, sorry), so you may already asked him those questions, then why don't you just post his answers here? Instead of asking people here to pay TTB (even more) money to subscribe to his newsletter then only able to ask him those questions?

#ahhuat56, your statements were.....sounded like a primary school kid....Do you mind i ask, how old are you?

ok, thursday announced, ICAP NAV by 10-June was 2.90, only 1.75% above last week's 2.85. Meaning, he didn't buy *a lot of" Airasia stock.
Once again, compare KLSE index in 10-June and 3-June, it's was a 2.4% upwards vs ICAP NAV's 1.75% upwards. Once again, KLSE beats ICAP in huge margin, 37% more to be precise. Congrats TTB, once again, you had done it.

Next quarter? You guys don't know ICAP announces NAV every Thursday? If AA up big time and ICAP has it, its NAV will up by Thursday.

waiting for dividend announcement....

If you prefer TTB's model of value investing, go for ICAP.
If you prefer Warran Buffett model of value investing, go for BRK-B of NYSE.

And the above is about "TTB MODEL OF VALUE INVESTING" thing.
Now, if we look at a different side of story. For an active fund manager, even if he's based on value investing, he'll still move around his investment during any stage of market cycle. That case, we need to invest in it no matter it's bear market or bull market, because we need his expertise to work our money for us. Such fund manager, for example, Warran Buffett.

If the economy disaster is coming, of course we would prefer to buy when the world full of crying in every corner. There is no reason to buy today, even ICAP. Wait 50% drop, then we consider to start buying ICAP, right? TTB ?

Today, if we asked TTB the same question, I'm sure he'll answer the same way as before, which, any smart people think, doesn't make any sense.

Just wondering, did anyone ask TTB what he think of ICAP's reasonable buying point?
About 7 years or even longer ago (can't remember when, just long time ago when i was also one of his fanboy), i attended a show he organized (those investment week big event that spend ICAP money!) , huge hall, full-house, a guy asked him this question. His answer was, buy now, because it's cheap (discount of about 20% that time). After his answer, audience laugh. Because, he just finished a talk about world economy going down hill while stocks going uphill. Then the man continue asking him, why not buy ICAP later when world stock market finally drop to his like (he also said big, maybe 50% drop or so). He laugh too and talked meaningless shits as a reply.

I guess we can just look at quarter reports to know ICAP cash holdings number.

Yes, i also very much disgusted by his everyday china china china and lots of politics. We can hardly hear anything helpful on stock markets. We only hear one phrase all the time: long term!

ok, buy genting at 1.50. I can add more, buy pbbank at 8.00, buy Maybank at 3.00, Panamy at 12.00. It's very easy job! Just find some companies with steady management and stable business model, then put a ridiculously cheap valuation target. I give you more. Buy Apple at 80, Google at 300, Amazon at 500. I guarantee you to make money, if you loss money you take my head and go. Such easy job! How difficult is that?