U attend today?

额。。。你倒反了吧。我们注重价值投资跟高回酬，而你说的条件才比较像炒股吧。不过感谢你们的回复，他就是需要合理的解释才会谨慎思考这个公司对散户的前途如何。

anyone join today AGM, any comment?

In my own opinion after AGM, I dont think so they will privatization Bplant right now. Im also bliv LTAT will go for privatization Bplant if the price keep low, but not now due to high debt. Unless they confirm can sell their property will high value to cover the debt soon or the debt less than 50% from now. otherwise there will b high risk for them to privatization now, so will be better keep pass on risk to investor, at least mgmt still can have turnover if company need more cash from somewhere.

@Asia88 ya, n he also ignore some question related to him, like ady visit how many palm oil estate. Some simple question also pass to another mgmt answer, seen like don know anything. Like puppet chairman. Haiz...

@Asia88 Like what you say, I also unhappy some question their reply, like answer without confident or not direct to the point

For me:
Pros
1. 88% of the Past prime still can produce FFB, only 6% of the total prime over 25Year
2. Bplant can receive 32million gst refund by this year
3. FCPO price keep higher until end of next year, so bplant still can enjoy this higher cpo trend

Cons
1. Although CPO keep in higher price, but lack of man power can coz company unable to get more FFB to earn more profit
2. Company land bank good, but mgmt seen like non aggressive to convert this recourses to higher return and seen they dont have any plan or solution to overcome existing problem facing
3. Transformation programme still under 1st phase mid stage after 18months, which more than what their mgmt mentioned in AR 2019. Only 2nd phase can creating sustainable value to investor, means that mayb we still need to wait around one year+ can enjoy the better return

In myside conclusion, this counter is for investor who can hold more than a year without huge return. So I high possibility will leave it temporarily

I think main reason is Im not confident in their mgmt after AGM, especially the way they answer the serbadk case which ask by other investor. If their chairman say no or wont happen, then I will continue with Bplant. Although the annual report in receivable part and ratio seen everything is ok, but like what yr mention in auditor part disagreement, and suddenly resignation happen before AGM, so I have certain reservation in their mgmt

@Asia88 how do u think after AGM?

@Asia88 Yes, I will join AGM by this Thursday too. Myside also ready some question to their mgmt, hope other investor can ask more question too, then we will know more detail in Bplant info

@Asia88 Yes, u r right. So I also take FFB produce up to 25Years for our reference, then after 25Years company can plan whether replant or sell that land

this counter can be hold for long term investment. when i go thru last few years annual report, everything seen acceptable.

Compare with last few years FFB produce, the quantity FFB tonnes 2020 is increasing start from year 2016, almost same like year 2015. furthermore, year 2020 the total planted hectares already increase from 65k ha to 73k ha. someone will ask y land increase but FFB not increase? dont forget last few years bplant got borrow loan for purchase sabah land, and if replant old land, at least need 3years to growth. land purchase by year 2018, now already 2021, I dont think this is so hard for us to understand it

Next is Palm tree past prime analysis, anyone who familiar in palm tree industry sure know palm tree FFB produce year average life around 25~30year. annual report past prime requirement start from 20Yrs, if we take FFB produce up to 25Yrs, means that past prime still have 5Yrs to produce FFB. so this is reason y past prime increase, but FFB not decrease. if really want worry about high past prime also wait till year 2023, but doesn't means bplant must replant past prime at that time, they still have option to sell the land to earn profit. other than that, every year they also replant new palm tree, last 3year report show 6k ha per year, means that each year around 2k ha, and replant ha will b increasing year by year. especially in year 2017, 5.8k ha immature plant now fully contribute into new FFB produce.

Base on FCPO, we know the CPO price keep more than 3k until end of next year. if i not wrong, the costing for CPO production around 1.7k per tonne, if +tax +man power cost and others, let say cost up to 2.2k, means that if CPO price more that 2.3k above, company consider earning, up to 3k over earning, tats y KLK wanna take over IJM asap. If Bplant dividend back to 1x sen like before, we buy the price now really is high return. we see the future and invest for the future.

But what I worry is privatization, now we know Bplant is the goose with the golden eggs, I dont think LTAT will let others company take over. and I bliv they ady plan for privatization by last year. Y they stop, i think problem mayb come from pharma tat side. When I go thru boustead holding annual report, LTAT have more than 59% shares, direct share in Bplant more than 12%, means that LTAT direct and indirect in Bplant total around 46%. if they privatization Boustead Holding 1st, then go for bplant privatization not so hard. or they also have another option, like increase few more % in Bplant share then apply for privatization. Now the problem is Bplant too under value and too less open investor. if they apply for privatization, max offer also around 1.XX only, this offer too bad. especially most of their land was revaluation by 2016 before only. if like tat, as a open investor, we cant do anything and just let them take the goose with the golden eggs away. Especially this recent 5years got how many high return listed company go for privatization and we cant stop it. unless the price increase till they need reconsider again, at least we wont lose too much if they really still go for privatization. think like boss and will know what will they plan for the next

Bplant price up slow bcoz of shares flow too less, everyday total transaction not more than 1m. Both buy n sell also very less investor, so price hard move forward.