Posted by i3gambler > 4 weeks ago | Report Abuse

That is what ICAP said, foreigners have equal right provided they hold not more than 20%.
And it look like COL try to bring down their holding to 20% or less.

Posted by Sslee > 4 weeks ago | Report Abuse

Is TTB now saying he paid COL the 2021 dividend by mistake?
Can someone ask TTB to file a legal claim to COL to pay back the 2021 dividend?

Ann. Date
Ex Date
Type
Subject
Amount
22-Oct-2024 05-Nov-2024 DIVIDEND Interim Dividend (with Dividend Re-Investment Plan) RM 0.1041
18-Nov-2021 17-Dec-2021 DIVIDEND Special Dividend RM 0.2000
22-Aug-2013 17-Sep-2013 DIVIDEND Special Dividend RM 0.095

Posted by JohnD0ugh > 3 weeks ago | Report Abuse

In my commentary in last year’s annual report, I gave my positive outlook on Malaysia. Briefly, I wrote that from a macro viewpoint, “Malaysia’s domestic political development has entered a new stage, one which I think heralds better political governance, promises a better and stable government and hence a better Malaysia.

With Malaysia blessed as a country with great and plentiful human talents, the anticipated new era will give birth to a country which will once again be on the right path of fulfilling her potential. I expect the Malaysian stock market to be a beneficiary.”

Then, in my talk on 5th November at the 2023 Investor Day, I forecasted that the KLCI would reach 2,500 to 3,000 points in the next three to five years. Nearly one year later, my longer-term bullish views of Malaysia and her stock market have remained the same.

With this, it is very timely for me to remind share owners about a very important principle on compound return. Investors are told it is never wrong to take a profit. Charlie Munger has a simple answer for this question.

“The first rule of compounding: Never interrupt it unnecessarily” - Charlie Munger

His advice is one of the most important principles on successful investing. Investors should not interrupt that compounding lightly. The combination of Malaysia entering a better era, icapital.biz Berhad invested in more stocks and a high quality share ownership structure can produce a very exciting future for your Fund’s NAV and share price.

Do not interrupt the compounding of your investment in icapital.biz Berhad.

Finally, let us remember what Lee Kuan Yew warned about Slater Walker. Let us all ensure that another British investor now does not destroy icapital.biz Berhad, a budding role model for Malaysian individual investors, and other companies listed on Bursa to emulate.


i Capital.biz Berhad 2024 Annual Report

Posted by Sslee > 3 weeks ago | Report Abuse

"Self-praise is for losers. Be a winner. Stand for something. Always have class, and be humble." - John Madden

Posted by Income > 3 weeks ago | Report Abuse

The director emoluments must be based on fund performance.
You must follow Warrant Buffalo fees charges for his fund.
Why can’t follow????

Posted by i3gambler > 3 weeks ago | Report Abuse

But the Expense Ratio of Open End Unit Trusts / Mutual Funds in Malaysia also around 2%.

Posted by i3gambler > 3 weeks ago | Report Abuse

Would someone pump up the ex-dividend price, otherwise look at the current market price, who wants to opt for DRIP?

Posted by Patient Investor > 3 weeks ago | Report Abuse

It doesnt matter if no one will participate in DRP. if there's no participation, the fund size shrinks and less liquidity, thats all. Berkshire-A shares don't split because they don't want too many trading activities on it.

Posted by i3gambler > 3 weeks ago | Report Abuse

Fund manager will receive less fee if the fund size shrinks.
However, I think TTB is a professional manager, he could have set the exercise price with huge discount so that certainly almost all unitholders would opt for DRIP.

Posted by JohnD0ugh > 2 weeks ago | Report Abuse

Most of the ASEAN economies are performing well (with Thailand being the exception). Besides, Vietnam, Thailand, Indonesia, Cambodia and Singapore have all recently seen stable political changes.

Given such positive trends and responsible societies, should the ASEAN stock markets, including that of Malaysia, not be trading at a premium to those found in conflict-torn areas like Europe and Britain ?

The same principle applies to the share price of icapital.biz Berhad. It should be trading at a premium or at least without discount.

Should the present large foreign investors allow the stock price of icapital.biz Bhd to trade without any interference, the discount of your Fund will disappear at a faster pace and its stock price will then be able to trade at a rational level earlier than otherwise. Your Fund, like Malaysia or ASEAN, has yet to be understood and appreciated.

I would like to share two useful quotes from Charlie Munger with our shareowners:

“People calculate too much and think too little.”

“The big money is not in the buying and the selling, but in the waiting.”


i Capital.biz Berhad 1Q2025 Report

Posted by Sslee > 2 weeks ago | Report Abuse

Thinking is not enough you need to put your thought into calculation or paper to get a clearly picture.

Only loser or those cannot perform or did not perform will quote below in the self fallacy if you wait long enough your stocks will start to perform.
“The big money is not in the buying and the selling, but in the waiting.”

Posted by Sslee > 2 weeks ago | Report Abuse

你知不知道 你知不知道 我等到花兒也謝了

Posted by leekengchan65 > 2 weeks ago | Report Abuse

ICAP appears to be holding only 14.54% in cash. It seems he is bullish on the Malaysian stock market. But he is not optimistic about the U.S. stock market. And now the U.S. stock market is at a high record. If the US stock market falls, won’t Malaysia fall? This is a bit similar to what happened in 2008, when ICAP was only 15.58% cash left that time. Then he believed that because China is here, even if the U.S. stock market crashed, Malaysia and other countries in the world will not have problems. And we know the final result, he failed. This time is a bit similar to last time

Posted by Patient Investor > 1 week ago | Report Abuse

The dividend payout is only around 2.6% of NAV, so to the management fee its quite insignificant.

Its so interesting to watch its share price trading below the DRP offer price. Hope it drops further so i can buy from market.

Posted by i3gambler > 1 week ago | Report Abuse

140m*0.1041*1.5%Fee=219K per year, and for every subsequent years.

Posted by 4dview > 1 week ago | Report Abuse

The more shareowners take up cash instead of DRP, the more TTB’s management and investment advisory fees will be dented.

Posted by JohnD0ugh > 1 week ago | Report Abuse

Whatever the outlook may be, I would like to reiterate to share owners that the portfolio of icapital.biz Berhad is managed based on the eclectic value investing philosophy of Capital Dynamics.

The margin of safety principle underlines it all and it takes on greater importance in an environment that is best summed up as “It was the best of times, it was the worst of times.”


i Capital.biz Berhad 4Q2016 Report

Posted by Sslee > 1 week ago | Report Abuse

It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair.
Charles Dickens, A Tale of Two Cities

If only you had bought ............instead of icapital. A Tale of Two.......

Posted by i3gambler > 1 week ago | Report Abuse

Checked Yahoo Finance just now,

1) ICAP=2.89, and the adjusted close price on 19th Oct 2005 was 0.8588.
The annualised return = (2.89/0.8588)^(1/19.07years)-1=6.57%,

2) KLCI=1,610.13, and it was 914.17 on 19th Oct 2005.
The annualised return = (1610.13/914.17)^(1/19.07years)-1=3.01%,
However, KLCI Dividend Yield was averaging around 3 to 4% for the past 19 years.
A total of 3.01%+3.50%=6.51%.

So I would say both ICAP and KLCI performance are about the same for the past 19 years.

Posted by FastMoney666 > 6 days ago | Report Abuse

The fund manager always omitted the KLCI dividend when making comparisons and insisted that he had beaten the KLCI by a wide margin. 😎

Posted by JohnD0ugh > 4 days ago | Report Abuse

The concept of value investing is really simple. However, understanding and applying this time-proven investing style consistently is another story altogether.

Value investing is about finding the intrinsic value or sustainable earning power of a stock, a business or an asset and then buying it at an attractive price, which is always below the intrinsic value of the stock, business or asset.

Doing so provides the buyer a margin of safety, one of the central concepts in value investing.

i Capital.biz Berhad 4Q2015 Report

Posted by i3gambler > 4 days ago | Report Abuse

I took time to go through all quarterly reports from Feb 2017 to Aug 2024.
I copy and paste all the "Non-current assets" and "Current assets" to a speadsheet.
And calculate the ratio of "Current assets" over "Total Assets", more or less is the Cash Level.

I plot a chart.
I can see a very clear picture, the Cash Level was very high at around 65% from Nov 2018 to May 2020.
Then from May 2020, it is clear that the Cash Level drop from 65% to 17% at Aug 2024, almost like a straight line.

My calculation.
1) KLCI
From May 2020 to Aug 2024, KLCI grew up at an annualised rate of 3.1%.
The KLCI Dividend Yield was averaging at 4.1%.
Therefore the CAGR for KLCI including Dividend was 3.1% + 4.1% = 7.2%.
2) ICAP NAV
From May 2020 to Aug 2024, ICAP NAV's CAGR was 10.3%, including the 20 sen dividend.

Conclusion:
ICAP was correct to reduce the Cash Level from 65% to 17%.
And the result was ICAP out performing the KLCI+Dividend by 10.3% - 7.2% = 3.1%.
My expectation on ICAP is very reasonable, I would be happy as long as ICAP could beat KLCI+Dividend.
To me, a 3.1% out perform is already vey Good.

Posted by guatmingsuktbD > 2 days ago | Report Abuse

'The concept of value investing is really simple. However, understanding and applying this time-proven investing style consistently is another story altogether.'

Icap still living in dinosaur times, LOL.