Posted by KowChye > 2012-10-26 13:11 | Report Abuse

A counter worth to watch for?....as price now <3.50.

Posted by tkg8 > 2013-10-03 17:43 | Report Abuse

This is also another undervalued counter, time will tell...

Posted by Icon8888 > 2014-02-17 12:05 | Report Abuse

beneificiary of strong CPO price. Sizeable plantation assets in indoensia.

A company forgotten by the investment community

Posted by Icon8888 > 2014-02-17 13:13 | Report Abuse

You very good ah. Same wavelength

Posted by Icon8888 > 2014-02-17 14:09 | Report Abuse

smart fellow

Posted by Up_down > 2014-02-17 14:23 | Report Abuse

Same same. You have done your homework too. This coming quarter results is going to be better since the devaluation of Rupiah against RM was 4.6% only as compared to last quarter 14%.

Posted by Icon8888 > 2014-02-17 14:38 | Report Abuse

price a bit weak. Maybe coming quarter result not so good ?

Posted by Up_down > 2014-02-17 14:46 | Report Abuse

Dellyod would be able make some profit in the coming announcement. The effect of unrealised loss on foreign exchange would probably be RM 8 million.

Posted by Icon8888 > 2014-02-17 15:42 | Report Abuse

i bought some at 324

Posted by Icon8888 > 2014-02-17 15:42 | Report Abuse

you got any ?

Posted by Icon8888 > 2014-02-17 16:07 | Report Abuse

pssst i tell you a little secret, you dont tell anybody, ok ?

Posted by Icon8888 > 2014-02-17 16:08 | Report Abuse

a little bird told me they are contemplating IPO for their plantation assets.

Just like MKH

promise keep it hush hush ?

Posted by Icon8888 > 2014-02-17 16:10 | Report Abuse

they have 11,000 ha. based on conservative RM40,000 per ha, the valuation for plantation assets alone is RM440m. That would be RM4.40 per share (the plantation assets alone)

the auto assets i think can easily worth RM1.50 kuah...

meaning their intrinsic value easily RM6.00 per share.

You are the first one I told.....

Posted by Up_down > 2014-02-17 16:23 | Report Abuse

Listing of its plantation units were speculated 2 years ago. Any fresh news?

If i am not mistaken, its fully planted area is 12,751 ha.

Posted by Up_down > 2014-02-17 16:45 | Report Abuse

Bought some. A good fundamental company with dividend yield 3%. Not many people know about this company due to lacking publicity or coverage. I had to dig out my old records to study its future potential in plantation segment.

If you ignore the effect of Rupiah devaluation temporarily, it is a good choice to pump in the money. Bear in mind, its plantation segment would have another 24% FFB production growth in year 2014 when achieving almost 100% of mature area.

Posted by Up_down > 2014-02-17 16:59 | Report Abuse

The contribution of plantation segment from Dellyod is much higher than MKH in term of EPS.

Dellyod:
Number of shares: 96,782,283 ( 31% of MKH )
Planted land: 12,751 ha ( 85% of MKH )
Mature area: 12,751 ha
Prime Mature area(estimate) : 4,028 ha
Young Mature area: 8,723 hac

MKH:
Number of shares: 314,427,000
Planted land: 14,400 ha
Mature area: 13,800 ha
Prime Mature area (estimate) : NIL
Young Mature area: 13,800 hac

Posted by Icon8888 > 2014-02-17 20:16 | Report Abuse

according to annual report 2012 :

The Group today owns a total of 15,871 hectares of oil palm
plantations, with 1,449 hectares in the Sungai Rambai estate,
Batang Berjuntai and 14,422 hectares in Pulau Belitung, Indonesia.
The total planted area in Belitung as at end March 2012 stands at
11,302 ha, of which 78% or 8,886 ha are classified as fruit-bearing
or matured area with trees ranging from 6 to 12 year old. As peak
yields generally occur between 10 to 18 years of age, these estates
will continue to see growing yields in the near to medium term.

Posted by kakijudi > 2014-02-17 20:24 | Report Abuse

Haha you all got good eyes . I bought this stock keep in fridge d just wait for it to explode. Huge huge land banks. And u said intrinsic value rm6. That's an understatement my man. Easily above rm10

Posted by Icon8888 > 2014-02-18 10:34 | Report Abuse

false alarm. This stock not as undervalued as assumed. They only hold 54% equity interest in the Indonesian subsidiary (which holds the 14,000 Ha). You can do the maths

Posted by tkg8 > 2014-02-19 17:25 | Report Abuse

i bought this counter since 2 years back and it seems unmoved but i am quite confident with it. Besides plantation, they are also one of local pioneer automotive parts manufacturers.
Icon8888, you meant the properties owned by Delloyd has not been evaluated since long time ago and the value reflected by its share is not the real value? :)

Posted by Up_down > 2014-02-19 18:02 | Report Abuse

There are about 70% of its mature area at prime stage. Hope it would list its plantation units.

Posted by Icon8888 > 2014-02-19 20:07 | Report Abuse

tkg8, i was originally excited as i thought they have 14,000 ha. however, after reading their annual report, it seemed that they only own 54% of the subsidiary that owns the 14,000 ha. That will be approximately 7,500 ha. So it is not as great as I thought.

Having said so, the stock is still considered undervalued at this level. Based on conservative assumption of RM45,000 per Ha, the market value for 7,500 ha will be RM330m. For FY2013, the automotive division contributed RM17m net profit (rough estimate). Based on 8 times PER (to reflect small cap), valuation is RM136m.

Plantation + Automotive = RM330m + RM136m = RM466m. Based on 100m shares, fair value = RM4.66 per share. about 40% upside.

Posted by Icon8888 > 2014-02-19 20:10 | Report Abuse

but of course, if you apply a higher assumption for plantation, lets' say RM60,000 per ha, the valuation will be RM450m.

Add RM136m for automotive division, total value would be RM586m, or RM5.86 per share. 80% upside.

So, it depends on what assumption you make.

Posted by Icon8888 > 2014-02-19 20:13 | Report Abuse

the IPO is not a fantasy. I heard from credible source it is on the work (cross my heart).

Posted by Icon8888 > 2014-02-19 20:25 | Report Abuse

http://www.theedgemalaysia.com/highlights/174919-delloyds-thrust-into-plantations-bus-assembly-pays-off.html

Posted by Icon8888 > 2014-02-19 20:26 | Report Abuse

this article (dated 2010) said that by 2014, the company expects to produce 194,000 FFB. Based on OER of 20%, CPO = 38,800 MT. Based on RM2,600 per MT of CPO and operating cost of RM1,400 per MT, PBT of plantation division = RM46.6m. Based on 25% tax, plantation net profit = RM35m. Add RM17m net profit from automotive, total net profit in 2014 could be RM52m, or EPS of 52 sen. At current price, PER = 6.23 times. Based on 10 times PER, fair value = RM5.20.
19/02/2014 20:25

Posted by tkg8 > 2014-02-19 22:01 | Report Abuse

Icon8888, wow! A detail and comprehensive analysis. Thanks for that!
What had lured me to invest was the low PE and NTA. This was one of first Bursa counters which i bought when i started learning shares (another one was Success Transformer). lol

Posted by Icon8888 > 2014-02-21 12:47 | Report Abuse

previous calculation based on RM2600 for CPO. Now it has gone up to 2700. The revised profit forecast is as follows :-

by 2014, the company expects to produce 194,000 FFB. Based on OER of 20%, CPO = 38,800 MT. Based on RM2,700 per MT of CPO and operating cost of RM1,400 per MT, PBT of plantation division = RM50.4m. Based on 25% tax, plantation net profit = RM38m. Add RM17m net profit from automotive, total net profit in 2014 could be RM55m, or EPS of 55 sen. At current price, PER = 5.9 times. Based on 10 times PER, fair value = RM5.50.

Posted by Icon8888 > 2014-02-27 11:29 | Report Abuse

delloyd up.... results good ?

Posted by tkg8 > 2014-02-27 12:39 | Report Abuse

I am also wondering...was trying to search from bursa website about the FY Report, hasn't announced yet!

Posted by tkg8 > 2014-02-27 12:40 | Report Abuse

hardly see big volume like today and also a sudden shoot in price!

Posted by Icon8888 > 2014-02-27 13:40 | Report Abuse

He he don't get too excited. Some volume is attributable to me

Posted by tkg8 > 2014-02-27 15:05 | Report Abuse

haha

Posted by tkg8 > 2014-02-27 15:07 | Report Abuse

Icon 8888, meaning that you are optimistic with this counter

Posted by Icon8888 > 2014-02-27 15:21 | Report Abuse

because i know something other people dont know ke ke ke

Posted by Icon8888 > 2014-02-27 17:21 | Report Abuse

8.9 sen bro

Posted by Up_down > 2014-02-27 18:48 | Report Abuse

Not bad. I am expecting higher in next quarter.

Posted by Icon8888 > 2014-02-27 19:09 | Report Abuse

next quarter will be a totally different animal. : )

Posted by Icon8888 > 2014-02-27 19:09 | Report Abuse

this quarter got 3 sen dividend, thank you Delloyd

Posted by 逍遥子 > 2014-03-12 11:29 | Report Abuse

Start to move a bit after X-Date ! Good sign

Posted by 逍遥子 > 2014-03-12 14:48 | Report Abuse

Finally.....

Posted by tkg8 > 2014-03-12 16:43 | Report Abuse

hardly see such big volume in transact.

Posted by chongkonghui > 2014-03-12 19:57 | Report Abuse

almost similar to KFIMA, high 4-week and 52-week high today.

Posted by talkrealreal > 2014-03-13 10:52 | Report Abuse

0 volume until now. How to trade?

Posted by leeyh > 2014-03-20 15:52 | Report Abuse

For tkg8,Delloyd is a good company with diversified operation from automotive as well as plantation.Although the result for cumulative result do not spike investor due to vast contraction as a result of currency depreciation.But however, their business model are stable coupled with the strong cash balance and they are gradually paying off debts. Although it might not have the same performance as per Hartalega or Dsonis which rapid pace but over the long term this type of company should generate reasonably well return.

Posted by Kannibu > 2014-03-20 15:54 | Report Abuse

Plenty of such companies around. With traded volume!

Posted by tkg8 > 2014-04-01 17:10 | Report Abuse

Moving uptrend gradually...lol

Posted by tkg8 > 2014-04-03 11:06 | Report Abuse

Coming...I suppose some good news to be announced soon!

Posted by Cold Eye > 2014-04-03 18:42 |

Post removed.Why?

Posted by Icon8888 > 2014-04-04 10:16 | Report Abuse

I have tried to write about Delloyd recently. I have got almost all the info that I need. However, there is something I cant figure out, which kind of stop me from publishing my article.

Delloyd owns 60% of it Indoensian plantation subsidiaries (which owns the bulk of its plantation assets). However, in the P&L, there is no minority interest deduction. I simply can't figure out this part