INNOPRISE PLANTATIONS BERHAD

KLSE (MYR): INNO (6262)

You're accessing 15 mins delay data. Turn on live stream now to enjoy real-time data!

Last Price

1.58

Today's Change

-0.01 (0.63%)

Day's Change

1.57 - 1.62

Trading Volume

257,800

Financial

Show?
Last 10 FY Result
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Revenue 248,696 249,797 227,133 270,219 229,999 153,794 118,600 114,222 138,211 136,349 115,052 57,816 16.40%
PBT 88,622 88,042 69,081 111,538 113,563 47,568 17,546 12,688 55,449 41,387 26,718 10,217 23.64%
Tax -20,729 -20,489 -15,618 -26,449 -26,494 -10,670 -3,906 -2,503 -12,352 -10,028 -6,639 -2,651 21.76%
NP 67,893 67,553 53,463 85,089 87,069 36,898 13,640 10,185 43,097 31,359 20,079 7,566 24.25%
-
NP to SH 67,893 67,553 53,463 85,089 87,069 36,898 13,640 10,185 43,097 31,359 20,079 7,566 24.25%
-
Tax Rate 23.39% 23.27% 22.61% 23.71% 23.33% 22.43% 22.26% 19.73% 22.28% 24.23% 24.85% 25.95% -
Total Cost 180,802 182,244 173,670 185,130 142,930 116,896 104,960 104,037 95,114 104,990 94,973 50,250 14.76%
-
Net Worth 320,834 320,834 311,257 301,680 325,623 335,200 316,515 311,257 679,978 613,963 248,597 228,537 3.48%
Dividend
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Div 57,782 57,702 47,885 88,588 105,348 31,125 4,795 14,365 19,154 - - - -
Div Payout % 85.11% 85.42% 89.57% 104.11% 120.99% 84.36% 35.16% 141.05% 44.44% - - - -
Equity
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Net Worth 320,834 320,834 311,257 301,680 325,623 335,200 316,515 311,257 679,978 613,963 248,597 228,537 3.48%
NOSH 478,857 478,857 478,857 478,857 478,857 478,857 478,857 478,857 478,857 461,626 191,228 190,448 10.78%
Ratio Analysis
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
NP Margin 27.30% 27.04% 23.54% 31.49% 37.86% 23.99% 11.50% 8.92% 31.18% 23.00% 17.45% 13.09% -
ROE 21.16% 21.06% 17.18% 28.21% 26.74% 11.01% 4.31% 3.27% 6.34% 5.11% 8.08% 3.31% -
Per Share
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
RPS 51.94 52.17 47.43 56.43 48.03 32.12 24.73 23.85 28.86 29.54 60.16 30.36 5.07%
EPS 14.17 14.11 11.16 17.77 18.18 7.71 2.85 2.13 8.97 6.71 10.50 3.97 12.16%
DPS 12.07 12.05 10.00 18.50 22.00 6.50 1.00 3.00 4.00 0.00 0.00 0.00 -
NAPS 0.67 0.67 0.65 0.63 0.68 0.70 0.66 0.65 1.42 1.33 1.30 1.20 -6.58%
Adjusted Per Share Value based on latest NOSH - 478,857
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
RPS 51.94 52.17 47.43 56.43 48.03 32.12 24.77 23.85 28.86 28.47 24.03 12.07 16.41%
EPS 14.17 14.11 11.16 17.77 18.18 7.71 2.85 2.13 9.00 6.55 4.19 1.58 24.24%
DPS 12.07 12.05 10.00 18.50 22.00 6.50 1.00 3.00 4.00 0.00 0.00 0.00 -
NAPS 0.67 0.67 0.65 0.63 0.68 0.70 0.661 0.65 1.42 1.2821 0.5191 0.4773 3.48%
Price Multiplier on Financial Quarter End Date
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Date 30/09/24 30/09/24 29/12/23 30/12/22 31/12/21 31/12/20 31/12/19 31/12/18 29/12/17 30/12/16 31/12/15 31/12/14 -
Price 1.48 1.48 1.31 1.59 1.29 1.17 0.96 0.61 1.17 1.12 1.28 1.49 -
P/RPS 2.85 2.84 2.76 2.82 2.69 3.64 3.88 2.56 4.05 3.79 2.13 4.91 -6.19%
P/EPS 10.44 10.49 11.73 8.95 7.09 15.18 33.75 28.68 13.00 16.49 12.19 37.51 -12.10%
EY 9.58 9.53 8.52 11.18 14.10 6.59 2.96 3.49 7.69 6.07 8.20 2.67 13.75%
DY 8.15 8.14 7.63 11.64 17.05 5.56 1.04 4.92 3.42 0.00 0.00 0.00 -
P/NAPS 2.21 2.21 2.02 2.52 1.90 1.67 1.45 0.94 0.82 0.84 0.98 1.24 5.56%
Price Multiplier on Announcement Date
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Date 25/11/24 25/11/24 23/02/24 21/02/23 25/02/22 22/02/21 24/02/20 10/09/19 22/02/18 20/02/17 23/02/16 25/02/15 -
Price 1.70 1.70 1.48 1.55 2.03 1.07 0.75 0.685 0.885 1.35 0.635 1.43 -
P/RPS 3.27 3.26 3.12 2.75 4.23 3.33 3.03 2.87 3.07 4.57 1.06 4.71 -4.47%
P/EPS 11.99 12.05 13.26 8.72 11.16 13.89 26.37 32.21 9.83 19.87 6.05 36.00 -10.49%
EY 8.34 8.30 7.54 11.46 8.96 7.20 3.79 3.11 10.17 5.03 16.54 2.78 11.71%
DY 7.10 7.09 6.76 11.94 10.84 6.07 1.33 4.38 4.52 0.00 0.00 0.00 -
P/NAPS 2.54 2.54 2.28 2.46 2.99 1.53 1.14 1.05 0.62 1.02 0.49 1.19 7.48%

PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.

NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.

Div Payout %, NP Margin, ROE, DY, QoQ ⃤ & YoY ⃤ figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.

All figures in '000 unless specified.

Discussions
3 people like this. Showing 50 of 748 comments

Fabien _the efficient capital allocator

Inno do not own the plantation land. By right, Inno should trade at a discount to the rest of plantation owners.

2024-06-22 19:51

Sardin

You're right, Fabien. There are at least 3 wonderful things about Inno. First, talk about the land. Land concession is until 2073. It had been extended before, and will be again in future. Company like UP needs to pay for the land as quite a lot of it are leasehold. This cost is recognized as amortization. Comparing this to the rental Inno is paying despite the fact that Inno owns no land, one will find that the "effective cost to use the land" for Inno is a significantly less (RM 1.83 per ha per year or RM 3.40 if you want to assign 0 cost to the land planted with laran trees and move all the cost to the oil palm plantation). The 2nd wonderful thing is this FY2024 EPS and DPS. I would like to get your view on that. Let's see if we got the same figure.

2024-06-23 02:12

Tanleechoo

Tqsm Sardin for sharing

2024-06-23 15:25

lionel messi

@moneyontheway, Q1 dividend already announced and will be paid on 28/6/24. 2.25 sen.

2024-06-24 08:26

Thirai Thiraviam

@Sardin:
> There are at least 3 wonderful things about Inno. First, talk about the land. Land concession is until 2073. It had been extended before, and will be again in future. Company like UP needs to pay for the land as quite a lot of it are leasehold. This cost is recognized as amortization. Comparing this to the rental Inno is paying despite the fact that Inno owns no land, one will find that the "effective cost to use the land" for Inno is a significantly less (RM 1.83 per ha per year or RM 3.40 if you want to assign 0 cost to the land planted with laran trees and move all the cost to the oil palm plantation). The 2nd wonderful thing is this FY2024 EPS and DPS.

Innoprise is in a cyclic commodity business, yet it enjoys a rather decent PER. We have to ask why. I feel the wonderful things you mentioned above are already priced in. From their own reporting, we know that the company is highly dependent on the price of CPO, which, after almost halving a couple of years back, has been stable at around RM 4,000 per ton. So, any growth in earnings must come from either increased production or improved productivity.

As of the end of 2023, the company reported that only 0.5% of the trees were immature; the rest were already producing. (In 2022, 261 hectares were planted with immature trees; this reduced to 56 hectares in 2023.) Regarding the laran trees, they are expected to achieve maturity only about eight years from now. Overall, we do not see much room for growth.

Regarding productivity improvement, the company reported that oil and palm kernel extraction rates improved by 1% and 3%, respectively, in 2023. This, too, suggests a lack of room for growth.

My screener shortlisted this stock because of its strong financials, profitability, and its closeness to the 200-day SMA, but its lack of growth prospects gives me pause. Let me know if I've missed something. Cheers.

2024-06-24 22:22

lionel messi

I am happy if they can give at least 10 sen dividend every year. Hope not asking too much.

2024-06-25 08:41

Sardin

@Thirai Thiraviam. Happy to see your response and your thoughts. In the end all the thoughts must be summed up to EPS and DPS forecast in order to give yourself (ourselves) a clear buy, hold, or sell decision. So, based on your best knowledge in Inno, what would be the EPS and DPS for FY2024? After that I will respond in which areas you had not mentioned.

2024-06-25 11:57

Thirai Thiraviam

@lionel_messi and @Sardin -

For a company to pay a decent (and, hopefully, growing) dividend, it needs to have a decent and growing revenue. In the case of Innoprise, its dividend payout ratio of 0.88 is rather high, leaving very little room to further increase the payout ratio should revenue suffer for any reason. This high payout ratio also suggests that the company might not have significant growth opportunities requiring reinvestment of earnings.

I also looked at the company's net income and accounts receivables for Q1-23 and Q1-24. In Q1-23, net income was RM9.1 million and accounts receivables were RM2.28 million. For the latest quarter, receivables have more than doubled to RM4.67 million, while net income has only slightly improved to RM11.8 million.

I also have questions about the increasing values assigned to plantation trees*, but this suggests (to me, at least) that the company could be a little too creative in recognising revenue.

Given all the above, I’d give this company a pass. I see little upside in the near future, and the dividend would likely be cut if the price of CPO falls below its current RM4,000 per tonne.

* The following is from its 2023 annual report: "Biological assets classified as non-current assets represent standing growing trees to be harvested upon maturity. These plantation trees are measured at fair value less costs to sell. Any gains or losses arises from changes in the fair value less costs to sell are recognised in profit or loss."

2024-06-25 16:23

Tanleechoo

Tqsm @sardin .. current price is 1.41 , n what is yr valuation . Is it a good time to enter ?

2024-06-26 23:01

Sardin

@Tlc. Definitely

2024-06-28 09:50

Tanleechoo

@Sardin tqsm for the advice .. I do read how u analyse UP n make some money in UP .. Tqsm again for the guidance

2024-06-28 15:40

calvintaneng

Hi guys

Tsh Bod (Board of Directors) have been very generous with Inno plant share holders by giving out dividends four quarters a year

Tsh also benefitted as Tsh owns 105 Million Inno shares

Now that Tsh has finally paid off Billion ringgit worth of Assets (Inno got none as all Inno lands are rented free from Sabah Govt) Tsh being a cash rich entity can now follow Inno examples to give out very good dividends

Just keep all good Inno shares And if you got extra cash can buy some Tsh now

When Inno started giving out great dividends its share price jumped 200% from 50 sen to over Rm1.50

By the same pattern and more Tsh can also up 100% to 200%

2024-07-02 09:54

thanos2020

https://theedgemalaysia.com/node/717790

CPO prices still holding above RM3500-RM4000/tan for 3mths... Inno/other plantations shld be making loads, since cost per CPO is ard RM2K+/tan

2024-07-04 18:48

moneyontheway

@lionel, how many sen is the div, i did not see it came out in the starbiq

2024-08-20 10:53

Income

Why still around the same price?

2024-09-21 16:24

lionel messi

Give you a chance to buy cheap for the next dividend. Isn't it wonderful?

2024-09-23 09:39

s3phiroth

fcpo is now back to 4000!

2024-09-23 11:53

lionel messi

Finally woken up. Wonderful.

2 months ago

Income

Minun Eno

2 months ago

JrWarren

Finally start moving, nice dividend stock since 2021.

2 months ago

Income

Minum Eno Lagi

2 months ago

Income

Minumlan ENo setiap hari

1 month ago

Tanleechoo

Coming qtr .. good result n dividends?!

1 month ago

Income

Minum ENO lagi, puas

1 month ago

Tanleechoo

Possible 2 if up move so much

1 month ago

Income

Eno drinks is cooling

1 month ago

Starship2

Almost 2 quarters of high cpo prices is in the bag.. My guess is it means better dividends for the last and this quarters...

1 month ago

calvintaneng

Go go Inno

https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/2024-07-12-story-h-157019176-WHOLE_WORLD_PALM_OIL_IN_BULL_RUN_WHEN_WILL_MALAYSIA_RESEARCH_HOUSES_UPG

1 month ago

mf

Israeli strike kills Hezbollah spokesperson as group prepares response to fresh ceasefire proposal
Tamara Qiblawi Hamdi Alkhshali
By Tamara Qiblawi, Allegra Goodwin, Ibrahim Dahman, Abeer Salman, Hamdi Alkhshali and Catherine Nicholls
5 minute read
Updated 3:33 PM EST, Sun November 17, 2024

1 month ago

Sardin

Dividend in Q3 should be more yoy. Q4 will be even better. Next year potentially better than 2023. I tell you before the analyst report 😁

1 month ago

lionel messi

Wow guru Sardin, that's a fantastic confidence and morale booster. Great to have you back.

1 month ago

Sardin

I want to replicate my success in UP here base on one thing.

1 month ago

lionel messi

Hope you have a strong basis. UP is a hard act to follow. The best of the best.

1 month ago

Sardin

The strong basis is exceptional dividend yield

1 month ago

Sardin

Price movement shows someone is not happy with me. 😂 Nevermind.

1 month ago

lionel messi

How can anyone be not happy with "exceptional dividend yield?" I am busy shopping for best buys. Thanks for the cheap sale Mr Market.

1 month ago

Tanleechoo

Div 3.8 cts

3 weeks ago

Sardin

Smile

3 weeks ago

s3phiroth

Expecting even more dividend in next quarter! Huat ah!

3 weeks ago

lionel messi

Guru Sardin was spot on. Real student of Inno just like he was for UP. Terima kasih. 😍

3 weeks ago

Dehcomic01

Post removed.Why?

2 weeks ago

Sslee

You just need to look into IBs analysis report on capitalA. They can't even figure out or agree on what is capA core profit/loss when they are reading the same financial report.

IBs analyst are paid just to write what the IBs want nothing more and nothing less.

2 weeks ago

Starship2

In a volatile market, a resonably good dividend stock is a better bet for value investors compared to high valuation "growth" stocks in the market. It may be different for short term traders

1 week ago

Tanleechoo

👍

1 week ago

Sardin

Cast your vote, I have casted mine. Lucrative business for everyone to grab.

1 week ago

Starship2

With this 4Q coming to a close, it looks like EPS and the dividend for the quarter is going to be better that the 3Q.. Noted that the spot prices for Jan to Mar 2025 is in the region of RM4800..Not bad..The two festivals coming up may be supportive of CPO prices

5 days ago

Starship2

Taking from the internet, the company has 2219 employees ..assuming all are paid just RM1500, the additional cost will be just RM443,800...a relatively small amount compared to the profit of RM21.6m during Q3 2024

5 days ago

Starship2

Opps overlooked...RM443,8000 is additional monthly labour cost..assuming that ALL its workers are now paid only RM1500 per month..Since the new RM1700 pay only begins in Feb, the cost will be times two ( 2} for Q12025

5 days ago

Tanleechoo

Tqsm for sharing

5 days ago

Tanleechoo

Price go south ..? But coming qtr should be ok

2 days ago

Post a Comment