INNOPRISE PLANTATIONS BERHAD

KLSE (MYR): INNO (6262)

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Last Price

1.68

Today's Change

-0.08 (4.55%)

Day's Change

1.68 - 1.78

Trading Volume

870,800

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 233,608 239,356 227,133 270,219 229,999 153,794 118,600 114,222 138,211 136,349 115,052 57,816 16.40%
PBT 76,350 81,682 69,081 111,538 113,563 47,568 17,546 12,688 55,449 41,387 26,718 10,217 23.64%
Tax -17,740 -18,812 -15,618 -26,449 -26,494 -10,670 -3,906 -2,503 -12,352 -10,028 -6,639 -2,651 21.76%
NP 58,610 62,870 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 58,610 62,870 53,463 85,089 87,069 36,898 13,640 10,185 43,097 31,359 20,079 7,566 24.25%
-
Tax Rate 23.24% 23.03% 22.61% 23.71% 23.33% 22.43% 22.26% 19.73% 22.28% 24.23% 24.85% 25.95% -
Total Cost 174,998 176,486 173,670 185,130 142,930 116,896 104,960 104,037 95,114 104,990 94,973 50,250 14.76%
-
Net Worth 311,257 311,257 311,257 301,680 325,623 335,200 316,515 311,257 679,978 613,963 248,597 228,537 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 50,280 52,674 47,885 88,588 105,348 31,125 4,795 14,365 19,154 - - - -
Div Payout % 85.79% 83.78% 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 311,257 311,257 311,257 301,680 325,623 335,200 316,515 311,257 679,978 613,963 248,597 228,537 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 25.09% 26.27% 23.54% 31.49% 37.86% 23.99% 11.50% 8.92% 31.18% 23.00% 17.45% 13.09% -
ROE 18.83% 20.20% 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 48.78 49.98 47.43 56.43 48.03 32.12 24.73 23.85 28.86 29.54 60.16 30.36 5.07%
EPS 12.24 13.13 11.16 17.77 18.18 7.71 2.85 2.13 8.97 6.71 10.50 3.97 12.16%
DPS 10.50 11.00 10.00 18.50 22.00 6.50 1.00 3.00 4.00 0.00 0.00 0.00 -
NAPS 0.65 0.65 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 48.78 49.98 47.43 56.43 48.03 32.12 24.77 23.85 28.86 28.47 24.03 12.07 16.41%
EPS 12.24 13.13 11.16 17.77 18.18 7.71 2.85 2.13 9.00 6.55 4.19 1.58 24.24%
DPS 10.50 11.00 10.00 18.50 22.00 6.50 1.00 3.00 4.00 0.00 0.00 0.00 -
NAPS 0.65 0.65 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 28/06/24 28/06/24 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 1.41 1.41 1.31 1.59 1.29 1.17 0.96 0.61 1.17 1.12 1.28 1.49 -
P/RPS 2.89 2.82 2.76 2.82 2.69 3.64 3.88 2.56 4.05 3.79 2.13 4.91 -6.19%
P/EPS 11.52 10.74 11.73 8.95 7.09 15.18 33.75 28.68 13.00 16.49 12.19 37.51 -12.10%
EY 8.68 9.31 8.52 11.18 14.10 6.59 2.96 3.49 7.69 6.07 8.20 2.67 13.75%
DY 7.45 7.80 7.63 11.64 17.05 5.56 1.04 4.92 3.42 0.00 0.00 0.00 -
P/NAPS 2.17 2.17 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 19/08/24 19/08/24 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 1.43 1.43 1.48 1.55 2.03 1.07 0.75 0.685 0.885 1.35 0.635 1.43 -
P/RPS 2.93 2.86 3.12 2.75 4.23 3.33 3.03 2.87 3.07 4.57 1.06 4.71 -4.47%
P/EPS 11.68 10.89 13.26 8.72 11.16 13.89 26.37 32.21 9.83 19.87 6.05 36.00 -10.49%
EY 8.56 9.18 7.54 11.46 8.96 7.20 3.79 3.11 10.17 5.03 16.54 2.78 11.71%
DY 7.34 7.69 6.76 11.94 10.84 6.07 1.33 4.38 4.52 0.00 0.00 0.00 -
P/NAPS 2.20 2.20 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 732 comments

moneyontheway

Thank you Sardin. Do you invest heavily in stocks? i see you have UP also. other than plantation stocks, are you buying a lot of others?

2024-05-28 16:23

Sardin

Wah, you so straight forward ah 🤣. Rafizi asked the same question. I'll consider buying a lot of others when one day become Lee Ka Seng.

2024-05-28 17:07

Sardin

小荷才露尖尖角，早有蜻蜓立上头。

2024-05-28 17:14

moneyontheway

Sardin, be more direct as i do not know how you apply it to stock investment.
where are you working and from which state? I am trying to be curious.
hope you can share more of yourself. thank you.

2024-05-30 09:25

Sardin

Please introduce your mama first. 😄

2024-05-30 12:37

moneyontheway

I am from Kuching Sarawak and a retiree

2024-05-30 16:05

Sardin

Nice to meet you. I would like to refrain from giving my personal information because it is not relevant to our discussion. I am not sure what exactly you want to know but I'd be happy to help where I could. But remember I am not your friend and I could be wrong sometime so please be very careful.

2024-05-30 22:00

moneyontheway

all right, then it does not matter. in this forum we talk about share investment only. i do not lose anything.

2024-05-31 08:48

Tanleechoo

@Saidin.. how is yr view on INNO and potential other than UP ..

2024-05-31 10:02

cheap1

1.2-1.3 Inno so long why nobody want?

2024-05-31 10:06

Sardin

My view on Inno? Big U turn (going up) for both EPS and Div. Annual DY above 8% at current price if CPO can maintain 3,800.

2024-05-31 11:40

Sardin

Cheap1, because people look at the past where both EPS and DPS were in downtrend.

2024-05-31 11:41

Tanleechoo

👍

2024-05-31 11:56

lionel messi

Love your confidence and conviction Sardin.

2024-05-31 12:02

moneyontheway

@sardin, any dividend for Q1?

2024-06-21 11:48

Sardin

This is a complicated-to-analyze stock so I think it could be risky for you. When I ask myself more questions I found it to be relatively more "challenging" and "tricky" to value this stock. Maybe someone know it better than me so the price keep on dropping. Sometime market could be right while we could be wrong.

2024-06-21 22:05

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?

2 months ago

lionel messi

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

1 month ago

s3phiroth

fcpo is now back to 4000!

1 month ago

lionel messi

Finally woken up. Wonderful.

1 month ago

Income

Minun Eno

1 month ago

JrWarren

Finally start moving, nice dividend stock since 2021.

1 month ago

Income

Minum Eno Lagi

1 month ago

Income

Minumlan ENo setiap hari

3 weeks ago

Tanleechoo

Coming qtr .. good result n dividends?!

3 weeks ago

Income

Minum ENO lagi, puas

1 week ago

Tanleechoo

Possible 2 if up move so much

1 week ago

Income

Eno drinks is cooling

1 week 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 week 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

4 days 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

3 days 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 😁

2 days ago

lionel messi

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

2 days ago

Sardin

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

2 days ago

lionel messi

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

2 days ago

Sardin

The strong basis is exceptional dividend yield

2 days ago

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