INNOPRISE PLANTATIONS BERHAD
KLSE (MYR): INNO (6262)
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Last Price
1.48
Today's Change
-0.01 (0.67%)
Day's Change
1.46 - 1.49
Trading Volume
245,400
Financial
Market Cap
Market Cap
709 Million
NOSH
479 Million
Latest Quarter
Latest Quarter
30-Jun-2024 [#2]
Announcement Date
19-Aug-2024
Next Quarter
30-Sep-2024
Est. Ann. Date
27-Nov-2024
Est. Ann. Due Date
29-Nov-2024
QoQ | YoY
48.07% | 62.37%
T4Q Result
Revenue | NP to SH
239,356.000 | 62,870.000
RPS | P/RPS
49.98 Cent | 2.96
EPS | P/E | EY
13.13 Cent | 11.27 | 8.87%
DPS | DY | Payout %
11.00 Cent | 7.43% | 83.78%
NAPS | P/NAPS
0.65 | 2.28
QoQ | YoY
11.97% | 41.22%
NP Margin | ROE
26.27% | 20.20%
F.Y. | Ann. Date
30-Jun-2024 | 19-Aug-2024
Latest Audited Result
Latest Audited Result
31-Dec-2023
Announcement Date
25-Apr-2024
Next Audited Result
31-Dec-2024
Est. Ann. Date
25-Apr-2025
Est. Ann. Due Date
29-Jun-2025
Annual (Unaudited)
Revenue | NP to SH
227,133.000 | 53,463.000
RPS | P/RPS
47.43 Cent | 3.12
EPS | P/E | EY
11.16 Cent | 13.26 | 7.54%
DPS | DY | Payout %
10.00 Cent | 6.76% | 89.57%
NAPS | P/NAPS
0.65 | 2.28
YoY
-37.17%
NP Margin | ROE
23.54% | 17.18%
F.Y. | Ann. Date
31-Dec-2023 | 23-Feb-2024
Annualized Result
Revenue | NP to SH
233,608.000 | 58,610.000
RPS | P/RPS
48.78 Cent | 3.03
EPS | P/E | EY
12.24 Cent | 12.09 | 8.27%
DPS | DY | Payout %
-
NAPS | P/NAPS
-
QoQ | YoY
24.04% | 47.28%
NP Margin | ROE
25.09% | 18.83%
F.Y. | Ann. Date
30-Jun-2024 | 19-Aug-2024
Business Process
| Trailing 4 Quarters | Trailing 8 Quarters | |||
|---|---|---|---|---|
| Available Quarters | 4 Quarters | 8 Quarters | ||
| Continuous Quarters Of Revenue Growth | 1 / 4 | 25.00% | 1 / 8 | 12.50% |
| Total Positive Profit Years | 4 / 4 | 100.00% | 8 / 8 | 100.00% |
| Continuous Quarters Of Positive Profit | 4 / 4 | 100.00% | 8 / 8 | 100.00% |
| Continuous Quarters Of Profit Growth | 1 / 4 | 25.00% | 1 / 8 | 12.50% |
| Continuous Quarters Of Adjusted EPS Growth | 1 / 4 | 25.00% | 1 / 8 | 12.50% |
| Total Dividend Years | 4 / 4 | 100.00% | 8 / 8 | 100.00% |
| Continuous Quarters Of Dividend | 4 / 4 | 100.00% | 8 / 8 | 100.00% |
| Continuous Quarters Of Dividend Growth | 1 / 4 | 25.00% | 1 / 8 | 12.50% |
| Continuous Quarters Of Adjusted Dps Growth | 1 / 4 | 25.00% | 1 / 8 | 12.50% |
| Average ROE | 5.09% | 4.39% | ||
| Average Net Profit Margin | 26.17% | 23.07% | ||
| Last 5 Financial Years | Last 10 Financial Years | |||
|---|---|---|---|---|
| Available Years | 5 Years | 10 Years | ||
| Continuous Quarters Of Revenue Growth | 0 / 5 | 0.00% | 0 / 10 | 0.00% |
| Total Positive Profit Years | 5 / 5 | 100.00% | 10 / 10 | 100.00% |
| Continuous Quarters Of Positive Profit | 5 / 5 | 100.00% | 10 / 10 | 100.00% |
| Continuous Quarters Of Profit Growth | 0 / 5 | 0.00% | 0 / 10 | 0.00% |
| Continuous Quarters Of Adjusted EPS Growth | 0 / 5 | 0.00% | 0 / 10 | 0.00% |
| Total Dividend Years | 5 / 5 | 100.00% | 7 / 10 | 70.00% |
| Continuous Quarters Of Dividend | 5 / 5 | 100.00% | 7 / 10 | 70.00% |
| Continuous Quarters Of Dividend Growth | 0 / 5 | 0.00% | 0 / 10 | 0.00% |
| Continuous Quarters Of Adjusted Dps Growth | 0 / 5 | 0.00% | 0 / 10 | 0.00% |
| Average ROE | 17.49% | 11.36% | ||
| Average Net Profit Margin | 25.68% | 22.20% | ||
Key Result
| T4Q | Annualized | Annual (Unaudited) | Last 10 FY Average | Last 5 FY Average | |
|---|---|---|---|---|---|
| Revenue | 239,356 | 233,608 | 227,133 | 156,139 | 199,949 |
| NP to SH | 62,870 | 58,610 | 53,463 | 38,844 | 55,231 |
| Dividend | 52,674 | 50,280 | 47,885 | 31,126 | 55,548 |
| Adjusted EPS | 13.13 | 12.24 | 11.16 | 8.11 | 11.53 |
| Adjusted DPS | 11.00 | 10.50 | 10.00 | 6.50 | 11.60 |
NP to SH = Net Profit Attributable to Shareholder, EPS = Earning Per Share, DPS = Dividend Per Share
All figures in '000 unless specified.
EPS & DPS's figures in Cent.
Growth
| LQ QoQ | LQ YoY | CQ YoY | LQ vs Average of T4Q | LQ vs Average of T8Q | |
|---|---|---|---|---|---|
| Revenue | 9.72% | 17.65% | 11.69% | 2.12% | 6.05% |
| NP to Owner | 48.07% | 62.37% | 47.28% | 11.29% | 30.31% |
| Dividend | 33.33% | 33.33% | 23.53% | 9.09% | 15.66% |
| Adjusted EPS | 47.77% | 62.22% | 47.12% | 11.20% | 30.18% |
| Adjusted DPS | 33.33% | 33.33% | 23.53% | 9.09% | 15.66% |
LQ = Latest Quarter, CQ = Cumulative Quarter, T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, QoQ = Quarter on Quarter, YoY = Year on Year
| T4Q vs LFY | T4Q vs AL5FY | T4Q vs AL10FY | AQR vs LFY | AQR vs AL5FY | AQR vs AL10FY | LFY YoY | LFY vs AL5FY | LFY vs AL10FY | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5.38% | 19.71% | 53.30% | 2.85% | 16.83% | 49.61% | -15.94% | 13.60% | 45.47% |
| NP to Owner | 17.60% | 13.83% | 61.85% | 9.63% | 6.12% | 50.88% | -37.17% | -3.20% | 37.63% |
| Dividend | 10.00% | -5.17% | 69.23% | 5.00% | -9.49% | 61.53% | -45.95% | -13.80% | 53.84% |
| Adjusted EPS | 17.65% | 13.84% | 61.86% | 9.68% | 6.12% | 50.89% | -37.20% | -3.24% | 37.57% |
| Adjusted DPS | 10.00% | -5.17% | 69.23% | 5.00% | -9.49% | 61.53% | -45.95% | -13.80% | 53.84% |
T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, AL5FY = Average of Last 5 Financial Years, AL10FY = Average of Last 10 Financial Years, LFY = Latest Financial Year AQR = Annualized Quarter Result, YoY = Year on Year
Discussions
3 people like this. Showing 50 of 715 comments
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2024-03-10 07:19
https://focusmalaysia.my/pmx-assures-indians-of-no-discrimination-in-malaysia-today-all-races-are-integral-to-malaysias-future/
so who should AEON sue? the social media troublemaker? Akmal? JAINJ? Umno? PH?
someone must be sued kaw kaw until no more pants!
2024-04-14 21:12
Hold 3 years since covid, 1 of the best dividend stock and debt free, Sabah government ownership.
2024-04-27 13:31
Really? Cool @JrWarren. Hopefully it will follow in the footsteps of UP.
2024-04-29 12:18
Very good Q1 result. Both EPS and DPS are considerably higher yoy. Next UP, maybe.
2024-05-26 22:36
Welcome Sardin. Great to have you here. Good place to be. Hope you stay for a long time. Cheers.
2024-05-27 08:20
2.25 sen brother. 12.5% increase yoy. More to come. Soon the share price will exceed RM 2 because dividend will be very high this year.
2024-05-28 16:02
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
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, 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
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
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
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
Cheap1, because people look at the past where both EPS and DPS were in downtrend.
2024-05-31 11:41
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
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
@moneyontheway, Q1 dividend already announced and will be paid on 28/6/24. 2.25 sen.
2024-06-24 08:26
@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
I am happy if they can give at least 10 sen dividend every year. Hope not asking too much.
2024-06-25 08:41
@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
@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
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 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
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
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
2 months ago
@lionel, how many sen is the div, i did not see it came out in the starbiq
1 month ago
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