Dear Investors of i3 forum
TSH Resources has now fallen into our Investment Radar like no other
Why so?
And these are some facts presented here.
1) TSH RESOURCES Forward P/E is 3.79 only
See
SUMMARY OF KEY FINANCIAL INFORMATION
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INDIVIDUAL PERIOD
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CUMULATIVE PERIOD
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CURRENT YEAR QUARTER
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PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
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PRECEDING YEAR
CORRESPONDING PERIOD |
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31 Mar 2022
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31 Mar 2021
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31 Mar 2022
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31 Mar 2021
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$$'000
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$$'000
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$$'000
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$$'000
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| 1 | Revenue |
337,349
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244,081
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337,349
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244,081
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| 2 | Profit/(loss) before tax |
115,849
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38,978
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115,849
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38,978
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| 3 | Profit/(loss) for the period |
106,700
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26,448
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106,700
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26,448
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| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
101,864
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15,565
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101,864
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15,565
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| 5 | Basic earnings/(loss) per share (Subunit) |
6.99
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1.51
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6.99
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1.51
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| 6 | Proposed/Declared dividend per share (Subunit) |
0.00
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0.00
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0.00
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0.00
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AS AT END OF CURRENT QUARTER
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AS AT PRECEDING FINANCIAL YEAR END
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| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
1.2630
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1.1892
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Latest Qtr resut shows TSH made 6.99 sen up from 1.51 sen or up 362%
At 6.99 sen annualized
6.99 x 4 = 27.69
At Rm1.06
it has a P/E of only 3.79
That means it can double your money in only 3.79 years
Bank FD at 1.75% also an investment
It has a P/E of 57.14
And it will double your money in 57.14 years
High inflation will erode paper money value as it does not cover inflation now
2) TSH RESOURCES HAS UNLOCKED 2 VALUES
A) SALE OF SABAH TWO ESTATES WITH MILLS AT RM248 MILLIONS TO UNLOCK CASH WITH 7.56 SEN PROFIT
Only Partial Profit is reported in May as full payment only came in later
And there is 3.9 sen more residual profit to be reported by Aug 2022 results (not including normal operations)
B) On 28 June EGM Shareholders have Voted the Sale of Bulugan Lands for RM731.09 MILLIONS AND PROFIT TO BE REPORTED IS 31 SEN NET.
This will be reported After Bulugan Lands are sold
The Cash will be used for
i) RM550 Millions to pare down borrowings to reduce gearing
ii) Rm55 Millions To plant New Oil Palms (Apart from Top 10 Assets TSH Still got others not in Top 10 to be planted & for replanting)
iii) Rm57 Millions for Infrar Jobs (most probably to enhance the value of its Kutai/Nusantara Lands as it is now the New Capital of Indonesia
TSH Lands here are near to New Admin Capital of Indonesia
TSH HAS 3 PLOTS OF ESTATES IN KUTAI BARAT & ONE PLOT IN KUTAI EAST
THE NEW CAPITAL IS IN SAMARINDA OF EAST KALIMANTAN
AS YOU CAN SEE FROM THE MAP THE LOCATION IS NOT TOO FAR AWAY
3) REASON WHY TSH SPEND MORE ON INFRAR (RM57 MILLIONS) THAN IN PALM OIL REPLANTING (RM55 MILLIONS) COULD BE DUE TO UPCOMING LAND BOOM IN KUTAI/NUSANTARA/SAMARINDA
Let's see some Latest News
Harga Tanah di IKN Naik 10 Kali Lipat!
Kementerian Agraria dan Tata Ruang/Badan Pertanahan Nasional (ATR/BPN) menepis isu mengenai harga tanah di wilayah Ibu Kota Negara (IKN) Nusantara yang melambung tinggi. Harga tanah di wilayah Nusantara dikabarkan naik hingga 10 kali lipat.
“Sejauh ini sih saya belum dapat laporan ya kalau isunya di sana itu harganya melambung tinggi. Namanya juga isu, jadi kalau isu tidak dapat kita percaya. Jadi harus kita lihat, cari informasi dulu ke sana apa benar ada cerita seperti itu,” kata Kepala Biro Humas Kementerian ATR/BPN Yulia Jaya Nirmawati saat dihubungi di Jakarta, Rabu (16 Maret 2022).
Yulia menegaskan, penetapan kebijakan terkait spekulan dan harga tanah di IKN akan menjadi kewenangan Kepala Otorita IKN yang baru saja ditetapkan oleh Presiden. Dia mengatakan Kementerian ATR/BPN bertugas dalam pengaturan tata ruang baik di IKN maupun wilayah sekitarnya.
Sebelumnya, Gubernur Kalimantan Timur Isran Noor membantah adanya kenaikan harga tanah di wilayah IKN Nusantara yang melonjak lima hingga 10 kali lipat. Isran menegaskan, tanah yang akan dibangun IKN milik negara berupa tanah hutan produksi yang selama ini diusahakan sebagai tanaman hutan industri.
Dia menyebut, apabila ada spekulan bermain dengan melambungkan harga tanah di luar area pembangunan IKN akan sia-sia karena tidak akan ada yang mau membelinya. Pemerintah Provinsi Kalimantan Timur juga sudah membuat Peraturan Gubernur Nomor 6 Tahun 2020 tentang pengendalian peralihan penggunaan tanah dan perizinan pada kawasan calon ibu kota negara dan kawasan penyangga.
Dalam regulasi tersebut dijelaskan, Pemerintah Provinsi Kalimantan Timur melakukan pengendalian atas peralihan dan penggunaan tanah pada kawasan calon IKN dan penyangga. Disebutkan juga, pejabat daerah terkait diminta tidak menerbitkan izin baru, perpanjangan, rekomendasi di kawasan calon IKN dan kawasan penyangga sesuai kewenangannya kecuali untuk kepentingan pemerintah.
Selain itu Kantor Wilayah Badan Pertanahan Nasional (BPN) Kalimantan Timur juga menerbitkan Surat Edaran bernomor HP.01.03/205-64/II/2022 yang isinya mengatur tentang pembatasan penjualan atau pembelian tanah di kawasan IKN Nusantara di Penajam Paser Utara dan Kutai Kartanegara. Surat edaran tersebut bertujuan guna mengendalikan peralihan atau transaksi jual beli tanah yang tidak wajar, yakni satu orang membeli tanah dalam jumlah yang sangat besar.
One i3 Forumer has called Propert Agents in Kutai/Nusantara and got these figures for current land prices there
I ask Indonesia's based real estate company to check TSH one of the palm oil estate in
Desa Rantau Makmur, Tanjung Labu, Kecamatan Rantau Pulung, Kabupaten Kutai Timur,
Kalimantan Timur. Total land area = 18,372 acre/7,435 hectare.
According to them, the surrounding market value as below:-
2nd road/2nd tier = RM7.00psf - RM14.00psf
main road/1st tier = RM27.80psf - RM41.80psf
Market Value / Total Land MV / TSH Share Price
RM7.00psf - $5,601,990,240/ $4 per share
RM14.00psf - $11,203,980,480/ $8 per share
RM27.80psf - $22,247,904,096 / $16 per share
RM41.80psf - $33,451,884,576 / $24 per share
[TSH total shares = 1,380,173,509]
Let's see average market value ($4+$8+$16+$24÷4)
= RM13 per share
[only one palm oil estate taken for calculation]
TSH indeed severely undervalued?
3 weeks ago
TSH HAS A TOTAL OF 94,700 ACRES OF LANDS IN KUTAI WEST & KUTAI EAST
ABOUT 52% OF SINGAPORE LANDSIZE OF 180,000 ACRES
One Amazing Thing is TSH Bought those lands at only 13 sen (thirteen sen psf) about a decade ago
Although they got 35 years lease they are renewable & converable from Agriculture to Real Estates
Bulugan Regency lands about 32,000 acres carry similar 35 year lease & now in process of conversion from farmlands to Real Estates as Greentech Industrial Zone
Any future sale of anyone of these Gold Mine lands will unlock Bilions Rm$$$ for TSH
Meanwhile Directors of TSH have been buying and buying while prices get cheaper
Director Lim Fook Hin (part of the Committee in land deals)
He bought 500,000 shares of TSH to make it 2.1 Millions
Director Tan Aik Yong added another 16 Million TSH shares at average price of Rm1,643 to make it 69.949 Million
Year 2020 Annual Report shows he only got slightly abobe 53 million TSH Shares
That confirms he has bought another 16 Million TSH shares
Director Kelvin Tan Aik Pen has bought and bought till today he has over 276 Million Tsh shares with 20% holding in new record purchase
These are all Facts Presented
Though prices are down VALUE HAS GONE UP!
And so we are bullish
In Boom years when CPO Was Rm3500 to Rm4000 TSH Rose above Rm4.00 together with IJMPLANT over Rm4.00
However, TSH gave One free bonus for Two so the readjusted price should be Rm2.70
Since KLK has taken IjmPlant Private at Rm3.10 we think a fair value for TSH should be Rm2.00 to Rm2.10 range
TSH is very simliar to Ijm Plant as both got Palm oil lands in Sabah, East Kalimantan (Kutai) & Bulugan Regency as well Plus Sumatra
Both got 7 Palm oil Millis while TSH has 50/50 REFINERY JV with Wilmar in Sabah
And their lands got similar 35 years renewable lease
Now TSH is Rm1.06
Our Target price is Rm2.00 & then higher
See when it will reach there
Best Regards
Calvin
Please buy or sell after doing your own due diigence or Consult your Remisier/Fund Manager
Unlike IJMPLANT TSH ALSO GOT THESE EXTRAS:
1) TSH HAS 21.95% OF INNOPLANT
2) IT HAS TAKEN EKOWOOD PRIVATE AT 40 SEN A SHARE (AT THAT TIME TSH WAS RM1.96)
3) TSH HAS 300,000 ACRES OF FOREST CONCESSION FROM SABAH GOVT. IT WAS SABAH GOVT WHO ASKED TSH TO SET UP INNOPLANT IN YEAR 2007
4) TSH HAS COCOA MANUFACTURING, BIOMASS & BIO-ELECTRICITY & OTHERS
