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Johor house best buy

Author: calvintaneng   |   Latest post: Mon, 8 Aug 2022, 11:47 AM

 

TSH RESOURCES (9059) WHY IT IS NOW TOO UNDERVALUE AND IS NOW AT BARGAIN VALUE, Calvin Tan

Author:   |    Publish date:


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
31 Mar 2022

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
31 Mar 2022
31 Mar 2021
31 Mar 2022
31 Mar 2021
$$'000
$$'000
$$'000
$$'000
1 Revenue
337,349
244,081
337,349
244,081
2 Profit/(loss) before tax
115,849
38,978
115,849
38,978
3 Profit/(loss) for the period
106,700
26,448
106,700
26,448
4 Profit/(loss) attributable to ordinary equity holders of the parent
101,864
15,565
101,864
15,565
5 Basic earnings/(loss) per share (Subunit)
6.99
1.51
6.99
1.51
6 Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00
   
AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7 Net assets per share attributable to ordinary equity holders of the parent ($$)
1.2630
1.1892
 

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

Wizman

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

 

 

 

 

 

 

 

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calvintaneng TSH is so similar to IjmPlant

KLK Took IjmPlant private at Rm3.10

By same yardstick TSH should be worth Rm2.00 to Rm2.10

https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/2021-05-05-story-h1564289753-IJMPLANT_2216_Rm1_86_Versus_HARTALEGA_GLOVE_5186_Rm99_80_COMPARE_CONTRA
01/07/2022 10:23 AM
calvintaneng https://www.straitstimes.com/asia/se-asia/indonesia-says-foxconn-may-invest-in-projects-for-new-capital
01/07/2022 10:58 AM
calvintaneng TSH ANNUAL REPORT STATES IT OWNS 94700 ACRES OF LANDS IN KUTAI/NUSANTARA

BOOK VALUE AS LOW AS 13 SEN PSF

THESE ARE THE CURRENT PRICES

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


Road Frontage land now priced from Rm27.80 psf to Rm41.80
For interior lands as low as Rm7.00 psf

Of course these refer to converted/divided commercial lands

Since TSH lands still under agriculture

Assuming we only give it just Rm1.00 psf

What is the Value?

94700 acres convert to sq ft mutliply acres by 43,560

= Rm4,125,132,000

That is Rm4.1 Billions

How much per share?

Rm2.83

This is about 2.6X current share price of TSH

Is this the reason Director Kelvin Tan Aik Pen buying TSH non stop?

TAN AIK PEN 01-Jul-2022 Acquired 500,000 - View Detail
TAN AIK PEN 30-Jun-2022 Acquired 500,000 - View Detail
TAN AIK PEN 29-Jun-2022 Acquired 500,000 - View Detail
TAN AIK PEN 28-Jun-2022 Acquired 500,000 - View Detail
TAN AIK PEN 27-Jun-2022 Acquired 500,000 - View Detail
TAN AIK PEN 24-Jun-2022 Acquired 500,000 - View Detail
TAN AIK PEN 23-Jun-2022 Acquired 500,000 - View Detail
TAN AIK PEN 22-Jun-2022 Acquired 500,000 - View Detail
TAN AIK PEN 21-Jun-2022 Acquired 500,000 - View Detail
TAN AIK PEN 20-Jun-2022 Acquired 500,000 - View Detail
TAN AIK PEN 17-Jun-2022 Acquired 500,000 - View Detail
TAN AIK PEN 16-Jun-2022 Acquired 500,000 - View Detail
TAN AIK PEN 15-Jun-2022 Acquired 500,000 - View Detail
TAN AIK PEN 14-Jun-2022 Acquired 500,000
03/07/2022 10:55 PM


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