Something interesting:

Teng Boo always boosted his fund annual growth rate.



http://www.thestar.com.my/business/busines...d-to-the-board/


Now do you know that if you open up icap first ever anual report, you will find out that the total fees for 2006 is only 1.276 million and as per latest report, the total fees has grown to 6.150 million.
That's a period of just 10 years.


So...

Total fees for 2006 is 1,276,958 million
Total fees for 2016 is 6,150,684 million
Period = 10 years.


Drum roll please.............................

Compound Annual Growth Rate for total fees since 2006 = 17.02%


now there you have it....
clear as hell....

the fund's total fees paid out has been growing at a compounded annual growth rate of 17.02%.
The fund only grew 11 to 12% (I did not check of figure is correct)

So who is clearly better off?

YOU the shareholder or TAN TENG BOO and his CAPITAL DYNAMICS??????




Also...

If Teng Boo thinks that there isn't any better stock investing in the market ( since 2010 !!! ) , then clearly the ONE AND ONLY ONE OPTION is ..... dissolve the fund!!!!

Bungkus.

Mai Tan.

Count.

Return back all money!!!! (what's the point of he saying year year muted KL market la, KLCI stocks expensive la, this la, that la and not put the fund money to use? Did you hire him to do nothing? As it is, the fund has only 7 stocks in the portfolio. Are you willing to pay 6 million plus in fees for him just to manage this 7 stocks and do nothing else?)

This is only fair.

If you don't think is fair, then ........what should you do?

Just curious to find out whether shareholders can request the BOD members to consider implement SCR?

Abang Boon can go there protek..that Loh.


I can join you there...

This post has been edited by felixmask: Sep 21 2016, 11:12 PM

Ah Felix...

no lee lee loh loh la....
cos I don't own any shares in icap (why would I even buy these shares?)

After few years of argument and the problem still maintain, i applaud his decision investing in Padini and F&N but i question the timing of Parkson.

Parkson management unable to tackle the heighten competition in retailing and losing out big time against e-commerce like alibaba. I still don't understand why he does not see this trend coming.

I still see Ah Boon hitting on TTB

Cos he my idol......!!!

Hohohohohooooooooo


You know why?

He and he alone wins!!!!

Think hor...

The next 8 years.... he can easily adopt the sit on the side/or wait for the crash (or is it cash? lol) ....

8 x 6 = 48 million in fees to be collected....

LOL!

win liao!


I cannot think of another way to screw the minority shareholders and still look smart .....

PS : Gimme a good reason to buy this stock.

Parkson is a forgivable mistake compared to his insistence that KLSE was too overvalued since 2010 whereas anybody with some knowledge of fundamentals knew that there were so many undervalued gems not covered by research houses out there 5 years ago. In spite of him professing and quoting Warren Buffet all the time, he made his money by timing the market ( actually I think his main strategy is to buy after a crash only) . now, he is too deep into his own proclaimation that market is about to crash that he can no longer reverse gear and buy now, he will have to stick to his call hoping that the market will crash soon. He is very predictable now. He failed to understand that when people invest in a fund, they are paying for the ability of the manager to generate "alpha", that is, to have a portfolio of superior stocks, if people want to stay in cash, they would have put their money in FD. If I were the minority shareholder , I will definitely propose to either 1) dissolve the fund and get back the NAV 2) reduce management fee to 1% because I think he already has arrangement to take a cut off any profits above the historical high. People should complain to SC to look into this company . Put it simply, he has done nothing except some trimmings on the portfolio to justify his rm6mil earnings . BTW, his trimmings on the portfolio is mainly to group some profits and losses together to result in a net "realised profits" scenario so that his remaining holdings have lesser and lesser unrealised losses and are not so "glaring" I used to think quite highly of him. These past few years, I lost all respect on his ability and even if market crash tomorrow, his reputation is lost forever from my point of view .

Back in 2009, Parkson was generating 500 million plus in profit.
Today Parkson losses is more than 89 million.
The decline in Parkson wasn't overnight.
It was more than 6 years in the making.

Think about this then.
During these 6 long years...
He was just collecting fees and kept on saying this la, that la, klse overvalue la, no value la etc etc....
So while he was so busy doing that....
What about the investment advisory fees he was collecting?
Could no one in Capital Dynamics say that they honestly miss the decline in Parkson profitability?
Could no one see in all these 6 years that the game has changed for Parkson?
Could no one see that Parkson was simply not as good as before in all these 6 years?
Fund manager wor....
no need to do work meh?

The problem with him is the egolistic, when making mistake he keep quiet while his idol Warran Buffett openly apologize to his shareholder (Eg. the loss in Tesco). Look at his position now, sitting at 60%+ cash and buy some of Boustead share. He cannot copy Buffett style because WB owned Geico with ample of cash under insurance float.

He still has other fund to manage, based on the feedback on some ex-staff working under iCap, apparently he is making the decision alone and i'm wondering how many hats he need to wear.

Now after 6 years, u also lost respect to him eh.

This post has been edited by yhtan: Sep 28 2016, 02:54 PM

Of course he will win, 6mil in the pocket and nothing for the shareholders and looking at the huge discount.

In the past 3 years, he has been telling u market going to collapse and wait.

Isn't that his job as a Fund Manager?

Parkson is slowly become another failure of Lion Corp and he still cannot see this

The discount isn't really there, if this current situation remains.

Which means.....say if the fund is dissolved in 6 years then you need to discount the expenses involved in the next six years and the most glaring elephant expenses is the fees.

Which means some 48 mil or so will be used as fees....

Minus that out....woukd the discount be as big?

Then...look at 7 stocks left....where there are today....ie the prices now...do you see theses stocks improve?

Parkson is now 70+ sen. More Impairment losses?

Look at Boustead and MSC.....errrr......got upside?
Would Boustead have any oil&gas impairment losses?
And oh...icap subscribed to Biustead rights ....when it won't do the same for Axiata.....duh...

Add these up....with icap not buying....mana ada discount?


And talking about lion group....I wonder if the conflict of interest....
Years before icap listed, capital dynamics were an active advisor for the group and was heavily involved with Lion Div.....i wonder onky hor...

http://klse.i3investor.com/blogs/kianweiaritcles/104771.jsp

Lol!

You should link the original blog link instead of i3.

Give credit to the blog lor.....




This post has been edited by Boon3: Oct 12 2016, 02:37 PM

eh.. new to this, how to get information on the nav/price/premium history??

U can obtain more info via their AR

Eventhough I have sold off my ICAP shares, I am very happy for my previous comrades because today as I browse through some counters, I came across Parkson selling at RM0.63 now. Why am I happy for my ex comrades? Because i know their funds are in good hands. I remember Ah Boo telling us that Parkson had a bright future few years ago at nearly RM10. Market has mispriced Parkson now and this present a great opportunity for my ex comrades because in my opinion Ah Boo will surely take this opportunity to increase his holdings of this great company. After all, eventhough Ah Boo always believe KLSE was way overvalued, he never lost his belief in the company and kept on to his holdings till today despite unloading some over the years because he knew that the mispricing today will come and he can buy back plus more. I cannot know in advance what Ah Boo will do but rest assured that he will act in the best interest of the company. After all, comrades should be happy that he was willing to still serve the company despite his low remuneration of only a few millions per annum because to Ah Boo, it is the heart that counts. Today, I am happy for my ex comrades...I am a bit tight on funds myself, othewise, we all can become comrades again.

Anymore talk cock?
Now, Icap share price and NAV outperform KLSE index substantially.
I suggest to change the heading to : trading price below NAV.

This post has been edited by firee818: Jul 19 2018, 09:10 AM

NTA as at 19/7/2018= RM3.60, share price = RM2.82, so NTA is below its share price, buy in.

BTW, the cash per shares roughly = RM 283,952,729 (as at 31 May 2017)/140,000.000 shares = RM2.02/share

U mean the NTA is above share price so buy in?
Bigger question, this is supposed to be a Closed End Fund (CEF) which has sole charter to invest money from it's initial offering and grow the assets - shares and cash. How is it that the price traded is above their cash value as stated RM2.02/share? Is this a premium over actual cash value of the company assets?

BTW it is now Share price quoted is RM2.40 :
Market Capital (RM) : 336.00m | Number of Share : 140.00m
EPS (cent) : 7.12 * | P/E Ratio: 33.71 | ROE (%): 2.11
Dividend (cent): 0.000 | Dividend Yield (%): 0.00 | Dividend Policy (%): 0
NTA (RM): 3.370
Par Value (RM) : 1.000

* Calculated based on the net profit of the trailing twelve months and latest number of shares issued.
https://www.malaysiastock.biz/Corporate-Inf...curityCode=5108

Summarize, the share price has pretty much doubled since inception. Therefore this is a long term shold, buy the dips, sell the peaks type of holding, no sudden spikes