Earnings Season - 29 - Gone WIG the Wind

Episode Date: March 5, 2020

This week @HDanhai puts on his meteorologist cap & uses Math to get @RTRowe to adjust his tone. They also discuss the market having been away from it for a few weeks touching on recent results along with a bunch of companies including $SEP.ja, $138SL.ja, $JETCON.ja, $QWI.ja, $iCreate.ja, $ISP.ja, $WIG.ja and a whole lot more... Come for the gems, go with the wind 🌬. Enjoy! Contact Us Here 👉🏾 [e-mail] Follow us on Twitter here 👉🏾 www.twitter.com/Earnings_Season www.twitter.com/RTRowe www.twitter.com/HDanhai 🔗Links🔗 First Rock Prospectus http://bit.ly/35HvyBp $EFresh.ja stops pork production http://bit.ly/38kfsy8 $KLE.ja retakes Usain Bolt's Tracks & Records franchise http://bit.ly/2uVTGTR $PJam.ja considers APO & Stock Splits & other things http://bit.ly/2uVTQur 🔊Shout Outs🔊 @RichardPandohie, "long time" Chelsea Fan @SmittyRoyal, @5solae, @MayberryInvJa, @guruintraining_, @AlexTheOverlord, @Stef_Nja, @JCKnight2, @JohnHJack, @CallTyrone_W, @Philburginvests ★ Support this podcast ★

Hi guys welcome to earnings season I'm Randy Rowe at RT Rowe and I'm Danai at H Danai and this is this week's earnings season Danai you're just saying something a while ago oh yeah earnings season going on right now yes other companies are posting their results one 2020 earnings season we're looking at some companies and you said something just came out yeah so separate separate came up with its results it was the q4 results at the end of here and first glance a profit I know Kevin yeah okay let me offer a lot of money that your profit heavy man shock shock shocking yeah because they were taking some hits up to tune up to q3 so this change this turnaround

must have happened in the q4 sorry i'm looking on jc's website for it and i'm not seeing it page five in latest news page three page five in latest news oh i thought you meant like it just came out oh no bro we discussed it already man we discussed it on this already no man separately okay okay don't you own the brother and the yeah the conversations run together so next thing i want to check i wanted to see it first and then go check the money i don't know if i own any actually yeah i saw your post i think that i buy a sleeping man ah yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes

about more since but i i think i've also sold something there were opportunities along the time along the year to sell separate separate separate i did post that that's called a contract note which everybody should get from their broker once you do a trade yes it should stay there's certain information that must be stated in it and obviously included in that is the actual price that you pay the amount of shares you get and what company you got it in and of course because i track all of my gains in the dashboard i use it so i also have them saved so i can go back i hate how much i didn't realize so much personal information is on it until i had to start redacting bro yeah it's annoying oh yeah

results are out profit way up revenue up profit way up let us be proper with that four results came out on february 17th and the profit number is what percentage that say well for results came out on February 17 and a profit number is what percentage percentage of the last year q4 almost 10x 749 and they haven't gotten rid of the sugar operations yet? So, yeah. Forgot to check that actually. So how much sugar operations still on the books? Lasted the book for sugar operations in the fourth quarter. Let's roll up, check the thing there.

They have one of the discontinued operations here. they've got four sensors and eps so yeah that's probably the um sugar right there um so they're showing that they're fighting everybody i like that they're playing a bigger pretreatment what in terms of what the sugar represents to the company is literally like a dividend like a dividend amount Like a dollar dividend per share. That's a that's yeah And who does that pressure the pressure is a government actually, right did I get what I wanted no, no, what I wanted was the Ability to I don't get it wrong. Is it a tax? the ability to I don't get it wrong is it attacks tax credits I should follow up to see if that was done or maybe some enterprising but interesting enough I

wondered about that because of this so you can this the tax line itself they moved a huge tax credit meaning Meaning they have a positive moment. They got a PBT, profit before tax, and they realized it's not much more than the profit before tax last year. And then they booked a big tax credit. I mean, credit where credit is due. Seprad is big. separate is big to move separate to move separate from what's that 292.3 million to a year later 344.1 million definitely that's that's that's big that's a 17 move yeah what i'm laughing at is the

830 plus 830 million credit um profit after that versus credit um profit after that versus 241 so you still have some tax credits heavy credits heavily almost half a billion yeah in task or the where you think you come from as I wonder if it's in a fish or attacks tell us into a report to the stockholders revenues of blah blah blah 34.3 bill increase of 11.8 53 percent over last year so they put face it underneath themselves so this is a facing number 17 percent increase in profit on face it that's not bad as hope as everybody increase meaning this quarter have a 17.7% increase in profit. 344 million versus 292 million. No, no, no. Operating profit before tax.

Yeah, the exact same number we're just looking at. Oh, yeah, yeah. Profit before tax. Yeah, yeah, yeah. We're not going past that yet. Because we're talking about before any tax credits are used. So I'm saying that they put FASE underneath them. And remember our conversation, I think, two years ago.

We were wondering what was the true profit effect of FACI. What would it be? It might not be that great. Because they shared a lot of business already and already kind of banked anybody. They pulled themselves on it. But if we attribute a 17%. I think they've been running it all this year.

In the MD&A for all this year, they've been mentioning FACI. Yeah, because the revenue was going up we knew we knew revenue would fly it was what would be was it and I don't know have an examiner profit to see exactly what it is yet but 2019 they executed on the closing of the sugar part tree it's not done yet but it's going to possibly positively impact the group's return on equity and it's cash flow maybe it's done I don't know the wording here is ambiguous right that's the important thing to know any of them ambiguous wording management executed on his previously communicated decision to

close a sugar factory and in doing so curtail the 10 years of operational losses from sugar manufacturing I don't know if it's actually done but what they are saying is that this move will positively impact the group's return on equity and its cash flows in the future. In other words, they will be cutting out any losses that they may have coming

from it or any costs, so they'll be making more cash. They'll be keeping more cash on hand. Yeah, they'll be more profitable after this. Well, after the sugar sugar losses are removed as profitability will be better but yeah i think the tax credit really said a lot what do you think it says but what do you think it says all right i don't know it said a lot it's just that it really changes how you look at the profit. If I get what I'm saying.

So when you cash in on things there, so if I cash in on tax credits, right? And say I have, because tax credits are generally used to write off, what do you call it again? Write off taxes. So it's not like- Corporate tax.

Corporate tax. So it's not that you can, you get a claim, you get a redemption on your taxes. You just, any loss you have at any given time, you can claim against it. Yes, correct. I think there's a limit to how much of a credit loss you have at any given time you can claim against it yes correct so i think there's a limit to how much of a credit you can take in any given year

yeah man but some credits some grades have to claim them all at once so you can stop oh yeah some great sites in the case of separate say generally you just you're not going to go more you get the task credits when you find text is going over to the point where the company is now in more profit for the task credit claim than they are so I'm trying to explain this to say I have tax credits right I have $15 I have $30 profit before tax and I have profit of 50 of tax of $15 right mm-hmm it would make sense for me to claim only 15 dollars of tax credits right yes but that's great story work out at some time so i don't even have to claim all at once yeah so you know please say a 400 thing there in tax credits you make 30 profit

before tax and 15 is tax oh yeah these tax credits are to clean them all at once so you don't put 430 dollars in profit okay so because you get to put it as a against it's easy to look like a positive one of the things that that's credits it's claiming task credits credits more than the profit more than the tax itself it there's actually zero value transfer to the company for that cash value yeah you know value in general think about it i get it because there's no there's no exactly but technically you do give yourself an uplift in your retained earnings which you can later cash out on when you have actual cash on hand no yes because it's your profit goes up yeah your net profit goes up as a result retain earnings isn't cash retain earnings is value return yeah but i'm saying it increases that value which at a future date you can encash that as a dividend or a capital return so i suppose you get this dividend of the

400 of tax not no i know continue't you? The dividend comes from somewhere. So in my retained earnings, $200 of not real tax, not real money, went there. And when the time comes, I'm able to when I have cash on hand, I'm able to cash out that $200 of retained earnings as real money to me. Cash on.

Alright, suppose the very first year of the business is operation and you bought a tax credit from somebody, a hundred tax credit and your tax is actually 50. You have to use the whole tax credit so you have an extra 50 left in no retained earnings even though you made a loss. Even though you made a loss, youhmm even though you made a loss mm-hmm you have an extra 15 retained earnings we actually want our $50 cash but he didn't actually he didn't pay for those attacks cool wait I was even thinking of that great so you actually have it that I was cash on hand and fitted us not return and I think it was in written even though you actually have a hundred

dollars everything yeah of course retain earnings it was a earning number that goes no you have a hundred hours in retained earnings you want bit your loss your operating loss for the year is 50 mm-hmm you have a tax credit of 100 and you have to use the whole hundred uh-huh so you make a profit of 50 there we go so you don't have a hundred in profit you'd have a hundred in retainer and you have 15 it's the very first year of operation so the end of the no oh stop I get it either tax you to those yeah operating profit is 50 what's the attacks class it does money That's what you're saying. Tax is just money you send off.

No, no, hold on. Profit before tax is the money you have. Your tax is $50. And your operating profit is what? Whatever percentage would allow the $50 to be the amount of actual cash that you have. My point here is this, right? No, no that is this you're on my whole point okay if i operate before it is 200 we'll do it that way we'll do it that way your operating profit is 200 or your tax or 50. 100 yeah let's do the 100 in profit 100 operating profit the government have to get 25 percent okay so 25 dollars

in profit the government have to get 25% okay $25 mm-hmm I have a $50 tax credit and you have to use it all the same some properties or $100 no no it's one thing for you up you know your operating profit is a hundred so your net profit is 75 and you use your your $50 tax credit 125 cool so you have 125 now and in that 125 is 50 of the tax credit right correct how much cash you have no it's unimportant for what i was saying 125 is your profit for the year and that includes 50 that was an uplift from the tax credit the next year in the first quarter you do something great you get 125 dollars as a bigger cash payment than you're expecting because you're on a big contract right first quarter next year you know um and it's all cash and at that point your retained earnings is cash and at that point your retained earnings is 125 plus whatever the first quarter was

so what was my property no i don't know i don't feel it you don't matter but your profit could be a dollar so it's cash where it's going from the one thing if i just we got a contract and it's really a five thousand contract and then pay us 125 as a cash bonus early so we have 125 as a cash bonus early. So we have 125 cash. What about income? Huh? We have 125 cash on hand more than we expected. And at that point also,

our retained earnings is 125 because that's all of last year, plus whatever the cash from this first quarter is, right? But whatever the profit for this quarter. 25 cash. Yeah, whatever. Remember, we agreed that last year,

the $50, the 125 was our retained earnings and it included the difference of the tax credit right mm-hmm if at the end of the first quarter I choose to pay out a dividend of 125 I am able to do that nothing what was stopping it before what was stopping before that I'm not saying anything was stopping me. But in that 125 is the tax credit. So I'm saying it is a real thing. No. Yes. The second something, the limit to a dividend is retained earnings, right?

Not really. It's cash. Yeah. In real life, the limit is cash. But let's say you have unlimited cash. The limit, the legal limit to a dividend. There's no legal limit to a dividend. There is.

I promise you there isn't. You can't take any money out of a company. Really? You own a company account and you're in loss. But you have cash there. You can't pay a dividend if it's in loss. Why? You have to call it something else. That's what you mean. Yeah. Dividends have to be

paid from capital distribution. Capital gains distribution. Not capital gains. Those money. No? Capital distribution. Capital gains distribution. Not capital gains. Those capital distribution. Those money. No. Capital distribution. Capital distribution.

And not capital gains. Sorry. Capital distribution. Capital. Yeah. Like when equity return to the shareholder. Yeah. So it's not a dividend?

No. Because dividends have to be paid from profit. It's funny. We had this conversation. We were trying to figure out what exactly was the difference between capital distribution and dividends yeah i'm also sure that i have it wrong and somebody's going no right now and i mean feel free to i really i really need a good accountant so yo if you hear this if you know tax law we just said a holy shit up and come we need

to talk to you yeah please correct us we're open to that i'd actually love to hear i'd like to finalize that because for a long time i've wanted it and of course the big thing is this is like a good one still if it there's a legal line to be on here because as far as i know you have to have had profit in order to pay a dividend yeah so i don't know i don't know i don't know where the legal but the i don't know what the dividend is in in law okay i don't know if a dividend is in law okay I know it is in real life accounts or whatever so but the two

those aren't different those are the same yeah oh yeah man definitely so if there's a difference between capital distribution and dividend what I thought of what I thought of

as dividends completely isn't actual dividends and I know in some jurisdictions in some jurisdictions the difference between a capital distribution and a dividend

matters in some jurisdictions and there have been court cases about it. Sorry I just want to say it again to the people listening know that we're not a hundred percent on this feel free to update us if you want to know yeah and I'm thinking that this links right back to MPC because they paid a dividend and the big deal is how could they pay a dividend at the time where they didn't yet have profits to pay it from? And the cap on your dividend is previous profits, aka retained earnings.

So it is the only case and I don't have a final answer for it yet. So who had an issue? It's not supposed to be happening. That was one of the reasons why there was a big deal around MPC. The usual talk online i could be wrong but i think john jackson said something on ic insider oh i have to check that but um i i i discarded the talk online as i do they really know accounts uh yeah well accountants

i'm sure i don't i don't find much accountants talking online at a really shows I really want or talking online not find that I don't say anything me yeah I think the way name again other our figure I learned that all the people expecting accounting they don't know so I want the I don't hear the voice of accountants more often cause you have them on the show sir you guys are aiming randy you know oh god fling me right under the buster i don't fight i don't find them you said they're gaming so guess what wow wow wow um good job sure i'd like i'd actually like to have a couple of proper accountants on the show we can ask a couple of questions.

We can ask people to send in them questions that they want to ask accountants. Yeah. And we'll go through some and see what it is that we can ask. And I'm sure you have a bunch. I have a bunch I've always wanted to get, like the proper. The funny thing I find is that a lot of accountants say, and they admit it themselves, not in a bad way, but they say that accounting to them is almost there's something it's like they're not there's a

line in their mind between the real world and what they'm seeing the books even though they know it's the same thing right yeah that's why so many of them day me and them say oh a lot of what they've learned and i know the scene is like i brought alive what i'm already know and all my friends at our content are always out in the next year why the hell you actually know the language of accounting the language of accounting, the language of business, and you're not investing? And a few of them who are auditors, always they grab onto that excuse big and fast.

Oh, if you're an auditor. That's why people don't think of accounting as a language, and that is all I think of it as. Yeah, that's all it is. It's just the way you express what's happening in the business. Exactly that. That's why you have to know it. Everybody says it.

Even I don't. As much as I grow and I make it simple and I simplified or if I know full well at the end of the day what's at the core of it is me taking complicated accounting concepts and making them real life and showing people it yeah and I think a lot of people are used to that yep so a lot of funny enough to me a lot of them are accountants so when they realize what they're doing is what they're actually doing I know the same thing because I manage

receivables for years and seeing now when I look on a company's receivables it means something else to me because I know what it actually means day to day you point out analysis based on receivables I think more than once.

Yes, because it's something I always look for. Because I know how, I know what you can do with receivables and I know how it affects the cash flow very, very importantly and the profit, right? It's a key thing. That's why I always go back to profit. Yeah, but yeah, I just like the fact that a lot of people now are seeing it as a real thing.

And if people, if you know we're talking rubbish, feel free to come on. I know one, I have one bedroom who is at, I believe he's a certified accountant i'm sorry if i have it wrong his name is on twitter at smitty royale he's been a chelsea fan his entire life i know smitty since 1997 but in 2020 he informed me that he's been a chelsea fan his entire life yeah big up smitty welcome it say in every size? What were we saying before that? Oh, yeah.

So the course we did for the thing there, the financial health of a business, that course. Ah, yes. He was breaking down what would make you know if somebody paid a dividend by taking debt. You know that in that example, there were enough retained. None of his examples included them paying out more than retained earnings

allowed. It is obviously the trick with it is always that you are able to pay more than current year's profit. I don't remember that. I remember because I've always been looking for it. So you can make a loss in a year and still pay a dividend. There's nothing stopping that. But

with the exception of that one case, like I say, I have never seen a company pay more in dividends than they have in retained earnings. I remember it's retained earnings that is reduced. Definitely. So if your retained earnings is negative, I believe that they'll allow you to pay it. That's funny.

Retained earnings is equity. Equity is capital. It is capital distributed. That's the funny part to me yeah well I think that the cap is on if you think realistically a company could be sinking and the person running the company or if there are so director could make a decision to put the company more debt pay that debt out as a dividend and then let the company sink which we've seen this before not necessarily retained earnings is the deliberate cap on that randy yeah yeah you get what i'm saying well what

i'm saying is that it's like that's like something creative we've seen happen before within it's not there's nothing well what i just described in my mind there's something wrong with that i don't think the law laws i've never seen i've never seen something that not that i've seen it on the american market but um we've seen where what i've i've never seen now what i've seen is companies have wholly for retained earnings but they're not really they don't really have any cash on hand and this is bad now and i'm at the 10 and 20 years of retained earnings in the back somebody

come in fling some cash in there i mean that is perfectly legal well i've seen this thing there right quite again somebody people give me a heart and what fat say say wake up today all the time you know so you go that's exactly what i said i was like okay i mean that's how we talk that's how we talk you already want me to man feel bad yeah i'm the only man tell him why people always bring your badness to me i don't know that's me that's how you probably see the people oh wow what are you saying sir what is what you're saying oh yeah um company so like say a company losses for years large retained earnings probably um they have some ass they have things they have something

they want huge debt and so like a payment come through payment from whom? a payment from a client

a client that they used to have it was in delay okay and the debt has been calling so their company debt has been calling the debt of here

but there's no there's no there's no there's no cash in the business oh so like the payback invoice last year but I don't actually get paid for that invoice yes so you need a cash crunch crisis okay get paid if I get paid okay so you get a big cash cut you get a big cash you get a big cash payment you say pay dividends for meeting earnings and then the company to get it and through that's it sort of all right i was wondering if you can do that if you say debtors are calling you finally get a payment if you can do a dividend payment instead it depends on the terms of your debt some debt some or somebody

something that locks you into having to pay them first for example give me a company that has that where they're required to pay i don't know you tell me i think jmmb 7.5 oh yeah preference is often which is a level of debt yeah oftentimes um and well and a protective form in that those shares can reconvert into in the event

of mispayments and certain terms blah blah blah they can reconvert into regular shares which is whole and also they even

just have preference shares and they have a higher calling so the debt goes then the preference shares and then

higher calling that ranking thing where they re-rank into common shares it's often a protection for common shareholders. It's $100,000 supposed to pay out, right? And there's a preference share, guys. And the company only have 100 shares.

100 ordinary shares. Yeah, sure. But the preference shares is $100,000. Exactly. 100,000 preference shares at $, sure. But the preference shares is $100,000. Exactly. $100,000 preference shares at $1 each. Cool. If

I pay my preference shares first then this guy goes with all the $100,000. But if he re-ranks into common shares then the $100,000 between me and him. So I get something

at the end of the day no matter what. No, but if he turns those $100,000 preference shares into regular shares your company only had $100,000 he has just diluted into regular shares. Your company only had 100 shares. He has just diluted you.

So now it's his company and he decides what happens to that money. Depends. No. And that's why it's not a protection for ordinary shareholders. It's a protection for the preference shareholder. There could be an agreement prior to that step

on how the money would work out. Well, usually preference shares come with them terms, but that's one term that's usually in there. They better come with that term though. And that, no, that term is in there. There are preference shares on our market that have that term. I've read that.

The re-rank? Yeah, not the re-rank, meaning the, if you miss X amount of payments, these shares, preference shares, convert into regular shares. And when you work out the, what's the official term? It's not re-rank.

It's not re-rank, no, no, no. They convert. They convert, yeah. Into ordinary shares, at which point usually the percentage- I'm saying re-rank It's not re-rank No no no They convert They convert yeah Into ordinary shares At which point usually I'm saying re-rank Because of the level of payment Well once your ordinary shares

Parapisu I always mess it up Paripasu So what I'm saying that is Sometimes the board Can decide on a dividend And because Whatever

The second attempt At kicking the board out You know brother Because you usually Have enough preference shares That you have such A heavy weighting That you're On the board Even if you're not on the board out in a brother because you usually have enough preference years that you have such a heavy weighting at your but I'm saying there's a case where yo me and you get you your shares reconverting to perfect common shares and you have a share the money with me that's not like a bridging thing why would I do that you're supposed to pay me all in one and

then all of a sudden it watered on and okay we're gonna split the money nah depends on agreement it was at zero dollars at zero dollars suppose when the company hits that zero dollars point then the conversion happens like that i even call a board meeting and kick everybody out and it's my company that's that's why there's a protection you're a big of succession i love that show um every i want you to see though that in that it's i get what you're saying in that okay wait no yeah explain like in this in the it makes sense in a legal standing and if the legal and it would be the real standing so i get what you're saying yeah yeah but i don't want confirmation on that yeah sure we're probably it's probably another bit of rubbish that i just tell the people so if we're wrong and you know we're wrong feel free to correct me maybe bring on the show you

correct us all i'd like that um so what company were we just on that i was separate where i was saying that the tax break the tax break extra nice the the money above the tax point mm-hmm I was out our sense it's it might as be useless but I don't I think anything that increases retained earnings with their so with your thing that then I had dividend can be paid so it would help it would help in the future yeah yeah and that that was the point of that what a tangent Jesus open about lose everybody how you feel about him no looking on their full year separate 12 months ended the 31st of December 2019 their total their total net profit is 1.18 billion versus last year meaning 2018 versus 2019

1.06 billion no that's not billion it is billion 1.18 billion versus 1.06 billion so they had what kind of uplift is that barely separate hard to move

I think the real magic here is no I think it's we know what's not what's not a problem so take all sugar and it's a different story

alright so they have here that discontinued operations which I won't even dig since we don't have time for it I'll assume that that's sugar

discontinued operations represent in 2019 98 cents per share in terms of earnings and oh that moved them down from 2.7 to dollars per share in terms of earnings to 1.7 for dollars per share earnings versus last year hmm really is barely I wanted to look bigger but that's the thing with separate is big this is the only Megan is 98 this 90 discount loss mm-hmm is about one one dollar per share yes and they made two

point seven to the last the last one dollar per share of loss and only made the last one dollar per share of the profit and ended up with 1.1 74 basically which is a heavy number for it that is a heavy number because although they're saying without that we'd be almost three yeah and there would be what is that in terms of our play if it would have been let let's say there were 2.72. If it was all, you want to put it over what? 174. That's actually going to compare to last year's post figure. So you're saying if sugar came out. If sugar came out completely.

Yeah, like if it was finished in 2018, you're correct, 2018, 2019, they would have had like a 31% increase instead of what reality is currently, which is that they're looking at a, we are looking at a almost 16, 16% drop in profit. Yeah. Hmm. But on the flip side, the quarter, the ending quarter of the year looks good. Because as you said, it's almost a hundred it's an art is more it's an order of magnitude higher in terms of net profit oh yeah so almost an order of magnitude higher yeah so i keep looking at the oci figure oh you think jamaica start paying attention to oci total comprehensive income anytime soon versus just versus just net profit

but i mean the last one in an oci yeah which i am going to assume Is the I really should dig into these numbers You think that's sugar? It can't be sugar Because there was cash on it last year I doubt that's sugar Yeah Unless well

Who knows based on how things Are put together now right And the group really has a big Reward From sugar to OCI I don't know what's on the face Probably some death in the thing there I don't know what's on the

face either so remember that you know they've they've subsumed the face you know so you don't know what it was within that group person you know it's the group it was to face the consumer didn't take face the group face the consumer division all right yeah the distribution distribution arm yeah nestle is also under there yeah not nice I can Nestle is it Nestle no one had an argument with Nestle I think face it took in this landing data can face it it's something no no no no because they have a thing there they had an agreement with Nestle for a product and then eventually they were eating there they were just manufacturing and they were selling it all right what do you

mean this is their operation okay so far they were selling it there is selling for them in a way and it bought stuff separate is still coming into their own yes yeah I saw I remember the consolidation I remember in the conversation know that I had row around buying it the first that was what a year or two two years ago last year they were they spoke about it all year in every quarter in the report to say hey you know we're up on this this necessary thing we did that analysis was before before faces sold their shares and faces so their shares October 2018 I realised how fast last year went by

yes 2019 feel like a flash like a flash and we're in it yeah I remember how down the

Caribbean period feel like and then now I'm looking and I was like wait wait wait he wasn't wait wait

it was the start it was the start of last year I keep thinking last year 2018 yeah we're in February now February's who done time flag on He wasn't with it with it. He was a start. I was starting last year. I keep thinking like right so 2018 yeah, we're in February now February so don't time flag on Make that money. Oh you stay on the 30% fuck you one

People need a update on I don't I need to go check mine and see Concluded before I've ever looked at what the exact area but yeah you know you know you know feel you get the boost right yeah I checked I'm 10% up on the stocks in one place I'm thought I'm not a fat on one side I was need to check across really you should use a dashboard for that yeah uh flat yeah at this point in the year this point in the quarter yeah i think they might get screwed me work dog work screw you yeah you're beginning a big up maybe not big but what going on right now so oh wow so yeah work work have you work have you have you flat on the quad yeah we're almost at the end of february i think i'm flat also i've made a tweet about putting the

portfolio in dashboard i finally did it and new perspective like the way i was looking at the way i was feeling about the market that i'm sure i told you about this already uh before i put in dashboard i was like boy i feel kind of disconnected i don't really i don't know if i can if you have a perfect because i really wasn't tracking it like i wanted to or you're looking at positions certain ways you're not doing anything i drop it trust me work i kill me so i drop it into the dashboard and then i was like oh good you're good as in what you like based on what i had i was like oh yo this could do whatever you want to do yeah and so i was like yeah what you got what you're gonna try and make because now we're near the end of

we're near the end of there we have one month technically something that only set we're recording this transfer um cap the reset and there there with a bit of numbers supposed to come out soon cap was tiny allocation yeah so cab i saw say that it was one thousand everybody getting first thousand um maybe our customers and the public same thousands i guess my assumption is that they split that up nicely but who knows um when we see the final, we'll know. Alliance not out yet? No. People excited about that?

Very weird. We'll see when it's out. Yeah. You don't think so? I have reason to be excited for it. I just want to see. I want to see it. Here's my basic reason.

It's a financial group such course has to be almost as having cab is an insurance broker which means it's financial also which means such grass about has to buy it also but it might at a time and that who knows who knows maybe who knows and select F though new financial group come into the market that's I mean once a new financial group hits the market that must be an uplift for select F right you think I might issue more shares to buy in I don't know we'll see hmm it makes sense to me otherwise there will be scheme money on top of

everything and then buy into that new thing but they might do that but yeah but whenever the thing is it's needed to just do the right issue it's very it's kind of it's annoying for them to raise money i think not not raise not raise money to rebalance our portfolio because every every if they say a scheme of everything right so if they sell something it affects the the price. And then whatever the scheme will be based on today's prices. You make the scheme, it affects the price. And tomorrow when you're buying, you're buying the portfolio weighting of that thing. It would be the weighting of that thing in the index.

So to buy that now. You have to rebalance again. Yes. But these guys are good. I don't have to tell you about that, about being good at math but these guys are great at their math it you know it's the thing is everyday changes every day every day that's so I rebutted I think at some point every no I think at some point there's the electricity fund they're trying to match the index so I realize I feel like at

some point they get up and say, they realize it's pointless. It's fruitless. It doesn't make sense to try to balance it that way. Well, I think it's just profitable to them to balance it the other way. Other way would be? Sajakor does. In the event that they were to choose to do a rights issue.

I mean, rights. All right, so let's say they group together. Oh, no, no, no. Rights do make sense. It makes more sense to me And not just that It's also profitable to them True

You have maybe Sajakor buy it And hold it Buy that IPO Hold it You need to match the index As at the end of the quarter So

Whatever rise between IPO date And quarter end Goes to the selling entity I guess Unless it serves them better To have it go I bought that IPO And I'm guaranteed to sell it to you by the end of the quarter not whatever the market price is I then eat the gains on that

right so if you come out at a dollar and when you buy it for me you buy it for me at two dollars oh so the cash is for it well such a core makes more profit as easy profit for such a coreor, the brokerage. Everybody right now, the financial groups are eating through their brokerages. The most exciting part of every financial group right now is their brokerage. So you're saying, oh, so the cash is spread. Oh, so sell it to my market price. So I'm selling it to you at market price.

Sell it to who? At the end of the quarter. Sell it to who? I broke a man. Sell it to Select F. Selling it to Select F. Selling to who? I broke a man. Selling to Select F? Selling it to Select F. Selling the stock above? Yeah, a certain amount.

Because we know the weighted amount that you want. We have a good idea of the weighted amount that you want for that. Maybe I have more. So maybe you need, work it out, you need between 3.5 to 4 mil and I have 7. Work it out, you need between 3.5 to 4 mil, and I have seven. So I know that at the end of the quarter, I'm guaranteeing to sell you it at market price.

So it makes a lot of sense for me if I think it's going to go up to get my units in early, because when you're buying it at the end of the quarter, you being select F, you'll buy it from me at whatever that price is. Select F mandate is that they are trying to match the returns of the quarter, you being select F, you'll buy it from me at whatever that price is. Select F mandate is that they are trying to match the returns of the index. Good, bad, or ugly, right? So if, when they balance it at the end of the quarter, it balance, it done.

And whatever happened after that, happened after that. Okay, cool. You get me? So it's a way for me, the person behind that, to possibly benefit. I wonder if it actually perfectly balanced that way. It doesn't, but that's fine. It perfectly balances on that day. I was wondering if it actually perfectly balanced that way. It doesn't, but that's fine. It perfectly balances on that day.

And once you balance it, it's done. There's no, you'd have to do any rebalancing after that, unless somebody new comes to the market again. I was more thinking, so, day two done, and you say that whatever price it is on that day, and the day is going to end that price, but the balancing will be changed at the base of that yes it actually work I know it works I did one my way to balance it

yeah once you pick a date you balance it as of that's it then you can just say that date does put a date on the amount of shares and if you can move it over into the thing I thought you're fine yeah well you just have a trustee arrangement that whatever the amount is on this date, you will pay me that. I'm delivering you these shares and you will pay me whatever the amount those shares cost on the end of the quarter, March 31st, blah, blah, blah.

It's a nice way to bake in profit for yourself if you control both things, right? I just meant that I think i can see that being as something being something good to help sagicor jamaica and select f i remember i mean they are the managers i remember the actual role yeah such great investment managers yeah the phone managers yeah or yeah whatever it is whatever it is they're related to it so who turns on money yeah you're gonna have both said on this podcast that indices are a great way to make money and people should do them or people should do more indices yes yeah hey yo you want to put that together i'm ready to

i mean i already do it it'd be great to do it for more people in terms of an actual company and not just myself what's an index I saw people thinking what's indices indices a bunch of indexes index is just you a basket that you for whatever reason decide this basket ax in that ax has this certain characteristic and you buy based on that characteristic that's right I'm have an entire episode on that called the new the JCC JC's new M&D index that we did last year. It feels like so long ago. Yeah, it's funny.

It's a whole last year fly. The start of the year feels like when we started this podcast. It feels like we've been doing this for a year, right? We've been doing this since about the middle of us yeah over halfway through the year we started this great like the six months mark you Wow almost every week minus a couple of gap weeks yeah so sorry guys that is it is very hard to do content and put it out you would not believe you would not believe that the difficulties if you have a life and it's not all of your life uh what else you want to talk about

138 sl over 100 in a week yep wow 100 percent you know over a hundred percent rise in a week how you feel about that big up miss jilly. See, I got that right the first time. Just like how she got it the first time. Our first episode of 2020, one of the things she spoke, two of the things she spoke about were 138SL. And Pulse. And Pulse, both of which have performed quite hot since then. I mean, Pulse closed today at $11.30.

And 138 SL is kind of down from its peak. Peak, yeah. Yeah, it fell down 17% today. There are some buyers today. There are some sellers that... There are some people selling, but I don't see what the price is that it closed at. Actually, I do.

It closed at $7 do it closed at seven dollars flat i think the trades went through with that you think the what the trades went through at seven dollars flat so the numbers in november i got anointed numbers in november i think telling how much they had done for for yeah the year the year end so that and then oh it does have a follow-up report but um but i didn't do that because of the rule it's good for people to know the rule that at the end of the period you have either 45 or 45 or 90 yeah well tell them the rule is at the end of the quarter when the results become due if it's an auditory if it's a year-ending results then he can give in 45 days you have 45 days to give the unordered results the year-end results and then within 90 days you have to give them you

have to post in audit results you have to post the annual report no financial statements and the other one you have the choice to say. I know that one's one that we should know. I'm sorry. JC and I, because I know he knows it. In the year-end reporting period, right? At the end of the year, you have the option to either file your audited report within 60 days, so year-end audit within 60 days,

or you can file unaudited reports within 45 days at the end of the period and then go forward within 90 days at the end of the period to file audited financial statements. Point is that they told us at the point in the unaudited numbers for the 12 months. They did mention

the claims. The results were positively impacted by a claim under the concession agreement related to Irvine Hall which is the claim which is to say that if we get less people and you put in you're supposed to pay us the difference because they did work on irving and all that too yeah that's a nice little thing to have in there it guarantees some income yeah in other words how much i'm guaranteed 90 occupancy occupancy yeah so if i'm far below 90 then they get paid as if they had 90. you would have to pay them for that that's the nicest thing they want to drop below 90 because you get

the money anyway but i'm sure on the flip side i mean more and more people coming in so very soon they're running out of space again but yeah but you know the thing when am i again we're our analysis initially was that was for them breaking 90 occupancy because then additional revenue start coming to the company because if they hit 90 and below then they get those get money you might tell we did that group meeting yeah there was that as oh how many years ago that um no so total Alex Alex Alex Lord wanna listen we all have a fancy oh you want to eat of it yeah I was like no it can't happen that's not don't make sense

and his points made sense but also I think he was going through the the thing that I think a lot of people are like

when you're really close to it oh yeah so easy yeah so like if you see because I've heard people talking about

like people stay there and if they have trouble if you are too close to it you oftentimes think that your things don't go bad sometimes you talk to workers at companies

and I'm going to say worst place ever worst place I don't know what I'm going to do can't make no money I'm like bro if you look at these financials I know you might have had

a rough week but yeah buy some shares in the company where you work that's the lesson you always need to go for a gem here's a gem for today if you work somewhere

and they're listed own shares in it just on principle 138 SL call from long time call from long long long long long time which ones are not it it came out November it's mmm thank you you november so what was the chart looking like on the 19th of november the chart was geez six months has it been that much time yeah so yeah i remember this around this time you could have met us and yeah it bounced a little bit up so to me it was like a normalization because you look at the prices before this rocky period there yeah like in august you could get it for $4.20 and then i think there was some news about them having

trouble with the legal agreement between them and ue it kind of fell down and it fell down and so in november we could have scraped it up you could get get it for cheap. 286. It was at 286 for good runner days between November 11th and November 19th. So the results came out and it went back to and then it went up to its usual

378. That's right. $4. And then it kind of fluctuated in that $4 range until now when

results come out results came out again where they have continued to do what they showed us they were doing all along from the fourth quarter it's funny when I get my tweet I responded to what he ran made about he called 138 on podcast I and he made a thread about it but my response to him was I don't buy it whatever whatever but my thought was oh it's the second quarter of good results I don't buy it I had I had meant to buy but I got it and then I saw it also that I was jumping to it I make one quarter

gone I never made the money on it you know apparently Ryan was a good news bird um but somehow the market just found out again oh one trade is listed and they're doing well despite one quarter of good results before this let's now discover this quarter of good results well so i don't know the first quarter result came out february 17 which showed them continuing what is that what they were doing before the quarter right before precisely yeah um as i can see them show you them revenue rising yeah so consistently from there's a lot of balls around it everybody's speaking about one three eight everybody you know this is on one three eight mm-hmm but what yeah it's crazy to me i mean how many people this is what i decided so what was the profit in the quarter before this

is uh loss the same period before and then profit in the period of 72 million i mean easy signs for people net profit of 72 mil but their 12-month figure is 11 mil 11.7 mil which obviously means that they had losses in the quarter before don't need to be a man ask it means that that losses in the quarter before or google it which is how i learned it which is why i might be wrong but 72.2 mil and then no we just got reported to us their first quarter and it's 182.8 mil rising again and that's been compared to a 43.8 mil loss and as i just said if they made 72 mil in the last quarter and the year end for them in that which that same last quarter ends the year for them was 11 point odd mil profit it means that within the three quarters before that or one of them they had some strong losses coming down the line right no well we see them comparing to one loss right here which means they probably have

two more quarters the my next step would be to what what were the other two quarters last year looking like look at that analysis wow analysis and prediction the point of analysis yeah so it would appear to me my amateur eyes that these guys are probably going to make significantly better profit than last year I don't know what to say mm-hmm I don't it doesn't I don't if I feel unimpressed by this okay I know a lot of people might enjoy so I hope you guys get it for me it feels like a waste of time because it's such

an obvious thing I want to find something that's not obvious yeah cause the news out already so why wait on now I don't know it's a buzz now

June last year that quarter ending the 30th of June last year they also had a loss of negative 60 and the one before that was a loss too.

So they have three more loss quarters to compare against. Two. Yeah. This was the tweet that I had seen from Guru in Training, big up Guru in Training, Simon. He was saying that 130 is having some serious problems. Have they finalized the issues they've been having

to you as a guarantee? Profits continue to dip. They're now down 60 million for the nine months retained earnings were a hundred million last year there are nine million no stakeholders should be concerned at the time of that to eat happening I was a stakeholder so you saying comment info I was interesting to me about this was if you look at the thing there you know what this is the quarter right before the problem it worked for the fix exactly when things are done is when you should strike you don't want to be the point behind stocks is to get in before they get up so you predict the

good happening and you jump in ahead of it that's the point and you analyze in order to predict the good ahead for the company and that's when you get in that's when you make the bets that's why I'm so big on prediction that's why we make the money cause we predict ahead of time I actually commented on this and I remember somebody sent it to me today that I just responded to him saying factor in the one hour 54 million hit and then reassess he said something which is accurate that the one-off it does not which is true so I said well the one-off is people are more willing

to disregard one-off gain than one-off hits. Strange. As if one real and one isn't. They're both very real. And they're both one-offs. I just saw a $54 million payment. It might very well be a problem, but next year I'm not taking it. Exactly.

Next year I'll be up 54 if things stay the same. I know things are going based on what i'm looking at oh i don't know if you can be proper then yes matter of fact i'm looking to see if they were well in this picture i'm looking at i can't see what they are they had but they're the next they considered they continue to they continue to put their money in and continue to work and they knew that what was happening was increased occupancy because they had also finished a building that I think they hadn't built for before. So that building would have been new.

I could be wrong on that point. I don't know if the building was new at that time or if that already had one year in. But the point is I know that occupancy would have been up, which it is we're seeing. And well, I mean, it's there this is august the 30th 2019 so now we are almost six months almost exactly six months from that date like simon asked me then august 30th the one-off hit doesn't alleviate the concern so given that the prices are depressed for it you're bullish on 138 and i said the one-off it is the 25% revenue I don't see what other major concerns there are some stuff I didn't want to say because obviously I don't want to give away the play which

is an obvious play and now six months later we can see what the play is and I said it clearly I hold a small stake and I waited on certain signs to increase the stake you know that sign was December December when they say oh hey we're better September September when they said, oh, hey, we're better. September and December. When they said that the law, that they were okay, they were good and people seemed good. It's around the time when Iran also tweeted it.

Because they said that, you know, things are good and the numbers came up. So that was right before this? No, that hadn't happened yet. So that was a sign that I was... That was right before September. Correct. Because September results come out afterwards, closer to December. So basically, oh, everything cool and because september results come out afterwards closer to december so basically oh everything cool and it's still results come on showing

everything was really cool and the money was showing from it and then after that at that point it's obvious to me because you're past the one problem that you had and we already understand the business is what the thing is that uh next point ryan was touching on today i think today what's that about it being just It's more than just the numbers. The numbers are a reflection of something. As I said, I found it's a language. It's telling what's going on. Correct.

So you really ask yourself what's going on. You read the numbers on the page and say, boy, profit down. It's easy to do that and tell yourself that something's going on. Profit down, something is wrong here, leave it at that. Profit down, maybe because you find out why the why is the thing that has made me the most money knowing the why and that um crisis all this company loss is nice because what happened what happened is it is it going to be reversed then you know next year is a nice time well we'll see for if you go mail pack mail pop mail pop mail pop drop them numbers early chose to drop their numbers early came out with a strong strong numbers here and well

strong strong but versus well regular business but a little bit behind their protection protection so the production is prospectus they were, they were above the numbers that came out, the actual numbers for the company that came out just now. Okay. So does that mean- If what? The way I look at it- What caused them to be behind, by the way?

What caused them to be behind? Actually, if they had the whole period under review, if they had no tax on that period, then they would have thing there they would have been projections okay I think the predictions they projected no tax they projected no tax in the quarter so I think the process was likely done I was already finalized before that time so in a little time yeah by the time you find out there's something you come into market sales you work with what you work with yeah but i mean that again but yeah so that is an opportunity that's just an obvious sign that okay so we're doing better than we said we were

doing but the tax makers are actually going to pay that tax so yes we're not doing we're actually not doing better but we have a reason we're pay that tax. So yes, we're actually not doing better, but we have a reason. We're showing that business is ahead of what we projected business to be at. So profit below, but business is ahead.

Profit below only because of the tax situation. When the tax comes off the books because of the junior market tax break, then they'll be fine. Well, let's talk about Pulse. Pulse?

People are supposed to sick of it. Oh God. Well, they had a meeting. We actually haven actually haven't spoken since they had their meeting they had their meeting that was great they're um that's some resolutions they said that they're doing they passed a right issue resolution um and they or apo or or apo because they said it they said that they're considering when we say equity options it includes okay good good yeah why what were you going to say the same thing because okay so i know i heard that uh apo suggested to them at the and they were not by one john jackson i gather yeah he told you that he appealed to them um and they were they i'm a cable towards it they were saying

oh yeah we'll consider it i think they're just one yeah definitely um so no they're leaving themselves open i think that the way that it is written is leaving themselves open for more than just regular right in the way it's regularly defined so when they say right it should be anyway any means of taking out money in whatever. Equity. Equity. Then to me that's them saying, okay, right-situ is generally this,

but if we are, if we legally, you know how the legal documents are. You write it and you write a definition. The definition can, the definition might not be hard and fast, what's usually is the definition of something, but because you define it like that within the context of this document yeah then that you can execute it in whatever in a certain way okay so if if the apu is executed as a right if right is executed as a right to define in a way where an apo can be on the table and execute it as an apo then you're giving the table and executed as an APO,

then... Okay, you're giving the people the most complex way. So then I have had this conversation. The idea is, I've been saying that, how long before somebody figures out in air quotes? Oh, yes, definitely. You can just put reserve classes in an APO. And call it a right. It's a right situation, in a sense.

Yeah, so you have an APO, which brings in the whole public, but then you have a huge enough reserve class and it's for shareholders as a certain date. Matter of fact, if you put that date in the future, you will probably see a rise in your share price up to that date, which then makes the APO shares,

if they are lower or if they're stated clearly, even more of a discount. Yeah. so for people who care about the share price and APO with reserve classes is a no-brainer next thing but I could again just be talking I don't know it hurts we are think about it if you so generally when you want us just if you you you want to take up money so a's a good way to do that. You're enticing the market about buying into your stock. If the share price is rising, then buying at any price, as long as it continues going up despite the lower offer being on the table for them, then they're more enticing because of that gap that's widening.

And it's so funny, it's a weird situation. it's one of the few situations in which let's say the apo date is two weeks from now the cutoff date for being a shareholder is two is a week from now even if i'm not a shareholder it profits me to go on and buy it no matter how the share flying because once that date passes i now have the right to buy x amount of shares at a lower price. So it actually is one of the few situations where even though you don't hold any more, it hits the same thinking I have when I think about my average pricing. It's definitely an average pricing. Yeah.

But in this case, you get the benefit of that situation, average pricing situation, without actually having the stock. Because you can buy it up higher. The stock is at $ dollars hypothetically and people flying it all the way to ten dollars because is next week you're going to be able to buy it at one dollar i'm and i don't own any i am fine buying it at six seven eight nine ten because next week i qualify for it at one dollar in fact i want it at ten because i want some at one it's a great situation it's a there's a lot more that can be done in there yeah there's a

oversimplification of it but it's a great situation to have yeah and again you're selling shares so if you put that mechanism in there then there's more reason for people to be in APO because there's more gain man just home a bite and hope say what and hope evaluation of the apo whatever evaluation is coming out of that yeah there's more there's more incentive to that than just that because i buy you get me so api makes it a win-win for everybody involved including the company if if the apo has a class for it if the ap was a class for current shareholders for current shareholders which then helps you with that decision sometimes between APO versus rights issue just both yeah the APO with rights if you put the rights in there then it's

it's almost like a renounceable rights issue it's just that the terms of the APO they don't have to be renounced exactly less steps there's some on the board there's stocks on the table more than just what is there for shareholders yeah you can go straight IPO can go straight ipo issues meaning reserve class and instead of me having to come and buy your rights or rar exactly the pool will always if you don't take it the pool is the pool there's this pool for people when they finish it and finish it and then it goes over to public oh didn't buy it where the setting there um the shares that we're not taking up cannot be subscribed for by by the public by the public yeah yeah and i think some renounceable that usually have theories like that

so it's like it goes to this tier that it goes to you then everybody else who's a shareholder and then maybe the directors and then after that the public we can buy into it yeah and usually it doesn't go that far um so you know usually people I really want this. APO rights is usually an opportunity for you to make profit in that capital gains way. Yeah. Yeah, that way that, well, that way that we love. Pulse, still loving it. Currently, $11.

They're looking on more to go, so they're looking on new business. Yes. Yo, Garden and Germain, that episode, Garden's target price for pulse was 30 dollars pulse is currently 11 30 in here yo god now i hope you buy some i hope you i hope you listen to this and you listen to this as a fellow pulse shareholder sir pick up pick up garden and germain for that for that episode yeah uh paul's is the at 11.30 so if you bought it that's a pe at like 28.

but they have so much but they have more coming yeah so much more coming i really like this i don't say before be up with a high p e when the expectation of future business is coming not necessarily a bad thing because you're if you expect more profits you're pricing in future profits yeah high p is often an indication of shareholders saying yeah you know i don't even like talking about kw boys still high what's kw's p e these days it's always been enough it's funny your view on KW because of the PE has always prevented me from buying it

yes but how much you like JP right now which is hypocrite stab I like that there's so much KW in there KW's current PE is 35 times and JP's current PE is 21 times.

So yeah, so to me at JP, JP consolidates KW. So they're the majority shareholder, controlling interest in KW, right? With that bigger gap and good business going on in the rest of JP outside of the KW, but they consolidate, to me it's, buying JP, you're buying kdb for cheaper than buying kdb there we go yeah what the the the investing types will tell you that you're getting exposure to kingston wars without the risk without without the direct risk it's like buying panjama

it's like buying panjama because there There is something There must be There must be something With the artists That's happening with Sajiko and the banking Something must be there For Panjam And the In my opinion anyway

Sous-journ to Panjam But With the The piece of JP The piece of KW That JP owns Buying

You get Priced in better Buying JP Than KW that JP owns you get priced in better buying JP than KW because you get a direct impact of the KW's profit without a lot of the other headaches per se directly

yeah and without even the steep price of it because the 35 PE versus 21 PE and forward pricing the profits are very different at that point so I'm getting KW cheaper through a very different level at that point. So I'm getting cheaper. I'm getting a bit cheaper through JP. Yeah, exactly. Exactly.

Ryan said that sometimes. Doesn't he use that term sometimes? Exposure. That's his thing. Taking exposure in one company through another. I know. I believe that's one of his risk mitigation strategies. Like Select F.

Select F. But that's a grouping of exposure exposure people don't think of it that way but i i like i like select that first rock you mean i was saying you like when people say things they don't understand you know where the thing is you know so um you're diversifying ah because yeah well technically you're diversifying. Ah, because, yeah, well, technically. You are diversifying, but you're still taking it. You're taking it towards something. So it's like saying you're mitigating your, you're not. I am mitigating my risk in some ways.

I'm mitigating my risk against this one company, but I am exposed to shocks, to group shocks to group wise shocks true not a group industry wise shocks for the thing true i go one better which is something i don't like saying on the podcast i'll say it this time i'm also benefiting from the perception of the financial industry which is what i have i think i've actually said in a couple episodes and many episodes ago one of the people who really like the show can dig it up and tell me where I said that psychologically select F will move more psychologically than any other big ones obviously than NCB and NCB has plus

because of price yeah just because of price and say imagine an alliance coming on to the market imagine any other banking group being oh yeah markets are moving strong profits are doing anything wonderful onto the market. Imagine any other banking group being in the market or moving strong profits or doing anything wonderful in the market. Immediately people are going to start saying, hold on, the financial Africa, boom, boom, boom, right? Proven acting wicked from the other day. JMMB.

Like JMMB, don't even get me started. That is not JMMB. I don't know what it is. Let me finish the select F point. The point is the select F, I feel it reflects more than just the value of its assets. I think it reflects more than just the value of its assets. I think it's going to start reflecting perception of the industry.

I believe it does reflect perception of the industry and you can see it within the gas, but you know, I play the perception game. I want people to... I'm not worrying. It's below value right now. And when it moves, it moves up towards value. Much like QWI will hopefully do one day. I didn't even look at it now. it's below it's below valley right now and when it moves it moves up towards valley much like qwi

will hopefully do one day and you look at it now well how is it doing what is qw taking my eyes off of it you're taking your eyes off it like something burning your 88 cents i look where i can i look forward i say sorry already on a podcast before, the tracking of Q2BI, the daily tracking to me, the NAV versus the actual price. If you don't believe the NAV, sorry, if you don't believe what this company is going to do better and the NAV going to go up and all that nice stuff and the profit going to go up, then watching the day between, oh my God, the price falling and now falling with it if you believe us if you believe it's going to do well just it's already below the price the value is now

yeah it was the 88 cents but then it's it's about 40 percent 39.7 percent 39.8 percent below its net assets value and if you're in it with this fearful tracking, boy, let me track everything that QWI is in. That's good. It's good to track that. Definitely go ahead. And then they tell us in their last report. But then if you go about it in the everyday, boy, the thing they're tracking, this thing they hold, dropping.

You don't know how much they hold today, but it drops here start, fret. And it's actively traded so you can never really tell. It's not like select F it will move around yeah as we see that we saw them add u.s stocks to it recently yeah so they have exposed themselves to u.s stocks and they've done well on it so far yeah actually yeah they've actually grown their u.s stock holdings quite a bit yeah so if you if you're there tracking fearfully and you're watching you go down hoping to god say all right to go turn around and alright it's a great turnaround just check the nav quick tip to any

you know where to look and you can actually track the profit if you find where the nav is up or down on the quarter you know the revenue is coming into the company but the fearful everyday tracking I'm really not about it. That really makes sense

yeah over the last I think three weeks it has moved in terms of day tracking, I'm really not about it. That really makes sense. Yeah. Over the last, I think, three weeks, it has moved in terms of NAV less than 1%. Almost 1%. $1.22 per share a week later, $1.23 per share a week later, $1.23 per share.

But you can get it for $0.88 per share. So why won't it go up to $1.23 per share? Well, if people won't buy it at that, won't go up to that exactly that so that that's that's where the fear comes in so if i want to pay a dividend you can get it now at below now i think anyone gonna say for mGE already? Oh, Lord. I'll say it on the podcast. We'll say it with MGE.

So when there's a spread in the NAV and the thing there. The what? The NAV and the price. Mm-hmm. The dividend. So a dividend goes to actually a coup de base company, right? And they pay a portion of that dividend. Then you might get a better price.

You might get a better dividend rate than just if you have the portfolio outright that one getting deeper now in terms of dividend rate because you going yeah dividend yield your personal you might actually be better holding the holdings that they have right in fact so they get a 10 dividend you QW has a heavy holding in access which is part of I believe what is screwing them up access is going down so yeah so and they hold so much access that it is dragging them i don't know why they bought it but i mean i assume those guys have a better knowledge than me and a longer horizon and different habits i prefer saying that they have a different in or they might simply disagree with us

and one of us yeah so if i say access say Access wasn't a good buy at whatever price, and they say Access is a good price, and they have their timeline in, when we reach there, we'll see. Yeah, we'll find out. But if they simply disagree or whatever, they buy Access, Access is their dividend payer. It is.

Access does pay dividends. So let's say they get a 10 10 dividend yield on their portfolio right so 10 percent of the money comes out and they pay out say eight percent of that money to shareholders and you can check this for the dividend policy but you're 30 percent you bought the price at 30 percent below yes then i've you technically would have been exposed to the higher degree from whatever their holding company their holdings are yeah than you have paid for it which is why they've been buying back their own shares so much i believe because it's also great they also have a rule now that whenever it's more than what 15 percent below

oh yes they can go in the market something there is it still 15 below it's currently at $1 23 purse mmm share and it's available for 88 cents per share one dollar 23 almost 40% I had a that it's a should be to come back and buy some yeah I hope that well they've been buying I've noticed yeah Jordan issues yeah yeah there are 30 was a 30 29% so 88 cents is 29% of the the nav and they have a 15% 15% trigger at which they at which point they can buy really excited about this year but we're talking about these companies how about some companies that we never talk about I'm telling you that let me do it myself I mentioned first rock I just said it just know I don't know if we've mentioned it much

on it, we spoke about I think what it is and what, before listing it has no listed so it is currently at it closed today at 1488 it would seem so it's below IPO price what was the IPO price?

1670 I think or was it 17 1670? I think it's 1661 Oh could be wrong we should know can just check it yeah one second I look at these I look at these things so often that all them run together first rock IPO price and it was tied to the US in a different way they use a little bit yeah they want so it's based on the data process was released and the US rate at that day equivalent to us 12 cents I think so I did they use you I

think 1661 on a specific day I like that explain it 1667 yeah was there shit their price per share at the time. I actually am scared because I'm reading this from an article instead of where I should be reading it. It could be incorrect. That shows you how much I trust some articles. So let me make sure I actually open up the prospectus properly

and answer it. Answer the question. unanswered question. Did they bring up the thing they wrote? They did. No, but let's tell you at the point in time. They told you at the point in time what it was. And that's why I was saying it was good because they explained what the equivalent was in Jamaican dollars. So 1667 was the subscription price at the time um message for those people i mean i figured those people bought knowing what they're knowing a lot of people asking about it almost everybody asks about it i'm buying for the long term very few people i think well at least in my view that

spoke to me said anything about anything shorter than the long term so them currently being on the out of advice as i heard recommended was recommending it on the basis of long term a longer term than your regular regular thing not a tomorrow thing yes it's not a it's not a papa stock it's not an ipo flipper stock yeah and i think that was known from before and i think even the guys that first thought themselves spoke to that everybody spoke to it as a long term is real estate it's changing of how the industry looks they hadn't bought anything really as it said a lot of cash they were making on their own things yeah what the money they had made money on thing there they had some projects in

the works already that made money from notes yes but that projects in the works right and I had parted IP was to go to buying into other properties other plans that they had going through this year and next year and I know they do have a rights issue according to the prospectus projection that they project rights issues this year and next year so I guess they plan to continue to expand very interesting business very interesting for those people yeah I'm looking at they're looking currently if you bought at 1667 should have been IPO

price assuming that you weren't one of the people who got one of the reserve shares I don't know that different prices but the idea is you'd be known right now a little over 11% if you really believe in it in the long term, 11% cheaper might be a nice thing. Nice place to be. And remember, they have a hell of a dividend policy. I won't go over the prospectus. No.

People can check. It has a hell of a dividend policy in it, yeah. But the way I see it When the time comes You get attractive To people Of course Just like

Like Cygnus Just like Cygnus The general sentiment In the market Nothing is bad It's just In every market It's funny you know

Depending on what Your personal views are Sorry go ahead But in every market Most of Most of the trading Thought is Not I don't know super a long-term

feel not necessarily so which which is why you have longer term people buying in at certain prices and being okay so they ride whatever wave that's why the funds are buying heavier at higher prices and whole that's why pensions will buy it because pensions have a lot of generally why stocks will move upwards so like um longer term and those who do value the short term and the longer term money is in the short term by those who do value same exit even at a disco even below his price because guess what i have my timeline is better to other opportunities but i'm coming back when opportunity is there for my timeline take to capitalize on it and then they push the price up exactly so it's just understand that different people have different time difference because I stock is at $10 simple version why you

just said in case and what it was last cuz people I said I said we lost him with the tangents so stock cost $10 and I decided say yo I bought at $5 I am selling a 10 that's great but to the pension plan who's buying it from me you're like this in our view in three years it's going to be worth $25 or in 10 years if it were $25 I'll buy it from this guy $12 no that's more than a hundred percent and we have long time lines to me I'm like yo it's $10 on him about for me for $12 right and I'm thinking in my mind they really are dumb I'm getting run over on them and they are thinking

this guy is really dumb because he doesn't know this is a 25 dollar stock we're both right because and the thing is so year one passes is still 12 year two passes still 12 so you're three you know results come out that showed let start looking, the results fit a $25 valuation. Pension guys are already in. Yeah. This is me coming back now to say, boy, $12 stock and it's worth $25. I'm going to go buy it. Wow, I'm going to buy it right now.

Me and everybody buy it all the way to $25. Yes, and the pension guys go, we saw this three years ago. And I say, you know what? Thank God you're right. Congrats, fellow shareholder. I'm with you. But I didn't guys go we saw this three years ago and i said you know what thank god you're right congrats for the shareholder i'm with you but i didn't need to stay for the three years and for you maybe you want a big volume so it took you three years to buy up your volume congrats you also did that win win the market literally is for everybody i like that so much i like that the concept is so obvious to me sorry let me get too passionate uh what's a company cab everybody's saying how come we don't talk about you know big up i won't pick up one specific twitter who decides

it was going to send me a dm and bad me up because we had taken so long with the with the um episode that one time steph underscore n did you know what time he said yo I said I had a whole heap of stuff going on he said well Dana I need to step up Sergio I really had fun you know him? yeah yeah man he did access actually he was a year ahead of me

on camp I didn't even bother to tell him I said yes boss you're right you're right and it was a good conversation I like that I like them i'll say yes boss you're right you're right and it was a good conversation i like that i like when our listeners keep us in check so thank you for that bossy um and yeah then i need to step up it's funny there's another step sound steven um steven had mentioned that so when the podcast was late and the guys in the group were running those pressure than i and steven said boy then i work you know so maybe

so for other people that are not necessarily working wow oh wow unemployed man trade unemployed shade well a big of step for that i just i remember it and i had to i had to mention it but uh this room not in the head and i said not necessarily working yeah you know what let's stick to the people who are on the podcast yeah those were sweet those were mop so i mentioned him because i was saying i mentioned him because i was saying he also tweeted i saw a tweet he had asked about cab and i said i'd wanted to do that cab um session i never did a cab session what yeah i haven't done any grow is from the years of people killing me so you know I did go first rock sorry I don't know if that's last year this year

is I have to do I peel grow I peels I I do I said the same thing that I know numbers numbers putting down there they have to do them yeah I told somebody he has to do them so I do have to so I will continue you have to do them yeah so i told somebody that he has to do them so i do have to do okay great that's reinforcing so i will continue to have to do them especially because there's a huge charity element to them so i like doing that but i had not done one for cab so i should do one even though cab is now closed and um we're waiting to hear the final it i know we mentioned it earlier in the podcast but i should say i mean quick once over what it is it's a brokerage company it's an insurance broker so basically insurance brokers are they live on the spread so exactly if this company and they get a float

yeah so such a query wants it's such a quarter insurance company they want to get the life insurance for like a group of people as many as they can exactly so do anybody almost anybody cause cause for insurance broker and they tell them hey find the best insurance out there for me because guess what I'm not walking around every insurance company I shot there we go so they find the best person the final best insurance great the person can get mm-hmm and then they sell the policy to do thing there yeah and they get paid I think it's they get paid and even some

so I know that where did I recurring payments often you said I couldn't feel it yeah Phil Burke big up Phil Burke invest a month so Phil Burke invest he has his medical practice right yeah and he wants to offer medical health insurance all his doctors and staff okay oftentimes the best person for him to talk to is the influence insurance broker to say you find me getting the best deal for my group for my group of workers the policy yes and they go to insurance company and then they just run that they work something they want to write something out and they get this the commission a piece of the commission every single time yeah let me let me go one better the why it might sometimes even be more expensive but it might be better terms so so the broken maybe

the big insurer the reinsurer has a good relationship the actual insurer yeah the actual insurer might have a great relationship right so maybe I only have to pay them once every six months oh yes yeah yeah and so I extend to you because you would have to pay me every month but you know that kind of money says I hear what you gonna pay me every quarter so maybe the broker covers sometimes that's not a situation and then my charge a little extra for it so why does it freeze up your cash flow over certain amount of time and you pay a little bit more when you pay for that but for that privilege the value of that extra cash flow and extra time in which you don't have to pay your overall policies might be of such value to you

that you're willing to pay a broker for it interesting i'll talk like out of car dealerships not a car dealership so again um car insurance so the general insurance persons they have this one-time payment thing so you'll pay me though when you know and there's no flexibility on payment so you can't play sometimes yes and so i broke up a broker can't i love you to pay everyone get that spread so i i paid i paid him the one time and you pay me every month yeah I like that yeah so that good idea cap the business won't go too deep at the business to me looks good I think they're going to benefit from the fact that there have a tax break is going to be tiny allocations because it's a small company don't

complain get more if you really love it or ignore it if you don't like it yeah small allocation beautiful company in my eye if it if you don't like it. Small allocation, beautiful company in my eye. If it repeats, you were saying to me earlier, if it repeats, it's... If it repeats business,

I was looking, if it repeats business, so the three, they had a loss in the... First quarter last year. Fourth quarter last year, I think.

Sorry, same period last year. Same period last year. So, for the nine months, I think the PE was really low. And that was factoring in. The last quarter.

No, man. So the nine months, I'm removing the last quarter. Okay. So you see that business without the last quarter. Really good for the PE is low on those nine months. And that's with the tax in there. So with the tax removed so going forward they will have no tax so the income tax in the income tax burden

is gone and business is maintained and have a really low PE well even lower PE you mean to say even lower yeah in other words you think that it might be a good deal at a certain price and I also like the price I like to it look and I like that our market is at such a level where a company like this is considered tiny people are complaining and not putting off a more sure and then it came at a time where it's right before trans-jamaican the nobody's paying i think what what the people who need to see have seen it's funny to me like couldn't win a lot of cars buying the cash part ticket and cash part was such a big deal in front of me but i don't like using that the gambling analogy it's just you you you if you care about the money's there i there. I like, so big up Steph underscore NGA

for ensuring that I stay on top of this podcasting thing and keep the content high. And I hope our little light analysis at Cab there is enough for you in terms of realistic analysis. Of course, it's going to be a tiny allocation

for the people who went into it. I think they've probably got less than 900 shares. I'm laughing with Cab like I'm laughing with Lombo. Why? Lombo lumber why lumber is nearest ipo price yes it is the type of business lumber runs it's just read as a straightforward business very clear some things i'm gonna sell some things very clear which touches on blue power which might also be a nice little guy it touches on dividends because themselves and it's a straight cash thing when we're running basically so when dividends are easier paid in the company's cash rich if i'm buying lumber at ipo

price ipo price the pe was our own was low under 10 11 around around there what's that lumbar's ipo price ipo price the the pe was our own was low on your 10 11 around around there what's that lumbar's ipo was ipo price because 141 p you know the p even well it was 120. p e was was that nice p it was a nice p i don't know what it was off the top of my head but yeah yeah so if if you're buying it near at basically if you buy it near IPO price then you're buying you're buying dividends as a cheap at a cheap level that's all that's way I see it because dividends compared to deep defense on dividends on low PE stocks are jerk of the same nature a cash rich company or whatever whatever would be good it's great so the dividend pay the dividend rate the driven um yield you get is higher yeah anybody that's

complaining that they never get a whole heap in lumber it's available it's available it's really careful it's something you're saying They didn't really care about it. That's the only thing. You broke out. You broke out. You hear stuff like that. Oh, the number wasn't... The number didn't get much

anything there. It's near IPO price. And you can get much more now. You can get much more now. The volumes are so good. Yeah, the volumes are really good. You don't have to worry about... What was the IPO allocation for?

9%, I think? 2,000 shares. 20,000 shares or 2,000 shares? 20,000 shares. And 9% above it. Wasn't 2,000 shares and 9%? percent of it wasn't two thousand shares and nine percent check i'm not going to check somebody will check and tell us what i remember it and and mail pack together one was two thousand and four percent and another one was twenty thousand and nine percent and nine percent one was four percent one was nine percent That's what I meant. Cool. Yeah, the point is one of them did nice.

But right now, JTrader, screwing with me, so I want to actually tell you. Right now, we are seeing Lumba available. So you would have gotten either 2,000 or 20,000 shares. But right now, I can look in the queue, and I can see lumber shares going far my word one do you want one 72,000 shares that's crazy that is crazy I mean they come in turn out of that a lot of a lot of shares here in year, this is not going to look the same. Alright.

Well, I like what you... Dana is pointing at a big order in the queue. Somebody jumping out at $185. Or maybe that's somebody who paying off a debt and making money. You never know. What did you say the IPO price was? $1.20.

And that's a big order at $185? Almost 50%. in them. Oh yeah. You never know. What you said the IPO price was? $1.20. $1.20 and that's a big odd at $1.85? Mm-hmm. Almost 50% too. 50% over. A little bit over 50%. 54%

when in fees and whatever. I'm covering himself. 50% gain. He came out in December. If them sell is over next stream I'm 50% in stream once.

Couple mil. Market made last year. market made 31% last year across the whole year. Beat the market in three months and you're fine. Good luck to that person. Good luck there. I hope you make it. I hope so. A lot of nice little things.

I keep, I think I said it sneakily. I know I said it sneakily more than once in this episode, but people are going to hear it once when I mention this company because I don't like how the first one sounded. This one, however, I do think we should mention it. iCreate. How you feel about it right now? iCreate, which we have had Tyrone on this show. Tyrone, shout out. I don't know if you want to come back. Down to 68 cents cents Almost every day I tell Danai How bad I feel about iCreate

I mean they call it For one thing I call it up and down Yeah and I feel bad about that Sometimes Why? It's reality

It's reality you know It doesn't change Why you feel bad I'm not getting That was an answer Because I I talk to the people Who tell me

That I said something That I know I don't say Because sometimes Sometimes I make them Play it back I say go play it back Right now And they say

Oh no But I did hear it Apparently people just think That once we talk About a company And based on how our voice Is sounded We just sound good or bad

So that's how the company is So at some point We sounded good And Khalilah Big up Khalilah Also had Tyrone On the show Yeah On her show And Khalilah always sounded good I guess Tyrone sounded good and Khalilah, big up Khalilah, had Tyrone on her show and Khalilah always

sounded good. I guess Tyrone sounded good and the share price flew. I don't know if that's why the share price was around that time. And so I heard a lot of the way he spoke or what he was saying gave them the impression that profits were coming home. And I fully did not hear that. Big things happened. Khalil a big up let's see if i can put that clip in so obviously even when q4 numbers come in you're not going to hit that one no we're not gonna we're not gonna hit that so our focus now is to you know move forward we have a fresh year ahead of us 2020 and the entire team is aligned as to our objectives for the business and that's going to impact the rest of your projections as well for the five-year plan

that you had put forward. It's not significant when you look at it. I think the most important thing to look at is the bottom line, right? What type of profit we're making, or projecting to make. I'm paraphrasing. He said, things are looking great. There's some big things coming but not in the fourth quarter yeah and then it fly up to 80 something cents from um it's usual like it had

dipped to 50 odd cents and it was in that little area coming from 50 odd to 70 so i got it in the 60s and the 70s and then it fly got all the way up to 80 odd cents still sound low but in percentage terms you are something 60 odd cents and you sell at 80 odd cents and on the day when it closed it has gone higher than that because i got some i got a sale at 88 cents yeah um and it has subsequently fallen all the way down back to 68 cents so i bought in early fall in all the way down back to 68 cents so I bought in early made a hella percentage sold and I bought back in in the 60s and I probably buy more and it probably went on to the 50s and I probably buy more cuz I still think the company is great I still think the company has something huge coming and I

hope for the real conversation something I read about Tyrone man really not not hiding yeah he's very open very clear with him company it's the first time I'm seeing something that's not open and I want to ask him about it

because the he got a bond 24 25 mil bond so I want him 24 mil bond yeah I want him to come

and talk about the bond and the company we'll see you guys hear Tyrone maybe in the future I can bring him back love to hear him talk

more I create definitely this time yeah and see where he's in the journey now i'm putting voice out there i like i like the new age the new space that we're in one or two more never call it because we'll be talking like a while now uh i i snuck and said it earlier um blue power you think it's been oversold You think it's been sold out too much Blue Power is now It went down It was low Look on the computer

Exactly I have to kick myself Yes I have to kick myself Because I know I knew it was being oversold It went all the way down to the three Something down

And I was like Wait wait wait We spoke about this I really hope I bought I know I did not Tell you the worst thing I must feel man When I really hope I bought. I know I did not. They were a thing of mushroom, man. When I saw things I missed, I was like, cool, cool, cool.

Back up at $5. Interesting change. CPJ, profitable. Yeah, they make some money. They made profit. A couple of people made money. But the outlook on it was kind of murky because of what happened and they were down in

the road for a while they're in profit this last quarter it's on the back of so the increased revenues the expenses the expenses of hell so i think it was they were skirting it might be that they were skirting close to their arms their fixed expenses so revenue down and then in loss but as your revenue up a little bit then your profitable

and expenses kind of holding to me it's probably looking like oh so there were some efficiency in the selling works out better

not wouldn't be efficiency in the selling it would be more that some those made more money and the fixed expenses some I think there being that there's there's a lot happening in a

company I'd like to look at it definitely to the profit I saw the revenue and I saw the expenses I said wait they didn't really change much and the revenue wasn't oh my god more revenue yes I that's efficiency or something i know one-offs i didn't check you don't know i don't think we're on us what you don't think you're gonna check it we'll check well i'm gonna check no because i don't want anything it's too much okay wow the the the the gk buyout the gk biota key yeah it's not yet yet completed And the share price Is now down to Three The old company

Jet can't drop Some good results Are they don't Or they're both Or that don't happen yet Or have I spoke too soon They posted They posted some

Results last time Had some good in it Yeah And I think They're on the upswing now I think whatever was wrong Has been Sorted

I haven't looked at it Properly What do you think was sorted i haven't looked at it wrong i haven't looked properly we need to do a proper earning season episode invite some people definitely yeah we've been saying this we have been saying it forever what we do invite some people invite back some people have a big episode this time though we'll see what's up uh i continue to like jetcon i'll leave it there uh or something that we there What's a stock that we've never mentioned On this show before ISP

I've never bought this stock Me neither I might be lying Maybe way back when There was a time when they jumped What did they I came on I remember

It was about the time when you joined i think they're one of the people who jumped in right before the last time the tax break was going to jump but i think right now i just know all right so when i just started investing right before bridging alex alex overlord before he started i was investing he was looking at access financial he was just watching him so he was his thought went on the thing so the first the first talk he saw was access and he said just to start and we must buy something hmm chickened out and he continues to show me access access going up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up

up up up up up up up up

up up up up up up up up

up up up up up up up up

up up up up up up up up

up up up up up up up up

up up up up up up up up

up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up b-b-b-b-b-b-b-b-b-b-b-b-b-b-b-b-b-b-b-b-b-b-b-b so let me be quiet on that uh yeah it's not $20.52 and it has had a split well depending on when he was looking at it he's it it it has a split um mentioned blue power back at five and frustrating me cac 2000 which garden mentioned in his episode which him said that the roads roads the roads on south well i said that the roads roads the roads on South of all I drive down it out of the road smoothie fret it looks so good just like I won't say look like foreign but I see the fire in this meaning the

multi-level overpass all of that you can get to the companies easily did you know that CAC is very close to an outlet or I don't know if they're still there for um detail yes same side i know details on that side did they do something under something with the area free recently i was looking back at something for detail i don't care detail has been there for a long time some powers some powers has been there for a while i don't know if they're still down there but they used to be down there I know it's a big place we used to look at something because everybody had acquired something in the area they're always acquiring one boy never say every year

once he has the money to he's acquiring something where is wood cats I'd ever know what and use it heavily wood cats I think might be near there because the wall is near that area in grab wood near there. Yeah, I think it's probably Woodcats. In that area, you can grab Woodcats. I was getting something recently. I was there one time, but I can't remember. Everything fresh, below a dollar still. Damn, 81 cents. They just cut the pork business.

And they just cut the pork business. Didn't they just buy the pork business? They gave them off the losses. Oh, pork seems to be doing poorly for everybody these days. Damn. I don't hear CPpj complaining about work or the rest of the world yeah it seems to be a glut not a glut the opposite of a glut high demand uh this is all junior market kelly okay they bought back their franchise yeah

people people are um speculating that it's going to be it's going to be the great for them to buy back office but franchise business we shall see remember who won a huge part of the franchise business wasn't it also really Kelly's one to look into one to watch one to watch what's a main market company you spoke on the way here about MPC

MPC did some changing the way their accounting looks so before their accounting for their share of profit in the associate associate being the MPC fund that they invest in. So the fund directly invests in the... They directly invest in clean energy infrastructure

within the region, right? The thing we own invests in that fund. So they've now changed their accounting before they were reporting a share of profit in the associate so now they're reporting the holding the holding so it's equity value so basically if they critical open a hold in the portfolio if you know profile go up the value profile go up then they make money if it goes down then it's out they lose money but more what I find very important is that they report

with that change, they are now reporting on the dividend payments to the fund from the, to the company from the fund. From the holding.

So they get to hold the value of the holding plus any cash spit out by the holding. Any cash spit out by the holding. And the holding seems to want to spit out cash.

It seems to be created for that. Interesting enough, in the reports previous so when the sheriff obviously couldn't see if they didn't mention that hey there's a dividend coming or check the cash flow statement then you wouldn't just you wouldn't see that oh we've got a dividend and they and and they they're funny case like i said they're still the one who i would like to have the final answer for and that dividend that got a lot of people confused and wondered about that.

They reported some things and then they actually reported a dividend long before they were saying anything. It was an interesting point. I remember having a conversation with JC Knight about it. So it's an interesting thing. We should go back to MPC at another time in the future. NCB, 187. Why?

So much? Wait, sorry. No, sorry. Is it cheap now or is it expensive now? I don't know. You're not making no blessings. 187 and you can you can It's funny enough, you know. February this time last year. It's been a while since

I've held NCB. I think the last sell of NCBb i had was it 170 150 or there was before a stagnant period really i got out because i saw stagnation for the one and i said all right cool my money used to be somewhere doing something else and i didn't get into it but i didn't get back in and it went to 200 went to 200 fine so you missed that oh no dana you missed the jump from 170 i know right i was too busy making gains elsewhere yeah 17 gain that's what that is 17 gain however this is a 17 discount then because it was 200 people asking if they must still get in there yeah and i know it's even lower when ncb is even bigger i think i've spoken enough about ncb over the years it's

clear why it is proven proven proven doing them thing like them like them find themselves and they're i mean you can get them for about 48 dollars no later on they've gotten away thing there with jmmb who has added bonus from what's your name from surgical financial corporation so they find They find value From that transaction From that holding In JMNB JMNB Has been

I haven't gone into JMNB What? So Proven Because it's a Proven It's the biggest owner Of JMNB You know so Yeah

The largest Single largest shareholder Right? You want to hear something funny? Barita is the largest owner Of Proven Interesting right? Very interesting What do you think about Sajikor? Sorry right you want to hear something funny burrito is the largest owner of proven interesting right very interesting what do you think about sagicore

um sorry same company we think about scotia i thought you were talking about sagicore if you don't talk i guess who jayman is waiting for wicton yo wicton is back to 80 cents yeah that's one interesting uh look what i also found interesting was look on the cell queue So it was being cleaned up At 81, 82 Of course So what it does It takes a while It's been creeping back up

Because there's so many units It's hard to move this stuff Yeah You know It takes a lot of people That's been the issue Yeah It takes a lot of

True heavy perception Like I was working On something else And I was mapping On things at the time In 2019 And there's a time When it flew And I was working on something else and I was mapping out the times in 2019 and there's a time when it flew.

And I was trying to figure out why did it fly then and nothing happened. But no, that's when they reported the first 100%. Or not 100%, they reported a heavy, strong profit. And then we saw them report a loss the other day. And now it's down to, it went down to 70 odd cents, 76. And it's right back up to 82 cents where it's not back up. How much you want to bet in six months this is back to 90 something cents? I've been wondering.

Two quarters. I remember they had a loss quarter. Seasonality. John Jackson did a thing saying that he's sure that there's seasonality and this proves it. There may be seasonality. It's funny. He mentioned there's seasonality. At the start and it turns out it turns out that looking at the results things swaying in the way he he

will say but i do wonder about it because all right so last year they hit they took they didn't take a hit from in this quarter yeah so they didn't take a revenue hit in this quarter last year so what where is the seasonality if there is seasonality then you have to look at the thing there look at the they did mention in the report that windows was less than expected windows better last year so what where is the seasonality is it that wind is low within if it's seasonality then is there the same thing or the same period you can find the same average wind speed and type of thing there all right so how is it that what is it he's pretty sure on seasonality where is it coming from so quarter to quarter will it be the same amount then we'll see we will see what is important though is in my view to look at next quarter to see if it comes back up because that means that there's one quality you can always

look to but that means good news also then. And that quarter would be what? That quarter would be, would it be the Christmas quarter? Meaning in terms of actual results. Results? Oh, no. Christmas, that's what we just saw. Okay, so it would be the January to March results? Mm-hmm.

You know what's funny, you know? This Christmas, I don't know if it, I don't think it was just me but it just felt less windy it doesn't eat um this christmas less windy oh yeah it didn't therefore see you don't need to feel the christmas breezes here that i was it was it was much less for me a big man things my place big party got you got you my place like it is very windy that is true yeah it was much less this year like i used to wake up in the morning and around this time and see because the way the place it was not what i was even said to my mother more than one time i was asking whether if it's the christmas breeze later or something because where i am

Christmas breeze is late Or something It's not cool Because where I am It's there So I don't know But I don't think I You don't think

Keep going No I'm not tying that to Wigtown Too late Too late That I said Cool This Christmas

They have less Christmas breeze Which is why Wigtown Never make no money Alright You heard it here first That I'm going to throw Just Oh lord

That's more excuse But they did talk about The average wind speed And they did talk about The wind speed And according to them It was less I guess you are correct

So maybe Wigton Never feel as much risk One of the nice things I like about Wigton Is that you can tell A lot about how, like you're saying, it's hard to move in terms of why technology is hard to move. Oh the volumes, I think they need to dedicate it to us.

Because there's so many, there's just so much out there. Great forward look in my mind towards transfer makeup which is also going to have heavy holding. Look on Wigton's top 10. Why? Why would I look on Wigton's top 10? I think if I have it right, Mayberry. It ties into what Otto just said about, I think if I get right it ties into what I just said about I think they need dedicated for liquidity to not being don't look at this then they need people to hold people that will hold heavier amounts and limit the what is out there in the bodies everything is cool I like it I don't know I'm not saying it's wrong I mean

in terms of how to move something like this At this point Because of the nature Of trading right now Yeah Too much people holding it Then It's hard to A lot of people holding it It's hard to move it up

Unless sentiment Sentiment Yes definitely We've seen sentiment spike That was one of the most Beautiful spikes in my mind Because that allowed me To see what a mass of people

Look like News And it shows you What the time in between somebody look at you that method that I have Wigton allowed me to test and see that

so Wigton is interesting to me I will continue to watch and like Wigton watch and like but they did say that they used the time to work on their the time when the wind was a little bit down so to work to work on the what do they call it servicing the turbines yeah and i think two things two big things i'm looking forward to is one how the debt payment

that's coming up oh yes please go on go on a balance sheet i need to explain something go ahead sir so i see people being people complaining about the thing there. The growth in the liability payments. And I think I have a misunderstanding. You can start from the balance sheet. I'll leave this one for you. They had a large current portion of long-term liabilities. So the change in current portion of long-term liabilities over the period is great.

$716 million. So basically, last year, they had $40 million as the current portion of long-term liabilities, which would likely be... The one not due yet, but there might be a principal payment. Not might be. There is a payment that's due this year. At the time, in the $40 million million time last year the one was not due yet and that current portion of long-term this was just a principal payment that they had due

now it's jumped 700 something which is them which is which is which is the first one due so which is how it's paid paid yeah so they pay off that part of it i don't know what I think people want us on bonds work bonds are a bar the money a bar of the money at once and I pay the interest I pay small payments for a period of time and then I pay back all the money in the bond mature okay so what does happen oh the one is about to mature within X period of time a short period of time. I'm here quoting. Short period is usually one year for short term accounting.

It is not usually. It is actually 12 months. Yeah. So within the next 12 months, the payment, the bond payment, the principal is to be paid. That's all. So the bond due. Which is why it moved over into the short term abilities yes so all right so one issue but when that happens

people come to me and complain and i said boy look how much cash we can have i don't know how much cash do they have it's right there sir but it's scrolling away from the balance sheet that's it right i hate it i'm looking for the p l yes and cash the police they have two billion in cash and have to pay about 730 million i think they'll be fine i mean we know that they find it no no no it's a nice I think they'll be fine um somebody asked me boy was what happened to the EPS I see my question is I knew it is new to it but I'm not giving him I not giving the black because he does he has just completed a reading financial statements course whoa so I'm not giving up black so okay okay I asked him how our

bond payments if they accounted for him saying we find out he has not responded it so in basically I'm saying no bond payments do not go through the the piano the piano so piano is record is recording of value so if you have something and you sell it for more than you bought it for, then you made profit on it. So you get revenue. If you have something and you sell it for less than you bought it for,

then you made a loss on it. And you record that as an expense of some sort. If you have a bond, a bond is on the balance sheet of the liability. If you pay back the liability in full, then really, I have this amount of money for this person and I give him back. I didn't make a loss or a gain on that money, on the return of the asset, then you're good. It won't touch the P&L unless, if Randy has a bond out in the public and everybody earns Randy some money

and Randy the public decides like oh it's a $1 million bond but we'll make Randy redeem it at $8 million at $800,000 then Randy would have made a gain on it otherwise no

so he would not have the EPS the payment and if you want to decide a very clear idea of what's happening with the payments no ticks makes it very very clear you guys nice i have to be very nice the second any base enters my voice i hear that my tone is off so 710 million is now due de December 14th 2020 that's this year which is why it is no part of the current portion and in December 14 2023 the same thing is going to happen and 2025 it's going to happen on 2028 it's

going to happen unless they get a new loan and refinance this loan all right there's interest on it but idea is that there's a current portion that's coming up. It's the portion during the next 12 months. Which is, you can see there is less current portion. Yeah. Yeah. I mean,

I'm not an accountant, so maybe I've gotten it wrong, but it looks pretty clear to me. Nothing to be scared about. And if you want to be scared, understanding that you need to plan for when you're going to be scared, and you have about three or four more times to be scared about and if you want to be scared understanding that you need to plan for when you're going to be scared and you have about three or four more times to be scared because they've made it very

clear to you that you're scared now get scared again in 2023 and 2025 and 2028. Well if you can scare me on schedule I won't be scared. And if we react the same way every time then maybe you can start expecting certain reactions in the share price.

Who knows? That's my blind guess. Speak to your licensed financial advisor for better ideas on that. Yeah. You realize how much of the company is held by the top 10? Wow. Victoria Mutual Building Society Owns 9.26% They're not allowed to own more than 10% Did they tell the public this? They're required to tell the public They're required to Acquire more than 7%

They're required to make a notice Not 7% They have to notify a week done That they've made that way yeah okay they don't feel public anything there was an article in the papers isn't it isn't it no man i think there's more there's more disclosures than that and it doesn't weak and then have a responsibility to isn't that a material change in ownership based on the fact that there is a there is a restriction so if that is one of the points

at which there has to be like a flag that, hey, we're getting higher ownership, wouldn't Wigtown then have the responsibility to say, I'm assuming here on JC's website that... I don't know about that. That's me guessing. Who knows? I probably talked too much.

The idea is they're at 9.26. There was a news article that notified me that. It either came out in our previous report that they had taken out some shares but in a news article there was a mention of that they had gone to 10% at the sale. Something about selling down because through the group they had some more than 10%

something like that. I understand. Oh, we should find that news article. We should find it. We'll see it in the show notes. I will listen to this. You can look it up very quickly on Google. We'll wait Yeah Hit pause Mayberry Jamaica

Equity is limited MJEL MJE Owns 6.7% NIF Owns 6.4% ATL's Pension fund

3.3% Owns 3.3% These sound like Small numbers But they're not They're not It's a large amount It's a lot of money Jeffrey Ford Owns 1.3 3.3 these sound like small numbers but they're not they're not it's a large amount of yeah jeffrey ford owns 1.3 percent that i i don't know if that's a company name or a person's name

if it's a big up you 1.3 percent that's talk and that person is not on the board so wow um and we see the board here i like i mean they have the full telling of what is that. They have how many shares they have. Sagicor is at number 10. JPS's, what's that? JPS's pension fund seems to be at nine. I really hope you won't do the whole thing. It's too late.

I have to do it now. All right? Because the people between six, the people on six and seven are going to feel bad. Yes, I'll have to report. You are correct. One more company I will call it

because we've been talking for too long. Pick a company that you want to talk to the people about and I'll pick one too. I'm fine. Do you take one more company sir?

I will take one more company. I will take one more company. I will speak about Panjam Raising Money. APO, the new fish fry. They're coming with the APO. fish fry they're coming with the APO yeah they're coming with an APO or stock split or both

APO and stock split I think they said yeah panjam can deal with a stock split yes panjam is like at a hundred dollars it's funny they split already and back up 200 no split again why not yeah oh yeah but some panjama 88 or something like that seems is on my remember talking to Ryan I said it's on a previous episode I said to ran saying nothing but up from here mm-hmm as long before it's a hundred notice a hundred if I'm split again who knows I'll write it all back up to 100 again Anjan I should do a deep dive on that someday or some of this can do it and we'll have them on and they talk about yeah man

but yeah they're raising money um speculation for me because last year they spoke about raising debt to for to fund the completion of the hotels because they have a hotel in the hotel downtown rk hotel I think it's called and this building is being built it was in the second phase at the time of the newspaper article in September mm-hmm and they said they're going to raise some debt this year in order to finish and finish yeah well and they have a place in Moby that don't think has started anything yet

movie a free port or there really it's a hotel they want to build there well yeah so the I think instead of instead of they did go take it instead there's something else I just don't know about happening we shall see what this announcement right before results to me makes me think results might be good results might be bad we shall see yeah they could be pulling like a jam t or a blue paw no but results are coming out soon yeah but jam t dropped that news before the results blue power also drop that news before the results um in prep mid blue power but i think the ap will have to be coming it'll be coming after results that's that's what i think is good for this one or buy into our company it's a prop if you have

a bad set of results coming but good news around the shares people might not be inclined to sell it for cheaper so it might stop a fall in share price right who knows and then if you have a actual rights issue even cheaper if you i feel like it's good results bro you know me i'm conservative believe it or not uh i was actually stopping me when I checked their last thing there their last earning their earnings report

they were they grew over last quarter but over last period same period last year but it wasn't that oh there was

any one thing that was jumping to say oh you know this one business is holding strongly and pushing it forward so I'll maybe something happened such I'll have to

look at such a core JMN be just one thing right nice because they own a strong they're only like 5% they don't Jamie be and it but the track it by a trading of the shares Oh word the share price that's brave of them today that means that they expect that share price to go up. And they also have some Sajikor shares and they book share of profit in associate from Sajikor.

So good results from Sajikor and JMB would say to me that oh. And good results from Sajikor impact JMB and good results in JMB impact them. The wheel eats itself alright guys

I think you've had enough from us and we're I think at the limit of the things that we want to say about Cannes and we've also had a long enough episode

this isn't as long as our usual episodes but who knows hope you enjoyed it hope you like it I'm Randy at RTRO and I'm Danyat Hdani this has been Earning all right this up guys

everybody's going for money now