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2 weeks ago | Report Abuse
PublicInvest Research
TSH RESOURCES - Ceasing Coverage
PublicInvest
Publish date: Tue, 21 May 2024, 10:48 AM
TSH Resources reported a headline 1QFY24 net profit of RM25.2m (YoY: - 33.6%), mainly dragged by lower FFB production and losses from other segment. No dividend was declared for the quarter. Management expects CPO prices to hover at current level of RM3,800/mt while FFB production is expected to stay flattish this year. Given limited growth drivers amid sluggish FFB yields expected, we are ceasing coverage on TSH as we also redeploy our internal resources to broaden coverage on other sectors. Our last call on the stock is Neutral with a TP of RM1.02.
1QFY24 financial performance. The Group reported a lower revenue of RM242.4m, down 3.2% YoY, largely due to lower FFB production despite higher CPO prices. Meanwhile, bottomline tumbled 33.6% YoY to RM25.2m, dampened by plantation earnings (-9%) and widened losses of RM3.8m under the other segment due to weaker wood sales. Excluding the impact of negative movement in fair value adjustment of FFB amounting to RM4.7m, the plantation earnings would have been flat compared to 1QFY23. Average CPO prices improved from RM3,555/mt to RM3,587/mt while FFB production slipped 1% YoY to 196,566mt.
Limited growth drivers. FFB production growth is expected to be muted this year due to the disposal of plantation assets in Indonesia and Sabah (13,214ha) in the last 2 years. Meanwhile, age profile is also inching uptrend (current: 13.4 years old) while FFB yield remains sluggish given the lack of replanting activities in the past.
Dragged by hefty CPO export tax in Indonesia. Due to current unfavourable CPO export tax policy in Indonesia, TSH incurred sizeable CPO taxes when it exports its CPO products out of the country. During the first quarter, it incurred lower Indonesian export levy of RM20.3m compared to 1QFY23’s RM26m.
Ceasing coverage. Investors should no longer depend on any of our financial forecasts for TSH in making investment decisions, nor infer any adverse opinion as a result of our decision to cease research coverage.
Source: PublicInvest Research - 21 May 2024
2 weeks ago | Report Abuse
Hoho why so desperate le before you ran Road 3 month from December 2020 .. you broke your promotion record from 3 to 4 stocks per month to ard 15 stocks per month .. 🤣🤣🤣👏👏👏
2 weeks ago | Report Abuse
Hoho Cannon King you taken medicine from yr Doc son ( said yr son is a doc during promoting esceram on 2020 — glove mould and line manufacturer ) …
2 weeks ago | Report Abuse
Hoho what a Cannon king .. 2 points :
1.) Why so Pokkai until told Lies on a Cruise Ship on December 2019 .. no money to buy Tickets .
2.) said Made Profit 7 Figures during 2019 … Phillip compiled ur promotion stocks ard 42 stocks at early 2020 .. Only 3 stock are Gain ..🤣🤣🤣
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Posted by calvintaneng > 14 minutes ago | Report Abuse
Then covid 19 struck in 2020 and Calvin saw 8 billion people needed Glove and face mask
So i bought Supermax at Rm1.73. Sold it for over 1,000% gain over Rm20.00
Then near year end of 2020 totally all out from glove to palm oil till now
2 weeks ago | Report Abuse
Hoho Conartist Callvin:
Stock: [TSH]: TSH RESOURCES BHD
26 minutes ago | Report Abuse
Hoho why U replied my call that u happily retired.. then ran Road for 3 months from December 2020 .. hohoho
2 weeks ago | Report Abuse
Hoho Callvin any more Resignation ke ???
2) Resignation of Principal Officer :
A) ED Tan is resigned on June 2022
B ) Ex CFO is resigned on June 2022
C) CFO Tan whom is appointed on June is resigned on 4/8/2022 ….
2 weeks ago | Report Abuse
Hoho on this Uptrend cycle … the Top 3 and Top 4 ( by company name ) is no more a substantial shareholder…
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Posted by Johnchew5 > 20 minutes ago | Report Abuse
Hoho Conartist Callvin what is this investing strategy : you promoted TSH up to ard RM 1.80 then asked yr followers to average down every RM 0.10 until RM 1.10 ????
2 weeks ago | Report Abuse
Hoho those chased High in Notion today ( as I am posted today only ) , hope is not Loss by end of the Day …
2 weeks ago | Report Abuse
Hoho why U replied my call that u happily retired.. then ran Road for 3 months from December 2020 .. hohoho
2 weeks ago | Report Abuse
Hoho Conartist Callvin what is this investing strategy : you promoted TSH up to ard RM 1.80 then asked yr followers to average down every RM 0.10 until RM 1.10 ????
2 weeks ago | Report Abuse
Hoho still blowing Thplant ke … Jtiasa ke … during you promoting is Down lo …
2 weeks ago | Report Abuse
Hoho no wander is Loss until ran Road on December 2020 … returned on March 2021 after Wendy recruited Plantation group .. hohoho
2 weeks ago | Report Abuse
Oh see my posts replied Conartist Callvin that he Missed the 2020 Glove Opportunity as he is too busy promoting NFCP theme on Netx ,
saying here Bodo editor ( financial) , resimier and ppl …
.. Singapore glove’s company price is Up higher than here .. what what Malu-sia lah ..
2 weeks ago | Report Abuse
Hoho Conartist Callvin is Cannon King ke … ppl bought Glove stock on 2020 .. Callvin promoted NFCP theme on Netx on 2020 .. sold 8 apartments to buy wow .. shouting Win Win Win but posted in Tsh forum is Loss in Netx …
No wander Pokkai until no money to buy Ticket on a Cruise Ship on December 2019…lying on a Cruise Ship to Thailand while promoting Netx along the coast …
2 weeks ago | Report Abuse
Hoho aparow is changed Name ke … Which Wayang actor le …
Posted by Johnchew5 > 0 seconds ago | Report Abuse
steven rt
aparow | Joined since 2017-08-04
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Posted by steven rt > 4 seconds ago | Report Abuse
Pak Tua 💪. Sorry how do I join your group? I am a newbie
2 weeks ago | Report Abuse
steven rt
aparow | Joined since 2017-08-04
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Posted by steven rt > 4 seconds ago | Report Abuse
Pak Tua 💪. Sorry how do I join your group? I am a newbie
2 weeks ago | Report Abuse
Hoho how despicable Paktua73 … earlier Twisting Paktua73 is my aka id …
2 weeks ago | Report Abuse
Hoho earlier all denied got charged membership fee RM 100 .. latest info from 🐍Sawa said that RM 100 is for Charity… 🤣🤣🤣
2 weeks ago | Report Abuse
👉 Hoho The most despicable one is Kacukan Tipuu TutTut / Stingray / Ularsawa after got Attention in TSH …play Wayang on Recruitment , Telegram RM 100 membership fees pun mau main Tipuu Tipuu :
Posted by willsmith > minutes ago | Report Abuse
Paktua73, you also conman what. ASk people join your forum, say free then charge rm100 , then dissappear,
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Stingray posts : Ularsawa Sifu
Stock: [TOPGLOV]: TOP GLOVE CORPORATION BHD
2022-08-18 09:18 | Report Abuse
Selamat pagi Paktua. Round ketiga untuk dapat KFC dari Energen. semalam masuk 0.73 dan keluar pagi tadi 0.78. kikiki.
Stock: [TOPGLOV]: TOP GLOVE CORPORATION BHD
2022-08-17 22:37 | Report Abuse
Ular... you old member. no fees. Wakaka. no lah... Paktua don't charge any fees. a channel to share info and not quarrel.
Stock: [TOPGLOV]: TOP GLOVE CORPORATION BHD
2022-08-17 22:33 | Report Abuse
Ular... jom join Paktua telegram group.
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Stock: [HENGYUAN]: HENGYUAN REFINING COMPANY BERHAD
2022-08-24 15:23 | Report Abuse
Paktua73, you also conman what. ASk people join your forum, say free then charge rm100 , then dissappear,
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Posted by paktua73 > 2022-08-24 15:27 | Report Abuse
hahaha willsmith paktua welcomed you zakar..
when to meet come meet face to face..
paktua always in rsgc..
tut tut
paktua not bla bla one
2 weeks ago | Report Abuse
Hoho Konartist Callvin recruitment record:
1.) eagle 🦅 group … cannot fly oredi
2.) Netx group recruited by Sandrakkc on 2020 ..
3.) Plantation group recruited by Wendy on 2021 …
2 weeks ago | Report Abuse
Stock: [NOTION]: NOTION VTEC BHD
11 hours ago | Report Abuse
Hoho Tut Tut still doing recruitment ke :
Who want to be the Last batch to catch the falling knife ??
Tut Tut recruitment at least 4 times :
1.) Red Sea Pirates troop
2.) Green Troopers
3.) Tech Troopers ( recent few months ago )
4.) New listed stocks members recruitment ..
2 weeks ago | Report Abuse
Hoho .. all chased High ke ..
osted by Johnchew5 > 9 hours ago | Report Abuse
Hoho that sent on 2020 ..all buried in the battlefield ke …
Posted by Johnchew5 > 50 minutes ago | Report Abuse
Hoho Previous batch Green Troopers sent to Notion battlefield did not come back ke …..
2 weeks ago | Report Abuse
Hoho that sent on 2020 ..all buried in the battlefield ke …
Posted by Johnchew5 > 50 minutes ago | Report Abuse
Hoho Previous batch Green Troopers sent to Notion battlefield did not come back ke …..
2 weeks ago | Report Abuse
Hoho as the Gov Project value RM 1.2 Billion being awarded just before GE on 2022 … announced again on Oct 2023 ..
Anticipating coming QR shl be good …
2 weeks ago | Report Abuse
Hoho .. 3 tranche PP is moving fast listed oredi … let’s see final 4th tranche PP which fixed price RM 0.853 will be listed soon … before coming QR by this month …
2 weeks ago | Report Abuse
Stock: [INSAS]: INSAS BHD
12 hours ago | Report Abuse
Hoho as posted earlier on Jaks .. I did Bottom Fishing at RM 0.185 .. Up to RM 0.215 … then invested on July 2023 at RM 0.19 .. On 1/9/2023 is Up to RM 0.245 …
No worries as balance tickets Shl keep until 2025 ..
Like Zelan with Calculated Risk .. made 100 % to 200 % within 2 years ( 2020 to 2021 ) together with Mother MMC .. MMC is privatised on 2021 ..
2 weeks ago | Report Abuse
Hoho 🐍sawa said earlier recruitment charged RM 100 is for charity ke … as earlier denied had charged membership fee RM 100 …
2 weeks ago | Report Abuse
Hoho Previous batch Green Troopers sent to Notion battlefield did not come back ke …..
2 weeks ago | Report Abuse
Hoho Tut Tut still doing recruitment ke :
Who want to be the Last batch to catch the falling knife ??
Tut Tut recruitment at least 4 times :
1.) Red Sea Pirates troop
2.) Green Troopers
3.) Tech Troopers ( recent few months ago )
4.) New listed stocks members recruitment ..
2 weeks ago | Report Abuse
Hoho mau main Contra ke , Contrarian … main flag pulak … hohoho
2 weeks ago | Report Abuse
Hoho as posted earlier on Jaks .. I did Bottom Fishing at RM 0.185 .. Up to RM 0.215 … then invested on July 2023 at RM 0.19 .. On 1/9/2023 is Up to RM 0.245 …
No worries as balance tickets Shl keep until 2025 ..
Like Zelan with Calculated Risk .. made 100 % to 200 % within 2 years ( 2020 to 2021 ) together with Mother MMC .. MMC is privatised on 2021 ..
2 weeks ago | Report Abuse
Hoho better than u stucked High in Jaks on 2017 .. sold on 2023
Where is yr old mate i3lirker whom with u massage in Jln Alor ??
2 weeks ago | Report Abuse
Stock: [JAKS]: JAKS RESOURCES BERHAD
1 day ago | Report Abuse
Hoho what a pity on u .. no money ahmoing in Jalan Alor .. until Otak terencat.. post n delete .. hohoho
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Posted by MrFox > 34 seconds ago | Report Abuse
the mouse trapped
at Jaks, bot 0.32 now 0.125
at Privasia, bot 0.14 now 0.12
kesian
2 weeks ago | Report Abuse
Hoho .. instead I bought Privasia at less than RM 0.10 .. Friday closing Price RM 0.11 with High Volume… let’s see Next week ….hohoho
2 weeks ago | Report Abuse
Hoho Jaks ? As posted much earlier, Let’s see coming QR by this month 1st …
2 weeks ago | Report Abuse
Hoho … oh what is that Glove company Insas invested / borrow more than RM 45 million on 2022 … need to borrow more Money ke … ssleee is welcome to Insas … hohoho
2 weeks ago | Report Abuse
Hoho HoHup ? Omesti ? … no worries… ssleee can pull string to borrow more money from Insas …. Hohoho
2 weeks ago | Report Abuse
Hoho .. long time did not see this High Volume wave ….hohoho
2 weeks ago | Report Abuse
Hoho .. Dumbass Lee part time job in Indonesia palm oil forest is Fortune Teller ke .. must be Good one ke .. now 64 very experienced ke… hohoho
Posted by Sslee > 20 hours ago | Report Abuse
So another 5 -6 years of never ending court case how much the lawyer will charged jaks?
2 weeks ago | Report Abuse
Hoho what a Dumbass Lee stucked High in Jaks on 2017 … sold on 2023…6 years ke … hohoho ..
2 weeks ago | Report Abuse
Hoho why WB can be changed to Lower price RM 0.34 …
2 weeks ago | Report Abuse
Hoho why Jaks QR ended December 2023 with Loss RM 24.8 Million :
There is a Loss more than RM 63 million in Local construction, esp on Pacific Star project ..which involved Legal Disputes with Star Media ..
After 6 years of Legal Disputes.. Jaks won on Star Media Appeal to Federal Court ( after Star failed in Court of Appeal ) on 7/3/2024 and can start the counter claim suit with Total over RM 540 million:
👉👉👉 “ JAKS then filed a counterclaim for the return of the RM50 million bank guarantee, together with RM248.24 million in liquidated and ascertained damages, and to claim RM297.04 million for loss of proceeds from a corporate fundraising as it claimed Star Media's suit against the company had affected its fundraising.“
Hoho Jaks counter Claim over RM 540 million Shl be trial in High Court on August 2025…
2 weeks ago | Report Abuse
Hoho this Dumbass Lee even did not understand what is Cooperate Structure … to plan for companies taxes
2 weeks ago | Report Abuse
Hoho once upon a time .. Lee is a dumbass investor … after Loss in Jaks and Xingquin ( delisted on September 2019 ) …turned to a Kon on 2020 ..
Approached me 1st in Netx on 2020 as an Attention Seeker ( he started to call 1st ) ..
2 weeks ago | Report Abuse
Hoho some more Twisting facts , KonartistLee ? Hohoho
2 weeks ago | Report Abuse
Hoho what a pity on u .. no money ahmoing in Jalan Alor .. until Otak terencat.. post n delete .. hohoho
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Posted by MrFox > 34 seconds ago | Report Abuse
the mouse trapped
at Jaks, bot 0.32 now 0.125
at Privasia, bot 0.14 now 0.12
kesian
Stock: [TSH]: TSH RESOURCES BHD
2 weeks ago | Report Abuse
Hoho Cannon King .. see bad intentions shl bring bad karma lo :
1.) Bullied me on 2019 as a Newbie with a rape photo to show how Superb you are ..
2.) Why I knew you are telling lies not on board the Cruise Ship … i saw the TV afternoon news on Cruise Ship collision in Thailand .. just ard 1 minute news only ..
When I asked u got collision or not .. u said No … then Twisting Yes but location is Wrong …after ard few weeks posted Bangkok Daily News on Cruise Ship collision but is on November 2019 .. Not December 2019 ..just bad intentions bad karma .. hohoho