TSH-Resources- Another fire at Ekowood’s plant in Gopeng

Date: 03/06/2020

Source  :  AmInvest
Stock  :  TSH       Price Target  :  0.80      |      Price Call  :  SELL
        Last Price  :  1.09      |      Upside/Downside  :  -0.29 (26.61%)

  • TSH Resources announced that a fire has occurred at Ekowood International’s factory at Gopeng, Perak at 7.50pm on 1 June 2020.
  • TSH said that the estimated loss has yet to be ascertained.
  • However, all the assets at the factory are adequately insured. Adequate insurance coverage has been taken for consequential business loss.
  • Ekowood produces wood flooring products. Most of the wood flooring products are exported to the EU, China, Australia and New Zealand. Ekowood recorded a marginal loss in FY19.
  • This is the second time that there has been a fire at Ekowood’s factory.
  • There was a fire at Ekowood’s factory in Gopeng in February 2019. TSH recognised insurance claims for the fire in FY19.
  • TSH recorded insurance claims of RM41.7mil in respect of the fire in FY19. Inventory writeoffs amounted to RM18.6mil while inventory write-downs amounted to RM4.7mil.
  • We maintain SELL on TSH Resources with a fair value of RM0.80/share.

Source: AmInvest Research - 3 Jun 2020

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TSH 1.09 +0.04 (3.81%) 7,323,500 

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