Highlights
KLSE: THPLANT (5112)       TH PLANTATIONS BHD MAIN : Plantations
Last Price Today's Change   Day's Range   Trading Volume
0.59   -0.025 (4.07%)  0.59 - 0.615  112,100
Analyze this stock with MQ Trader system

Overview

Market Cap: 521 Million
NOSH: 884 Million
Avg Volume (4 weeks):85,423
4 Weeks Range:0.57 - 0.62
4 Weeks Price Volatility (%):
40.00%
52 Weeks Range:0.455 - 0.995
52 Weeks Price Volatility (%):
25.00%
Average Price Target: 0.66
Price Target Upside/Downside: +0.07
Stamp duty exempted for year 2019

Financial Highlight

Latest Quarter | Ann. Date 30-Sep-2018 [#3]  |  26-Nov-2018
Next QR | Est. Ann. Date: 31-Dec-2018  |  28-Feb-2019
T4Q P/E | EY: -54.94  |  -1.82%
T4Q DY | Payout %: 3.39%  |  - %
T4Q NAPS | P/NAPS: 1.47  |  0.40
T4Q NP Margin | ROE: -0.41%  |  -0.73%

Headlines

Date Subject
21-Feb-2019 Stocks on Radar - TH Plantations (5112)
15-Dec-2018 TH-FGV company lodges report over plantations buy
05-Dec-2018 Plantation- Q3 2018 Earnings wraps-up: Challenging outlook ahead
27-Nov-2018 TH Plantations - Dragged by lower ASP of CPO and PK
27-Nov-2018 TH Plantations - In the red in 3QFY18
26-Nov-2018 TH Plantations registers RM19.8m net loss in Q3
30-Aug-2018 TH Plantations - Dragged by lower ASP of CPO and PK
30-Aug-2018 TH Plantation - Core earnings in the red in 2QFY18
14-Aug-2018 Mplus Market Pulse - 14 Aug 2018
13-Aug-2018 Tabung Haji CEO Zukri Samat is chairman of TH Plantations
02-Aug-2018 TH Plantations - Asset disposals to take place only next year
31-May-2018 TH Plantations - 1Q18: Results Below Expectations On Higher-than-expected Interest Expenses
31-May-2018 TH Plantations - In the red in 1QFY18
31-May-2018 TH Plantations - Dragged by lower ASP and sales volume
01-Mar-2018 TH Plantations - Also hit by high effective tax rate in 4QFY17
01-Mar-2018 TH Plantations - Earnings boosted by higher revenue

Business Background

TH Plantations Bhd is engaged in investment holding, cultivation of oil palm, processing of fresh fruit bunches, marketing of crude palm oil, palm kernel and fresh fruit bunches (FFB). It also provides management services. The Group has three reportable segments: Oil palm plantations; Management services and Forestry. Oil palm plantations segment includes cultivation of oil palm, processing of FFB, marketing of crude palm oil (CPO), palm kernel (PK) and fresh fruit bunches (FFB). The Management services segment includes the provision of management services. The Forestry segment is engaged in the harvesting of rubberwood. It derives most of its revenues from Oil palm plantations segment.
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  4 people like this.
 
Meowyx Buy now , seems like it will raise ------ Meowyx
14/04/2017 09:39
Sam Sam OMG!when the goodnews come, the market is weak!!!!!
14/04/2017 15:45
Hustle http://www.chinatiredealer.com/news/show-35239.html
14/04/2017 15:54
Hustle Chance to hook a deal with its rubber supply is very high
14/04/2017 15:54
jenabchen123 Coming.....
20/05/2017 14:27
jenabchen123 Heading back to the month's high of 1.23??
23/05/2017 11:12
iwanreply qoq drop 9x%..yoy up 25x %...wtf?
24/05/2017 13:35
alexsee why no power even profit up so much??
24/05/2017 14:34
cheshirecat Bro calvin! It me cheshirecat. Im at drb there too. Im interested to come bck buying oil palm stock. The last oil palm stock i got is kulim. Making good $$$$$. Keep update us info calvin. Thank q very much.
26/05/2017 16:34
cheshirecat Good morn all the dear brothers in the forum, auntie went tru comments n info in the forum , it is very interesting to come bck buying palm oil stocks. Keep sharing info please. Thank q very much ah to dear brothers n calvin aso.
27/05/2017 10:07
jenabchen123 No new feedbacks??
11/06/2017 03:09
Justacomment jenabchen123 - folks are waiting for the next catalyst for stock price increase!
15/06/2017 07:35
Justacomment My take on THPlant: the management has done a decent job since they started on the cost optimisation strategy in 1Q2016. No doubt the asset rationalisation will artificially pad up the cash reserves and profit numbers. Nevertheless they have done a good job paring debt, and I see another 5-6sen dividend sometime his year.
15/06/2017 07:43
Justacomment I am paying attention to the May and June FFB and CPO production numbers to see if they show enough growth yoy to offset the falling CPO prices. My sell indicator is simple = if CPO price breaches RM2300. At the moment I'm holding on to this stock as a turnaround play. Mildly speculative but 2Q results should be good enough to prop the price up. Malaysian investors are all very short term thinking one..the crunch will be in 3Q-4Q...
15/06/2017 07:50
Justacomment A quick calculation of Msia CPO exports to India:
3months from Jan-March 2017 444,359
2months from April-May 2017 434,577 already!

I think Indian traders have already figured out how to pay electronically instead of the now-banned big rupee notes...

http://www.theedgemarkets.com/article/may-palm-oil-inventory-dips-exports-soar
http://www.mpoc.org.my/monthly_sub_page.aspx?id=88681c3d-103c-4b8f-b20a-6cb6201f5ef0
15/06/2017 07:58
Justacomment the biggest play on THPlant is their recovery story, at the moment it's all up up up from here...the question is how high and how long (barring another plantation glc scandal...)
15/06/2017 08:01
Justacomment Monthly production numbers are out...
20/06/2017 17:37
Justacomment May FFB numbers are up 28% yoy, CPO production up 14%. Still holding strong to double digit % growth. The numbers are the best one can hope for without being too optimistic ;) 2Q is looking stellar
20/06/2017 17:42
Justacomment http://www.thestar.com.my/business/business-news/2017/06/23/cpo-prices-seen-going-lower-for-the-rest-of-this-year-and-into-2018/
26/06/2017 04:36
newcomer123 this counter isnt that bad as compared to other peers, right? who no one is interested in it? is it due to lack of liquidity as more than 80 percent owned by TH and EPF.
29/06/2017 11:50
Justacomment newcomer123, mainly yes. Also they also haven't been able to establish a consistent profit growth. It takes time to turn around investor confidence - we haven't seen a lot of successful turnaround stories for GLCs. BUT I believe EPF has been accumulating (including today) - we'll find out when/if they release a bursa announcement in a few days time!
30/06/2017 16:17
newcomer123 but i think its a good counter to hold. handsome dividend and still making profits and efforts. too bad din manage to get at 1.11 yesterday.
30/06/2017 16:26
Justacomment I think so too, especially if you're bullish about the 2Q results for the plantation sector. I don't really pay a lot of mind to the dividend because it's just proceeds from land sale (although, expect equal or more dividend this year and 2018 because they are looking to dispose 400mil of assets)
30/06/2017 16:51
newcomer123 cpo prices now are better as compared to last year despite productions are growing. so we may see better earnings for second quarter. among its peers, do you think th plant is undervalued at the moment?
30/06/2017 17:00
Justacomment I am quite confident that they will have better earnings for 2Q, barring any unforeseen circumstances i.e. an FGV fraud-type situation. Their monthly production numbers already show double digit growth. Value-wise, it has been beaten down quite a bit, so at the moment it looks to have a better turnaround story compared to most and thus a greater upside...
30/06/2017 17:21
Justacomment So long as thplant can maintain their production pace, cut their debt, and CPO prices stay further up and away from RM23xx, all is good...
30/06/2017 17:29
newcomer123 thats what i am thinking too. they also have to successfully cut down their debt then this will be one of those successful GLC.
30/06/2017 17:35
newcomer123 their average tree age also quite year. more to go bro.
30/06/2017 17:51
newcomer123 *young
30/06/2017 17:51
Justacomment Mark July 10th on your calendar for the next potential catalyst:

"Production is not picking up as much as initially thought," said a trader from Kuala Lumpur, referring to the market's expectations for June output which is scheduled to be reported on July 10 by the Malaysian Palm Oil Board.
Read more at http://www.thestar.com.my/business/business-news/2017/07/05/palm-rebounds-from-early-losses-on-forecasts-for-output-drop/#jRMsbMHHtg6A93RF.99
05/07/2017 19:15
Justacomment I'm not actually surprised I predicted this correctly: http://www.bursamalaysia.com/market/listed-companies/company-announcements/5479053
07/07/2017 17:40
Justacomment Excellent export numbers for May: http://www.reuters.com/article/malaysia-economy-trade-idUSL3N1JX2XO

May 2017 % of % change

(bln rgt) total vs year ago

Palm oil & Palm-based 4.8 6.0 27.5
products
07/07/2017 17:45
Justacomment The latest MPOB June statistics:
CPO exports: 1.38mil (-8% mom but +21% yoy) - I see this as positive news for Msian coffers
CPO production: 1.51mil (-1% yoy) - not great news. I'd be keen to see how similarly affected is thplant's production numbers.
CPO inventories: 1.53mil (lowest in more than a year) - this will be a boost for CPO prices
10/07/2017 19:11
Justacomment http://asia.nikkei.com/Markets/Nikkei-Markets/UPDATE-Malaysia-June-Palm-Oil-Inventory-Falls-Likely-To-Rise-Next-Month
10/07/2017 19:11
Justacomment a significant selldown across all stocks on bursa...which somehow isn't reflected so much on the KLCI index...
11/07/2017 17:19
Justacomment June monthly production stats are out. -8% yoy for FFB and -13% for CPO. It looks like June has been hit harder than expected. overall 2Q 2017 looks so-so, higher selling prices and production numbers but only by single digit %. We'll probably see single digit % profit grown yoy, unless the mgmt can spring a positive surprise with some cost efficiency savings....(but with GLCs you'd probably want to temper your high expectations)
27/07/2017 18:25
CWallUK This share is so undervalued, especially as the management appears to have started paying dividends again, so far this year 7.6 cents ! ... should easily reach 1.65.
23/11/2017 04:38
aliceliaw Anyone still holding this share?
19/04/2018 12:52
aliceliaw Anyone still holding this share?
19/04/2018 12:52
aliceliaw Can give comment ?
19/04/2018 12:53
dompeilee THPlant is anticipating the election result lol
03/05/2018 18:48
Bull Thplant 2 days down with volume. Becareful. Cut lost and change to MMCCORP lower risk and higher potential gain

https://m.facebook.com/story.php?story_fbid=1975669769428631&id=1971580826504192
03/05/2018 19:19
Kristal "The second report against Ismee, Hazlina and Rifina relates to misrepresentations and withholding of material information involving TH’s 2012 sale of 95 per cent shareholdings in PT TH Indo Plantations held by its two subsidiaries, namely TH Indopalms Sdn Bhd (THI) and TH Indo Industries Sdn Bhd (THII), to PT Borneo Pacific (PT Borneo) for US$910 million.

PT TH Indo Plantations own a total of 83,000 hectares of palm oil estates in Indonesia.
03/12/2018 08:50
Kristal https://www.klsescreener.com/v2/news/view/464282
03/12/2018 08:51
commonsense TH Plantation is not the only plantation companies that posted bad results in the most recent quarters. If you go through the reports most (if not all ) plantation companies are effected by the low CPO price in Jul-Sept period.

In terms of valuation all plantation stocks are currently trading at high PE multiples (for those that still managed to record profit) or in TH Plantation case negative PE. This is reflective of the downturn cycle of the plantation industry. Don't think that the industry will reverse their down cycle anytime soon given the general global economy is also expected to slow down.

If you are interested in the plantation industry then you should try to look at other companies first (at least until the TH Plantation is really on a stable footing). You will notice that most plantation stocks have fallen but PE valuation is still high. As i mentioned earlier, this is normal given that the industry cycle is currently at the bottom as reflected by the CPO price. It is better for you to do a PE calculation using an average 5 years PAT to take into account the cyclical nature of the industry. With this in mind you need to have a slightly long term investment horizon when buying into oil plantation companies.

However, if you are interested in the company due to the fact that the company is currently trading at below its book value. Then it is also advisable for you to look beyond the plantation industries. Given the current market condition, there is actually a lot of companies that is currently trading at a discount to book value (most of the property development companies for example).

I would recommend you look at MBMR.

The company is a direct proxy to Perodua via its 22.6% interest in the company. Valuation is cheap at only 5.3x PE (based on target FY18 PATAMI of RM145mil. 9m PATAMI is already RM106mil). PB is low at only 0.5x BV. 4Q18 results is expected to be higher than 3Q18 and last year 4Q17. And FY19 growth will be driven by the still high demand of new Myvi and the launch of the new SUV in 1Q19.

Please go through the analyst reports (https://klse.i3investor.com/servlets/stk/pt/5983.jsp) and do your own analysis before making any decisions.

Hope earnings of TH Plantation improved in the future.

Good luck.
05/12/2018 15:50
signalmw buy
06/12/2018 15:38
Kristal KUALA LUMPUR: Lembaga Tabung Haji is zooming in on its investment in the 52% stake held in Trurich Resources Sdn Bhd, which owns some 42,000ha of oil palm plantations in Indonesia.

Tabung Haji and FGV Holdings Bhd jointly bought Trurich for RM600 million in 2009 and assumed debts of over RM700 million, sources say. It is unclear from whom they bought Trurich. The plantation group had been making losses for at least the last five years to 2016, based on data from RAM Credit Information Sdn Bhd.

According to sources, Tabung Haji and FGV will likely have to write down their investments, and police reports are expected to be lodged as well. FGV’s shareholding in Trurich is held through a subsidiary, Felda Global Ventures Kalimantan Sdn Bhd.
07/12/2018 09:32
Kristal https://www.klsescreener.com/v2/news/view/466458
07/12/2018 09:32
Kristal Report: Tabung Haji yet to receive full payment in Indonesian deal worth RM3.8b http://newswav.co/Cb2mIK9243
09/12/2018 13:47
calvintaneng Happy New Year 2019
04/02/2019 22:22


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