KLSE: TSH (9059)       TSH RESOURCES BHD MAIN : Plantations
Last Price Today's Change   Day's Range   Trading Volume
1.21   -0.12 (9.02%)  1.18 - 1.30  381,300
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Market Cap: 1,672 Million
NOSH: 1,382 Million
Avg Volume (4 weeks):395,989
4 Weeks Range:1.10 - 1.46
4 Weeks Price Volatility (%):
52 Weeks Range:0.865 - 1.59
52 Weeks Price Volatility (%):
Average Price Target: 1.21
Price Target Upside/Downside: 0.00

Financial Highlight

Latest Quarter | Ann. Date 30-Sep-2019 [#3]  |  25-Nov-2019
Next QR | Est. Ann. Date: 31-Dec-2019  |  27-Feb-2020
T4Q P/E | EY: 46.87  |  2.13%
T4Q DY | Payout %: 0.83%  |  38.73%
T4Q NAPS | P/NAPS: 1.0294  |  1.18
T4Q NP Margin | ROE: 4.69%  |  2.51%


Date Subject
11-Feb-2020 Plantations - Lowest Inventory Level Since June 2017
06-Feb-2020 Technical Buy - TSH (9059)
14-Jan-2020 陈顺风挑战RM1.66/敏源
10-Jan-2020 【视频】陈顺风 全年盈利可超标
09-Jan-2020 TSH Resources - Time To Shine
03-Jan-2020 COMMENTS ON TSH RESOURCES BERHAD (9059) - louisesinvesting
02-Jan-2020 Plantations - A Boost to Malaysia’s Palm Oil Exports
16-Dec-2019 Traders Brief - Heading for a Positive Move
11-Dec-2019 Plantations - Less Than Expected Drop in Inventories
06-Dec-2019 陈顺风挑战RM1.35/敏源
02-Dec-2019 TSH Resources - Better Prospects Priced in
26-Nov-2019 TSH Resources Berhad - Riding on Stronger CPO Prices
26-Nov-2019 TSH Resources - Glum by Weak ASP of Palm Products
26-Nov-2019 TSH Resources Berhad - Recovery in CPO Price to Support 4QFY19 Earnings
26-Nov-2019 TSH Resources - Boosted by insurance claims
26-Nov-2019 TSH Resources - Cushioned By Insurance Claims
26-Nov-2019 Mplus Market Pulse - 26 Nov 2019
26-Nov-2019 TSH Resources - Better Prospects Priced in
26-Nov-2019 TSH Resources Berhad - Within Expectations
09-Oct-2019 Plantations - Time to Turn Bullish

Business Background

TSH Resources Bhd owns oil palm plantations, mills, and forest areas in Southeast Asia. Crude palm oil and palm kernel are extracted from the oil palm plantations. The products are transferred to a mill and processed into ready-to-sell products. Additionally, one branch of the business focuses on generating and supplying electricity from a biomass plant. The forest areas are cultivated to manufacture and trade wood products. Reforestation becomes an integral part of the process to safeguard against shortages. Furthermore, the company will manufacture, sell, and trade cocoa products. Its processing facility primarily produces cocoa butter.
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  4 people like this.
M2 Because BN lose the Ge14.
21/05/2018 10:55 AM
TheLegend27 dividend last day for collection guys
22/05/2018 2:11 PM
sysz820 All plantation start fly
10/01/2019 3:50 PM
Nedu Ned will this stock price ever goes up again?
12/01/2019 9:06 PM
commonsense Hi Nedu,

TSH Resources is not the only plantation company that posted disappointing results in the most recent quarters. If you go through other financial reports, most (if not all) plantation companies are affected by the low CPO price in Jul-Sept period.

In terms of valuation, all plantation stocks are currently trading at a high PE multiple (for those that still managed to record profit) just like TSH. 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 demand of the commodity is expected to go down in the future. China for example, is negotiating with US to take in more agriculture products from US which would potentially include soybean (or soybean oil). In general, Chinese consumption of oil would not actually go up that much so the increase of soybean oil import from US to China would actually be at the expense of other oil commodities from other countries (in particular palm oil from Indonesia and Malaysia). Another issue is on the European demand of palm oil which is expected to go down exponentially given the proposed ban of palm oil use in food and transportation industries in the future. They have already agreed to phase out the use of palm oil in transport fuel by 2030. Some countries like France and Norway have already started to move away from palm oil.

With this in mind you need to have a slightly long-term investment horizon when buying into oil plantation companies like TSH as the return to upcycle might not be in the near future.

If you are looking to diversify your portfolio outside of TSH (due to its earnings uncertainties and relatively high valuation) I would recommend you to look at MBMR.

MBMR is a direct proxy to Perodua via its 22.6% interest in the company. Valuation is cheap at only 6.9x PE (based on target FY18 profit of RM145mil. 9m profit is already RM106mil). PB is low at only 0.7x BV. 4Q18 results is expected to be higher than 3Q18 and last year's 4Q17.

FY19 growth will be driven by the still high demand of the new Myvi and the newly launched SUV Aruz and also the newly revamp Alza in 2H19. The recent announcement of closure and potential disposal of the loss-making alloy wheel manufacturing business alone is expected to boost the company’s profit by an additional RM10mil to RM20mil. I am projecting a profit to shareholder of RM170 mil for FY19 which at the current price values MBMR at only 5.9x PE.

Please go through the analyst reports (https://klse.i3investor.com/servlets/stk/pt/5983.jsp) and do your own analysis before making any decisions. There are 8 analysts in total covering the stock with most of them having a TP of above RM3 (all have a buy rating). The average TP for the 8 analysts is around RM3.50.

Good luck.
25/01/2019 4:10 PM
Jona0724 company declare 1 cent dividend, but havent announce when the dividend expired and pay out date?
08/03/2019 10:41 AM
shpg22 The only thing that grow in this company is the debt.
06/04/2019 10:19 PM
James Ng https://klse.i3investor.com/blogs/general/203306.jsp
[转贴] [TSH RESOURCES BHD:由于树龄较好且种植面积较多,陈顺风预计其本年度FFB产量将较上年进一步改善,毛棕榈油价格也开始上涨,如果价格恢复能够持续,预计2019年的核心盈利表现也会有所改善] - James的股票投资James Share Investing
22/04/2019 9:51 AM
Jona0724 finally can see more trading transaction. good sign no matter up or down
22/04/2019 3:19 PM
Jona0724 finally declare dividend 1 cent, expired date 27/May.
27/04/2019 7:42 AM
BILLION_Q This company should be waking up soon..
15/10/2019 1:44 AM
monetary TSH has spent huge capex planting in Indonesia for the past 5yrs. With current up trending CPO price the planted palm will boost it's earning & reduce it's borrowing. It's current BV is under estimated. TSH also jv with Wilmar Int in 50 50 basis in palm oil refinery n kernel crushing plant. When CPO uptrends it will generate profit at faster rate compared to other planters (without refinery).
13/11/2019 9:37 AM
monetary wow! why no one celebrating?!
20/11/2019 12:21 PM
Invest_888 TSH deserve higher price.
20/11/2019 3:42 PM
monetary retailers all cut loss. now insiders play the game. that's why so quiet.
20/11/2019 4:35 PM
kalteh higher than expected production?
20/11/2019 6:51 PM
sysz820 Tsh start fly
20/11/2019 9:38 PM
mjy88 If can break resistance around 1.25 by end of Nov when Q3 result announce, TSH could be a super stock
21/11/2019 1:14 AM
monetary It's share price has been down trending since 2014 from its peak of 2.5 (after adjustment for bonus). The rebound is going to b v strong!
21/11/2019 9:32 AM
perangbrown TSH Resources Posts Oct Production Of Crude Palm Oil 10,412 MT
21/11/2019 1:37 PM
monetary if CPO continues uptrend looking at the chart TP1 should b $1.8
22/11/2019 1:02 PM
monetary today ffb mill gate price up another $9 - $10 across the country.
22/11/2019 1:14 PM
whitesheep false break out ... may trend down ...
23/11/2019 7:41 AM
05/12/2019 12:23 PM
perangbrown Sentiment towards palm oil is expected to sustain into 2020 due to supply constraints, lower output of alternative oils and prospects of better demand.
05/12/2019 2:16 PM
bc8660 Below link would help people to understand how strong of CPO and FFB daily price.


06/12/2019 6:51 AM
longvalley Wa ka ka......
07/12/2019 9:47 AM
bc8660 EPF keep acquiring the past two days, it looks like the rebound uptrend still a long way to go.
12/12/2019 9:18 AM
Mabel Meow!
14/12/2019 12:20 AM
17/12/2019 2:31 PM
bukithot Come come come
27/12/2019 12:30 PM
alantiang www.sinchew.com.my/pad/con/content_2182629.html
28/12/2019 10:44 AM
alantiang New record since this few years, CPO $3103
28/12/2019 10:45 AM
Mabel Let's break 1.50..
28/12/2019 11:06 AM
LouiseS TSH's main business segments include oil palm plantations and milling.

Its earning performance has been overall fluctuating in last five years, whereby its earning per share overall fluctuated from -7.85 sen to 10.31sen. In 2018 financial year, TSH reported lower revenue than previous year due to lower average prices of crude palm oil (CPO). Dividend declared is 2 sen per share, which amounts to a dividend yield of 1.29%.

03/01/2020 11:41 AM
Plantermen Price underperforming compared to its local peers
07/01/2020 7:20 AM
mjy88 Reiterate OUTPERFORM with an unchanged TP of RM1.90 based on an unchanged Fwd. PER of 24.4x applied on FY20E EPS of 7.69 sen, reflecting +1.0SD valuation basis, justified by: (i) current CPO price of c.RM3,060/MT (TSH was also traded at +1.0SD levels when CPO prices were at RM2,700-2,900/MT in 2017), and (ii) the likelihood of significant sequential earnings improvement ahead. Valuations of other planters under our coverage are pegged at mean to +1.0SD levels.

Risks to our call include sharp falls in CPO prices and a precipitous rise in labour/fertiliser/transportation costs.

Source: Kenanga Research - 9 Jan 2020
10/01/2020 2:04 PM
alantiang https://www.sinchew.com.my/pad/con/content_2198951.html
10/01/2020 3:33 PM
dalpinia Switched to MKH as India will buy more CPO from Indonesia, MKH plantation 100% in Kalimantan will be benefited
14/01/2020 5:00 PM
dlau8899 Tsh a lot plam oil plantation at Indonesia, good management and with dividend. Going up as soon.
14/01/2020 10:54 PM
Jonathan Keung TSH kalinantan facing issues
15/01/2020 6:35 AM
dlau8899 Going up 1.54
17/01/2020 1:16 PM
dlau8899 https://www.theedgemarkets.com/article/india-has-not-put-curbs-imports-malaysia-turkey-%E2%80%94-india-minister
17/01/2020 1:19 PM
dlau8899 Going up 1.58 as soon
17/01/2020 8:49 PM
dlau8899 https://klse.i3investor.com/blogs/nanyang_stock_expert/2020-01-14-story-h1482152117.jsp
17/01/2020 8:54 PM
Mabel Huat Chaiiii
22/01/2020 8:24 AM
LouiseS Based on comparison of 44 plantation counters listed in Bursa Malaysia, it is found that currently TSH is not ranked as one of the TOP 8 plantation counters worthy to pay attention to and potentially invest in. However, TSH stands out in performance indicators such as having high market capitalization (RM 2,073 million).

27/01/2020 2:01 PM
Hafid TSH got wilmar support
06/02/2020 10:47 AM
dlau8899 Palm oil price up
06/02/2020 1:53 PM
Plantermen 2019 much better compared to 2018. TSH and other plantations should report much higher profit. If not something not right. Replanting cost is more or less the same whereas selling price for CPO & PK average selling price much higher
10/02/2020 5:00 PM


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