KLSE: TSH (9059)       TSH RESOURCES BHD MAIN : Plantations
Last Price Today's Change   Day's Range   Trading Volume
1.08   +0.03 (2.86%)  1.02 - 1.08  9,700
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Market Cap: 1,492 Million
NOSH: 1,382 Million
Avg Volume (4 weeks):198,495
4 Weeks Range:1.02 - 1.14
4 Weeks Price Volatility (%):
52 Weeks Range:0.96 - 1.52
52 Weeks Price Volatility (%):
Average Price Target: 1.10
Price Target Upside/Downside: +0.02

Financial Highlight

Latest Quarter | Ann. Date 31-Dec-2018 [#4]  |  27-Feb-2019
Next QR | Est. Ann. Date: 31-Mar-2019  |  23-May-2019
T4Q P/E | EY: 37.22  |  2.69%
T4Q DY | Payout %: 0.93%  |  34.46%
T4Q NAPS | P/NAPS: 0.9913  |  1.09
T4Q NP Margin | ROE: 5.69%  |  2.93%


Date Subject
21-Mar-2019 TSH Resources - Slower rate of increase in FFB in FY19F
12-Mar-2019 Plantation - No Thanks to CNY
07-Mar-2019 陈顺风 评级目标价上调
28-Feb-2019 TSH Resources Berhad - FY18 Earnings Impacted by Weak CPO Price
28-Feb-2019 TSH Resources - Indonesian FFB output peaked in 3QFY18
28-Feb-2019 TSH Resources Berhad - Recovery Ahead
28-Feb-2019 TSH Resources - Hit By Weaker CPO Prices
27-Feb-2019 TSH Resources - Dampened by weak ASP of palm products
21-Feb-2019 陈顺风 厂房失火影响微
19-Feb-2019 TSH Resources - Fire Incident at Ekowood Operations
14-Feb-2019 Daily Technical Highlights – (TSH, DAYANG)
12-Feb-2019 Plantation - Inventory Peak Is Over
08-Feb-2019 PublicInvest Research Headlines - 8 Feb 2019
07-Feb-2019 TSH Resources - Indonesia to drive FFB production
29-Jan-2019 Trading Stocks - TSH Resources
29-Jan-2019 TSH Resources - Indonesia to drive FFB producti
24-Jan-2019 陈顺风 果串产量推高财测
23-Jan-2019 TSH Resources - Worst Is Over
05-Dec-2018 Plantation- Q3 2018 Earnings wraps-up: Challenging outlook ahead
30-Nov-2018 TSH Resources - Dragged by lower prices

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.
Analyze this stock with MQ Trader system

  4 people like this.
KL Tneoh It is a growing stock, not a dividend stock, don't expect too much in short term due to weak CPO price, only for long term investment.
31/01/2015 12:14 PM
eftee CPO has reached RM2,344 - up RM32. The shortage has really sink in
06/02/2015 5:50 PM
Cause 慧,你这样就答应了做他的女朋友..... 我彻底崩溃了。。。。。

13/02/2015 12:30 AM
logitrader http://www.klse.my/financial/quarterResult/YoY/quarter/9059/31-Dec-2014.jsp
25/02/2015 8:40 AM
Heng611 CPO up up...
26/02/2015 12:16 PM
eftee Why still down. CPO jumped higher and higher. Definitely there is going to be a shortage due to floods, drought and long holidays the last few months. But plantations stocks still down
02/03/2015 11:10 PM
eftee Yesterday last minute I let go at 2.30 also snapped up. So I see going up more
04/03/2015 6:23 AM
bsngpg It is not my intention to discourage the "up" of TSH especially that I have shares in the company. Nevertheless, based on the current trend, I do not think TSH is to move up soon.

For me, oil palm takes time to bear fruit, so does TSH.
04/03/2015 6:50 AM
safe what happened?
21/03/2015 8:16 AM
logitrader http://www.klse.my/financial/annualAuditedAccount/9059/31-Dec-2014.jsp
29/04/2015 5:33 PM
logitrader http://www.klse.my/entitlement/116162.jsp
11/05/2015 5:31 PM
logitrader http://www.klse.my/financial/annualReport/9059/31-Dec-2014.jsp
11/05/2015 5:32 PM
coolwinter99 buy,just buyin
14/05/2015 1:37 AM
Sebastian Sted Power habis! profit drop so much
20/05/2015 5:54 PM
ramsyll Not to worry so much... this counter NOT for traders.... TSH fundamentals still intact, they have been new planting regularly so every year there is new production of FFB added into their overall production figures. With its high yield, a steady increase in FFB & CPO price in the future will see their results jump tremendously. Must have confidence in TSH... mid to long term holdings will reward shareholders well !
If price drop, see its tech chart for immediate price support and buy-in... accumulate!
20/05/2015 8:26 PM
ramsyll Another plus point for TSH is the BOD... they are committed, young and experienced to propel TSH to greater heights.
From the shareholding spread list, there are only 356 shareholders out of ~6000 shareholders who holds >100,000 shares each and collectively, these 356 shareholders control 95% of the total shares of TSH... which means they are in for the long term!
20/05/2015 8:38 PM
logitrader http://www.klse.my/financial/quarterResult/YoY/quarter/9059/31-Mar-2015.jsp
20/05/2015 11:30 PM
ramsyll Hmmm... seems like no sellers put there... small volume!
05/06/2015 9:42 PM
logitrader http://www.klse.my/stock/insider/director/all/9059.jsp
30/06/2015 5:37 PM
Sebastian Sted Power seem like someone dumping and keep droping
18/09/2015 11:33 AM
Sebastian Sted Power habissssssssssssssssssss
18/09/2015 4:28 PM
Sebastian Sted Power Dato Tan quick buy back your share
21/09/2015 9:47 AM
鹅麟依旧≈ 扫地僧 weng77.....

03/10/2015 11:17 AM
tjhldg hhahahaaha ... abang duit pun ada sini .. ho say liao lo then .. esok bopian tiok ai tambah sikit lagi liao lo ......hehehehehehheeheh
05/10/2015 1:20 AM
eftee Before you realise it will hit 3,000 again. But then low yield profit also low.
05/10/2015 3:47 PM
necro Aiyoo...cost & production super low by so call efficient palm oil company..
18/11/2015 7:38 PM
Mohd Iqbal Interesting research report by analysts. Some are bearish with TP of RM1.75-1.80 whilst the opposite are bullish with TP of RM2.20-2.30.

The concern is the borrowing of RM1 Billion plus with about 40% denominated in Dollars. With ringgit weakening this might cause problem to the company
19/11/2015 2:35 PM
Sebastian Sted Power WTF! first time see company share buy back 1000units only (cost RM2,032.88)
23/11/2015 7:34 PM
ragstorich maybe they think their own sh price is too high, they will buy more when price come down
24/11/2015 4:02 PM
BN_menang 2015 TSH DPS 2.5 sen compare to FGV DPS 6 sen and making loss compare to FGV profitable. Why still 38 sen higher than FGV?
11/02/2016 11:54 AM
4444 Climatology and physical oceanography expert Prof Dr Fredolin Tangang was quoted as saying the drought would be likely to continue affecting the whole region, with Sabah and northern Sarawak being the hardest hit in the next two months.
20/03/2016 3:40 PM
Moon hey,4444.....may I confirm if the drought would affect the share price of this counter negatively ?
23/03/2016 12:04 AM
ialatif drought will affect palm oil price due to low production & lead to higher CPO prices & price of oil palm company will go higher
08/06/2016 12:19 PM
bigearl Any news on this company so far?
02/08/2016 2:58 PM
ctooi51 This is the company that borrow money to expand. Other good Plantations only expand when they have extra money. Good Plantations company have 0 debts but this company have tons of debts. Forex losses is massive because borrowed in USD.
02/09/2016 9:53 AM
ctooi51 RM1.50 coming.
05/09/2016 10:13 AM
stan1980 ctooi51, how do you know it will drop to RM 1.50 ?
13/09/2016 11:01 AM
stan1980 bigearl, just wait for Right Issue 1:4,,,,, $$$$
13/09/2016 11:03 AM
wjwong can support edy!
13/01/2017 11:16 AM
probability http://www.thestar.com.my/business/business-news/2017/01/18/improving-outlook-for-tsh-resources-as-oil-palm-prices-pick-up/
18/01/2017 11:31 AM
wjwong urh~~ keep partially matched waste my water money!
03/02/2017 4:26 PM
willc48 Baiting shareholders with right issues; technically will wipe out 75% of value to around RM0.40 if lucky. Rather sell now & buy in bulk later
25/08/2017 10:04 AM
mawiLegend Is that true tht crude palm oil been blocked in europe & us? Since last year i heard this rumours..seems its true..so sad
12/04/2018 12:02 PM
bigearl This company reports looks really good. But why is their shares dropping insanely?
21/05/2018 10:54 AM
-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


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