Bursa Malaysia Stock Watch
TSH - 'Buy' call on TSH Resources maintained
kltrader
Publish date: Fri, 19 Nov 2010, 10:14 PM
kltrader
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Stock Name: TSH
Company Name: TSH RESOURCES BHD
Research House: MIDF
MIDF Research has maintained its 2010 and 2011 forecasts for TSH Resources Bhd as it believed the company will benefit from higher crude palm oil (CPO) price and the improving production for the current financial year and onwards.
In its research note today, MIDF said TSH's revenue was expected to increase to RM1.01 billion in 2010 and RM1.51 billion in 2011.
MIDF Research said with the positive outlook on the CPO prices and more palm trees growing to the prime maturity age, it has maintained its "buy" call on TSH at target price of RM3.50.
It said the valuation was based on its historical average price earning of 14 times forward earnings.
TSH's third quarter 2010's net profit of RM18.2 million represented only 53.5 per cent (54 per cent of consensus) of its full-year estimates.
Its revenue in the third quarter 2010 actually increased by 5.25 per cent year-on-year to RM214.3 million.
However, this was offset by a 25 per cent jump in operating expenses of RM37.4 million, it said. -- Bernama
Company Name: TSH RESOURCES BHD
Research House: MIDF
MIDF Research has maintained its 2010 and 2011 forecasts for TSH Resources Bhd as it believed the company will benefit from higher crude palm oil (CPO) price and the improving production for the current financial year and onwards.
In its research note today, MIDF said TSH's revenue was expected to increase to RM1.01 billion in 2010 and RM1.51 billion in 2011.
MIDF Research said with the positive outlook on the CPO prices and more palm trees growing to the prime maturity age, it has maintained its "buy" call on TSH at target price of RM3.50.
It said the valuation was based on its historical average price earning of 14 times forward earnings.
TSH's third quarter 2010's net profit of RM18.2 million represented only 53.5 per cent (54 per cent of consensus) of its full-year estimates.
Its revenue in the third quarter 2010 actually increased by 5.25 per cent year-on-year to RM214.3 million.
However, this was offset by a 25 per cent jump in operating expenses of RM37.4 million, it said. -- Bernama
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