Bursa Malaysia Stock Watch
TSH Resources RM3.60: Buy
kltrader
Publish date: Fri, 18 Nov 2011, 09:59 AM
kltrader
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Booms on fertile land Shariah-compliant
Beats expectation. TSH's 9M11 net profit of RM94.4m (+131% YoY)accounts for 87% and 84% of our and consensus full year forecasts.The stellar performance was due to its fertile Indonesian estates withhigher than expected FFB yields. Thus, we bump up our FFB forecastby assigning higher yields to its Indonesian estates and raise our 2011-13 net profit forecast by 11%-22%. Reiterate Buy with a higher TP ofRM4.38 (+18%, from RM3.70) based on unchanged 15x 2013 PER.
Maybank research (18 November 2011)
Click here for full report ''
Beats expectation. TSH's 9M11 net profit of RM94.4m (+131% YoY)accounts for 87% and 84% of our and consensus full year forecasts.The stellar performance was due to its fertile Indonesian estates withhigher than expected FFB yields. Thus, we bump up our FFB forecastby assigning higher yields to its Indonesian estates and raise our 2011-13 net profit forecast by 11%-22%. Reiterate Buy with a higher TP ofRM4.38 (+18%, from RM3.70) based on unchanged 15x 2013 PER.
Maybank research (18 November 2011)
Click here for full report ''
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