Makes conditional takeover offer. TSH has launched a joint voluntary conditional takeover offer for an unlisted plantation company via a 50:50 cash:share swap (into TSH shares priced at MYR2.14/share), potentially worth up to MYR624.8m. Based on a back-of-the-envelope calculation (amid sketchy details), the acquisition could lift our FY13 EPS estimate by 10% (assuming a 100% take-up of the offer). Pending further clarification and the final offer take-up rate, TSH remains a HOLD with unchanged TP of MYR2.50 based on 15x FY13 PER.
Click here for full reportSource: Maybank Research - 27 June 2012