Bursa Malaysia Stock Watch
TSH Resources: Maintain Hold - Stressed crops stressing earnings
kltrader
Publish date: Fri, 17 Aug 2012, 10:15 AM
kltrader
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- Lukewarm 2Q12. We forecast a flat QoQ 2Q12 net profit for TSH at MYR15m (-58% YoY) as FFB production (mainly Sabah estates) undershot our estimates.
- We cut our 2012 net profit forecast by 20% on lowered FFB growth assumption of 4% (previously 18%). Reiterate HOLD on TSH but we lower our TP to MYR2.35 (from MYR2.50) on unchanged 15x 2013 PER.
- Upside to earnings could emanate from its ongoing takeover offer of Pontian United Plantations.
Source: Maybank Research - 17 August 2012
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