Bursa Malaysia Stock Watch
TSH Resources: Maintain Hold - Stressed Trees, Stressed Earnings
kltrader
Publish date: Thu, 23 Aug 2012, 09:51 AM
kltrader
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This blog provides consolidated Bursa Malaysia stock market research, analysis, news and blogs from various sources. You can search and find all the past analysis and coverage on stocks and news by searching within this site. While this blog re-publishes contents from other sites, it does not own the rights nor responsible for the accuracy of the contents. If you disagree to your content from being published here, please add a comment, and your article will be removed from this site.
- Within house but below street expectations. 2Q12 net profit of MYR15m (-59% YoY, -3% QoQ) brings TSH's 1H12 net profit to MYR30m (-51% YoY), meeting 31% of our FY12 estimates. At just 23% of the street's full-year forecast, however, the results will be seen as a miss.
- There is no change to our earnings forecasts. We expect TSH's 2H12 FFB production to be stronger, and production costs to normalise.
- The share price has however priced in its growth potential; the stock remains a HOLD on an unchanged TP of MYR2.35 on 15x FY13 PER.
Source: Maybank Research - 23 August 2012
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