SEE_Research

SEE_Research | Joined since 2019-12-16

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Stock

2021-08-26 07:55 | Report Abuse

SEE_Research SPECIAL TECHNICAL ANALYSIS FOR TRADING BUY

for 26 August 2021 onwards
Technical Chart for trading buy --
S H Chan /4316


SUMMARY



F O C U S



F = FOLLOW



O = ONE



C = COURSE



U = UNTIL



S = SUCCESSFUL

===================================================================

SPECIAL TECHNICAL CHART FOR TRADING BUY for 26 May 2021 onwards

(AAA) S H Chan /4316

This stock is in Plantation sector ,

whereby the crude palm oil (CPO ) , has climbed to a high level on 6 May 2021 ,
RM 4,680.00 per tonne.

and some high level of focus will be directed to crude palm oil stocks.

SH Chan is the proxy of this palm oil stock right now.



This stock , with improving RSI, MACD indicators ,

has managed base building at RM 0.50 to RM0.55

to breakout at RM 0. 56 with

high volume done 1,654 lots on 19 August 2021,

next immediate resistance -RM 0.68 done in 12 May 2021.

having done 2,194 lots on 13 August 2021 ,
it has gather and accumulated positive momentum to charge

and need to overcome the current high RM 0.82 ,

done on 10 May 2021 .



REMARKS

The past few trading days are very low , averaging 150 lots to 218 lots per day

( 1 lot = 1,000 shares )



Potentially, for this coming week ,starting from 26 August 2021 ,

1st Target Price : RM 0.68 level and above.
2nd Target Price : RM 0.82 level and above.




Failure to hold on to the immediate support level of RM 0.50

may indicate weakness in the share price and hence is a cut loss signal,

the last stop loss is at RM 0.50 and has to exit

Stock

2021-08-26 07:45 | Report Abuse

TSH / 9059

SEE_Research

TSH RESOURCES/ 9059


The top management , main director had been accumulating

with huge number of shares recently

Tan Aik Pen , recent bought more than

" many , MANY , MANY

TSH shares , "

sub total : 12,950 lots ( 1 lot = 1,000 shares )

sub total : 12,950 lots x average price RM 1.08

almost RM 14 millions



Pls note : after Kelvin Tan Aik Pen on his massive strong buys ,

EPF from seller ( 3 , 8 June 2021 ) turns buyer on 23 July 2021.

Remarks

REASON NUMBER 1 / ONE


REASON : NUMBER TWO actually please refer NUMBER 1



REASON NUMBER THREE actually please refer NUMBER 1

Let us endeavour to find the



REAL MOTIVES & OBJECTIVES OF THE TOP MANAGEMENT -

AT CHAIRMAN LEVEL -



KELVIN TAN AIK PEN ----



MASSIVE CONTINUOUS BUYING ORDERS

(FROM 24 MAY 2021 TO 23 JULY 2021 )



NOT MORE THAN 43 TRADING DAYS ON TSH SHARES .

THERE ARE NO INSIDERS FROM OTHER COMPANIES BUYING SO MASSIVE SHARES IN THEIR COMPANIES IN KLSE.

Please note at this current time the KLSE market conditions are not favourable

in view of political uncertainties and

also the economic conditions , coupled with the cases of Covid -19

are on the increase thus creating poor sentiments in KLSE.



Then , what are the critical motives & objectives ?

2 CRITICAL MOTIVES & OBJECTIVES ;



WELL HIDDEN BEHIND

image.pngimage.pngimage.png


image.png


( i ) to take TSH into private vehicle that means private company



(ii) ____________ ?



(ii) possibly certain "off market deals " to institutional syndicated funds

for their necessary actions.



now disclosing in this particular update post .

Stock

2021-08-26 07:41 | Report Abuse

Please note again : BIG WHY ?

BIG WHY ?

BIG WHY ?

Kelvin Tan Aik Pen continuously

acquired on the shares of TSH , even after the


superb financial quarter report is just issued on

24 August 2021
========================================================
[TSH] Acquired In Director's Shareholding -

KELVIN TAN AIK PEN on 25-Aug-2021

Stock [TSH]: TSH RESOURCES BHD
Announcement Date 25-Aug-2021
Director's Particular:
Name KELVIN TAN AIK PEN
Details of Changes:
Currency -

Date of Change Type Number of Shares
25-Aug-2021 Acquired 300,000
Registered Name RHB Capital Nominees (Tempatan) Sdn Bhd
Nature of Interest Direct Interest

Nature of Interest Direct Interest
Shares Ordinary shares
Reason Purchase of shares
Consideration -
Total no of securities after change
Direct (units) 232,799,317
Direct (%) 16.87
Indirect (units) 0
Indirect (%) 0.00
Total (units) 232,799,317
Total (%) 16.87
Date of Notice 25-Aug-2021

Please note again : BIG WHY ?

BIG WHY ?

BIG WHY ?

Kelvin Tan Aik Pen continuously

acquired on the shares of TSH , even after the


superb financial quarter report is just issued on

24 August 2021
========================================================
[TSH] Acquired In Director's Shareholding -

KELVIN TAN AIK PEN on 25-Aug-2021

Stock [TSH]: TSH RESOURCES BHD
Announcement Date 25-Aug-2021
Director's Particular:
Name KELVIN TAN AIK PEN
Details of Changes:
Currency -

Date of Change Type Number of Shares
25-Aug-2021 Acquired 300,000
Registered Name RHB Capital Nominees (Tempatan) Sdn Bhd
Nature of Interest Direct Interest

Nature of Interest Direct Interest
Shares Ordinary shares
Reason Purchase of shares
Consideration -
Total no of securities after change
Direct (units) 232,799,317
Direct (%) 16.87
Indirect (units) 0
Indirect (%) 0.00
Total (units) 232,799,317
Total (%) 16.87
Date of Notice 25-Aug-2021

Stock

2021-08-25 21:51 | Report Abuse

Kelington Group -

Shining Through the Lockdown
Date: 25/08/2021

Source : KENANGA
Stock : KGB Price Target : 1.50

| Price Call : BUY
Last Price : 1.27 |
Upside/Downside : +0.23 (18.11%)

Stock

2021-08-25 21:42 | Report Abuse

SPECIAL HIGHLIGHT

NEWS FLASH ON

RECENT ANNOUNCEMENT ON

LATEST FINANCIAL QUARTER REPORT



TSH

Previous Technical Analysis
Closed RM
1. 30 April 2021 1.07
2. 3 May 1.13
3. 4 May 1.15
4. 5 May 1.13
5. 6 May 1.13
6. 7 May 1.20
7. 10 May 1.24 / High 1.29

Earning Per Share Date Announced
(i) 2.88 24 August 2021
(ii) 1.51 19 May 2021
(iii) 2.39 25 February 2021
(iv) 1.74 18 November 2020
==============================================================================
sub total : 8.52 x PER 18 = RM1.53
==============================================================================
Intrinsic value = RM1.53

Let us witness another explosive run up on the prices upwards

in another 7 to 14 trading days , will it be
fast & furious to

RM 1.53 and above

Stock

2021-08-25 08:33 | Report Abuse

https://youtu.be/pWZz9gYXGoA
===========================================================================
KGB (0151) S
KELINGTON GROUP BERHAD Summary




1.270 ↑
+0.050
===========================================================================

Earning Per Share Date Announced
(i) 2.29 24 August 202 Profit RM 7.4 millions

(ii) 1.72 25 May 2021

(iii) 2.39 26 February 2021

(iv) 1.53 24 November 2020

==============================================================================
sub total : 7.93 x PER 20 = RM1.58
==============================================================================
Intrinsic value = RM1.58

Let us witness another explosive run up on the prices

in another 7 trading days , will it be
fast & furious to


RM 1.58 and above

Stock

2021-08-24 22:54 | Report Abuse

===========================================================================
SPECIAL HIGHLIGHT

NEWS FLASH ON

RECENT ANNOUNCEMENT ON

LATEST FINANCIAL QUARTER REPORT



TSH

Previous Technical Analysis
Closed RM
1. 30 April 2021 1.07
2. 3 May 1.13
3. 4 May 1.15
4. 5 May 1.13
5. 6 May 1.13
6. 7 May 1.20
7. 10 May 1.24 / High 1.29

Earning Per Share Date Announced
(i) 2.88 24 August 2021
(ii) 1.51 19 May 2021
(iii) 2.39 25 February 2021
(iv) 1.74 18 November 2020
==============================================================================
sub total : 8.52 x PER 18 = RM1.53
==============================================================================
Intrinsic value = RM1.53

Let us witness another explosive run up on the prices upwards

in another 7 trading days , will it be
fast & furious to

RM 1.53 and above

Stock

2021-08-24 12:48 | Report Abuse

TO : Investorrr

this stock already breakup on 16 August is already started moving up in wave 3.bollinger band has widen since yesterday.the successfully breakout date is an up trend signal of the wave 3.
24/08/2021 11:45 AM

=========================================================================

1. yes , fully agreed with you ---Investorrr,

TSH on technical analysis , need to overcome
RM 1.15 as the 1 st resistance level as on the way to

2nd resistance level --- RM1.30

Stock

2021-08-23 12:46 | Report Abuse

20 August 2021 | 9:00 am - 5:00 pm
Sign Me Up!
About | Event Highlights | Speakers | Agenda | Video

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Stock

2021-08-23 10:50 | Report Abuse

Stocks on Radar - AwanBiru Technology (5204)

Author: AmInvest | Publish date: Mon, 23 Aug 2021, 10:12 AM



AwanBiru Technology surged and tested the RM0.72 resistance level.
With its RSI indicator in an uptrend, coupled with a higher high candle stick pattern, we see a possibility for a technical breakout. If this happens, we expect it to move towards the short-term target prices of
RM0.755 and RM0.80.

The downside support is projected at RM0.64.
Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM0.72

Target: RM0.755, RM0.80 (time frame: 2-4 weeks)

Exit: RM0.64

Source: AmInvest Research - 23 Aug 2021

Stock

2021-08-23 10:38 | Report Abuse

Ripley's Believe It or Not!



Are these happenings in KLSE ?

Would you like to know the 4 th biggest gainer after Genetec , Hightec, Widetec ?

In fact, the meerkats have been very favourable to disclose the " hidden codes "
with the actual similarities ,

(i) G e n e t e c ( the total words are 7 )
(ii) H i g h t e c ( the total words are 7 )
(iii) W i d e t e c ( the total words are 7 )


Remarks

The front are 4 letters not the bad 4 letters words . ( such as f _ _ k)
but rather good words, example High , Wide .

For the total name in the stock are with 7 letters ,
" 7 " in certain religion their strong belief is " complete with perfection "
" it signifies a dynamic perfection or a complete cycle "

The meerkats have offered some helps , that the 4 th biggest gainer can be also ,
the stock with 7 letters , also the end is " t e c "
The front is also with the similarities of 4 letters words , definitely
the good 4 letters word ,
starting with
A _ _ _ t e c ( total 7 letters )
Stock code : 5 2 0 _

Short term target price : RM 0.90

Stock

2021-08-22 15:00 | Report Abuse

ANOTHER

IJM

PLANTATION /

2216








TSH/ TENACIOUS SAMSOM HERCULES ----

image.png


image.png




image.png


WILL BE FAST &

FURIOUS ;



UP WHEN

EVERYTHING IN

THE POLITICAL

DEBRIS SETTLED .

CAN YOU AFFORD

TO MISS OUT



or




RATHER YOU WILL

NOT WANT TO BE

LEFT BEHIND
==========================================================================

Latest Target Price for TSH Resources -RM 1.46

by Public Bank


Date: 07 July 2021

Stock : TSH |
Source : PUBLIC BANK

Price Target : 1.46 |

Price Call : BUY

Last Price : 1.04

Subject : Divesting Plantation Landbank in Sabah


TSH Resources is disposing of its two pieces of plantation land bank totaling 3,007ha together with a 40mt/hour palm oil mill in Sabah for a total cash consideration of RM248m. The group is expected to recognise one-off gain of RM104.3m in the 1QFY22. We deem the offer is attractive as it is valued based on EV of RM82,474/ha or P/B of 1.48x. Based on our calculation, we think it is an earnings accretive deal for the group as it could potentially bump up its earnings by as much as RM8m after taking into the consideration of significant interest savings despite the loss of income from the CPO production.
Pending the completion of the proposal disposal, we retain our Outperform call with an unchanged

TP of RM1.46 based on 24x FY22 EPS.

Stock

2021-08-22 14:43 | Report Abuse

(iii) OCB / 5533

SEE_RESEARCH

WAIT for strong rally VERY SOON

First target ------ RM 1.20

Stock

2021-08-22 14:40 | Report Abuse

Ripley's Believe It or Not!



Are these happenings in KLSE ?

Would you like to know the 4 th biggest gainer after Genetec , Hightec, Widetec ?

In fact, the meerkats have been very favourable to disclose the " hidden codes "
with the actual similarities ,

(i) G e n e t e c ( the total words are 7 )
(ii) H i g h t e c ( the total words are 7 )
(iii) W i d e t e c ( the total words are 7 )


Remarks

The front are 4 letters not the bad 4 letters words . ( such as f _ _ k)
but rather good words, example High , Wide .

For the total name in the stock are with 7 letters ,
" 7 " in certain religion their strong belief is " complete with perfection "
" it signifies a dynamic perfection or a complete cycle "

The meerkats have offered some helps , that the 4 th biggest gainer can be also ,
the stock with 7 letters , also the end is " t e c "
The front is also with the similarities of 4 letters words , definitely
the good 4 letters word ,
starting with
A _ _ _ t e c ( total 7 letters )
Stock code : 5 2 0 _

Short term target price : RM 0.90

Stock

2021-08-21 16:52 | Report Abuse

TO : HomeSweeHome

Ok no problems,
21/08/2021 1:00 PM

===========================================================================
1. As your big mouth mentioned --- no problems

2. It is a long time , from 11.33 am., 12 August 2021 , to now 7.00 pm., 16 August 2021 ;
the kindergarten kids taught to count already over 103 hours ; delay in your new post.

3. Indeed from 11.33 am., 12 August 2021 to now 4.00 am., 21 August 2021
the kindergarten kids taught to count already over 210 hours ; delay in your new post.


Again , do not disappoint us on your blog post in
intended blog in
I3 Forum --- Blog Headlines
They will be excited to follow on your buy call with serious considerations.

REMARKS

TO :
HomeSweeHome

YOU HAVE GREAT OPPORTUNITIES TO ISSUE OUT THE BLOG POST IN I3 Forum .
that is the proper forum .

The corporate investors are waiting , WAITING , _____ ?

Stock

2021-08-21 04:15 | Report Abuse

TO : HomeSweeHome
D&O go to next stop good luck.
20/08/2021 7:12 PM
===========================================================================
TO :win1661

are u lost? here is kgb not d&o.... and kindly share more useful info if u have any, not just this stop, next stop, this stop, next stop.....






+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
TO :win1661

1. Have to fully agreed with you --- win1661 ;
this HomeSweeHome --- has lost his bearing on his / her head .
TO : HomeSweeHome

Take D&O before it too late.
15/08/2021 7:52 PM
===========================================================================
1. It is a long time , from 11.33 am., 12 August 2021 , to now 7.00 pm., 16 August 2021 ;
the kindergarten kids taught to count already over 103 hours ; delay in your new post.

2. Indeed from 11.33 am., 12 August 2021 to now 4.00 am., 21 August 2021
the kindergarten kids taught to count already over 210 hours ; delay in your new post.


Again , do not disappoint us on your blog post in
intended blog in
I3 Forum --- Blog Headlines
They will be excited to follow on your buy call with serious considerations

3. Things--- TO : HomeSweeHome --- that you are supposed to do ,
BUT YOU HAVE NOT DONE .
DO NOT COME TO KGB FORUM AND mumbling , MUMBLING, MUMBLING

Thanks

Stock

2021-08-20 06:46 | Report Abuse

SPECIAL TECHNICAL CHART FOR TRADING BUY

for 20 August 2021 onwards
Technical Chart for trading buy -- S H Chan /4316


Author: SEE_Research | Publish date 20 August 2021





SUMMARY



F O C U S



F = FOLLOW


O = ONE



C = COURSE



U = UNTIL



S = SUCCESSFUL

===================================================================

SPECIAL TECHNICAL CHART FOR TRADING BUY for 20 May 2021 onwards

(AAA) S H Chan /4316

This stock is in Plantation sector ,

whereby the crude palm oil (CPO ) , has climbed to a high level on 6 May 2021 , RM 4,680.00 per tonne.

and some high level of focus will be directed to crude palm oil stocks.

SH Chan is the proxy of this palm oil stock right now.



This stock , with improving RSI, MACD indicators ,

has managed base building at RM 0.50 to RM0.55

to breakout at RM 0. 56 with

high volume done 1,654 lots on 19 August 2021,

next immediate resistance -RM 0.68 done in 12 May 2021.

having done 2,194 lots on 13 August 2021 ,
it has gather and accumulated positive momentum to charge

and need to overcome the current high RM 0.82 ,

done on 10 May 2021 .



REMARKS

The past few trading days are very low , averaging 150 lots to 218 lots per day

( 1 lot = 1,000 shares )



Potentially, for this coming week ,starting from 23 August 2021 ,

Target Price : RM 0.68 level and above.





Failure to hold on to the immediate support level of RM 0.50

may indicate weakness in the share price and hence is a cut loss signal,

the last stop loss is at RM 0.50 and has to exit.

Stock

2021-08-19 17:02 | Report Abuse

TO : himbaan
top up some shares today
18/08/2021 4:16 PM
===========================================================================

TO : dasan784
Thank you very much SEE_RESEARCH. Your researches are excellent.
19/08/2021 4:50 PM

===========================================================================
OCB /5533

Just be patient , have opportunities to sell
above RM 1.00 with profit

Stock

2021-08-19 14:08 | Report Abuse

OCB / 5533

SEE_RESEARCH

WAIT for strong rally VERY SOON

First target ------ RM 1.20

Stock

2021-08-19 14:00 | Report Abuse

Kelington Group - Fab Expansion on the Rise

Date: 19/08/2021

Source : KENANGA
Stock : KGB

Price Target : 1.50 |

Price Call : BUY
Last Price : 1.21 |
Upside/Downside : +0.29 (23.97%)


KGB has clinched another job win, this time from Global Foundries which recently allocated
US$4b to expand its wafer fab in Singapore.

The award is worth RM45m for a base build speciality gas delivery system and work will commence immediately as the customer is seeing an urgent need to increase its 12-inch wafer output up to 1.5m per year (+43%) due to swelling chip demand.

This brings YTD order wins to RM264m while order-book stands at RM523m.
We believe this is the start of more fab expansions to come, indicating a slew of jobs in the pipeline for KGB.
Maintain OUTPERFORM with a

higher Target Price of RM1.50.

Stock

2021-08-16 18:55 | Report Abuse

From : HomeSweeHome
Ok wait & see hope for the best thks.
12/08/2021 11:33 AM

===========================================================================
TO : HomeSweeHome

Take D&O before it too late.
15/08/2021 7:52 PM
===========================================================================
1. It is a long time , from 11.33 am., 12 August 2021 , to now 7.00 pm., 16 August 2021 ;
the kindergarten kids taught to count already over 103 hours ; delay in your new post.

Again , do not disappoint us on your blog post in
intended blog in
I3 Forum --- Blog Headlines
They will be excited to follow on your buy call with serious considerations



Thanks

Stock

2021-08-16 17:31 | Report Abuse

TO : Investorrr

breaking up soon
16/08/2021 4:18 PM
===========================================================================
1. fully agreed with you Investorrr

on technical chart ,

TSH is on up trends mode ,
it exhibits a breakout to short term target price RM 1.30

Stock

2021-08-16 14:11 | Report Abuse

TSH / 9059

SEE_Research

TSH RESOURCES/ 9059


The top management , main director accumulating with strong number of shares recently

Tan Aik Pen , recent bought more than " many TSH shares , "

sub total : 12,950 lots ( 1 lot = 1,000 shares )

sub total : 12,950 lots x average price RM 1.08 almost RM 14 millions



Pls note : after Kelvin Tan Aik Pen on his massive strong buys ,

EPF from seller ( 3 , 8 June 2021 ) turns buyer on 23 July 2021.

Remarks

REASON NUMBER 1

Let us endeavour to find the



REAL MOTIVES OF THE TOP MANAGEMENT - AT CHAIRMAN LEVEL -



KELVIN TAN AIK PEN ----



MASSIVE CONTINUOUS BUYING ORDERS (FROM 24 MAY 2021 TO 23 JULY 2021 )



NOT MORE THAN 43 TRADING ON TSH SHARES .

Please note at this current time the KLSE market conditions are not favourable

in view of political uncertainties and also the economic conditions are on the

disadvantageous sentiments.


Then , what are the critical motives.

2 CRITICAL MOTIVES

( i ) to take TSH into private vehicle that means private company



(ii) ____________ ?



will disclose to you later in the coming update post .

=========================================================================

TSH WILL BE FAST & FURIOUS ;



UP WHEN EVERYTHING IN THE POLITICAL DEBRIS SETTLED .

CAN YOU AFFORD TO MISS



or



RATHER YOU WILL NOT WANT TO BE LEFT BEHIND



This clearly demonstrates how the institutional funds , including the national fund behaves , strangely , it may seem so.

Stock

2021-08-16 01:53 | Report Abuse

Latest Target Price for TSH Resources -RM 1.46

by Public Bank


Date: 07 July 2021

Stock : TSH |
Source : PUBLIC BANK

Price Target : 1.46 |

Price Call : BUY

Last Price : 1.04

Subject : Divesting Plantation Landbank in Sabah


TSH Resources is disposing of its two pieces of plantation landbank totaling 3,007ha together with a 40mt/hour palm oil mill in Sabah for a total cash consideration of RM248m. The group is expected to recognize one-off gain of RM104.3m in the 1QFY22. We deem the offer is attractive as it is valued based on EV of RM82,474/ha or P/B of 1.48x. Based on our calculation, we think it is an earnings accretive deal for the group as it could potentially bump up its earnings by as much as RM8m after taking into the consideration of significant interest savings dspite the loss of income from the CPO production.
Pending the completion of the proposal disposal, we retain our Outperform call with an unchanged

TP of RM1.46 based on 24x FY22 EPS.




Salient details of the proposed disposal.

The two pieces of leasehold plantation landbank for divestment are located in Kinabatangan, Sabah. The tenure for the first piece has a balance of 56 years while the second piece has a balance of 75 years. Both estates are adjacent to each other and the weighted average age of the estate’s palm trees is approximately 18 years. Approximately 74% of the planted area is more than 21 years of age and is due for replanting. The total FFB production from these two plantations stood at 50,388mt in FY20. Meanwhile, the 20-year-old palm oil mill is located at the Ladang Ong Yah Ho and it mainly processes the FFB produced around the vicinity. The buyer of the plantation assets is an unlisted company, Sharikat Keratong S/B, led by a Chang family.
Improving gearing level. Management guided that the proceeds of RM248m from the proposed disposal will be used to pare down its borrowings. As of end-2020, it is sitting in a net debt position of RM1.1bn and a net gearing of 0.71x. Upon completion, the proceeds would be utilised to pay off debt, thereby, reducing its net gearing to 0.53x. It can have an annual interest savings of up to RM11.6m if it tends to settle the relatively high interest cost terms loans. In addition, the Group would be able to save capex for land clearing and replanting in the coming years as a significant portion of the estates are due for replanting. The improved gearing will also provide capacity to raise additional funding to accelerate development of its remaining unplanted plantation lands in Indonesia.
Reducing group’s FFB by 5.9%. Upon the completion of the proposed disposal, TSH will see a reduction of FFB production by about 5.9% to 855,786mt (using FY20 numbers as the base). Meanwhile, TSH’s planted area in Sabah will nearly halve to 3,169ha while group planted area will reduce by almost 10% from 31,456ha to 28,449ha.
Lucrative return of investments. All three plantation assets have a combined audited net book value of RM167.1m and the total cost investment involved is RM61.3m. In our view, we think the offer, which is valued based on EV of RM82,474/ha or P/B of 1.48x, is deemed attractive. The group is expected to recognize one-off gain of RM104.3m in the 1QFY22

Source: PublicInvest Research - 7 Jul 2021

=========================================================================

SEE_RESEARCH



Noted as one of the
MAIN CATALYSTs OF THIS SPECIAL GAIN;
WILL DRIVE TSH INTO an uptrend mode;
in fast & furious mode
with panic & frenzy buying orders

The group is expected to recognise one-off gain of RM104.3 millions in the 1QFY22



============================================================================

TSH /9059

SEE_RESEARCH

WAIT for strong rally VERY SOON

First target ------ RM 1.30

Mid term target --RM 2.00

Stock

2021-08-15 22:49 | Report Abuse

TSH Resources -
Divesting Plantation Landbank in Sabah
Date: 07/07/2021

Stock : TSH |
Source : PUBLIC BANK

Price Target : 1.46 |

Price Call : BUY

Last Price : 1.04


TSH Resources is disposing of its two pieces of plantation landbank totaling 3,007ha together with a 40mt/hour palm oil mill in Sabah for a total cash consideration of RM248m. The group is expected to recognize one-off gain of RM104.3m in the 1QFY22. We deem the offer is attractive as it is valued based on EV of RM82,474/ha or P/B of 1.48x. Based on our calculation, we think it is an earnings accretive deal for the group as it could potentially bump up its earnings by as much as RM8m after taking into the consideration of significant interest savings dspite the loss of income from the CPO production.
Pending the completion of the proposal disposal, we retain our Outperform call with an unchanged TP of RM1.46 based on 24x FY22 EPS.




Salient details of the proposed disposal.

The two pieces of leasehold plantation landbank for divestment are located in Kinabatangan, Sabah. The tenure for the first piece has a balance of 56 years while the second piece has a balance of 75 years. Both estates are adjacent to each other and the weighted average age of the estate’s palm trees is approximately 18 years. Approximately 74% of the planted area is more than 21 years of age and is due for replanting. The total FFB production from these two plantations stood at 50,388mt in FY20. Meanwhile, the 20-year-old palm oil mill is located at the Ladang Ong Yah Ho and it mainly processes the FFB produced around the vicinity. The buyer of the plantation assets is an unlisted company, Sharikat Keratong S/B, led by a Chang family.
Improving gearing level. Management guided that the proceeds of RM248m from the proposed disposal will be used to pare down its borrowings. As of end-2020, it is sitting in a net debt position of RM1.1bn and a net gearing of 0.71x. Upon completion, the proceeds would be utilized to pay off debt, thereby, reducing its net gearing to 0.53x. It can have an annual interest savings of up to RM11.6m if it tends to settle the relatively high interest cost terms loans. In addition, the Group would be able to save capex for land clearing and replanting in the coming years as a significant portion of the estates are due for replanting. The improved gearing will also provide capacity to raise additional funding to accelerate development of its remaining unplanted plantation lands in Indonesia.
Reducing group’s FFB by 5.9%. Upon the completion of the proposed disposal, TSH will see a reduction of FFB production by about 5.9% to 855,786mt (using FY20 numbers as the base). Meanwhile, TSH’s planted area in Sabah will nearly halve to 3,169ha while group planted area will reduce by almost 10% from 31,456ha to 28,449ha.
Lucrative return of investments. All three plantation assets have a combined audited net book value of RM167.1m and the total cost investment involved is RM61.3m. In our view, we think the offer, which is valued based on EV of RM82,474/ha or P/B of 1.48x, is deemed attractive. The group is expected to recognize one-off gain of RM104.3m in the 1QFY22

Source: PublicInvest Research - 7 Jul 2021

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SEE_RESEARCH

Noted as one of the
MAIN CATALYST OF THIS SPECIAL GAIN;
WILL DRIVE TSH INTO an uptrend mode;
with panic buying
The group is expected to recognize one-off gain of RM104.3millions in the 1QFY22