SHChan – are you sure this is a plantation company?

SHChan is a Bursa Malaysia plantation company. But when you look at the profit contribution over the past 5 years, the majority came from non-palm oil activities such as from the energy and facilities management segment.

From a fundamental perspective, over the past decade, half the time it lost money. At when it was profitable (excluding 2021 with a one-off recognition of negative goodwill) its ROE was less than 6%.

When benchmarking performance, comparing it with the Bursa plantation sector may not make sense. I guess until it articulate a clear business direction, there are better plantation companies to look at.