Mixed View On TSH Resources Latest Earnings Report
Mixed View On TSH Resources Latest Earnings Report
TSH Resources Berhad (TSH) has announced its results for the first half of the fiscal year 2024 (1HFY24), meeting expectations with a core profit after tax and minority interests (PATMI) of RM60.3 million, reflecting a 35.3% year-on-year increase. Despite a slight decline in revenue to RM494.9 million (-2.4% YoY), the company demonstrated resilience with an operating profit surge to RM90.7 million (+16.9% YoY), attributed to improved palm products' profitability and reduced corporate expenses.
TSH Resources Berhad（TSH）公布了2024财年上半年的业绩（1HFY24），符合预期，税后核心利润和少数股权（PATMI）为6030万令吉，同比增长35.3％。尽管收入略有下降至49490万令吉（同比下降2.4％），但该公司表现出了韧性，营业利润激增至9070万令吉（同比增长16.9％），这要归因于棕榈产品盈利能力的提高和公司开支的减少。
Analysts at MIDF, Kenanga and Maybank have varied views on TSH's outlook. Kenanga Stock Broking House maintains an OUTPERFORM rating with a target price (TP) of RM1.30, citing firm earnings outlook and better realised prices for CPO and PK despite weaker output. The firm anticipates steady earnings for FY24-25 with expected average CPO prices around RM3,800 per metric tonne, and notes that TSH's net debt has significantly decreased, supporting further expansion.
MIDF、Kenanga和Maybank的分析师对TSH的前景有不同的看法。Kenanga股票经纪公司维持跑赢大盘评级，目标价（TP）为1.30令吉，理由是盈利前景良好，尽管产出疲软，CPO和Pk的已实现价格有所改善。该公司预计，FY24-25 将实现稳定的收益，预计每公吨的平均CPO价格约为3,800令吉，并指出TSH的净负债已大幅减少，为进一步扩张提供了支持。
In contrast, a revised NEUTRAL call has been issued by another analyst with a TP of RM1.19, highlighting that while TSH's performance was solid, its share price is expected to remain stable unless significant changes in CPO prices occur. The earnings forecast remains stable, and the potential downside risk in the second half of FY24 is linked to CPO price volatility amid high crop cycle seasonality.
相比之下，另一位分析师发布了修订后的中性看涨期权，目标价为1.19令吉，强调尽管TSH的表现稳健，但除非CPO价格发生重大变化，否则其股价预计将保持稳定。收益预测保持稳定，24财年下半年的潜在下行风险与作物周期高季节性下的CPO价格波动有关。
The plantation segment showed robust performance, with profit growing to RM53.2 million (+15.3% YoY) despite a drop in crude palm oil (CPO) sales volume. This was driven by higher average selling prices for CPO, which increased to RM3,704 per metric tonne (+6.0% YoY), and palm kernel (PK) prices at RM2,250 per metric tonne (+26.1% YoY). However, challenges such as the Indonesia Export Levy and Duty on CPO, amounting to RM21.2 million (-37% YoY), and slower production volumes due to environmental factors in Indonesia, impacted overall profitability. The plantation segment maintained a healthy margin of 25.1% (+3.8 percentage points).
种植园板块表现强劲，尽管粗棕榈油（CPO）销售量下降，但利润仍增长至5320万令吉（同比增长15.3％）。这是由于CPO的平均销售价格上涨，上涨至每公吨3,704令吉（同比增长6.0％），以及棕榈仁（PK）价格上涨至每公吨2,250令吉（同比增长26.1％）。但是，印尼出口税和CPO关税（总额为2120万令吉（同比下降37％）以及由于环境因素导致的产量放缓等挑战影响了整体盈利能力。种植园部分保持了可观的25.1％（+3.8个百分点）的利润率。
The 'Others' segment, primarily encompassing wood division sales, registered a narrower loss of RM1.7 million. This reduction in losses reflects improved sales performance.
“其他” 板块，主要包括木材部门的销售，亏损幅度较小，为170万令吉。亏损的减少反映了销售业绩的改善。
TSH is also focusing on expanding its planted oil palm area from 40,000 to 47,000-50,000 hectares over the next 2-3 years, as it seeks to capitalise on the improved financial position following asset divestments.
TSH还专注于在未来2-3年内将其种植油棕榈的面积从40,000公顷扩大到47,000-50,000公顷，以期利用资产撤资后财务状况的改善。