TH Plantations Bhd (THP) reported an improvement in its 2Q24 performance, though results fell short of estimates. The company posted a headline net profit after tax and minority interest (PATMI) of RM5.9 million for the quarter, reflecting a substantial year-on-year increase of 630%, but a decline of 31% compared to the previous quarter. This result was boosted by a fair value gain on biological assets of RM4.5 million, though it was offset by an unrealised foreign exchange loss of RM5.9 million. The core PATMI for 2Q24 adjusted for these factors stood at RM7.1 million, up 104% from the previous quarter but down from RM10.7 million in the same quarter last year. For the first half of 2024, core PATMI amounted to RM10.5 million, compared to a loss after tax and minority interest (LATMI) of RM12.4 million in 1H23.
Analysts at Maybank have reacted to the results by adjusting their recommendations. Given the limited downside to the target price (TP), THP's rating has been upgraded to HOLD from SELL, with an unchanged TP of RM0.58 based on a 0.7x FY24E price-to-book value (PBV). Despite a fair current valuation at 14x FY24E price-to-earnings ratio (PER), THP's valuation remains higher compared to its small and mid-cap peers, who typically trade at lower valuations. Analysts prefer Sarawak Oil Palms (SOP) with a BUY rating and a target price of RM3.18, given its more attractive valuation.
The positive performance in 2Q24 was attributed to higher crude palm oil (CPO) average selling prices (ASP) and improved fresh fruit bunches (FFB) output. The adjusted core earnings before interest and tax (EBIT) rose to RM38.4 million, reflecting a significant year-on-year increase of 271% and a quarter-on-quarter rise of 16%, driven by a higher CPO ASP of RM3,927 per tonne and an increase in FFB output by 17% year-on-year and 18% quarter-on-quarter. The company's all-in cost-to-customer fell to RM2,810 per tonne in 1H24, marking a 12% decrease compared to the previous year. However, there remains uncertainty regarding the application of fertiliser compared to the full-year plan.
Looking ahead, TH Plantations has maintained its forecast for an 8% growth in FFB output for FY24E, which aligns with historical averages. Despite revisions to the industry-wide CPO ASP forecasts, THP's core earnings per share (EPS) forecasts for FY24E-26E have remained relatively unchanged. The company's key focus will be on its deleveraging efforts to enhance its balance sheet position, with RM802 million worth of assets earmarked for disposal as of the end of June 2024.
TH Plantations Bhd (THP)报告其24年第二季度业绩有所改善，但低于预期。该公司公布本季度税后净利润和少数股权（PATMI）为590万令吉，同比大幅增长630％，但与上一季度相比下降了31％。这一结果受到生物资产450万令吉的公允价值收益的推动，但被590万令吉的未实现外汇损失所抵消。经这些因素调整后，24年第二季度的核心PATMI为71.0万令吉，较上一季度增长104％，但低于去年同期的1070万令吉。2024年上半年，核心PATMI为10.5万令吉，而23年上半年的税后亏损和少数股权（LATMI）为12.4万令吉。
马来亚银行的分析师对业绩做出了反应，调整了他们的建议。鉴于目标价格（TP）的下行空间有限，THP的评级已从卖出上调至持有，基于 FY24E 账面价格的0.7倍（PBV），目标价保持不变，为0.58令吉。尽管目前的公允估值为 FY24E 市盈率（PER）的14倍，但与通常以较低估值进行交易的中小型股同行相比，THP的估值仍然较高。鉴于砂拉越油棕榈树更具吸引力，分析师更倾向于评级为买入、目标价为3.18令吉的砂拉越油棕榈树（SOP）。
24年第二季度的积极表现归因于粗棕榈油（CPO）平均销售价格（ASP）的上涨以及新鲜水果束（FFB）产量的改善。调整后的息税前核心收益（EBIT）增至3840万令吉，反映出同比大幅增长271％，同比增长16％，这得益于CPO ASP提高至每吨3,927令吉以及FfB产量同比增长17％，同比增长18％。该公司的客户总成本在24年上半年降至每吨2810令吉，与去年同期相比下降了12％。但是，与全年计划相比，化肥的应用仍然存在不确定性。
展望未来，TH Plantations维持了对FY24E FfB产量增长8％的预测，这与历史平均水平一致。尽管对全行业CPO ASP的预测进行了修改，但THP对 FY24E-26E 的核心每股收益（EPS）预测相对保持不变。该公司的主要重点将放在去杠杆化工作上，以提高其资产负债表地位，截至2024年6月底，价值80200万令吉的资产已计划处置。
