[%KLmy%] 
Research by Kenanga
Outperform – TP of MYR 1.30

“Firm Earnings Outlook” 

TSH’s 1QFY24 results met our forecast but disappointed the market. While its FFB output and average CPO price realised were flattish, Its 1QFY24 core net profit surged multiple times YoY from a low base last year. We fine-tune down our FY24-25F net profit forecasts by 4% and 1%, respectively, but keep our TP of RM1.30 and OUTPERFORM call.

Analyst(s):
Teh Kian Yeong 
[%pomg%]

$KLSE-TSH 
Research by Kenanga
Outperform – TP of MYR 1.30

“Firm Earnings Outlook” 

TSH’s 1QFY24 results met our forecast but disappointed the market. While its FFB output and average CPO price realised were flattish, Its 1QFY24 core net profit surged multiple times YoY from a low base last year. We fine-tune down our FY24-25F net profit forecasts by 4% and 1%, respectively, but keep our TP of RM1.30 and OUTPERFORM call.

Analyst(s):
Teh Kian Yeong 
tehky@kenanga.com.my