[%jlXW%] 
Research by MIDF
Neutral – TP of MYR 1.18

“Plantation Profit Relatively Unchanged” 

Maintain NEUTRAL. While TSH operates primarily as a pure upstream player with a strong correlation to CPO price movements, its share price does not necessarily reflect significant fluctuations unless there are notable developments that capable of influencing CPO prices above the RM4,500/Mt resistance level such as in FY22. Hence, we are maintaining our NEUTRAL call with unchanged TP of RM1.18 based on PER of 14.7x - nearly 5y avg mean by pegging FY24F EPS of 8.0sen.

Analyst(s):
MIDF Research Team
[%BUte%]

$KLSE-TSH 
Research by MIDF
Neutral – TP of MYR 1.18

“Plantation Profit Relatively Unchanged” 

Maintain NEUTRAL. While TSH operates primarily as a pure upstream player with a strong correlation to CPO price movements, its share price does not necessarily reflect significant fluctuations unless there are notable developments that capable of influencing CPO prices above the RM4,500/Mt resistance level such as in FY22. Hence, we are maintaining our NEUTRAL call with unchanged TP of RM1.18 based on PER of 14.7x - nearly 5y avg mean by pegging FY24F EPS of 8.0sen.

Analyst(s):
MIDF Research Team
research@midf.com.my