[%NucK%]
Research by HLIB
Hold - TP RM1.11

"Another strong showing"

2Q24 core net profit of RM37.7m (+66.0% QoQ; 2.5x YoY) took 1H24’s total sum to RM60.4m (3.5x of 2H23). The results beat expectations, accounting for 61.5-61.7% of consensus and our full-year estimates), due mainly to lower-than-expected CPO production and finance costs. We raise our FY24/25/26 core net profit forecasts 13.3%/10.9%/12.3%, mainly to account for lower CPO production cost and finance cost assumptions. Post earnings revision, we raise our TP on TSH to RM1.11 (from RM1.00 earlier) based on 15x revised FY25 core EPS of 7.4 sen. Upgrade to HOLD (from Sell).

Analyst:
Chye Wen Fei
[%YkhG%]

$KLSE-TSH
Research by HLIB
Hold - TP RM1.11

"Another strong showing"

2Q24 core net profit of RM37.7m (+66.0% QoQ; 2.5x YoY) took 1H24’s total sum to RM60.4m (3.5x of 2H23). The results beat expectations, accounting for 61.5-61.7% of consensus and our full-year estimates), due mainly to lower-than-expected CPO production and finance costs. We raise our FY24/25/26 core net profit forecasts 13.3%/10.9%/12.3%, mainly to account for lower CPO production cost and finance cost assumptions. Post earnings revision, we raise our TP on TSH to RM1.11 (from RM1.00 earlier) based on 15x revised FY25 core EPS of 7.4 sen. Upgrade to HOLD (from Sell).

Analyst:
Chye Wen Fei
wfchye@hlib.hongleong.com.my