[%OMMK%] 
Research by Kenanga
Outperform - TP RM1.30

"Firm Earnings Outlook"

TSH’s 1HFY24 results met both Kenanga and street expectations. FFB output was weaker but CPO and PK prices performed better YoY while cost eased. Margins were mixed due to lumpy depreciation charges after the remaining NE Kalimantan land sale was aborted. We revise down FY24-25F net profit forecasts slightly on margin adjustments, but maintain our TP at RM1.30 and OUTPERFORM call.

Analyst:
Khoo Teng Chuan 
[%ziKd%]

$KLSE-TSH 
Research by Kenanga
Outperform - TP RM1.30

"Firm Earnings Outlook"

TSH’s 1HFY24 results met both Kenanga and street expectations. FFB output was weaker but CPO and PK prices performed better YoY while cost eased. Margins were mixed due to lumpy depreciation charges after the remaining NE Kalimantan land sale was aborted. We revise down FY24-25F net profit forecasts slightly on margin adjustments, but maintain our TP at RM1.30 and OUTPERFORM call.

Analyst:
Khoo Teng Chuan 
khootc@kenanga.com.my