[%ZrLc%] 
Research by RHB
Neutral - TP RM1.10

"Solid QoQ Earnings Growth"

Maintain NEUTRAL, lower MYR1.10 TP (from MYR1.40), 4% downside. TSH Resources’ 1H24 core profit came in above Street’s estimates. While we expect FY24 earnings to strengthen YoY as production improves and unit costs moderate, valuation remains high, with the stock trading at 13.3x FY25F P/E, at the high end of its peers’ range of 6-13x.

Analyst:
Hoe Lee Leng
[%cFRZ%]

$KLSE-TSH 
Research by RHB
Neutral - TP RM1.10

"Solid QoQ Earnings Growth"

Maintain NEUTRAL, lower MYR1.10 TP (from MYR1.40), 4% downside. TSH Resources’ 1H24 core profit came in above Street’s estimates. While we expect FY24 earnings to strengthen YoY as production improves and unit costs moderate, valuation remains high, with the stock trading at 13.3x FY25F P/E, at the high end of its peers’ range of 6-13x.

Analyst:
Hoe Lee Leng
hoe.lee.leng@rhbgroup.com