TSH–Fundamental Analysis (12 May 2014)

This study is created specifically for educational purposes only where I will use it on a special occasion later. I may not update analysis of this stock in the future.

TSH Analysis:-

Excel – http://1drv.ms/1mQK1hz

My View:-

– Fair values:
  – EY% – Buy below 2.19, sell above 3.75 (MOS: 11.97%)
  – In my opinion, TSH still got a little bit of upside.
– The CPO price moves in a cyclical manner.
– Analysts posted positive outlook on TSH because
  a) strong FFB production growth of 13%-15%
  b) young age profile of 6-7 years old for the majority of its planted area
– However, due to increasingly impairment costs, I am not sure efficiency of TSH management and operations. Unlike its peers, TSH leverage level is also higher.
– This stock doesn’t fit my taste.

Latest Financial – Q4 2013 Financial Report (25 Feb 2014) http://www.bursamalaysia.com/market/listed-companies/company-announcements/1547169

At the time of writing, I did not own shares of TSH.


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