RHB Research said TSH has 90% exposure to Indonesia and it expects FY21 should be a better year due to improved output and higher crude palm oil (CPO) prices.
KUALA LUMPUR: RHB Research has a Buy call on plantation company TSH Resources Bhd
with RM1.25, which is a 16% upside, while it increased the FY20-21F earnings by 1%-2%, after imputing new fresh fruit bunches (FFB) revisions, capex and in-house forex assumptions.
It said on Wednesday the RM1.25 was based on 16 times FY21F P/E for its upstream division, and 0.5 times price-to-book value (P/BV) for its other divisions.
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