Financials TSH Resources

Equities

TSH

MYL9059OO006

Fishing & Farming

End-of-day quote BURSA MALAYSIA Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
1.14 ^MYR	0.00%		0.00%	+16.92%

22/04	TSH Resources Posts Lower Crude Oil, Palm Kernel Production in Q1; Log Production Surges 303%	MT
19/04	Tsh Resources Berhad Reports Production Results for the Month and Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,125	1,587	1,491	1,477	1,346	1,573	-	-
Enterprise Value (EV) ¹	3,434	2,753	2,325	1,662	1,398	1,386	1,264	1,182
P/E ratio	48.3 x	20.1 x	8.82 x	3.23 x	14.2 x	15.1 x	14 x	12.4 x
Yield	0.65%	1.3%	-	9.81%	2.56%	2.16%	2.42%	2.87%
Capitalization / Revenue	2.53 x	2.03 x	1.25 x	1.13 x	1.26 x	1.38 x	1.32 x	1.29 x
EV / Revenue	4.09 x	3.52 x	1.96 x	1.27 x	1.31 x	1.21 x	1.06 x	0.97 x
EV / EBITDA	16.9 x	12.4 x	6.38 x	4.88 x	4.74 x	5.22 x	4.51 x	4.01 x
EV / FCF	52.8 x	15.1 x	6.67 x	11.5 x	8.31 x	6.88 x	6.28 x	5.83 x
FCF Yield	1.89%	6.63%	15%	8.69%	12%	14.5%	15.9%	17.2%
Price to Book	1.48 x	1.09 x	0.91 x	0.78 x	0.66 x	0.77 x	0.75 x	0.71 x
Nbr of stocks (in thousands)	13,80,174	13,80,174	13,80,174	13,80,174	13,80,174	13,80,174	-	-
Reference price ²	1.540	1.150	1.080	1.070	0.9750	1.140	1.140	1.140
Announcement Date	27/02/20	25/02/21	24/02/22	23/02/23	22/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	838.9	781.7	1,189	1,308	1,067	1,142	1,193	1,219
EBITDA ¹	203.1	221.6	364.1	341	294.6	265.3	280.6	294.5
EBIT ¹	102.8	116	253	239	193.4	165.3	175.3	168.5
Operating Margin	12.25%	14.84%	21.28%	18.27%	18.13%	14.48%	14.69%	13.82%
Earnings before Tax (EBT) ¹	73.79	107.6	253.7	557	197.6	177.4	187.9	204.2
Net income ¹	44.03	79.09	169	457.5	94.96	104.5	112.7	127
Net margin	5.25%	10.12%	14.22%	34.98%	8.9%	9.15%	9.44%	10.41%
EPS ²	0.0319	0.0573	0.1225	0.3315	0.0688	0.0757	0.0815	0.0920
Free Cash Flow ¹	65	182.4	348.3	144.5	168.2	201.5	201.3	202.7
FCF margin	7.75%	23.34%	29.3%	11.05%	15.78%	17.65%	16.87%	16.63%
FCF Conversion (EBITDA)	32%	82.33%	95.66%	42.37%	57.11%	75.95%	71.74%	68.83%
FCF Conversion (Net income)	147.62%	230.65%	206.11%	31.58%	177.18%	192.79%	178.64%	159.67%
Dividend per Share ²	0.0100	0.0150	-	0.1050	0.0250	0.0246	0.0276	0.0327
Announcement Date	27/02/20	25/02/21	24/02/22	23/02/23	22/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q2	2022 Q3
Net sales	-	-
EBITDA	-	-
EBIT ¹	-	33.93
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income	57.34	-
Net margin	-	-
EPS	0.0415	-
Dividend per Share	-	-
Announcement Date	22/08/22	23/11/22

¹MYR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,309	1,166	834	185	52	-	-	-
Net Cash position ¹	-	-	-	-	-	188	309	392
Leverage (Debt/EBITDA)	6.444 x	5.263 x	2.291 x	0.5439 x	0.1764 x	-	-	-
Free Cash Flow ¹	65	182	348	144	168	202	201	203
ROE (net income / shareholders' equity)	2.91%	4.18%	10.9%	25.8%	4.81%	5.12%	5.28%	5.53%
ROA (Net income/ Total Assets)	1.26%	1.88%	5.23%	5.53%	3.27%	3.83%	3.8%	4.25%
Assets ¹	3,495	4,211	3,233	8,266	2,902	2,732	2,965	2,987
Book Value Per Share ²	1.040	1.050	1.190	1.380	1.480	1.480	1.530	1.620
Cash Flow per Share ²	0.1200	0.1700	0.2900	0.1500	0.1600	-0.0400	-0.0100	-
Capex ¹	103	53.7	45.2	63.1	59.3	81.7	75	62.5
Capex / Sales	12.22%	6.87%	3.8%	4.83%	5.56%	7.15%	6.29%	5.13%
Announcement Date	27/02/20	25/02/21	24/02/22	23/02/23	22/02/24	-	-	-

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for TSH Resources

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1.14 MYR

Average target price

1.097 MYR

Spread / Average Target

-3.76%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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