Company Valuation: TSH Resources

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,491 1,477 1,346 1,709 1,548 1,862 - -
Change - -0.93% -8.88% 26.98% -9.41% 20.29% - -
Enterprise Value (EV) 1 2,325 1,662 1,398 1,703 1,445 1,607 1,469 1,324
Change - -28.5% -15.92% 21.87% -15.18% 11.25% -8.64% -9.87%
P/E 8.82x 3.23x 14.2x 12.3x 8.75x 12.9x 11.8x 12.3x
PBR 0.91x 0.78x 0.66x 0.86x 0.84x 0.92x 0.89x 0.88x
PEG - 0x -0.2x 0.3x 0.2x -0.8x 1.26x -2.84x
Capitalization / Revenue 1.25x 1.13x 1.26x 1.68x 1.46x 1.77x 1.71x 1.72x
EV / Revenue 1.96x 1.27x 1.31x 1.67x 1.36x 1.53x 1.35x 1.22x
EV / EBITDA 6.38x 4.88x 4.74x 4.83x 3.58x 4.97x 4.47x 3.97x
EV / EBIT 9.19x 6.96x 7.23x 7.6x 4.92x 6.97x 5.88x 5.67x
EV / FCF 6.67x 11.5x 8.31x 9.14x 5.81x 6.86x 6.6x 5.71x
FCF Yield 15% 8.69% 12% 10.9% 17.2% 14.6% 15.2% 17.5%
Dividend per Share 2 - 0.105 0.025 0.025 0.05 0.0421 0.0434 0.0492
Rate of return - 9.81% 2.56% 2% 4.1% 2.81% 2.89% 3.28%
EPS 2 0.1225 0.3315 0.0688 0.1019 0.1395 0.1161 0.127 0.1215
Distribution rate - 31.7% 36.3% 24.5% 35.8% 36.3% 34.2% 40.5%
Net sales 1 1,189 1,308 1,067 1,020 1,062 1,053 1,088 1,080
EBITDA 1 364.1 341 294.6 352.4 403.2 323.3 328.3 333.3
EBIT 1 253 239 193.4 224.2 293.9 230.8 249.9 233.4
Net income 1 169 457.5 94.96 140.5 182.9 148.9 163.2 157.1
Net Debt 1 834.2 185.5 51.98 -5.421 -103.2 -254.8 -393.6 -538.6
Reference price 2 1.080 1.070 0.975 1.250 1.220 1.500 1.500 1.500
Nbr of stocks (in thousands) 13,80,174 13,80,174 13,80,174 13,67,007 12,68,857 12,41,415 - -
Announcement Date 24/02/22 23/02/23 22/02/24 27/02/25 25/02/26 - - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.92x1.53x4.97x2.81% 46Cr
-31.96x1.16x67.86x-.--% 1.47TCr
9.91x1.13x9.36x4.27% 588.29Cr
29.58x1.86x14.21x1.33% 346.11Cr
13.36x1.48x6.99x1.85% 295.3Cr
14.21x0.83x8.82x - 194.36Cr
13.29x1.96x6.39x4.79% 174.49Cr
Average 8.76x 1.42x 16.94x 2.51% 445.59Cr
Weighted average by Cap. -6.88x 1.29x 37.07x 1.53%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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