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楼主: michael78

[公司专区] 9059 TSH 陳順風資源

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发表于 2011-2-24 17:25 | 显示全部楼层
TSH Resources 4Q earnings surge 116% to RM44.22m

KUALA LUMPUR: TSH RESOURCES BHD []’s earnings surged 116% to RM44.22 million in the fourth quarter ended Dec 31, 2010 from RM20.47 million, boosted by the robust performance of its Indonesian PLANTATION [].

It said on Wednesday, Feb 23 this was despite revenue had declined by 12.8% to RM247.44 million from RM283.88 million. Earnings per share were 10.8 sen compared with 5.01 sen. The board recommended a final single tier dividend of six sen for 2010.
[Datuk Kelvin Tan]

TSH group chairman Datuk Kelvin Tan said the record profit was achieved despite modest crude palm oil price of RM2,610 per tonne in the quarter.

He said its Indonesian plantation’s fresh fruit bunches (FFB) crop grew by 107% compared to a year ago as more areas come into harvesting.

"With more immature areas coming into harvesting over the next few years and as more areas reach peak yield age, we are assured of strong FFB crop growth. With the resultant unit cost reduction and on expectation of remunerative price, TSH is entering an exciting profit growth phase.

“Going forward, TSH is confident of achieving more record profit as the mature hectarage at end of 2010 represented only 34% of the Indonesian oil palm plantings,” Tan said.

On the cocoa manufacturing segment, TSH reported better result due to improved margins. However, the wood products segment continues to be affected by its competitive and difficult operating environment especially in Europe and US.

For the financial year ended Dec 31, 2010, its net profit rose 17.6% to RM85.05 million from RM72.31 million. Revenue declined by 7.2% to RM909.66 million from RM980.25 million.

http://www.theedgemalaysia.com/b ... 116-to-rm4422m.html

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 楼主| 发表于 2011-2-25 00:21 | 显示全部楼层
CPO 有下跌的趋势, 要等它跌到 2.2 才加码.....  (PE x11)希望它的造纸业在下一季有所贡献.

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发表于 2011-2-25 00:34 | 显示全部楼层
CPO 有下跌的趋势, 要等它跌到 2.2 才加码.....  (PE x11)希望它的造纸业在下一季有所贡献.
michael78 发表于 2011-2-25 00:21


跌破2才去看它吧....

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发表于 2011-4-20 17:12 | 显示全部楼层
Maturing trees underpin TSH’s growth

We expect maturing oil palm acreage to underpin TSH Resources’ (RM2.72) earnings growth over the next few years. The company has been diligently expanding its landbank, primarily in Kalimantan, Indonesia, and undertaking new planting over the past few years. With an oil palm profile that is relatively young and entering prime production ages, strong double-digit growth in fresh fruit bunch (FFB) output will drive the company’s growth for the foreseeable future.

Output from Indonesian estates picking up pace
Output from TSH’s plantations in Indonesia is picking up pace. We estimate nearly 60% of the company’s FFB output last year was harvested from newly mature trees in the country, more than offsetting the 4% to 5% decline in harvest from Sabah. Total FFB output was up by a strong 22% in 2010.

With some 54% of its trees currently under the age of three years, we estimate FFB output growth to maintain a strong double-digit pace — estimated at over 20% annually — in the next few years, which will peak in 2013.

Thereafter, output in absolute terms will continue to expand, although the pace of growth is expected to taper off, to below 20% per annum, as the percentage of mature trees rises.

In addition to higher revenue, the rapid growth in the company’s FFB output will also result in gradually widening operating margins. This is due to both improved economies of scale (thus, lower average production costs) as well as better revenue mix (the upstream plantation business is more profitable than the milling operations). At the moment, TSH sources roughly three-quarters of its FFB for processing from external parties.

In a nutshell, earnings growth for the plantation business will be driven by both rising revenue and widening margins.


Better performances across the board in 4Q10
TSH reported a strong set of earnings results in the last quarter of 2010. Net profit improved to RM44.2 million, compared with RM18.2 million in 3Q10 and RM22.6 million in 1H10. The improved results were attributed to better performances across the board, except for the wood products business housed under Ekowood.

The plantation arm fared better on the back of higher crude palm oil (CPO) prices despite lower volume processed. The latter was due, in part, to lower overall FFB output in the country last year. The company reduced purchases from external parties to focus on its own upstream plantation activities.

We estimate TSH’s selling prices for CPO averaged about RM2,800 per tonne in 4Q10, compared with about RM2,500 per tonne in the first three quarters of the year.

Earnings before interest and tax (Ebit) for the plantation arm rose to RM37.2 million in 4Q10, compared with the total of RM85.6 million in 9M10.

The company’s bottom line was further boosted by improved contributions from its cocoa processing arm and associate company, TSH-Wilmar. Although the wood products arm suffered a loss before interest and tax (Lbit) of RM2.3 million in 4Q10, the amount is marginal relative to TSH’s overall earnings.

For the full-year, net profit rose to RM85.1 million, up from RM72.3 million in 2009. The plantation business is — and will remain — the biggest earnings generator, accounting for almost 94% of total Ebit, excluding unallocated expenses.

The cocoa processing business returned to profitability, with Ebit totalling RM12.7 million, a reversal from the Lbit of RM3.3 million in 2009. The palm oil refinery joint-venture also turned in better pre-tax earnings of RM15.6 million, up from RM2.1 million in the previous year.

Net profit to hit RM106.8 million in 2011
For the current year, we estimate net profit to expand to RM106.8 million, driven by strong plantation earnings. As mentioned above, we expect higher FFB output from the company’s estates in Indonesia with rising mature acreage. CPO prices are also expected to average higher this year.

CPO prices averaged nearly RM3,700 per tonne in the first quarter of this year — rallying as high as RM3,948 per tonne in early February before paring gains. The benchmark futures traded on the Bursa Derivatives are currently hovering above RM3,200 per tonne.

CPO prices expected to average higher
The higher prices are supported by growing global demand coupled with tight supplies for edible oil. Soyoil, a substitute for palm oil, prices are also holding up well and may get a fillip from current high crude oil prices and biofuel mandates.

While prices have come off the highs earlier in the year and may weaken further going into the peak production months in 2H11, this is by no means set in stone. Crop harvests are increasingly unpredictable due to extreme weather conditions in key crop growing regions in the world.

With the prevailing tight stockpile, there is very little buffer against any shortfall.

On balance, we assume CPO prices to average about RM3,000 to RM3,100 per tonne for the year and declining to RM2,700 to RM2,800 per tonne in 2012/13 — compared with the average of about RM2,750 per tonne in 2009.

As for TSH’s other businesses, we are not expecting any major deviations. In any case, their collective contribution is small relative to earnings from the plantation arm.

We are conservatively assuming lower contributions from the cocoa and palm oil refining units on the basis that rising commodity prices will hurt processing margins.

Cocoa prices are still trading well above last year’s levels although they have retraced from 32-year highs in February on expectations that supply disruptions from the Ivory Coast, the world’s top cocoa producer, will soon be resolved.

Elsewhere, we also expect the wood products arm to remain in the red. Demand in Europe, its largest market, has yet to stage a meaningful recovery while the strengthening of the ringgit will further dent margins.

Vast unplanted land to keep TSH busy for years
Unsurprisingly then, plantations will remain the company’s primary focus for the foreseeable future.

TSH has some 99,400ha in its landbank, almost all of which is in Indonesia. With just about 28% of this landbank planted as at end-2010, the company will be kept busy for years. Some 2,800ha were planted last year. With the expected improvement in earnings and cash flow, the company targets to raise this to about 4,000 to 5,000ha this year.

The company is also in the process of commissioning its sixth palm oil mill, to cater for rising FFB output from its Indonesian estates. The mill is targeted for completion later this year. At present, TSH has five mills with processing capacity totalling some 290 tonnes per hour.

Heightened high capital spending — for land acquisitions, new planting and milling capacity expansions — has seen its gearing rise in the past few years, from 35% in 2007 to 83% last year.

We do, however, expect gearing to have peaked and will gradually decline as its investments start to pay off.

Attractive valuations on robust long-term prospects
Based on our forecast, the stock is trading a fairly attractive price-earnings ratio of 10.4 times forward earnings — well below the prevailing industry’s average valuations. Its valuation is expected to fall further — to about eight times in 2013 on the back of increasing returns from its plantation business.

As such, we believe the stock offers good prospects for gains, especially for patient investors with a slightly longer-term investment horizon.

TSH has proposed a first and final single-tier dividend of six sen per share. At the current share price, investors will earn a decent net return of 2.2%. The entitlement date for the dividend will be announced later. — InsiderAsia

http://www.theedgemalaysia.com/i ... in-tshs-growth.html

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发表于 2011-5-15 09:13 | 显示全部楼层
陳順風資源1260萬購Halaman Semesta
大馬財經 2011-05-14 11:51
(吉隆坡14日訊)陳順風資源(TSH,9059,主板種植組)以420萬美元(約1千260萬令吉)收購Halaman Semesta公司的100%股權,以進一步增加在印尼的棕油種植地。

該公司發表文告指出,Halaman Semesta將收購印尼PT Munte Waniq Jaya Perkasa的90%股權,而後者已攫取在加里曼丹的8千公頃地庫,並獲得發展棕油種植業務的執照。

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发表于 2011-5-18 17:31 | 显示全部楼层
SUMMARY OF KEY FINANCIAL INFORMATION
31/03/2011

INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
31/03/2011
31/03/2010
31/03/2011
31/03/2010
$$'000
$$'000
$$'000
$$'000
1Revenue
252,599
240,476
252,599
240,476
2Profit/(loss) before tax
33,640
17,918
33,640
17,918
3Profit/(loss) for the period
26,519
12,387
26,519
12,387
4Profit/(loss) attributable to ordinary equity holders of the parent
23,954
11,261
23,954
11,261
5Basic earnings/(loss) per share (Subunit)
5.84
2.75
5.84
2.75
6Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00








AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7
Net assets per share attributable to ordinary equity holders of the parent ($$)
1.9036
1.8352

Remarks :


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发表于 2011-5-18 22:24 | 显示全部楼层
回复 110# chengyk


    以现在的价格, 你觉得还可以进吗?

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发表于 2011-5-19 14:05 | 显示全部楼层
本帖最后由 bestianhow 于 2011-5-19 14:06 编辑

http://biz.sinchew-i.com/node/47344

程大,看来陈顺风蛮有看头的。

本帖子中包含更多资源

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发表于 2011-5-19 14:12 | 显示全部楼层
回复 118# sj7953

我只能说,以 TSH 的数据来衡量,尤其是负债方面,这个价钱我不敢买入了。

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发表于 2011-5-19 14:14 | 显示全部楼层
回复 119# bestianhow

大概 1 年前,我曾经说过,如果未来几年 TSH 的油棕收成不错,他的盈利将会爆升,而现在还只是开始而已。

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发表于 2011-5-19 14:48 | 显示全部楼层
回复  bestianhow

大概 1 年前,我曾经说过,如果未来几年 TSH 的油棕收成不错,他的盈利将会爆升,而现 ...
chengyk 发表于 2011-5-19 14:14


在几年前,我的旧公司曾经提供过软件系统给一间棕油公司的子公司。
那时他们的经理跟我讲解棕油有非常多好处,而果实又不会浪费。
但我没有买进那棕油股,原因是我买不起(对我来说,股价太贵了)。

对我来说,TSH可能是个好选择吧。

谢谢程大。

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发表于 2011-5-20 09:53 | 显示全部楼层
OK.. 我再研究研究。。。 谢谢!

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发表于 2011-5-20 21:47 | 显示全部楼层
陳順風資源撥1億 發展印尼油棕種植
20/05/2011 17:27

(吉隆坡20日訊)陳順風資源(TSH,9059,主要板種植)欲進一步發展印尼的油棕種植業務,將撥1億令吉做棕油種植資本開銷。

 該公司股東亦在今日的年度大會上,通過終期每股派息6仙的議案,保持派發20%至30%淨利的派息政策。

 陳順風資源董事經理拿督陳逸森在股東大會后強調,公司坐擁強勁現金流,負債率0.76倍,足以應付資本開銷的需求。

 “目前公司持有2億令吉淨現金,資本開銷將視種植成本調動。”

尋地拓展

 該公司主席拿督陳逸檳則指出,公司在印尼尚有5萬7782公頃地庫待開發,加上油棕樹鮮果串(FFB)將在來年成熟,未來獲利前景更佳。

 “公司54%的油棕樹將在未來3年內成熟,我們估計2011年產量將增至34萬9900公噸,2014年達到76萬3818公噸水平。”

 他指出,全球對蔬菜油的需求持續高漲,中國和印度需求尤其居高不下,在此前提下,今年原棕油價格料至少維持在每公噸3000令吉的水平。

 “區域適合油棕種植的土地越來越少,公司將繼續尋找適合土地進行拓展。”

 截至去年底,陳順風資源共有9萬8996公頃種植地,其中6萬212公頃未進行栽種;棕油鮮果串產量則達27萬8800公噸。

 另外,目前公司將集中發展上游業務,與豐益國際(Wilmar)的聯營計劃將進一步加強公司銷量。

 陳逸森則指出,過去2至3年內,公司出產的原棕油在該聯營計劃下,擁有固定且來自國際的買家,獲得不錯回酬。

http://www.chinapress.com.my/node/218070

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发表于 2011-5-21 07:33 | 显示全部楼层
TSH: RM100m capex to meet production growth
By Hamisah Hamid
Published: 2011/05/21

PETALING JAYA: Plantation group TSH Resources Bhd has budgeted over RM100 million for capital expenditure (capex) this year to cater to the strong growth in production.

Chairman Datuk Dr Kelvin Tan Aik Pen said the company is anticipating an average of 43 per cent growth in production over the next three years.

"We currently have five mills and two more are in the pipeline. We plan to build one mill in every 18 to 20 months," he told reporters after the company's shareholders meeting yesterday.

TSH has about 40ha of planted oil palm and 60,000ha of unplanted landbank. About four-fifth of the planted and unplanted lands are in Indonesia, and the rest are in Sabah.

"We are also on the lookout for more land in Indonesia," he said.

Tan attributed the group's achievement to good talent and management; and its landbank and planting material, which is the Wakuba oil palm ramet (cloned seedling).

"We are starting large-scale planting of oil palm tissue cultured ramets in Indonesia using the Wakuba ramets from our Sabah biotech centre.

"This will propel our oil yield per hectare to between eight and 10 tonnes against an industry average of five tonnes a hectare," he said.

For the year ended December 31 2010, the group reported RM85 million net profit on the back of RM909.7 million revenue, compared with RM72.3 million profit and RM980.2 million revenue in the previous year.

In the first quarter ended March 31 2011, TSH's net profit surged to RM23.9 million from RM11.3 million in the previous corresponding quarter. Revenue rose 5 per cent to RM252.6 million from RM240.5 million previously.

Meanwhile, TSH's subsidiary, Ekowood International Bhd, expects to do better this year and be back in the black the earliest by next year.

Tan, who is also Ekowood executive director, said the company is taking steps to reduce the losses by implementing cost-saving initiatives.

For the year ended December 31 2010, Ekowoo - an engineered solid hardwood flooring specialist with 80 per cent of its business from Europe and the US - posted a RM3.5 million net loss on the back of RM13.8 million revenue, compared with a RM3.1 million loss and RM14.6 million revenue in the previous year.

The loss was attributed to the stronger ringgit vis-a-vis the US dollar and subdued demand from Europe.

In the first quarter ended March 31 2011, the company reported a net loss of RM1.67 million against RM2.3 million loss in the previous correspondingquarter.

http://www.btimes.com.my/Current ... es/20EKOKO/Article/

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发表于 2011-5-29 15:37 | 显示全部楼层
股价最近节节上升,并在周五创下52周新高(RM3.25)...

有一点蛮奇怪的,公司竟然频频回购自家的股票.. 从5月19日起就一直回购,而且是每一个交易日都回购.. 这几天内已经用掉2百多万...

公司的负债已经处于不健康的水平,有多余的钱按理应该先拿去还债,而且公司竟然选择在那么高的价位回购股票,究竟是什么目的?

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发表于 2011-5-30 00:51 | 显示全部楼层
这只股还可以买吗?

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 楼主| 发表于 2011-5-30 23:33 | 显示全部楼层
回复 126# 曙光


    我也觉得tsh 冲太快了。。仗着cpo 有3000块才那么“豪”吧。。。

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发表于 2011-6-3 22:29 | 显示全部楼层
回复 128# michael78

公司的回购动作每个交易日都在进行.. 今天又再回购95千股(用了RM29.6万),总库存股占已发行股票数额1.442%..
公司短期债务已经高达RM5亿5千多万(还不包括RM1.2亿的Trade and other payables),而Current Asset全加起来才RM4亿3百多万....

真的看不清为何管理层会一直回购,而且是越买越高..

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发表于 2011-6-3 23:02 | 显示全部楼层
不知谁想总统套房

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发表于 2011-6-13 01:28 | 显示全部楼层
陈顺风料称霸棕油产量
2011/05/30 4:00:38 PM
●南洋商报

在印尼拥有大片种植面积的陈顺风,有望在未来几年迎接大丰收,

在棕油产量方面崛起成为领域的老大……

陈顺风(TSH,9059,主板种植股)在1994年上市于大马交易所二板,并在2000年成功转至主板。

目前涉足3大领域,分别是:

(一)油棕及生物整合、(二)木材产品制造、贸易与造林活动、

(三)可可制造与贸易,是一家前景可期的种植公司。

另外,陈顺风旗下从事硬木地板工程的子公司意高国际(Ekowood,5091,主板消费产品股),也在2004年上市大马交易所。截至2010年12月31日,该公司已种上作物的面积为2万6450公顷,其中49%已成熟。

油棕种植地主要座落在印尼(83%)及沙巴(17%),种植业务共占集团盈利超过80%比重。

目前经历转型的陈顺风,正为往后的增长道路铺上基石,盈利组合明显出现改变。

该公司之前主要的盈利贡献来自下游生产活动,但现在已成功转型,转由上游油棕种植活动成为主要收入来源,并积极在印尼扩充种植地,为往后的高速增长奠下基础。

全年净利8505万

陈顺风目前已种上作物的种植面积,已能媲美竞争对手IJM种植(IJMPlnt,2216,主板种植股)。

种植面积中,近一半已经成熟,因此,未来的鲜果串收成增长率,有望在未来几年扬升20%至 25%,在产量方面崛起成为领域领头羊,摘下“收成冠军”宝座。

在业绩方面,该公司自2010年起,便进入稳健发展顺道。

截至2010年第四季,盈利按季及按年分别增长143%及98%。

全年净利达8505万令吉,表现超越市场预期。其中,原棕油价格攀升,大力推动盈利增长16%。

另外,印尼种植地已到成熟期,继而推动陈顺风鲜果串收成大增22%。

根据统计,陈顺风目前的产量增长幅度,仅次于居林(Kulim,2003,主板种植股),后者产量增长35%。

首季产量下滑 盈利仍倍增

迈入 2011年,纵然在首季面对产量下滑的窘境,不过,陈顺风仍有能力维持盈利倍增的佳境。

根据资料,2011首季种植业遭拉尼娜现象影响,产量纷纷下滑,陈顺风亦无法幸免于难,首季原棕油产量按年滑落23%至3万8881吨,所幸净利仍较上财年倍增至2395万令吉。

值得一提的是,陈顺风的可可制造业务受益于可可价格高涨的利好,因此扶持了盈利走高,并缓冲种植业务产量下滑带来的冲击。

盈利预测维持

截至2011年首季,国际可可价格按年增长3.7%至每公吨3280美元,推动陈顺风旗下的可可制造业务录得良好业绩,按年增长273%。

首季收成不如预期,导致首季盈利表现低于券商预测,不过,基于首季盈利通常是一年当中最差的季度,所以大部分券商皆维持对陈顺风的盈利预测。

印尼种植地的鲜果串及原棕油产量走高,是扶持未来盈利走势的主要因素。

股价遭低估

虽然陈顺风具备增长潜能,但股价仅以 2011财年9倍的本益比交易,即使该股流通率偏低,仍显示股价被低估,该公司至少还有70%的增长空间,意味目标价格约为4.60令吉。

不过,由于首季业绩不如预期,因此很可能遭到短期卖压,但这恰好为投资者带来买入机会。

另外,气候问题已经开始好转,显示鲜果串及原棕油产量有望增加,推动公司往后业绩表现。

不过,投资者仍要注意可可制造及木材产品部门的波动情况,所幸这两个部门对公司每年的盈利贡献只有约 5%,因此,即使国际供求问题导致前景不稳定、美元汇率疲弱,也无损整体潜能。



【股票资料】

●发行股本 :4亿1505万股

●面值 :50仙

●市值 :12.87亿令吉

●52周股价 :1.71至3.25令吉

●与富时隆综指的贝他比 :1.09倍

●3个月平均每日交易量 :20万4000股

●3 个月平均每日交易值 :57万5000令吉

【SWOT分析】

●优势(Strengths):印尼种植地趋于成熟,推动鲜果串产量走高。

●弱势(Weaknesses):下游业务面对局限,无法缓冲原棕油价格波动周期带来的冲击。

●机会(Opportunities):有大片未种植的土地,大部分座落在印尼,且有扩充油棕种植面积的潜能。内部设有研究团队,有助提高效率,以提升油棕地的收成率。

●威胁(Threats):陈顺风的业务集中在上游领域,盈利很容易受到原棕油价格波动的影响,印尼的社会问题及监管制度改变,会带来潜在的风险。

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