Financials TH Plantations

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
0.655 ^MYR	-0.76%		+2.34%	+35.05%

Mar. 15	TH Plantations Berhad Reports Production Results for the Month of February 2024	CI
Feb. 28	TH Plantations Berhad Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	574.5	503.8	530.3	464	428.7	578.9	-	-
Enterprise Value (EV) ¹	1,860	1,661	1,722	1,282	1,251	1,312	1,220	1,116
P/E ratio	-2.54 x	36.1 x	7.56 x	7.78 x	14.7 x	16.8 x	13.9 x	10.6 x
Yield	-	-	-	5.71%	4.12%	1.6%	3.51%	4.73%
Capitalization / Revenue	1.16 x	0.91 x	0.7 x	0.53 x	0.57 x	0.74 x	0.72 x	0.71 x
EV / Revenue	3.77 x	2.99 x	2.26 x	1.45 x	1.66 x	1.68 x	1.52 x	1.36 x
EV / EBITDA	33.1 x	8.68 x	5.6 x	4.68 x	5.92 x	6.34 x	5.34 x	4.48 x
EV / FCF	3,497 x	18.2 x	90 x	12.7 x	17.6 x	8.85 x	7.99 x	6.54 x
FCF Yield	0.03%	5.5%	1.11%	7.88%	5.67%	11.3%	12.5%	15.3%
Price to Book	1.02 x	0.86 x	-	-	0.6 x	0.76 x	-	-
Nbr of stocks (in thousands)	883,851	883,851	883,851	883,851	883,851	883,851	-	-
Reference price ²	0.6500	0.5700	0.6000	0.5250	0.4850	0.6550	0.6550	0.6550
Announcement Date	2/26/20	3/23/21	2/22/22	2/27/23	2/28/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	493.6	555.1	760.8	881.3	752	779.8	804.4	818.4
EBITDA ¹	56.23	191.3	307.4	273.9	211.3	207	228.2	249.2
EBIT ¹	6.762	137.8	228.9	194.6	135.1	149.3	152.3	172.6
Operating Margin	1.37%	24.82%	30.08%	22.08%	17.96%	19.14%	18.93%	21.09%
Earnings before Tax (EBT) ¹	-245	54.46	137.9	125.8	85.91	78.65	103.1	126.9
Net income ¹	-226.5	13.99	70.17	68.77	46.62	34.85	41.2	54.7
Net margin	-45.88%	2.52%	9.22%	7.8%	6.2%	4.47%	5.12%	6.68%
EPS ²	-0.2563	0.0158	0.0794	0.0675	0.0329	0.0390	0.0470	0.0620
Free Cash Flow ¹	0.532	91.27	19.13	101	71	148.3	152.6	170.6
FCF margin	0.11%	16.44%	2.51%	11.46%	9.44%	19.02%	18.97%	20.85%
FCF Conversion (EBITDA)	0.95%	47.72%	6.22%	36.88%	33.6%	71.66%	66.87%	68.46%
FCF Conversion (Net income)	-	652.32%	27.27%	146.9%	152.29%	425.54%	370.39%	311.88%
Dividend per Share ²	-	-	-	0.0300	0.0200	0.0105	0.0230	0.0310
Announcement Date	2/26/20	3/23/21	2/22/22	2/27/23	2/28/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,286	1,157	1,191	818	822	733	641	538
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	22.87 x	6.048 x	3.876 x	2.986 x	3.892 x	3.541 x	2.808 x	2.157 x
Free Cash Flow ¹	0.53	91.3	19.1	101	71	148	153	171
ROE (net income / shareholders' equity)	-33.4%	2.44%	11.4%	8.35%	4.63%	3.8%	5.5%	7.1%
ROA (Net income/ Total Assets)	-1.42%	0.78%	2.54%	2.48%	1.76%	1.4%	1.5%	2%
Assets ¹	15,961	1,798	2,764	2,771	2,653	2,489	2,747	2,735
Book Value Per Share ²	0.6400	0.6600	-	-	0.8100	0.8600	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	61.4	48.8	44.4	45.2	47	44.7	44.7	44.7
Capex / Sales	12.44%	8.79%	5.83%	5.13%	6.26%	5.73%	5.56%	5.46%
Announcement Date	2/26/20	3/23/21	2/22/22	2/27/23	2/28/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

D+

Sell

Buy

Mean consensus

SELL

Number of Analysts

Last Close Price

0.655 MYR

Average target price

0.58 MYR

Spread / Average Target

-11.45%

	1st Jan change	Capi.
TH PLANTATIONS	+35.05%	121M
NESTLÉ S.A.	-4.93%	266B
MONDELEZ INTERNATIONAL, INC.	-2.51%	94.98B
KRAFT HEINZ	+3.19%	46.39B
GENERAL MILLS, INC.	+8.74%	39.99B
DANONE	-0.65%	39.95B
THE HERSHEY COMPANY	-0.15%	38.02B
ARCHER-DANIELS-MIDLAND COMPANY	-16.78%	30.16B
NESTLÉ INDIA LIMITED	-6.61%	28.72B
ASSOCIATED BRITISH FOODS PLC	+11.32%	24.54B