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TSH Resources Berhad (TSH) Fair Value & Analysis

Consumer Defensive · SG · Market cap 459M SGD

TR TSH Resources Berhad TSH · SG
Price0.4000 SGD
Fair Value0.8500 SGD
Upside+112.5%
Quality78/100
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Weak Growth
Solidly profitable · 15.8% net margin
Low debt · generates free cash flow
13.70% dividend yield
Ranks above peers (13/14)
Moderate moat 61/100
Evidence: Medium Range 0.6600 SGD – 1.19 SGD Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 4 days ago

Fair value updated Aug 13, 2026, revised from 0.8300 SGD to 0.8500 SGD (+2.4%) since Aug 9, 2026. Share price +8.1% over the past month.

A strong business, screening 113% undervalued on our models.

What matters now

  • The rarer combination: high quality (78/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (0.6600 SGD). The market is more pessimistic than our downside scenario.
  • A fairly wide model range (0.6600 SGD to 1.19 SGD) leaves room in how you read the outcome.
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Price vs Fair Value (3 years)

0.4300 SGD 0.2437 SGD Fair Value 0.8500 SGD Sep 2023 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

34‑month range 0.2437 SGD – 0.4300 SGD · fair‑value band 0.6600 SGD – 1.19 SGD · the 0.4000 SGD price screens below the 0.8500 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

TSH Resources Berhad (TSH) currently trades at 0.4000 SGD, while our model-based Fair Value estimate is 0.8500 SGD, implying the stock looks roughly 112.5% undervalued today. The Quality Score stands at 78/100 (high quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, TSH Resources Berhad generated revenue of 990M SGD at a net margin of 15.8%. Revenue declined 25.5% year over year. It earns a return on equity of 8.9%. The stock trades on a trailing P/E of 10.0. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.6600 SGD (bear case) to 1.19 SGD (bull case); at 0.4000 SGD, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 7% below its 52-week high and 24% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 97% fair-value upside, at 113%, TSH screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 1.89 SGD 2.34 SGD 3.04 SGD 80
Residual Income 1.26 SGD 1.36 SGD 1.54 SGD 76
Rev-Margin DCF 1.42 SGD 1.84 SGD 2.38 SGD 74
All 24 models by family
DCF Models
FCF DCF 1.84 SGD 2.31 SGD 3.11 SGD 38
Owner Earnings 1.59 SGD 2.00 SGD 2.68 SGD 31
5Y Revenue Exit 1.42 SGD 1.80 SGD 2.36 SGD 39
5Y EBITDA Exit 2.48 SGD 3.63 SGD 5.16 SGD 41
5Y P/E Exit 2.07 SGD 2.93 SGD 3.96 SGD 38
10Y Revenue Exit 1.57 SGD 1.86 SGD 2.15 SGD 36
10Y EBITDA Exit 2.18 SGD 2.89 SGD 3.65 SGD 37
10Y P/E Exit 1.96 SGD 2.49 SGD 3.00 SGD 35
Earnings-Based
Graham-Dodd 1.00 SGD 1.22 SGD 1.38 SGD 54
EPV 1.76 SGD 1.96 SGD 2.13 SGD 59
Dividend Discount
Gordon GGM 0.4300 SGD 0.4700 SGD 0.5200 SGD 70
DDM Multi-Stage 0.4300 SGD 0.5100 SGD 0.6200 SGD 61
Multiples
P/E Multiple 2.32 SGD 3.09 SGD 3.87 SGD 63
P/S Multiple 1.03 SGD 1.37 SGD 1.71 SGD 58
P/B Multiple 1.88 SGD 2.51 SGD 3.13 SGD 55
EV/EBIT 3.28 SGD 4.29 SGD 5.29 SGD 53
EV/EBITDA 3.43 SGD 4.48 SGD 5.54 SGD 54
EV/Revenue 1.16 SGD 1.55 SGD 1.93 SGD 43
Asset-Based
NCAV (Graham) 0.7700 SGD 1.03 SGD 1.54 SGD 50
Growth DCF
Growth DCF 1.89 SGD 2.34 SGD 3.04 SGD 80
Rev-Margin DCF 1.42 SGD 1.84 SGD 2.38 SGD 74
Economic Profit
Residual Income 1.26 SGD 1.36 SGD 1.54 SGD 76
ROIC Compounder 1.76 SGD 2.00 SGD 2.24 SGD 72
Growth Earnings
Growth-Adj P/E 1.64 SGD 2.34 SGD 3.04 SGD 68

Widest divergence: Multiples (2.51 SGD) versus Dividend Discount (0.4700 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 990M SGD
Revenue growth (YoY) -25.5%
Net margin 15.8%
Return on equity 8.9%
Free cash flow 241M SGD FY2025
P/E ratio 10.0
More key figures
Operating margin 25.1%
EPS (TTM) 0.0400 SGD
Dividend yield 13.7%
EPS growth (YoY) -52.6%
Net debt 17.0K SGD FY2024

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 78/100

Of which business quality 75 · Market factors (momentum, volatility) 61

Profitability 44
Margins and returns on capital today
Quality Growth 64
Are margins and returns improving?
Cashflow 86
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 62
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

TSH Resources Berhad, an investment holding company, primarily engages in oil palm cultivation and processing, and forest plantation activities in Malaysia, Indonesia, Southwest Pacific, the United States, and internationally. It operates through Palm Products and Others segments.

Full company description

TSH Resources Berhad, an investment holding company, primarily engages in oil palm cultivation and processing, and forest plantation activities in Malaysia, Indonesia, Southwest Pacific, the United States, and internationally. It operates through Palm Products and Others segments. The Palm Products segment operates oil palm plantations; and manufactures and sells crude palm oil and palm kernel. The Others segment is involved in manufacturing and sale of downstream wood products; operating forest management unit; manufacturing, sale, and trading of cocoa products; and generation and supply of electricity from biomass plants. It undertakes Islamic securities transactions; trades goods; operates biogas power plant and palm oil mill; produces and supplies tree plantlets and plantables grown through tissue culture process; supplies and installs timber flooring; sub-licenses strip lock systems; and provides management services. TSH Resources Berhad was incorporated in 1979 and is based in Kuala Lumpur, Malaysia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TSH Resources Berhad reported revenue of 1.1B SGD in FY2025 versus 1.2B SGD in FY2021, a compound −2.8%/yr. Reported net income was 183M SGD in FY2025, compounding +1.9%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
1.1B SGD
Latest YoY
+4.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−6.7%
Revenue −2.8%/yr
FY21 1.2B SGD
FY22 1.3B SGD
FY23 1.1B SGD
FY24 1.0B SGD
FY25 1.1B SGD
Net income +1.9%/yr
FY21 169M SGD
FY22 456M SGD
FY23 95.1M SGD
FY24 136M SGD
FY25 183M SGD

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Cite: Fair Value Calculator (2026). "TSH Resources Berhad Fair Value". https://www.fairvalue-calculator.com/stock/TSH

Peer Group

Farm Products · 297 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 78 · Top 25%
Fair Value upside +113% · Top 25%
Return on equity (TTM) 9% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 25% · Top 25%
Revenue growth -26% · Bottom 25%
Dividend yield (TTM) 13.7% · Top 25%
Debt / equity 0.04× · Lower than median

Valuation Multiples vs Farm Products median · lower = cheaper

P/E (TTM) 10.0× · Cheaper than median
P/B 0.19× · Cheaper than 75% of peers
P/S (TTM) 0.36× · Cheaper than median
P/FCF 1.5× · Cheaper than median
PEG 0.68× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 26
FUTURE 0 · sector 22
PAST 36 · sector 18
HEALTH 98 · sector 95
DIVIDEND 100 · sector 48

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Farm Products stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Muyuan Foods Group 002714 ¥40.15 ¥47.42 +18%
Charoen Pokphand Foods Public Company CPF 21.90 THB 43.24 THB +97%
PT Charoen Pokphand Indonesia Tbk, CPIN 3,150 IDR 6,818 IDR +116%
PT Triputra Agro Persada Tbk TAPG 1,805 IDR 3,087 IDR +71%
PT FAP Agri Tbk FAPA 7,350 IDR 6,420 IDR -13%
PT Japfa Comfeed Indonesia Tbk JPFA 2,260 IDR 6,974 IDR +209%
PT Jhonlin Agro Raya Tbk JARR 1,890 IDR 610.80 IDR -68%
PT Nusantara Sawit Sejahtera Tbk NSSS 860.00 IDR 402.24 IDR -53%
PT Sinar Mas Agro Resources and Technology Tbk SMAR 5,625 IDR 16,227 IDR +188%
PT Dharma Satya Nusantara Tbk DSNG 1,320 IDR 2,696 IDR +104%

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Frequently asked questions

Is TSH Resources Berhad (TSH) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.8500 SGD versus a price of 0.4000 SGD, about +113% (undervalued).
What is the fair value of TSH?
Our model-based fair value for TSH Resources Berhad is 0.8500 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 0.4000 SGD.
What is the quality score of TSH?
TSH Resources Berhad has a Quality Score of 78/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of TSH Resources Berhad (TSH)?
TSH Resources Berhad reported trailing-twelve-month revenue of about 990M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of TSH?
The net profit margin of TSH Resources Berhad is about 15.8%, meaning it keeps roughly 15.8% of revenue as net income. Based on the latest reported figures.
Does TSH Resources Berhad pay a dividend?
TSH Resources Berhad currently shows a dividend yield of about 13.70% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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