- TH Plantations Bhd (THPLANT) was incorporated in 1972 as a plantation arm of Lembaga Tabung Haji (LTH). It was listed on the Main Board of Bursa Malaysia on 27 April 2006.
- THPLANT was initially known as Perbadanan Ladang-Ladang Tabung Haji S/B with the purpose of developing 4,054 hectares of tanah kurnia granted by the State Government of Pahang to LTH.
- Since its listing in 2006, THPLANT registered an encouraging growth in term of revenue. The 3- year and 5-year CAGR hits 36.1% and 15.9% respectively in FY2009.
[JF Apex research Feb.2011]
Management
We are pleased to announce that Encik Radin Rosli bin Radin Suhadi, previously the Senior General Manager (Plantation Controller – Sarawak Operations) of the Company, has been appointed as the Chief Operations Officer (Domestic) of the Company with effect from 1 October 2013 replacing Encik Mat Saad bin Ramli who had retired on 13 September 2013
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1422437 (Oct.2013 - FY2013)
We are pleased to announce that with effect from 18 November 2013, the title designation of Encik Radin Rosli bin Radin Suhadi as Chief Operations Officer (Domestic) of the Company has been renamed as Plantation Director.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1472421 (Nov.2013 - FY2013)
We refer to our announcement dated 28 August 2013 in relation to the Actual Value of Recurrent Related Party Transactions ("RRPTs") entered into by the Company which has exceeded 10% of the Estimated Value as disclosed in the Company's Circular to Shareholders dated 27 April 2013.
The Company wishes to announce that as at 31 December 2013 the Actual Value of RRPTs entered into by the Company has exceeded by another 10% of the Estimated Value as disclosed in the Company's Circular to Shareholders dated 27 April 2013. The details of the RRPTs are as follows:
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1554317 (Feb.2014 - FY2014)
- The Company wishes to announce that the Board of Directors' of THP has given its approval to extend the existing THP Employees' Share Option Scheme ("the Scheme") expiring 7 May 2014 ("Expiry Date") for a further three (3) years from the Expiry Date pursuant to By-Law of the Scheme.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1555717 (Mar.2014 - FY2014)
THP Group recorded a sustainable progress in 2013 as we delivered on our commitments to reshape the Group amidst the challenging ambience of the plantation industry. We have exceeded the targeted FFB yield per ha by 16.39% to 23.86 mt/ha and recommended a dividend of 3.62 sen which is in line with THP Group’s sustainable dividend policy of distributing approximately 50% of PATAMI. However, the ROE achieved was 5.47% against a target of 6.50% due to corporate exercises undertaken that involved equity which resulted in a higher shareholders’ fund and softer earnings mainly attributed to lower commodity prices.
Medium Term Headline KPIs (FY2013- FY2015)
Driven to undertake new and strategic land bank expansions of an additional 30,000 ha to strengthen THP Group’s position as a medium size plantation company.
As at todate, we have acquired 6,514 ha of oil palm plantation in Sarawak translating into 22% of the targeted land bank expansions. Barring unforeseen circumstances, we are optimistic to achieve the target by FY2015.
THP will take into consideration among others the Group’s level of cash, gearing, return on equity, retained earnings, working capital requirements, projected levels of capital expenditure, investment plans and its financial position in recommending and determining the level of dividend payments if any, in any particular financial year or period.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1599581 (April.2014 - FY2014)
Shareholdings
Financing
- TH Plantations Bhd has issued another RM370mil of sukuk murabahah under the RM1bil sukuk murabahah programme to its holding company, Lembaga Tabung Haji.
- The tenure of the sukuk issuance ranges from six to 10 years, with profit rates of between 5.39% and 5.88% per year.
- “The net proceeds raised from the issuance of the sukuk murabahah will be utilised to finance the capital expenditure requirements of the company,”
http://biz.thestar.com.my/news/story.asp?file=/2013/2/26/business/12760994&sec=business (Feb.2013)Business
- TH Plantations also manages 120,199ha of oil palm plantations in Malaysia and Indonesia belonging to Lembaga Tabung Haji, a major shareholder in the company with a 64.83% stake. This segment contributed 7% to revenue last year.
- Its oil palm plantations contributed 75%, while palm kernels and fresh fruit bunches (FFB) contributed 12% and 6% each.
http://www.theedgemalaysia.com/in-the-financial-daily/185795-th-plantations-to-acquire-land-in-indonesia.html (Year-2011)
Customers
Output (Efficiency)
- 馬銀行研究調低2009年淨利預測25%至4620萬令吉，是因棕油價預測由每噸2250令吉，下調至2080令吉，同時鮮果串產量亦預期降2.2%
http://www.sinchew-i.com/node/124984?tid=27 (Year-2009)
- 該公司購買的沙巴油棕園佔地9930公頃。完成上述收購后，該公司09財政年的原棕油產量擴大38%，至10萬3440噸；而鮮果串（FFB）產出則攀高49%，至51萬9290噸。
-根據大馬棕油局（MPOB）的數據顯示，該公司09財政年的原棕油平均價是每噸2240令吉。
-馬銀行投行分析員贊同地指出，該公司以較低價格拋售含有偏高游離脂酸（FFA）的棕油庫存，拖低了09年的平均售價。這些庫存的素質較差，主因是09年初的惡劣天氣影響了棕油收成，部份棕油則是08年末季尚未賣出的庫存。TH種植的棕油平均價是每噸2050令吉，低于每噸2261令吉歷史平均價。
http://www2.orientaldaily.com.my/read/LBZ/2e6o0h4Q1t6e0fVb0tP82w3j23Uv4tcv (Year-2009)
- RHB Research said TH Plantations’ earnings are very sensitive to CPO price movements and every RM100/tonne change in CPO price would impact earnings by 10%-12% per annum.
http://www.theedgemalaysia.com/business-news/178329-rhb-research-initiates-coverage-on-th-plantations-fv-rm230.html (Year-2010)
- 拉尼娜氣像帶來連綿豪雨，尤其是大馬半島，導致產量欠奉。TH種植的全年鮮果串產量為46萬3949噸，比預測低了4%。其2010財政年鮮果串及原棕油產出分別下滑11%及8%。
[Oriental End.2010]
- In 2012, FFB processed from the group’s own plantations and external crop purchases was lower from 492,437 MT to 489,789 MT. The total CPO produced in 2012 declined by 2% to 98,975 MT from 100,896 MT while the production of PK recorded an increase of 4% to 27,151 MT from 26,087 MT in 2011. On average, TH Plantation achieved an Oil Extraction Rate (“OER”) and Kernel Extraction Rate (“KER”) of 20.21% and 5.54% respectively. (2011: OER of 20.49% and KER of 5.30%). For the financial year under review, the average oil yield declined to 4.35 MT per Ha as compared to 4.59 MT per Ha in the preceding year.
(Annual report 2012)
- Meanwhile, its 2012 FFB output of 524,665t (+2% YoY) was broadly within our expectation. This translates into a FFB yield/ha of 21.5t/ha which is slightly lower (-2.6%) than its KPI target.
(Maybank research Feb.2013 - FY2012)
- TH Plantations Bhd (THP), the plantation arm of the Pilgrimage Fund Board, saw a significant reduction in its net profit to RM10.31 million for the half-year ended June 30 from RM32.95 million previously.
- The reduced profit was attributed to lower crude palm oil (CPO) prices, higher non-cash amortisation costs as well as finance costs incurred for the recent expansion of its operations. However, the lower CPO prices were partially offset by a strong growth of 59% in fresh fruit bunch (FFB) and 41% in CPO production. This resulted in FFB yields for the first six months to strengthen by 12%.
- "Better operational efficiencies also saw improved first half-year unit production costs for the group, which further helped moderate the impact of lower prices. The group's CPO production cost declined by 13% to RM1,125 per tonne and estate production cost declined by 32% to RM193 per tonne.
- "Post acquisitions, we are optimistic that we will meet our full-year production estimates. The acquisitions made in 2012 and early this year have contributed healthily to the group, and we expect the trend to grow positively over the next few years as more areas come into maturity," he added.
http://online.theedgemalaysia.com/business-news/250826-low-cpo-price-brings-down-thps-profit.html (Aug.2013 - FY2013)
Land bank
- In 2012, FFB processed from the group’s own plantations and external crop purchases was lower from 492,437 MT to 489,789 MT. The total CPO produced in 2012 declined by 2% to 98,975 MT from 100,896 MT while the production of PK recorded an increase of 4% to 27,151 MT from 26,087 MT in 2011. On average, TH Plantation achieved an Oil Extraction Rate (“OER”) and Kernel Extraction Rate (“KER”) of 20.21% and 5.54% respectively. (2011: OER of 20.49% and KER of 5.30%). For the financial year under review, the average oil yield declined to 4.35 MT per Ha as compared to 4.59 MT per Ha in the preceding year.
(Annual report 2012)
- Meanwhile, its 2012 FFB output of 524,665t (+2% YoY) was broadly within our expectation. This translates into a FFB yield/ha of 21.5t/ha which is slightly lower (-2.6%) than its KPI target.
(Maybank research Feb.2013 - FY2012)
- TH Plantations Bhd (THP), the plantation arm of the Pilgrimage Fund Board, saw a significant reduction in its net profit to RM10.31 million for the half-year ended June 30 from RM32.95 million previously.
- The reduced profit was attributed to lower crude palm oil (CPO) prices, higher non-cash amortisation costs as well as finance costs incurred for the recent expansion of its operations. However, the lower CPO prices were partially offset by a strong growth of 59% in fresh fruit bunch (FFB) and 41% in CPO production. This resulted in FFB yields for the first six months to strengthen by 12%.
- "Better operational efficiencies also saw improved first half-year unit production costs for the group, which further helped moderate the impact of lower prices. The group's CPO production cost declined by 13% to RM1,125 per tonne and estate production cost declined by 32% to RM193 per tonne.
- "Post acquisitions, we are optimistic that we will meet our full-year production estimates. The acquisitions made in 2012 and early this year have contributed healthily to the group, and we expect the trend to grow positively over the next few years as more areas come into maturity," he added.
http://online.theedgemalaysia.com/business-news/250826-low-cpo-price-brings-down-thps-profit.html (Aug.2013 - FY2013)
Land bank
- 傳母公司朝聖基金局（LTH）會注入油棕園資產予這間公司，當局在印尼廖內省持有7萬2243公頃油棕園，樹齡年輕。大馬研究認為，若要“吸納”有關資產，TH種植需有很強的財務狀況，才能購買大片油棕園。
http://www.sinchew-i.com/node/124984?tid=27 (Nov.2009)
- 雇員認股計劃開銷與沙巴油棕園的攤銷費用分別是800萬令吉及2100萬令吉。目前，TH種植的地庫分佈比例是大馬半島及西馬各佔48%及52%。
http://www2.orientaldaily.com.my/read/LBZ/2e6o0h4Q1t6e0fVb0tP82w3j23Uv4tcv (Feb.2010)
- TH Plantations is the plantation arm of Lembaga Tabung Haji and it has plantation land bank of about 39,159 hectares and five palm oil mills with a total milling capacity of 702,000 tonnes per annum.
http://www.theedgemalaysia.com/business-news/178329-rhb-research-initiates-coverage-on-th-plantations-fv-rm230.html (Dec.2010)
- RHB research understand that THP is currently in advanced stages of negotiation to acquire two pieces of landbank, one in Indonesia and one in Sarawak, and intends to complete at least one acquisition by end-1H2011, with another potentially, by end-2011 or if not, early 2012. These acquisitions will not be an injection of land by Tabung Haji, but independent acquisitions by THP.
- “The landbank under consideration is a piece of brownfield land in Indonesia (East Kalimantan) and a piece of greenfield land in Sarawak. Assuming each is about 10,000ha (which is the minimum landbank size that THP would consider for any acquisition), there is a possibility that THP’s total landbank size could grow by 50% by year-end, although total planted landbank may only grow by 25%,” RHB research said.
http://www.theedgemalaysia.com/business/180692-rhb-research-th-plantations-undervalued-stock.html (Jan.2011)
- After more than 10 years in operation, THPLANT made an aggressive move in 1982 by acquiring additional 6,700 hectares lands in Terengganu and Johor. To date, the Group has a total plantation land bank of approximately 39,113 hectares of which 37,483 hectares has been planted. It also has five palm oil mills with an annual capacity of 702,000 metric tonnes.
- In addition, THPLANT through its wholly owned subsidiary, THP Agro Management S/B, provides management services for LTH’s oil palm operations in Malaysia and Indonesia totalling to approximately 120,199 hectares.
- In addition, THPLANT through its wholly owned subsidiary, THP Agro Management S/B, provides management services for LTH’s oil palm operations in Malaysia and Indonesia totalling to approximately 120,199 hectares.
[JF Apex research Feb.2011]
- TH Plantations’ estates are located in Pahang, Johor, Negeri Sembilan, Terengganu, Sarawak and Sabah and it has five palm oil mills in Johor, Pahang, Negeri Sembilan and Sabah.
- Of its current landbank, 60% or 22,541ha consists of mature areas with trees aged over 20 years.
http://www.theedgemalaysia.com/in-the-financial-daily/185795-th-plantations-to-acquire-land-in-indonesia.html (April.2011)- TH Plantations’ estates are located in Pahang, Johor, Negeri Sembilan, Terengganu, Sarawak and Sabah and it has five palm oil mills in Johor, Pahang, Negeri Sembilan and Sabah.
- Of its current landbank, 60% or 22,541ha consists of mature areas with trees aged over 20 years.
- Of the 39,113ha plantation landbank, 57% (22,541ha) was planted with mature crops and 38% (14,943 ha) was immature. TH Plantations also owns and operates five palm oil mills with a combined annual fresh fruit bunch processing capacity of 702,000 mt.
http://www.theedgemalaysia.com/in-the-financial-daily/194989-th-plantations-3q-net-profit-soars-54-on-higher-commodity-prices.html (October.2011)
- THP has entered into two separate conditional sales and purchase agreements with: (i) Sawit Green Plantation Sdn Bhd to acquire a 70% stake in Hydroflow Sdn Bhd for RM73.5 million. Hydroflow owns eight parcels of land with provisional leases in the Sedilu-Gedong district of Sarawak, with total land area of 5,602ha. Some 693ha (12.4%) of the land is planted, with 85% of planted land more than four years old. This acquisition is to be completed by 1Q12; and (ii) Indonesian citizens H Rajasa Abdurachman and Badai Sakti Daniel to acquire a 93% stake in PT Persada Kencana Prima (PKP), for 46,211.96 million rupiah (RM16.18 million). PKP has obtained a plantation business permit (Izin Usaha Perkebunan) to operate 14,180ha of plantation land in Seseyap Hilir, Tana Tidung District, East Kalimantan. This acquisition is to be completed by 2Q12.
- THP will need to spend an additional RM495 million (RM102 million for Hydroflow and RM393 million for PKP) over five to six years to develop all the land, which will be funded by internal funds and borrowings.
- The acquisition price of the Hydroflow land works out to about RM18,740 per ha for its effective 70% stake, which we believe is relatively inexpensive for semi-planted land in Sarawak, given that planted land in Sarawak is usually about RM30,000 to RM50,000 per ha, while unplanted land is about RM10,000 RM15,000 per ha.
- PKP’s acquisition price of RM1,275 per ha is also on the low end of greenfield land transactions in Kalimantan, of between US$500 (RM1,565) and US$1,000 per ha. Upon completion of the acquisitions, THP’s total plantation landbank will rise by 50% to 59,153ha (from 39,371ha currently), thereby meeting its key performance indicator to reach a landbank of 50,000ha by 2012.
- We are positive on this development, as we believe the pricing is reasonable. We are pleased to note that as the land in Sarawak is not native customary rights (NCR) land, THP should not face the issues other planters who have tried to expand their landbank in Sarawak have. ***http://www.sarawakgone.cc/issues/ncr/***
http://www.theedgemalaysia.com/in-the-financial-daily/196140-th-plantations-acquires-two-companies-with-20000ha-of-land.html (Nov.2011)
- TH种植首席执行员拿督再纳亚斯瓦表示：「我们正计划购入2片分別位於印尼东加里曼丹及砂拉越，总面积达1万9782公顷的土地。一旦收购活动完成，TH种植的地库面积將从原有的3万9372公顷，增至5万9154公顷。」
- 他续称，若一切顺利，东加里曼丹及砂拉越的收购活动料將分別在8月杪及5月杪完成。
- 同时，再纳亚斯瓦披露：「这2项土地收购活动预计耗资9200万令吉，资金將由內部筹得。而总值4亿9500万令吉的种植开发费用则將通过30%的股本及70%的贷款比例筹集。」
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=6601:th&Itemid=198 (April.2012)
- THP told Bursa Malaysia that it was buying TH Ladang (Sabah & Sarawak) Sdn Bhd for RM518mil and a 70% stake in TH Bakti Sdn Bhd for RM17.64mil, from LTH.
- The acquisition will be satisfied via the issuance of 209.23 million new THP shares at an issue price of RM2.56 per share.
- TH Ladang (Sabah & Sarawak) is an investment holding company, with subsidiaries that engage in cultivation of oil palm, processing of fresh fruit bunches (FFB), sales and marketing of FFB, crude palm oil (CPO) and palm kernel as well as teak and rubber plantations.TH Bakti is engaged in cultivation of oil palm and selling of FFB.
- THP said that the RM535.64mil was partially based on the total market value of the land, oil palm estates and oil palm mill held by TH Ladang (Sabah & Sarawak) and TH Bakti (or the acquiree companies) which amounted to RM1.025bil as appraised by CH Williams Talhar & Wong Sdn Bhd on June 30.
- The deal would result in the group's total plantation land bank increasing by 102% from the current 44,933ha to 90,671ha, as well as an increase in total planted area of oil palms from 38,154ha to 57,407ha.
- It would also improve the age profile of THP's palm as the plantation lands to be bought consist of a mixture of immature and young mature palms, which is expected to provide a steady revenue stream to THP in the long run.
- THP also pointed out that it would provide an opportunity for crop and earnings diversification from rubber plantation, as about 15,714 ha held by three subsidiaries of TH Ladang (Sabah & Sarawak) will be earmarked for planting or replanting with rubber trees.
http://biz.thestar.com.my/news/story.asp?file=/2012/7/25/business/11725357&sec=business (July.2012)
- MIDF研究表示，此收購將令TH種植的地庫，自目前的4萬4千933公頃，增加102%到9萬零671公頃，新收購的種植地中，有53.7%為油棕園，因此令該公司的園坵面積擴大50.4%，自3萬8千154公頃增至5萬7千407公頃。該行認為，此策略性收購的代價廉宜，相等於每公頃1萬2千令吉，目前該區種植地的市價約為1萬5千令吉至2萬令吉。
- 馬銀行研究表示，交易價相等於每公頃已種植園坵的企業價值為4萬8千463令吉，本益比達16倍，略高於平均估值，但由於樹齡年輕，因此可視為合理。
- 收購令TH種植旗下油棕樹的平均樹齡從11年降低至約8年。
http://biz.sinchew.com.my/node/63193 (July.2012)
- “Taking into consideration the acquisition target's borrowings, TH Plantations is purchasing the Sarawak plantations at around RM36,000 per ha, which we consider fairly cheap,” Maybank research said. According to Maybank Investment Bank Research, pricing was slightly above average but justifiable, given the young palm trees.
- BIMB Securities Research said the price for the planted area of 15,651 ha of oil palm estates and 7,947 ha of teak and rubber estates valued at about RM21,000 per ha was viewed as appealing for TH Plantations.“Even without the teak and rubber estates, the planted oil palm estates will be about RM31,670 per ha, which is still below the indicative market price of RM40,000 to RM60,000 per ha,” it said.
- MIDF Research viewed the price tag of RM532.64mil, which translated into RM12,000 per ha, as inexpensive vis-a-vis prevailing market price of RM15,000 to RM20,000 per ha for brownfield estates.
http://biz.thestar.com.my/news/story.asp?file=/2012/7/26/business/11731835&sec=business (July.2012)
- Chief executive officer Datuk Zainal Azwar Zainal Aminuddin said the acquisition of PT Persada Kencana Prima, which owned the land, was in the midst of completion. TH Plantations Bhd's (THP) land bank is expected to reach 110,000ha by end-April once the group completes the acquisition of 14,000ha of land in Kalimantan.
- Speaking after the group EGM, he said the group's total plantation land bank now stood at 97,592ha after the acquisition of two oil palm plantation companies in Sarawak for RM254.59mil.During the EGM, shareholders approved the acquisition of Bumi Suria Ventures Sdn Bhd and Maju Warisanmas Sdn Bhd. Both companies collectively own 6,514ha of plantation land, of which, 5,500ha have been planted with oil palm. Zainal said upon completion of the acquisitions, THP's total land under oil palm cultivation would increase to 66,980ha from 60,790ha currently. Following the acquisition, the output of fresh fruit bunches would increase from 500,000 tonnes to 800,000 tonnes per year, he added.
http://biz.thestar.com.my/news/story.asp?file=/2013/2/21/business/12738136&sec=business (Feb.2013)
- TH Plantations chief executive officer Datuk Zainal Azwar Zainal Aminuddin said its plantation area has swelled to 97,692ha from 91,078ha, now that Bumi Suria Ventures Sdn Bhd and Maju Warisanmas Sdn Bhd are under its wings. Of the 97,692ha, 51,500ha are in Sarawak. This acquisition has also strengthened our presence as one of the major plantation players in Sarawak.
- "Our plantation land will also swell to 110,000ha by the end of the first quarter when we complete our acquisition of Indonesia's PT Persada Kencana Prima, which owns 14,000ha in Kalimantan."
- TH Plantations is allocating RM75 million in the next four years to build an oil palm mill in Sarawak as well as nurture its young oil palm trees.
http://www.btimes.com.my/Current_News/BTIMES/articles/THGAN/Article/ (Feb.2013)
- TH种植今日在股东特別大会通过两项议案，即分別以2亿1250万4000令吉和4208万1000令吉，向有关单位（包括威达（WEIDA，7111，主板工业股）），全面收购其所持有BSV和MWM私人有限公司的股权。
- 在完成收购后，该集团的总种植地库將从9万1078公顷，扩大7%至9万7592公顷，而油棕已种植面积也將从6万零790公顷，扩大至6万6980公顷。
- 同时，上述收购也將其平均树龄从14年，改善至13年。「当中，51%处在成熟树龄，27%为未成熟树龄，剩余的则属於黄金成熟期和年初成熟期。从树龄看来，这可为集团带来稳定的收入来源。」
- The group also expects to complete the acquisition of PT Persada Kencana Prima (PKP), which owns 11,837ha of green field area in Kalimantan, Indonesia, by June this year. With the acquisition, THP's total land-bank would reach almost 110,000ha.
http://www.thestar.com.my/story.aspx/?file=%2f2013%2f5%2f21%2fbusiness%2f13137901&sec=business (May.2013 - FY2013)
- TH Plantations chief executive officer Datuk Zainal Azwar Zainal Aminuddin said its landbank has also more than tripled to 97,592ha from a mere 28,730ha in 2007.
- "We are always looking for opportunities to grow either in greenfields or brownfields, as we seek to bolster our plantation size to 130,000ha by 2015, in line with our KPI (Key Performance Indicator)," Zainal Azwar said after the company's 39th annual shareholders meeting here yesterday.
http://www.kppk.gov.my/index.php/2012-10-31-06-45-41/mpic-in-the-news/news-year-2013/1142-th-plantations-eyes-1m-tonnes-of-fresh-fruit-bunches.html (May.2013 - FY2013)
- 大馬上市公司TH種植（THPLANT，5112，主要板種植）指出，印尼當局未查獲子公司園地燒芭證據，重申指責沒有根據，公司謹遵零燒芭原則。繼本月24日文告后，該公司再度發布文告指出，印尼政府官員已赴子公司PT TH Indo種植園地視察，尤其是衛星探測后發現的火點，不過視察后並未發現任何公開焚燒證據。“衛星探測的火點位置，是與子公司園地同排，但屬于當地居民的土地，視察時亦確實在該園地內見到火點，與公司早前預測如出一徹。” 該公司重申，公司及旗下子公司並未涉及任何公開燒芭活動，導致煙霾惡化，同時在大馬及印尼皆嚴格遵守零燒芭原則，即使需要翻種或開闢新園地，亦不會採用燒芭手段。“公司亦在此強調，印尼子公司位于廖內的種植地已屬可開採的成熟園地，僅非常少數地點需開發或翻種，不可能公開焚燒。”
http://www.chinapress.com.my/print/435277 (June.2013 - FY2013)
- The Roundtable on Sustainable Palm Oil (RSPO) has given TH Plantations Bhd and PT Jatim Jaya Perkasa until tonight to submit digital maps of their concession areas in Indonesia. TH Plantations manages 38 oil palm estates covering more than 85,000ha in Riau, Indonesia, for Lembaga Tabung Haji, while lesser-known Indonesian grower PT Jatim Jaya Perkasa has an office in Jakarta.
http://www.nst.com.my/businessCurrent_News/BTIMES/articles/20130708235214/Article/index_html (July.2013 - FY2013)
- THP now has 97,712ha of land throughout Malaysia, of which about 60,000ha have been planted with oil palm. The group has earmarked 14,000ha of land for the development of rubber plantations. The plantations are located in Pahang, Johor, Negeri Sembilan, Terengganu,Sabah and Sarawak.
- In the medium term, the group is exploring the possibility of building a palm oil refinery (in Sarawak) and targets to have the refinery commissioned by early 2016. Currently, it owns and operates six palm oil mills with a total FFB processing capacity of 1,140,000 tonnes per annum.
http://online.theedgemalaysia.com/business-news/250826-low-cpo-price-brings-down-thps-profit.html (Aug.2013 - FY2013)
- TH种植（THPLANT，5112，主板种植股）和大股东朝圣基金局（Lembaga Tabung Haji）遭两名小园主起诉，索取6块种植地逾4亿6846万令吉的营收和所有权。起诉方要求法庭宣判，6片坐落在弄边的原棕油土地，所获营收4亿6846万1563令吉和利息，都是属于起诉方，答辩方必须退还给两人。
- TH种植指出，彭亨州政府在1972年转让6片土地给朝圣基金局，较后出租给TH种植负责发展与管理. 此外，起诉方也要求法庭颁布庭令，把部分土地（占地2080英亩）转到两人名下。
- TH种植2005年提交申请给彭亨州政府，要求豁免有关明示条款，而申请书也获得批准，其中条件为土地只能种植原棕油。TH种植表示，此案与集团2012年面对的诉讼案类似，案件已在今年被高庭和上诉庭驳回。TH种植已针对此案委任律师抗辩，并强调案件对财务和营运没有影响。
http://www.nanyang.com/node/589407?tid=462 (Dec.13 - FY2013)
We wish to announce that on 10 January 2014, PT Persada Kencana Prima ("PT PKP") had received a decree from the Indonesian Minister of Law and Human Rights for the changes of the Articles of Association of PT PKP reflecting THP as the new shareholder of PT PKP. Accordingly, with effect from 10 January 2014, PT PKP is a 93%-owned subsidiary of THP.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1521465 (Jan.2014 - FY2014)
Growth/Strategy
- 同時，該公司期望今年的棕油鮮果串產量將按年上升8.6%至50萬4千公噸，相等於每公頃22公噸，比較去年為46萬4千公噸；並預計棕油榨取率可超越去年的21.09%，每公頃增長達5.5倍。
http://biz.sinchew-i.com/node/46599 (April.2011)
- 興業研究表示，截至2011年5月止，TH種植鮮果串產量按年成長1.8%，成功扭轉今年首先3個月產量下跌10.8%頹勢，其中單單5月產能按月上漲22.6%，令管理層有信心能達成全年產量成長7〜8%目標。
- 同時，興業指出，T H種植在2011年首季成功趕搭原棕油價漲潮，錄得平均每公噸3千471令吉售價，第二季也有望取得類似平均價，因其採用95%產量以現貨銷售模式，僅有5%以期貨售出。
-“TH種植對原棕油價高度敏感，預計原棕油價每出現100令吉變化，將對淨利帶來10〜12%影響。”
http://biz.sinchew-i.com/node/49091 (July.2011)
- 原棕油价格飙高，TH种植（THPlant, 5112，主板种植股）截至6月30日财年第二季，净利劲扬323%。TH种植现财年第二季取得3216万4000令吉的净利，比去年同期的760万9000令吉，增长了323%。此外，TH种植在第二季的营业额也录得48%的增长，也就是从去年同期的7600万1000令吉，增至1亿1271万3000令吉。现财年上半年，TH种植净利达5399万7000令吉，比去年同期的2539万9000令吉，高出113%。上半年的营业额则有1亿8776万8000令吉，比1亿5321万6000令吉，增加了23%。
http://www.nanyang.com/node/370204 (July.2011)
- TH Plantations Bhd’s net profit for 3QFY11 rose 53.83% to RM33.12 million from RM21.53 million a year ago, boosted by higher commodity prices. For the nine-month period, TH Plantations net profit surged 85.63% to RM87.11 million from RM46.93 million on growth of 27.92% in revenue to RM303.73 million from RM237.44 million previously.
- The company said the higher cumulative earnings were mainly due to higher commodity prices and higher gross profit margins.
- Quarter-on-quarter, TH Plantations net profit inched up 2.97% to RM33.12 million from RM32.16 million in the preceding quarter. Pre-tax profit fell 8.74% to RM49.51 million from RM54.26 million while revenue grew marginally by 2.88% to RM115.96 million from RM112.713 million previously.According to the company, the quarterly fall in 3Q pre-tax profit was due to higher fertiliser application.http://www.theedgemalaysia.com/in-the-financial-daily/194989-th-plantations-3q-net-profit-soars-54-on-higher-commodity-prices.html (Oct.2011)
- 該行預計該公司在今年末季的表現走弱及賺幅面對壓縮，主要因鮮果串產量在末季屬於季節性淡季及原棕油及棕仁平均售價按季走低，從今年首季的高峰每公噸達3千370令吉已崩跌近54%；以及大馬勞力薪資及肥料成本的走高造成成本的壓力，使2011年財測保持不變。馬銀行研究調降明年的原棕油平均售價，從每公噸3千令吉下調至2千600令吉。
- 該公司的2011財政年9個月凈利達8千711萬9千令吉，按年劇增85.64%，佔該行全年預測凈利達1億1千萬令吉的79%。
http://biz.sinchew.com.my/node/53042?tid=18 (Oct.2011)
－ 12月原棕油生產按月挫8.2%，至149萬公噸，按年則增長21.3%。出口按月挫4.5%至159萬公噸，內需保持疲弱，進口按月增長66.2%、按年增長20.9%至15萬公噸。
http://biz.sinchew.com.my/node/55843 （Jan.2012)
- TH种植2011財政年的业绩表现不俗。其中，该公司的税后净利按年取得38.1%的成长，至1亿4980万令吉。而营业额亦按年上涨18.8%，达4亿3480万令吉。同时，其每股净利也从18.32仙，上扬至24.52仙。另外，该公司的鲜果串產量亦按年扬升10.6%，至51万3276公吨。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=6601:th&Itemid=198 (April.2012)
- TH Plantation Bhd's earnings fell 40.1% to RM13.06mil in the first quarter ended March 31 from RM21.83mil a year ago as its profitability was affected by higher production costs. It said on Tuesday its revenue rose 26.6% to RM95.04mil from RM75.05mil while earnings per share were 2.53 sen compared with 4.36 sen. TH Plantations said 94.71% of its revenue of RM95.04mil was contributed by plantation operations segment. It said 25% of the annual fertiliser budget for the current year was spent as compared to 21% for same quarter last year.
http://biz.thestar.com.my/news/story.asp?file=/2012/4/24/business/20120424193619&sec=business (April.2012)
- THP’s RM13m 1Q12 core net profit (-40% YoY, -65% QoQ) accounted for just 10% and 12% of our and consensus FY12 forecasts respectively. The shortfall is due to higher- than-expected cost and taxes.
- THP’s 1Q12 EBIT of MYR27m, making up 11% of our full year estimate, shrank by 22% YoY due to lower CPO ASP (-11% YoY) and higher than expected costs, although FFB production increased 7.6% YoY.
- FFB production declined 30% QoQ as 1Q production is seasonally weakest. 1Q FFB production was in line with our expectations as it met 19% of our 2012 forecast.
- The higher costs could be attributable to front-loaded manuring cost as a result of more timely fertiliser application vs. 1Q11, amid favourable weather. Labour cost have also been inflated by incentive payments that aim to enhance workers’ productivity.
- Earnings could rebound in 2Q12, with CPO spot prices at an average of MYR3,506/t MTD (+9%) vs. the 1Q12 spot average of MYR3,218/t.
[Maybank research 25.April.2012] Year-2012 Q1
[Maybank research 25.April.2012] Year-2012 Q1
- The high 52% QoQ growth in THP’s 2Q12 net profit of MYR19.9m (-38% YoY) is mainly due to “normalization of tax rate” for 1H12. THP recorded a significantly lower effective tax rate of 6% in 2Q12 which offsets 1Q12’s 37% effective tax rate. Operationally, 2Q12 pretax profit of MYR24.8m was flattish QoQ (- 1.4% QoQ, -54% YoY) due to benign 2Q12 CPO ASP (+2% QoQ, -5% YoY) and slow FFB production growth (+3% QoQ, -15 YoY). The high cost of production in 1Q12 persisted in 2Q12.
- 1H12 net profit plunged 39% YoY due to the dismal 1H12 FFB production (-5% YoY) and lower CPO ASP (-7% YoY). Cost of production was also inflated due to: i) higher manuring cost as a result of higher dosage and fertilizer cost, ii) additional pest control cost and iii) increased labour cost.
[Maybank research 6.August.2012]
- 截至6月止，TH種植（TH PLANT,5112,主板種植組）第二季淨利下跌38.17%至1千988萬6千令吉，導致首半年淨利跟著收窄38.97%，至3千295萬2千令吉。
- 該公司在文告中說，次季稅前盈利下滑41.29%的原因是營業額降低和生產成本上揚。其中，施肥、除蟲和收成開銷分別增加14%（128萬令吉）、152%（87萬令吉）和38%（218萬令吉）。
http://biz.sinchew.com.my/node/63593 (Aug.2012)
- TH種植第二季淨利按季增長52%，報1千990萬令吉，主要是受第一季稅務合理化影響，相比上一季的37%，第二季扣稅率只有6%。整體而言，該公司只取得2千480萬令吉稅前淨利，雖然油棕平均銷售量增加2%，但鮮果串產量卻減緩，按季只成長3%，加上第一季高生產成本延續至第二季，導致該公司按季表現平平。該行指出，該公司上半年淨利按年暴跌39%，原因包括上半年鮮果串產量按年減少5%，以及油棕銷售按年下滑7%。
http://biz.sinchew.com.my/node/63686 (Aug.2012)
- 原棕油及棕櫚仁價格及銷量皆跌，TH種植（THPLANT，5112，主要板種植）第3季淨利按年減42%至1920萬9000令吉。截至9月底，該公司第3季營業額從去年同期1億1597萬令吉，按年減29%至8234萬令吉。TH種植首3季淨利亦按年滑40%至5216萬令吉，營業額按年微跌9%至2億7674萬令吉。
- 該公司向馬證交所報備指出，第3季原棕油銷量按年減5.24%或3480公噸至6萬2970公噸，每公噸平均售價則是3020令吉，較去年同期3203令吉；同期生產成本亦因季節因素上漲。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=29414:th-42&Itemid=198 (Oct.2012)
- 平均原产品价格滑落以及生产与摊销成本偏高，导致TH种植（THPlant，5112，主板种植股）截至3月杪首季，净利按年下跌75.4%，至320万9000令吉，上财年同期为1306万6000令吉。现财年首季营业额也按年下跌5.9%，至8945万3000令吉，上财年同期报9504万6000令吉。
http://www.nanyang.com/node/538099?tid=48.. (May.2013 - FY2013)
- 平均原产品价格滑落导致营业额下滑，加上金融与摊销成本偏高，TH种植（THPLANT，5112，主板种植股）今年次季净利大跌64.28%至710万4000令吉，上财年同期净利达1988万6000令吉。
- 累积上半年净利报1031万3000令吉，较上财年同期的3295万2000令吉，挫68.7%。
http://www.nanyang.com/node/557941?tid=857 (Aug.2013 - FY2013)
- 3Q13 revenue improved 36% QoQ (+58% YoY) on seasonally stronger FFB production (+28% QoQ, +67% YoY) and slightly higher CPO ASPs (+2.7% QoQ, -22% YoY). 3Q13 EBIT jumped 164% QoQ (+57% YoY) on lower-than- expected cost of production per tonne, likely due to lower manuring cost. Albeit strong 9M13 FFB production growth (+62% YoY), 9M13 PBT declined 42% YoY. This is because cost of production was inflated by higher financing cost (+179% YoY) and amortization charges from the newly acquired estates despite efforts to improve efficiency.
- 9M13 CPO ASP of MYR2,143/t was at discount to spot prices due to deteriorated quality of its old CPO stock sold in 1H13 that has higher free fatty acid content.
- Although THP’s expansion plan would provide medium-to-long term earnings visibility, it would have to go through a gestation period (1-2 years) as the estates are still young with relatively higher cost of production per CPO tonne.
(Maybank research Oct.2013 - FY2013)
- 受到低原棕油價和折舊開銷衝擊，TH種植（THPLANT，5112，主板種植組）截至2013年12月31日止第四季淨利，下跌64.2%至3千737萬6千令吉，拖累全年淨利萎縮59.7%至6千310萬7千令吉。
http://biz.sinchew.com.my/node/90673?tid=6 (Feb.2014 - FY2013)
Bull case
- MIDF研究分析員表示，基於4大因素，他繼續正面看待TH種植的前景。一，每年翻種1500公頃的政策；二，可收割種植地的面積正擴大；三，位於Saribas的新工廠可增加原棕油產量；四，未來將業務擴充至印尼。
[Oriental daily End.2010]
Bear case
Corporate exercise
- TH種植（THPLANT，5112，主板種植組）建議以5送1比例派發紅股。該公司發表文告指出，紅股最高派發額為1億4千973萬股，並將通過股票溢價戶頭資本化。在派發紅股後，TH種植的繳足資本將從截至去年杪的3億6千417萬8千令吉，擴大至4億4千919萬1千令吉。
http://biz.sinchew.com.my/node/73130 (April.2013 - FY2013)
- TH种植昨日宣佈以5送1的比例，派送高达1亿4970万红股。拉昔胡申研究分析员表示，一旦完成有关红股，TH种植的股票数额將增加20%，至8亿9840万股。儘管红股建议可提高该公司的股票流通量，提振交投情绪，不过却会稀释其目前的股价和每股盈利，因此分析员下修每股盈利预测。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=50152:th&Itemid=198 (April.2013 - FY2013)
Debts
- 配合早前提倡的10億令吉伊斯蘭債券計劃，TH種植（THPLANT，5112，主板種植組）宣佈再發行6千萬令吉伊債給控股公司－－ 朝聖基金局（Tabung Haji）。該公司發文告說，上述伊債限期長達12年，將於2025年屆滿，年利為6.11%，發債所得資金將用作公司資本開銷。
http://biz.sinchew.com.my/node/73407 (April.2013 - FY2013)
- Zainal said TH Plantations, which has a cash pile of RM125.2 million and debt level of 0.7 time (debt level over shareholders fund), will ensure that it maintains its dividend policy of 50 per cent of net profit every year.
http://www.nst.com.my/businessCurrent_News/BTIMES/articles/THFFB/Article/ (May.2013 - FY2013)
再谈THPLANT
Vendor Development Initiative. "The effort for vendor development, which is specifically aimed to develop the local community, has been in practise by THP since it ventured into plantations in the 70s."
"THP as a Government Link Company (GLC) believes it has a role in supporting the New Economic Model, in which the ultimate aim is to elevate the people's well being. THP provides assistance in terms of financial and expertise, so as not to leave the community's land left undeveloped. This effort started off in Sarawak, whereby a joint venture initiative with the local community enabled the development of their Native Customary Rights (NCR) lands."
上面的statement是来自于THP的2011年报。我们从中可以很清楚明白THP其实就是政府的其中一个种植业投资臂膀，主要是帮助一些乡下的土著来发展大片未开发的资源，从而改善他们的生活素质。然后，这些小型企业家再把收成售于THP，确保THP有稳定的供应，以期达到互利互惠。这就是THP的主要生意模式。
THP主要的营运包括：
2011年报有说：
"The management fees contributed RM25.8mil to the revenue, an increase of 7.4% from RM24.1mil in 2010."
"On monetising our plantation expertise, THP Agro Management Sdn Bhd ("THPAM"), our wholly owned subsidiary, manages THP Group's oil palm operations in Malaysia, and TH's oil plam operations in Malaysia & Indonesia as well as teak & rubber plantations in Sabah totalling approximately 168,985ha, contributing 5.9% or RM25.8mil of the revenue in the year 2011."
Contribution from management fees Year-2011: RM25.8mil / RM434.8mil = 5.9%
Contribution from management fees Year-2010: RM24.1mil / RM366mil = 6.6%
从中我们可以看到management fees对THP的贡献暂时并不大。不过THP也有提到会积极扩大这方面的收入，看来LTH接下来几年将会陆续将种植地交由THP来管理。"We are keen to reinfornce our role in providing management services as it enables us to cater to future growth by diversifying the revenue"
从以上2011年报中的图表我们也可以看到management fees的收入主要来自于印尼。
我们通常不愿意看到单一客户占了公司营业额的很大以部分，因为假如这个客户遇到困难倒闭，公司也会直接受拖累。同时我们也希望公司的客户是有素质的，那么生意才可以长久维持下去，公司才有成长的可能。THP的2011年报中也有交代公司的大客户，3大主要客户占了公司37%的。
(RM63,052,000+RM52,636,000+RM45,556) / RM434,835,000 = 37%
大客户Ngo Chew Hong是一间国际公司，生意横跨五大洲，客户分布超过一百个国家。
Pacific Inter-Link Sdn Bhd则是大马公司，成立于1988年，主要是促进大马出口，把大马的产品包括油棕产品和服务推销到全世界。
- THP Group’s 37 estates are located in the states of Pahang,
Johor, Negeri Sembilan, Terengganu, Sabah and Sarawak. As at 31
December 2012, our plantation land banks reached 91,078 hectares
(“Ha”) of which 53,805 Ha have been fully planted with palms and
2,818 Ha planted with rubber trees. From the total oil palm planted
area, approximately 61% (or 32,579 Ha) are at the mature stage
while the remaining 39% (or 21,226 Ha) are immature.
- THP Group’s production of FFB increased by 2% to 524,665 MT
compared to 513,276 MT in 2011. The additional production of FFB
was mainly due to the contribution from the newly acquired mature
oil palm plantations covering 8,959 Ha from Lembaga Tabung Haji
(“TH”) in November 2012.
- THP Group’s average FFB yield per Ha declined to 21.51 MT per Ha
in 2012 from 22.39 MT per Ha in 2011.
(Annual report 2012)
- Chief executive officer Datuk Zainal Azwar Zainal Aminuddin said the acquisition of PT Persada Kencana Prima, which owned the land, was in the midst of completion. TH Plantations Bhd's (THP) land bank is expected to reach 110,000ha by end-April once the group completes the acquisition of 14,000ha of land in Kalimantan.
- Speaking after the group EGM, he said the group's total plantation land bank now stood at 97,592ha after the acquisition of two oil palm plantation companies in Sarawak for RM254.59mil.During the EGM, shareholders approved the acquisition of Bumi Suria Ventures Sdn Bhd and Maju Warisanmas Sdn Bhd. Both companies collectively own 6,514ha of plantation land, of which, 5,500ha have been planted with oil palm. Zainal said upon completion of the acquisitions, THP's total land under oil palm cultivation would increase to 66,980ha from 60,790ha currently. Following the acquisition, the output of fresh fruit bunches would increase from 500,000 tonnes to 800,000 tonnes per year, he added.
http://biz.thestar.com.my/news/story.asp?file=/2013/2/21/business/12738136&sec=business (Feb.2013)
- TH Plantations chief executive officer Datuk Zainal Azwar Zainal Aminuddin said its plantation area has swelled to 97,692ha from 91,078ha, now that Bumi Suria Ventures Sdn Bhd and Maju Warisanmas Sdn Bhd are under its wings. Of the 97,692ha, 51,500ha are in Sarawak. This acquisition has also strengthened our presence as one of the major plantation players in Sarawak.
- "Our plantation land will also swell to 110,000ha by the end of the first quarter when we complete our acquisition of Indonesia's PT Persada Kencana Prima, which owns 14,000ha in Kalimantan."
- TH Plantations is allocating RM75 million in the next four years to build an oil palm mill in Sarawak as well as nurture its young oil palm trees.
http://www.btimes.com.my/Current_News/BTIMES/articles/THGAN/Article/ (Feb.2013)
- TH种植今日在股东特別大会通过两项议案，即分別以2亿1250万4000令吉和4208万1000令吉，向有关单位（包括威达（WEIDA，7111，主板工业股）），全面收购其所持有BSV和MWM私人有限公司的股权。
- 在完成收购后，该集团的总种植地库將从9万1078公顷，扩大7%至9万7592公顷，而油棕已种植面积也將从6万零790公顷，扩大至6万6980公顷。
- 同时，上述收购也將其平均树龄从14年，改善至13年。「当中，51%处在成熟树龄，27%为未成熟树龄，剩余的则属於黄金成熟期和年初成熟期。从树龄看来，这可为集团带来稳定的收入来源。」
- 针对TH种植早前的印尼公司Persada Kencana Prima收购案，已签署买卖协议，目前正签署一些国內协议。
- 尤索夫补充，上述收购足以让该集团改善收益和產量，不过该集团仍保持开放的態度，寻找初成熟期地库。该集团表示，有关收购对其资本负债率没有太大的影响。尤索夫披露，其资本负债比率目前仍处在健康水平的0.64倍。「我们仍有举债的空间。」
http://cnews.cari.com.my/news.php?id=345143 (Feb.2013)- The group also expects to complete the acquisition of PT Persada Kencana Prima (PKP), which owns 11,837ha of green field area in Kalimantan, Indonesia, by June this year. With the acquisition, THP's total land-bank would reach almost 110,000ha.
http://www.thestar.com.my/story.aspx/?file=%2f2013%2f5%2f21%2fbusiness%2f13137901&sec=business (May.2013 - FY2013)
- TH Plantations chief executive officer Datuk Zainal Azwar Zainal Aminuddin said its landbank has also more than tripled to 97,592ha from a mere 28,730ha in 2007.
- "We are always looking for opportunities to grow either in greenfields or brownfields, as we seek to bolster our plantation size to 130,000ha by 2015, in line with our KPI (Key Performance Indicator)," Zainal Azwar said after the company's 39th annual shareholders meeting here yesterday.
http://www.kppk.gov.my/index.php/2012-10-31-06-45-41/mpic-in-the-news/news-year-2013/1142-th-plantations-eyes-1m-tonnes-of-fresh-fruit-bunches.html (May.2013 - FY2013)
- 大馬上市公司TH種植（THPLANT，5112，主要板種植）指出，印尼當局未查獲子公司園地燒芭證據，重申指責沒有根據，公司謹遵零燒芭原則。繼本月24日文告后，該公司再度發布文告指出，印尼政府官員已赴子公司PT TH Indo種植園地視察，尤其是衛星探測后發現的火點，不過視察后並未發現任何公開焚燒證據。“衛星探測的火點位置，是與子公司園地同排，但屬于當地居民的土地，視察時亦確實在該園地內見到火點，與公司早前預測如出一徹。” 該公司重申，公司及旗下子公司並未涉及任何公開燒芭活動，導致煙霾惡化，同時在大馬及印尼皆嚴格遵守零燒芭原則，即使需要翻種或開闢新園地，亦不會採用燒芭手段。“公司亦在此強調，印尼子公司位于廖內的種植地已屬可開採的成熟園地，僅非常少數地點需開發或翻種，不可能公開焚燒。”
http://www.chinapress.com.my/print/435277 (June.2013 - FY2013)
- The Roundtable on Sustainable Palm Oil (RSPO) has given TH Plantations Bhd and PT Jatim Jaya Perkasa until tonight to submit digital maps of their concession areas in Indonesia. TH Plantations manages 38 oil palm estates covering more than 85,000ha in Riau, Indonesia, for Lembaga Tabung Haji, while lesser-known Indonesian grower PT Jatim Jaya Perkasa has an office in Jakarta.
http://www.nst.com.my/businessCurrent_News/BTIMES/articles/20130708235214/Article/index_html (July.2013 - FY2013)
- THP now has 97,712ha of land throughout Malaysia, of which about 60,000ha have been planted with oil palm. The group has earmarked 14,000ha of land for the development of rubber plantations. The plantations are located in Pahang, Johor, Negeri Sembilan, Terengganu,Sabah and Sarawak.
- In the medium term, the group is exploring the possibility of building a palm oil refinery (in Sarawak) and targets to have the refinery commissioned by early 2016. Currently, it owns and operates six palm oil mills with a total FFB processing capacity of 1,140,000 tonnes per annum.
http://online.theedgemalaysia.com/business-news/250826-low-cpo-price-brings-down-thps-profit.html (Aug.2013 - FY2013)
- TH种植（THPLANT，5112，主板种植股）和大股东朝圣基金局（Lembaga Tabung Haji）遭两名小园主起诉，索取6块种植地逾4亿6846万令吉的营收和所有权。起诉方要求法庭宣判，6片坐落在弄边的原棕油土地，所获营收4亿6846万1563令吉和利息，都是属于起诉方，答辩方必须退还给两人。
- TH种植指出，彭亨州政府在1972年转让6片土地给朝圣基金局，较后出租给TH种植负责发展与管理. 此外，起诉方也要求法庭颁布庭令，把部分土地（占地2080英亩）转到两人名下。
- TH种植2005年提交申请给彭亨州政府，要求豁免有关明示条款，而申请书也获得批准，其中条件为土地只能种植原棕油。TH种植表示，此案与集团2012年面对的诉讼案类似，案件已在今年被高庭和上诉庭驳回。TH种植已针对此案委任律师抗辩，并强调案件对财务和营运没有影响。
http://www.nanyang.com/node/589407?tid=462 (Dec.13 - FY2013)
We wish to announce that on 10 January 2014, PT Persada Kencana Prima ("PT PKP") had received a decree from the Indonesian Minister of Law and Human Rights for the changes of the Articles of Association of PT PKP reflecting THP as the new shareholder of PT PKP. Accordingly, with effect from 10 January 2014, PT PKP is a 93%-owned subsidiary of THP.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1521465 (Jan.2014 - FY2014)
Growth/Strategy
- TH種植冀望在今年的種植地庫可從目前的3萬9159公頃，擴大至5萬公頃。
[Oriental End.2010]
- TH PLANTATION Bhd targets to increase its land bank to 50,000 hectares from 39,113 ha by 2012, a company official said.TH Plantations plans to acquire the first "substantial parcel" by the end of June and are looking at Sumatera and Kalimantan where land prices are said to be lower compared to Sabah and Sarawak.
- A total of RM150 million has been allocated this year to build a palm oil mill in Sarawak and the company's replanting program me.
- The company's revenue jumped 20% last year, attributed to aggressive selling at immediate spot prices in 2Q2010 and 3Q2010, when the company simultaneously relaxed its forward and long-term pricing strategy.
http://www.theedgemalaysia.com/business-news/185737-th-plantations-to-expand-land-bank-to-50000-ha-by-2012.html (April.2011)
- Of its current landbank, 60% or 22,541ha consists of mature areas with trees aged over 20 years. As part of its strategy going forward, the company plans to reduce the average age of its trees to 11 years from 18 by accelerating its replanting programme. In addition, it plans to improve its oil extraction rate which increased 59 bps to 21.09% last year.
- The company has allocated RM1 million as an “innovation budget”, part of which will go towards R&D on green energy and biofuels. And it has allocated a separate RM150 million in capital expenditure to build a palm oil mill and for its replanting program me.
- “The major part of this budget involves building the mill and housing complexes in the area, while 25% to 30% will go towards replanting,” Zainal told a press conference after the company’s annual general meeting.
- Last year, revenue surged 20% from RM304.36 million in 2009, while net profit surged 66.3% to RM89.48 million from RM53.8 million the year before.
“Last year was a record performance since the year we went for public listing [in 2006],” said Zainal.
He attributed this to the aggressive selling of palm oil at immediate spot prices in 2Q and 3Q10, to capitalise on rising CPO prices. During this period, the company simultaneously relaxed its forward and long-term pricing strategy. “We embark on aggressive spot sales only when the prices are going on a continual uptrend, but if [they are] on a downtrend we have to slightly modify our mechanism and focus more [on] forward and long-term sales,” said Zainal.
The company said a minimum of 40% of its total sales are at spot prices. Another 30% is sold under forward contracts where both volume and prices are pre-determined. The remaining 30% is sold under long-term contracts in which prices are based on the monthly average price published by the Malaysian Palm Oil Board (MPOB).
According to figures released by the MPOB, CPO averaged RM2,740 per tonne in 2010. This compares with the company’s average CPO price of RM2,617 per tonne for the previous year. The company has set a target or base price of RM2,800 per tonne for 2011.
http://www.theedgemalaysia.com/in-the-financial-daily/185795-th-plantations-to-acquire-land-in-indonesia.html (April.2011)
- 再那阿斯華說：“在產量逐漸提高後，我們也希望在未來5年內，平均樹齡將從18年下降至11年，因為目前的情況不太健康，我們需要將樹齡降低。” TH種植已趨成熟的棕油樹佔60%(over 20 years)，另40%則未成熟。
http://biz.sinchew-i.com/node/46599 (April.2011)
- TH種植在2010年共有50%果樹樹齡達到20歲或以上，但預計比重在2015年將減至20%。
-TH種植洽購沙巴某塊地庫計劃失敗，但管理層已轉移目標至收購印尼蘇拉威西一塊地皮，以積極擴充地庫，期望在2012年達到5萬公頃種植地庫目標。興業透露，相關土地佔地1萬公頃，已握有允許開發的執照，價值可能高達每公頃500美元（約1千500令吉），不會牴觸印尼政府近期的伐木禁令。“我們對土地擴充計劃感到正面，但盈利貢獻可能需要至少3至4年時間，或果樹成熟後方可兌現。”
http://biz.sinchew-i.com/node/49091 (July.2011)
- 该公司设下的2012財政年关键表现指標与其2011財政年的目標並无太大出入，股本回酬维持在19%、每公顷22公吨的鲜果串產量及50%的股息派发率。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=6601:th&Itemid=198 (April.2012)
- 该公司目前的种植园内的平均树龄为16年，未来两年，在翻种和新种植计划下，平均树龄将减至13年。
“我们希望在2015年，棕油树的平均树龄可以维持在11年左右。” 他表示，11至13年的平均树龄，将能产生最多的收成。
http://www.nanyang.com.my/node/440515?tid=462 (April.2012)
- TH種植（THPLANT，5112，主板種植組）發股向大股東朝聖基金局收購兩家公司，將令其種植地面積倍增。分析員認為，由於朝聖基金局到時將擁有TH種植七成股權，未來將有機會將該公司私有化。
- 此收購也令TH種植的公眾持股從41.06%減少至29.23%，雖然仍高於最低25%的公眾股權分散要求，但MIDF相信，這為朝聖基金局帶來在往後私有化TH種植的潛在機會。
- 完成資產挹注計劃後，朝聖基金局和僱員公積金局在T H種植的持股權，估計將分別自58.82和8.55%，提高至70.68%和6.09%。
http://biz.sinchew.com.my/node/63193 (July.2012)
- Part of TH Plantations Bhd's proposals to expand its operations involving sustainable forest management and also teak and rubber plantation development in Sabah were rejected by the Sabah Forestry Department. (TH种植向马交所报备，沙巴森林局拒绝该公司在沙巴拓展森林管理、柚木和橡胶种植业务的部分建议。)
- It said on Wednesday the department had not accepted its proposals which involved the assignment of the sustainable forest management licence agreement dated Sept 2, 1998 between TH Plantations and the Chief Minister of Sabah to TH-Bonggaya.The department also did not accept the execution of the teak and rubber plantation development agreement with TH-Bonggaya. 上述协议是TH种植向朝圣基金局收购4万5708公顷土地（价值5亿3564万令吉）的部分条件，而TH种植计划对上述决议提出上诉。
- TH Plantations said it would appeal against the decision.
http://biz.thestar.com.my/news/story.asp?file=/2012/10/17/business/20121017194248&sec=business (October.2012)
- TH Plantations Bhd may be selling the company's plantations in the Indonesian province of Riau to Indonesian-based unlisted company PT Borneo Pacific in a deal worth US$1.3bil (RM3.95bil). The bank said PT Borneo would buy TH Plantations' 95% stake for US$910bil (RM2.76bil) and was expecting to buy the remaining 5% owned by PT Primasakti Rizki Pertiwi.
http://biz.thestar.com.my/news/story.asp?file=/2012/10/19/business/12194737&sec=business (October.2012)
- TH Plantations Bhd (THP) has proposed to acquire land and oil palm estates in Sarawak from parties including Weida (M) Bhd for RM254.6mil cash. THP told Bursa Malaysia that on October 25, it had entered into a conditional share sale agreement with Weida (M) Bhd, Enerstar Sdn Bhd, Liew Tien How and Bong Sen Kui to buy Bumi Suria Ventures Sdn Bhd (BSV) for RM212.5mil. Weida (M) Bhd has a 51.43% stake in BSV, with the rest held by Liew (33.57%), Bong (10%) and Enerstar Sdn Bhd (5%). The plantation arm of the Pilgrimage Fund Board also entered into a conditional share sale agreement with Weida (M) Bhd to buy Maju Warisanmas Sdn Bhd (MWM) for RM42.08mil.
- THP said the proposed acquisitions is in line with its target to acquire plantation land bank at strategic locations to complement its existing growth strategy. The group said upon completion of the proposed acquisitions as well as the acquisitions of TH Ladang (Sabah & Sarawak) Sdn Bhd and a 70% stake in TH Bakti Sdn Bhd (as announced on July 24, 2012), the total plantation land bank held by THP will increase by 117% from the current 44,933 hectares to 97,592 hectares, and an increase in total planted area of oil palms from 38,154 hectares to 59,229 hectares.
http://biz.thestar.com.my/news/story.asp?file=/2012/10/25/business/20121025163133&sec=business (October.2012)
- TH种植有限公司（THPLANT，5112，种植组）将支付2亿5458万令吉，向威达（马）有限公司（WEIDA，7111，工业产品组）收购2家拥有6513公顷土地，并有5424公顷种植油棕的子公司。
RM254,580,000 / 5,424ha = RM46,936/ha
- 在一项声明中，TH种植说，它将向威达和其他股东收购Bumi Suria投资私人有限公司和Maju Warisanmas私人有限公司的全部股权，前者代价2亿1250万令吉，后者则以4208万令吉转手。
- 在TH种植方面，这项收购加上最近宣布买下TH园丘（沙砂）私人有限公司和TH Bakti私人有限公司，有效增加集团的总种植地库117%，达到9万7592公顷，并扩大油棕总种植面积至5万9229公顷。
- 上述地段所种植的油棕树树龄介于零至4岁，而已开始开花结果的则于截至2012年3月31日止财政年生产了2594公顷的鲜果仁。
http://www.kwongwah.com.my/news/2012/10/26/110.html (October.2012)
- The acquisition
price appears to be at a premium as we estimated its EV/planted ha at
MYR55,000/ha (with no mill). Such premium pricing reflects estates that
are typically 8 years and above (ie prime mature). As a comparison,
Sarawak Oil Palms (SOP MK, Buy) bought estates with similar age
profile for MYR41,300/ha in Sept „12. But we understand these estates
have good road infrastructure in place, and on mineral soil.
- Plantation estates typically break even in the 3rd-4th year of harvesting given low FFB yields in the initial years. But, in this instance, THP‟s breakeven could be delayed to the 4th-5th year of harvesting (i.e. FY15 onwards) because of its relatively higher financing cost. At the group level, THP will need to expense MYR13m interest (which may not be capitalized) for its new debt of MYR255m (assume 5% p.a interest). With this acquisition, THP‟s proforma net gearing will jump to 0.82x (from 0.31x on 30 June ‟12), but lowered to 0.52x once another ongoing asset acquisition which involves new THP share issuance is completed. Still, at 0.52x net gearing level, THP‟s ability to gear further for expansion is limited.
[Maybank research 29.Oct.2012]
- TH種植在另一則文告中指出，已與朝聖基金局（LTH）展開面值高達10億令吉的伊債項目，豐隆伊銀、興業投銀為此項目的聯合主理商。該公司30日已發行總值2億令吉伊債，為期15年，年回酬率6.66%；籌資所得將用作償還貸款及做資本開銷。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=29414:th-42&Itemid=198 (Oct.2012)
- The RM535.64 million deal involves issuance of 209.23 million new THP shares at RM2.56 per share to LTH as payment for 100 per cent of TH Ladang (Sabah & Sarawak) Sdn Bhd and 70 per cent of TH Bakti Sdn Bhd. This would result in LTH's 59 per cent stake in THP to increase to 71 per cent, while other investors' holding dilutes. These investors would only vote in favour of the deal if there had been a tacit understanding that LTH will pare down its stake in THP.
- On the outlook for the company, Zainal said RM725 million in capital expenditure will go to planting up oil palms across 23,000ha in the next four years until 2016.
- Last month, it was reported that Sabah Forestry Department had rejected the execution of the teak and rubber plantation development agreement with TH-Bonggaya.
In response, Yusof said THP had just received written approval from the Sabah Chief Minister's office.
"The initial rejection was brought on by the issue of interpretation. Now, all parties are in agreement that LTH remain the licence holder while TH-Bonggaya carry on with the planting of teak and rubber trees."http://www.btimes.com.my/Current_News/BTIMES/articles/thp13/Article/ (Year-2012 Q3)
- TH种植发新股，向大股东—朝圣基金局收购两家种植企业议案获小股东通过，管理层有信心，每股盈利稀释效应能在两年后正常化，不会损及股东利益。
- 再纳亚斯瓦补充，完成收购后，TH种植將有近一半油棕树龄介於1至3年的年幼期。
- 隨著这次购得大量幼龄油棕树，再纳亚斯瓦表示，旗下平均树龄將从16年，降至14年。一旦完成收购威达（WEIDA，7111，主板工业股）旗下Bumi Suria Ventures（BSV）和Maju Warisanmas（MW）后，其平均树龄进一步降至12-13年，是油棕种植最理想的状態。
- 除了树龄年轻化，再纳亚斯瓦表示，新购土地將让其地库规模翻倍至9万1708英亩，TH种植成为国內地库第四大的中型种植公司。「如果有机会，我们还想更上层楼，成为拥有超过10万英亩的种植巨头。」
- 鲜果串（FFB）產量方面，再纳亚斯瓦预计，料可从明年预期年產78万公吨的基础，以15.6%的复合成长率（CAGR）或4年总共50%涨幅计算，在2016年达到120万公吨。
- 「我们预计每年播种6000英亩新地库，每年投入2亿至2.5亿令吉资本开销（CAPEX）建立提炼厂或维修基建。」
- 管理层表示，该公司还会在国內及印尼加里曼丹探寻购入合適的未开发地段，以及部份翻种的已开发地段的可行性。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=31047:th-2&Itemid=198 (Nov.2012)
- The establishment of Sukuk Murabahah Programme (“Sukuk Programme”) of up to RM1.0 billion in nominal value with tenure of up to 15 years with TH as the sole investor. The proceeds from this issuance will be utilised for repayment of bridger facilities, cash reserve for THP Group’s future expansion plans including potential acquisition opportunities, capital expenditure and other general purposes. The successful landmark issuance of the Sukuk Programme will support THP Group’s strategy by strengthening balance sheet, maximising financial flexibility and enhancing our position to execute internal & external growth plans.
(Annual report 2012)
- On the newly acquired plantations totaling 46,145 Ha from TH, they represent a strategic move in fortifying our footprints domestically and improving the overall age profile of oil palms from 16 years to 14 years.
- The acquisitions have increased our presence in market share and growth opportunities through economies of scale and synergies due to the regional location of the enlarged plantation area of approximately 45,000 Ha sited in Sarawak. (exclude MW & BSV acquisitions)
(Annual report 2012)
- Moving forward, we are focused on the identified three Key Growth Nodes namely value enhancement of the enlarged plantation platform, land bank expansion and humanizing our business operation.
(Annual report 2012)
- Income from the management fees is expected to decline next year due to the disposal of THLSS and TH Bakti by TH to THP mentioned earlier. Nevertheless, TH is keen to capture more opportunities domestically and regionally for plantation development to maximise the returns to their depositors.
(Annual report 2012)
－ TH種植（THPLANT，5112，主板種植組）擬撥7千500萬令吉資本開銷設廠及發展新地庫，結合早前向大股東朝聖基金局收購的兩家種植公司，放眼未來4年鮮果串年平均成長17%。
- 該公司首席執行員拿督再納亞斯瓦在特大後表示，將從5年資本開銷中撥出7千500萬令吉，為砂拉越新地庫建設一家產量30噸的棕油提煉廠、發展種植及維修基礎設施，為期4年。
- 他表示目前正洽購印尼加里曼丹1萬4千公頃土地(PKP-delay since year2011)，收購價約1千600萬令吉，預計首季末可定案，一旦完成收購，總地庫將達至1千零1萬公頃，屆時將整合所收購地庫，為其增值、提高產量。
http://biz.sinchew.com.my/node/70340 (Feb.2013)
- As at 29 March 2013, our total land bank measured 97,592 hectares, and 66,890 hectares or 69% have been planted with oil palm. With the latest land bank acquisitions made in early 2013, THP has further improved the average age profile of oil palms to about 12 years.
- THPlant also now embarked on a more structured replanting programme to ensure achieve the optimal average age profile of about 10-12 years within the next 3-4 years. In addition, newer, high quality planting materials are being used in the replanting exercise that will ensure better yields in future.
(Annual report 2012)
- Precision agriculture. With the use of new technologies, such as the Global Positioning System (“GPS”), sensors, satellite or aerial images, and information management tools such as the Geographical Information System (“GIS”), we will be able to assess and understand those variations more accurately and in a more timely manner.
(Annual report 2012)
- 獲得控股公司朝聖基金局（Tabung Haji）的全力支持，是積極在國內收購土地的種植公司之一，一旦選舉塵埃落定，相信會提出更多購地計劃。該公司積極在沙、砂與登州收購油棕園，不到一年內油棕園面積增長78.5%至6萬6千890公頃，平均樹齡由16年減至13年，料將推動其未來內部成長的動力。
http://biz.sinchew.com.my/node/74187 (April.2013 - FY2013)
- TH Plantations Bhd (THP) hopes to receive a soft loan of RM100mil from the Malaysian Timber Industry Board this year for its timber and rubber plantation development in Sabah. Chief executive officer Datuk Zainal Azwar Zainal Aminuddin said: “Once we receive the loan, we will be ready to go full swing with the timber and rubber plantation. “We have already started planting 2,000ha and hope to finish the planting process on 8,000ha in the Bonggaya forest reserve in Sandakan, Sabah by 2014, once we get the loan approval.” The group has allocated about 15,000ha in Sabah to plant latex timber clone rubber trees, which would provide an opportunity for the group to diversify its revenue stream.
- “From the latex timber clone rubber trees, we are going into an integrate d approach to rubber planting, where the trees will take six years to begin producing latex and 15 years for them to be logged for timber,” Zainal said.
- The group also targets to increase its fresh fruit bunches (FFB) production to more than one million tonnes a year by 2014.
- The group is allocating RM350mil for capital expenditure (capex) this year. More than 50% of the amount would be used to develop its current green field that stood close to 16,000ha and to continue with its replanting initiatives. “This year, we are going to continue with our replanting initiatives on 1,200ha of some mature area in Sabah, Kluang in Johor and Keratong in Pahang,” Zainal said. He said the group would use the balance of the capex for mills maintenance.
http://www.thestar.com.my/story.aspx/?file=%2f2013%2f5%2f21%2fbusiness%2f13137901&sec=business (May.2013 - FY2013)
- TH Plantations Bhd, which already operates six oil palm mills in Peninsular Malaysia, plans to set up its first palm oil refinery in Sarawak, says Executive Officer Datuk Zainal Azwar Zainal Aminuddin. Construction of the refinery will begin at year-end and will have a capacity to process 1,500 tonnes of fresh fruit bunches per day when its begins operations in two years.
- The new refinery would be financed by a RM2.5 billion sukuk which was raised last year, of which, RM830 million has been utilised, he told reporters after the company's annual general meeting.
- Zainal Azwar also said TH Plantations Bhd aimed to produce one million tonnes of oil palm fresh fruit bunches by the end of next year (2014) against an output of 823,825 (exact: 778,341) tonnes estimated this year.
- He said the company also intended to increase its plantation size to 130,000 hectares by 2015 from its present 97,592 hectares. "We are in the midst of completing the acquisition of PT Persada Kencana Prima," he said, adding that the deal which involved 11,837 hectares of land in Kalimantan, Indonesia, will be completed next month.
http://www.themalaysianinsider.com/business/article/th-plantations-to-build-palm-oil-refinery-in-sarawak/ (May.2013 - FY2013)
- For its expansion plans, Zainal Azwar said subject to the approval of board of directors, TH Plantations plans to build its first refinery in Sarawak by year-end to cater to its growth in the state, which has 52,000ha of oil palm estates, as well as steer away from being a pure upstream player.
- The refinery will take up to two years to build, with the capacity to process 1,500 tonnes of fresh fruit bunches a day. It will be financed by its RM2.5 billion sukuk, which was raised in September 2012, of which it has utilised RM830 million.
http://www.kppk.gov.my/index.php/2012-10-31-06-45-41/mpic-in-the-news/news-year-2013/1142-th-plantations-eyes-1m-tonnes-of-fresh-fruit-bunches.html (May.2013 - FY2013)
- TH Plantations chief executive officer Datuk Zainal Azwar Zainal Aminuddin said its landbank has also more than tripled to 97,592ha from a mere 28,730ha in 2007. "We are always looking for opportunities to grow either in greenfields or brownfields, as we seek to bolster our plantation size to 130,000ha by 2015, in line with our KPI (Key Performance Indicator)," Zainal Azwar said after the company's 39th annual shareholders meeting here yesterday.
- For its expansion plans, Zainal Azwar said subject to the approval of board of directors, TH Plantations plans to build its first refinery in Sarawak by year-end to cater to its growth in the state, which has 52,000ha of oil palm estates, as well as steer away from being a pure upstream player. The refinery will take up to two years to build, with the capacity to process 1,500 tonnes of fresh fruit bunches a day. It will be financed by its RM2.5 billion sukuk, which was raised in September 2012, of which it has utilised RM830 million.
http://www.nst.com.my/businessCurrent_News/BTIMES/articles/THFFB/Article/ (May.2013 - FY2013)
- TH种植（THPLANT，5112，主板种植股）早前收购的Bumi Suria Ventures私人有限公司（BSV），与威达（WEIDA，7111，主板工业股）的子公司--BlastPower私人有限公司签署一项採石和供应合约。 该合约之下，Blast Power获得採集、搬运、把矿石產品销售予BSV或第三方的独家代理权。其中，爆石工程、搬运和生產的执照期限为20年。另外，BSV同意为期10年向Blast Power够买每年20万公吨的矿石產品，后者也將在该期限內提供该数量的矿石產品。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=74634:th&Itemid=198 (Sept.2013 - FY2013)
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1410065
- TH種植發文告表示，2013財政年表現為投資者提供預覽集團擴大地庫實際潛能機會，2012年和2013年初展開的土地併購計劃已開始做出健康貢獻，預期隨著更多地區果樹趨向成熟，未來數年增長趨勢將持續正面。此外，TH種植在過去數年開始落實產量改善措施，部份園丘產量現已超越每公頃25公噸鮮果串水平，相信隨著有關政策擴大至新購地庫，中長期正面效益將持續揮發。
- 該公司補充，集團剛完成收購印尼PT Persada Kencana Prima佔地1萬1千400公頃土地計劃，有望進一步推動淨利表現，加上原棕油價走向堅挺，樂觀相信現年營業額和獲利將取得改善
http://biz.sinchew.com.my/node/90673?tid=6 (Feb.2014 - FY2014)
Dividends
On its dividend policy, Zainal Azwar said the company would maintain its dividend policy of 50 per cent of net profits annually.
http://www.themalaysianinsider.com/business/article/th-plantations-to-build-palm-oil-refinery-in-sarawak/ (May.2013 - FY2013)
TH種植向馬證交所報備2014財年的關鍵績效指標（KPI），透露計劃將50%淨利當作股息回饋股東。
http://www.chinapress.com.my/node/519843 (April.2014 - FY2014)
Results
http://biz.sinchew-i.com/node/46404 (April.2011)- TH PLANTATION Bhd targets to increase its land bank to 50,000 hectares from 39,113 ha by 2012, a company official said.TH Plantations plans to acquire the first "substantial parcel" by the end of June and are looking at Sumatera and Kalimantan where land prices are said to be lower compared to Sabah and Sarawak.
- A total of RM150 million has been allocated this year to build a palm oil mill in Sarawak and the company's replanting program me.
- The company's revenue jumped 20% last year, attributed to aggressive selling at immediate spot prices in 2Q2010 and 3Q2010, when the company simultaneously relaxed its forward and long-term pricing strategy.
http://www.theedgemalaysia.com/business-news/185737-th-plantations-to-expand-land-bank-to-50000-ha-by-2012.html (April.2011)
- Of its current landbank, 60% or 22,541ha consists of mature areas with trees aged over 20 years. As part of its strategy going forward, the company plans to reduce the average age of its trees to 11 years from 18 by accelerating its replanting programme. In addition, it plans to improve its oil extraction rate which increased 59 bps to 21.09% last year.
- The company has allocated RM1 million as an “innovation budget”, part of which will go towards R&D on green energy and biofuels. And it has allocated a separate RM150 million in capital expenditure to build a palm oil mill and for its replanting program me.
- “The major part of this budget involves building the mill and housing complexes in the area, while 25% to 30% will go towards replanting,” Zainal told a press conference after the company’s annual general meeting.
- Last year, revenue surged 20% from RM304.36 million in 2009, while net profit surged 66.3% to RM89.48 million from RM53.8 million the year before.
“Last year was a record performance since the year we went for public listing [in 2006],” said Zainal.
He attributed this to the aggressive selling of palm oil at immediate spot prices in 2Q and 3Q10, to capitalise on rising CPO prices. During this period, the company simultaneously relaxed its forward and long-term pricing strategy. “We embark on aggressive spot sales only when the prices are going on a continual uptrend, but if [they are] on a downtrend we have to slightly modify our mechanism and focus more [on] forward and long-term sales,” said Zainal.
The company said a minimum of 40% of its total sales are at spot prices. Another 30% is sold under forward contracts where both volume and prices are pre-determined. The remaining 30% is sold under long-term contracts in which prices are based on the monthly average price published by the Malaysian Palm Oil Board (MPOB).
According to figures released by the MPOB, CPO averaged RM2,740 per tonne in 2010. This compares with the company’s average CPO price of RM2,617 per tonne for the previous year. The company has set a target or base price of RM2,800 per tonne for 2011.
http://www.theedgemalaysia.com/in-the-financial-daily/185795-th-plantations-to-acquire-land-in-indonesia.html (April.2011)
- 再那阿斯華說：“在產量逐漸提高後，我們也希望在未來5年內，平均樹齡將從18年下降至11年，因為目前的情況不太健康，我們需要將樹齡降低。” TH種植已趨成熟的棕油樹佔60%(over 20 years)，另40%則未成熟。
http://biz.sinchew-i.com/node/46599 (April.2011)
- TH種植在2010年共有50%果樹樹齡達到20歲或以上，但預計比重在2015年將減至20%。
-TH種植洽購沙巴某塊地庫計劃失敗，但管理層已轉移目標至收購印尼蘇拉威西一塊地皮，以積極擴充地庫，期望在2012年達到5萬公頃種植地庫目標。興業透露，相關土地佔地1萬公頃，已握有允許開發的執照，價值可能高達每公頃500美元（約1千500令吉），不會牴觸印尼政府近期的伐木禁令。“我們對土地擴充計劃感到正面，但盈利貢獻可能需要至少3至4年時間，或果樹成熟後方可兌現。”
http://biz.sinchew-i.com/node/49091 (July.2011)
- "Consistent with the objectives of the palm oil sector in the ETP, we continued with our focus on four of the Entry Point Projects ("EPP"); namely accelerating the replanting program, improving FFB yields, improving worker productivity and increasing the OER."
- "In addition to that, the replanting programs to replace aged trees with superior planting materials remain a vital initiative for THP Group to avoid stagnating yields and a decline in production."
- "We are constructing a new 60 MT per hour mill in Pusa,Sarawak with a processing capacity of approximately 360,000MT per annum. The mill is scheduled for completion in 2013 and will be timely investment to cater to the expected rapid growth of THP Group's crop production in that region."
(Annual report 2011)
- 该公司设下的2012財政年关键表现指標与其2011財政年的目標並无太大出入，股本回酬维持在19%、每公顷22公吨的鲜果串產量及50%的股息派发率。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=6601:th&Itemid=198 (April.2012)
- 该公司目前的种植园内的平均树龄为16年，未来两年，在翻种和新种植计划下，平均树龄将减至13年。
“我们希望在2015年，棕油树的平均树龄可以维持在11年左右。” 他表示，11至13年的平均树龄，将能产生最多的收成。
http://www.nanyang.com.my/node/440515?tid=462 (April.2012)
- TH種植（THPLANT，5112，主板種植組）發股向大股東朝聖基金局收購兩家公司，將令其種植地面積倍增。分析員認為，由於朝聖基金局到時將擁有TH種植七成股權，未來將有機會將該公司私有化。
- 此收購也令TH種植的公眾持股從41.06%減少至29.23%，雖然仍高於最低25%的公眾股權分散要求，但MIDF相信，這為朝聖基金局帶來在往後私有化TH種植的潛在機會。
- 完成資產挹注計劃後，朝聖基金局和僱員公積金局在T H種植的持股權，估計將分別自58.82和8.55%，提高至70.68%和6.09%。
http://biz.sinchew.com.my/node/63193 (July.2012)
- Part of TH Plantations Bhd's proposals to expand its operations involving sustainable forest management and also teak and rubber plantation development in Sabah were rejected by the Sabah Forestry Department. (TH种植向马交所报备，沙巴森林局拒绝该公司在沙巴拓展森林管理、柚木和橡胶种植业务的部分建议。)
- It said on Wednesday the department had not accepted its proposals which involved the assignment of the sustainable forest management licence agreement dated Sept 2, 1998 between TH Plantations and the Chief Minister of Sabah to TH-Bonggaya.The department also did not accept the execution of the teak and rubber plantation development agreement with TH-Bonggaya. 上述协议是TH种植向朝圣基金局收购4万5708公顷土地（价值5亿3564万令吉）的部分条件，而TH种植计划对上述决议提出上诉。
- TH Plantations said it would appeal against the decision.
http://biz.thestar.com.my/news/story.asp?file=/2012/10/17/business/20121017194248&sec=business (October.2012)
- TH Plantations Bhd may be selling the company's plantations in the Indonesian province of Riau to Indonesian-based unlisted company PT Borneo Pacific in a deal worth US$1.3bil (RM3.95bil). The bank said PT Borneo would buy TH Plantations' 95% stake for US$910bil (RM2.76bil) and was expecting to buy the remaining 5% owned by PT Primasakti Rizki Pertiwi.
http://biz.thestar.com.my/news/story.asp?file=/2012/10/19/business/12194737&sec=business (October.2012)
- TH Plantations Bhd (THP) has proposed to acquire land and oil palm estates in Sarawak from parties including Weida (M) Bhd for RM254.6mil cash. THP told Bursa Malaysia that on October 25, it had entered into a conditional share sale agreement with Weida (M) Bhd, Enerstar Sdn Bhd, Liew Tien How and Bong Sen Kui to buy Bumi Suria Ventures Sdn Bhd (BSV) for RM212.5mil. Weida (M) Bhd has a 51.43% stake in BSV, with the rest held by Liew (33.57%), Bong (10%) and Enerstar Sdn Bhd (5%). The plantation arm of the Pilgrimage Fund Board also entered into a conditional share sale agreement with Weida (M) Bhd to buy Maju Warisanmas Sdn Bhd (MWM) for RM42.08mil.
- THP said the proposed acquisitions is in line with its target to acquire plantation land bank at strategic locations to complement its existing growth strategy. The group said upon completion of the proposed acquisitions as well as the acquisitions of TH Ladang (Sabah & Sarawak) Sdn Bhd and a 70% stake in TH Bakti Sdn Bhd (as announced on July 24, 2012), the total plantation land bank held by THP will increase by 117% from the current 44,933 hectares to 97,592 hectares, and an increase in total planted area of oil palms from 38,154 hectares to 59,229 hectares.
http://biz.thestar.com.my/news/story.asp?file=/2012/10/25/business/20121025163133&sec=business (October.2012)
- TH种植有限公司（THPLANT，5112，种植组）将支付2亿5458万令吉，向威达（马）有限公司（WEIDA，7111，工业产品组）收购2家拥有6513公顷土地，并有5424公顷种植油棕的子公司。
RM254,580,000 / 5,424ha = RM46,936/ha
- 在一项声明中，TH种植说，它将向威达和其他股东收购Bumi Suria投资私人有限公司和Maju Warisanmas私人有限公司的全部股权，前者代价2亿1250万令吉，后者则以4208万令吉转手。
- 在TH种植方面，这项收购加上最近宣布买下TH园丘（沙砂）私人有限公司和TH Bakti私人有限公司，有效增加集团的总种植地库117%，达到9万7592公顷，并扩大油棕总种植面积至5万9229公顷。
- 上述地段所种植的油棕树树龄介于零至4岁，而已开始开花结果的则于截至2012年3月31日止财政年生产了2594公顷的鲜果仁。
http://www.kwongwah.com.my/news/2012/10/26/110.html (October.2012)
- THP has proposed to acquire 100%-equity
interests in Bumi Suria Ventures SB (BSV) and Maju Warisanmas SB
(MWM) from Weida (WEI MK; Not Rated) and other shareholders for
MYR255m cash. These companies collectively own 5,424 ha of planted
oil palm estates (6,514 ha of gross land) in Sarawak located midway
between Bintulu and Sibu, with an estimated average age profile of ~2
years. Some 600 ha entered into its 1st year of harvesting and produced
2,646MT of FFB for Jan-Sep 2012. This translates to an annualized
yield of 6-7MT/ha, which is in tandem with normal FFB yield trends.
- Plantation estates typically break even in the 3rd-4th year of harvesting given low FFB yields in the initial years. But, in this instance, THP‟s breakeven could be delayed to the 4th-5th year of harvesting (i.e. FY15 onwards) because of its relatively higher financing cost. At the group level, THP will need to expense MYR13m interest (which may not be capitalized) for its new debt of MYR255m (assume 5% p.a interest). With this acquisition, THP‟s proforma net gearing will jump to 0.82x (from 0.31x on 30 June ‟12), but lowered to 0.52x once another ongoing asset acquisition which involves new THP share issuance is completed. Still, at 0.52x net gearing level, THP‟s ability to gear further for expansion is limited.
Acquisition of PT Persada Prima (first announced on 11 Nov
2011)
PT PKP still awaiting HGU. THP announced the acquisition of a 93% equity stake in PT Persada Prima (PT PKP) in Nov 2011 (for Rp46.2b or MYR16.8m at the exchange rate prevailing then) and it was expected to be completed by 2Q12. However PT PKP sought an extension as it has yet to obtain Surat Keputusan Hak Guna Usaha (i.e land permits, HGU) that is a condition precedent for the completion of the acquisition. PKP had obtained Plantation Business Permit (Izin Usaha Perkebunan) on 27 Feb 2009, which is one of the conditions before obtaining HGU. PT PKP owns 14,180ha of greenfield land in East Kalimantan, Indonesia.
PT PKP still awaiting HGU. THP announced the acquisition of a 93% equity stake in PT Persada Prima (PT PKP) in Nov 2011 (for Rp46.2b or MYR16.8m at the exchange rate prevailing then) and it was expected to be completed by 2Q12. However PT PKP sought an extension as it has yet to obtain Surat Keputusan Hak Guna Usaha (i.e land permits, HGU) that is a condition precedent for the completion of the acquisition. PKP had obtained Plantation Business Permit (Izin Usaha Perkebunan) on 27 Feb 2009, which is one of the conditions before obtaining HGU. PT PKP owns 14,180ha of greenfield land in East Kalimantan, Indonesia.
[Maybank research 29.Oct.2012]
- TH種植在另一則文告中指出，已與朝聖基金局（LTH）展開面值高達10億令吉的伊債項目，豐隆伊銀、興業投銀為此項目的聯合主理商。該公司30日已發行總值2億令吉伊債，為期15年，年回酬率6.66%；籌資所得將用作償還貸款及做資本開銷。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=29414:th-42&Itemid=198 (Oct.2012)
- The RM535.64 million deal involves issuance of 209.23 million new THP shares at RM2.56 per share to LTH as payment for 100 per cent of TH Ladang (Sabah & Sarawak) Sdn Bhd and 70 per cent of TH Bakti Sdn Bhd. This would result in LTH's 59 per cent stake in THP to increase to 71 per cent, while other investors' holding dilutes. These investors would only vote in favour of the deal if there had been a tacit understanding that LTH will pare down its stake in THP.
- On the outlook for the company, Zainal said RM725 million in capital expenditure will go to planting up oil palms across 23,000ha in the next four years until 2016.
- Last month, it was reported that Sabah Forestry Department had rejected the execution of the teak and rubber plantation development agreement with TH-Bonggaya.
In response, Yusof said THP had just received written approval from the Sabah Chief Minister's office.
"The initial rejection was brought on by the issue of interpretation. Now, all parties are in agreement that LTH remain the licence holder while TH-Bonggaya carry on with the planting of teak and rubber trees."http://www.btimes.com.my/Current_News/BTIMES/articles/thp13/Article/ (Year-2012 Q3)
- TH种植发新股，向大股东—朝圣基金局收购两家种植企业议案获小股东通过，管理层有信心，每股盈利稀释效应能在两年后正常化，不会损及股东利益。
- 再纳亚斯瓦补充，完成收购后，TH种植將有近一半油棕树龄介於1至3年的年幼期。
- 隨著这次购得大量幼龄油棕树，再纳亚斯瓦表示，旗下平均树龄將从16年，降至14年。一旦完成收购威达（WEIDA，7111，主板工业股）旗下Bumi Suria Ventures（BSV）和Maju Warisanmas（MW）后，其平均树龄进一步降至12-13年，是油棕种植最理想的状態。
- 除了树龄年轻化，再纳亚斯瓦表示，新购土地將让其地库规模翻倍至9万1708英亩，TH种植成为国內地库第四大的中型种植公司。「如果有机会，我们还想更上层楼，成为拥有超过10万英亩的种植巨头。」
- 鲜果串（FFB）產量方面，再纳亚斯瓦预计，料可从明年预期年產78万公吨的基础，以15.6%的复合成长率（CAGR）或4年总共50%涨幅计算，在2016年达到120万公吨。
- 「我们预计每年播种6000英亩新地库，每年投入2亿至2.5亿令吉资本开销（CAPEX）建立提炼厂或维修基建。」
- 管理层表示，该公司还会在国內及印尼加里曼丹探寻购入合適的未开发地段，以及部份翻种的已开发地段的可行性。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=31047:th-2&Itemid=198 (Nov.2012)
- The establishment of Sukuk Murabahah Programme (“Sukuk Programme”) of up to RM1.0 billion in nominal value with tenure of up to 15 years with TH as the sole investor. The proceeds from this issuance will be utilised for repayment of bridger facilities, cash reserve for THP Group’s future expansion plans including potential acquisition opportunities, capital expenditure and other general purposes. The successful landmark issuance of the Sukuk Programme will support THP Group’s strategy by strengthening balance sheet, maximising financial flexibility and enhancing our position to execute internal & external growth plans.
(Annual report 2012)
- On the newly acquired plantations totaling 46,145 Ha from TH, they represent a strategic move in fortifying our footprints domestically and improving the overall age profile of oil palms from 16 years to 14 years.
- The acquisitions have increased our presence in market share and growth opportunities through economies of scale and synergies due to the regional location of the enlarged plantation area of approximately 45,000 Ha sited in Sarawak. (exclude MW & BSV acquisitions)
(Annual report 2012)
- Moving forward, we are focused on the identified three Key Growth Nodes namely value enhancement of the enlarged plantation platform, land bank expansion and humanizing our business operation.
(Annual report 2012)
- Income from the management fees is expected to decline next year due to the disposal of THLSS and TH Bakti by TH to THP mentioned earlier. Nevertheless, TH is keen to capture more opportunities domestically and regionally for plantation development to maximise the returns to their depositors.
(Annual report 2012)
－ TH種植（THPLANT，5112，主板種植組）擬撥7千500萬令吉資本開銷設廠及發展新地庫，結合早前向大股東朝聖基金局收購的兩家種植公司，放眼未來4年鮮果串年平均成長17%。
- 該公司首席執行員拿督再納亞斯瓦在特大後表示，將從5年資本開銷中撥出7千500萬令吉，為砂拉越新地庫建設一家產量30噸的棕油提煉廠、發展種植及維修基礎設施，為期4年。
- 他表示目前正洽購印尼加里曼丹1萬4千公頃土地(PKP-delay since year2011)，收購價約1千600萬令吉，預計首季末可定案，一旦完成收購，總地庫將達至1千零1萬公頃，屆時將整合所收購地庫，為其增值、提高產量。
http://biz.sinchew.com.my/node/70340 (Feb.2013)
- As at 29 March 2013, our total land bank measured 97,592 hectares, and 66,890 hectares or 69% have been planted with oil palm. With the latest land bank acquisitions made in early 2013, THP has further improved the average age profile of oil palms to about 12 years.
- THPlant also now embarked on a more structured replanting programme to ensure achieve the optimal average age profile of about 10-12 years within the next 3-4 years. In addition, newer, high quality planting materials are being used in the replanting exercise that will ensure better yields in future.
(Annual report 2012)
- Precision agriculture. With the use of new technologies, such as the Global Positioning System (“GPS”), sensors, satellite or aerial images, and information management tools such as the Geographical Information System (“GIS”), we will be able to assess and understand those variations more accurately and in a more timely manner.
(Annual report 2012)
- 獲得控股公司朝聖基金局（Tabung Haji）的全力支持，是積極在國內收購土地的種植公司之一，一旦選舉塵埃落定，相信會提出更多購地計劃。該公司積極在沙、砂與登州收購油棕園，不到一年內油棕園面積增長78.5%至6萬6千890公頃，平均樹齡由16年減至13年，料將推動其未來內部成長的動力。
http://biz.sinchew.com.my/node/74187 (April.2013 - FY2013)
- TH Plantations Bhd (THP) hopes to receive a soft loan of RM100mil from the Malaysian Timber Industry Board this year for its timber and rubber plantation development in Sabah. Chief executive officer Datuk Zainal Azwar Zainal Aminuddin said: “Once we receive the loan, we will be ready to go full swing with the timber and rubber plantation. “We have already started planting 2,000ha and hope to finish the planting process on 8,000ha in the Bonggaya forest reserve in Sandakan, Sabah by 2014, once we get the loan approval.” The group has allocated about 15,000ha in Sabah to plant latex timber clone rubber trees, which would provide an opportunity for the group to diversify its revenue stream.
- “From the latex timber clone rubber trees, we are going into an integrate d approach to rubber planting, where the trees will take six years to begin producing latex and 15 years for them to be logged for timber,” Zainal said.
- The group also targets to increase its fresh fruit bunches (FFB) production to more than one million tonnes a year by 2014.
- The group is allocating RM350mil for capital expenditure (capex) this year. More than 50% of the amount would be used to develop its current green field that stood close to 16,000ha and to continue with its replanting initiatives. “This year, we are going to continue with our replanting initiatives on 1,200ha of some mature area in Sabah, Kluang in Johor and Keratong in Pahang,” Zainal said. He said the group would use the balance of the capex for mills maintenance.
http://www.thestar.com.my/story.aspx/?file=%2f2013%2f5%2f21%2fbusiness%2f13137901&sec=business (May.2013 - FY2013)
- TH Plantations Bhd, which already operates six oil palm mills in Peninsular Malaysia, plans to set up its first palm oil refinery in Sarawak, says Executive Officer Datuk Zainal Azwar Zainal Aminuddin. Construction of the refinery will begin at year-end and will have a capacity to process 1,500 tonnes of fresh fruit bunches per day when its begins operations in two years.
- The new refinery would be financed by a RM2.5 billion sukuk which was raised last year, of which, RM830 million has been utilised, he told reporters after the company's annual general meeting.
- Zainal Azwar also said TH Plantations Bhd aimed to produce one million tonnes of oil palm fresh fruit bunches by the end of next year (2014) against an output of 823,825 (exact: 778,341) tonnes estimated this year.
- He said the company also intended to increase its plantation size to 130,000 hectares by 2015 from its present 97,592 hectares. "We are in the midst of completing the acquisition of PT Persada Kencana Prima," he said, adding that the deal which involved 11,837 hectares of land in Kalimantan, Indonesia, will be completed next month.
http://www.themalaysianinsider.com/business/article/th-plantations-to-build-palm-oil-refinery-in-sarawak/ (May.2013 - FY2013)
- For its expansion plans, Zainal Azwar said subject to the approval of board of directors, TH Plantations plans to build its first refinery in Sarawak by year-end to cater to its growth in the state, which has 52,000ha of oil palm estates, as well as steer away from being a pure upstream player.
- The refinery will take up to two years to build, with the capacity to process 1,500 tonnes of fresh fruit bunches a day. It will be financed by its RM2.5 billion sukuk, which was raised in September 2012, of which it has utilised RM830 million.
http://www.kppk.gov.my/index.php/2012-10-31-06-45-41/mpic-in-the-news/news-year-2013/1142-th-plantations-eyes-1m-tonnes-of-fresh-fruit-bunches.html (May.2013 - FY2013)
- TH Plantations chief executive officer Datuk Zainal Azwar Zainal Aminuddin said its landbank has also more than tripled to 97,592ha from a mere 28,730ha in 2007. "We are always looking for opportunities to grow either in greenfields or brownfields, as we seek to bolster our plantation size to 130,000ha by 2015, in line with our KPI (Key Performance Indicator)," Zainal Azwar said after the company's 39th annual shareholders meeting here yesterday.
- For its expansion plans, Zainal Azwar said subject to the approval of board of directors, TH Plantations plans to build its first refinery in Sarawak by year-end to cater to its growth in the state, which has 52,000ha of oil palm estates, as well as steer away from being a pure upstream player. The refinery will take up to two years to build, with the capacity to process 1,500 tonnes of fresh fruit bunches a day. It will be financed by its RM2.5 billion sukuk, which was raised in September 2012, of which it has utilised RM830 million.
http://www.nst.com.my/businessCurrent_News/BTIMES/articles/THFFB/Article/ (May.2013 - FY2013)
- TH种植（THPLANT，5112，主板种植股）早前收购的Bumi Suria Ventures私人有限公司（BSV），与威达（WEIDA，7111，主板工业股）的子公司--BlastPower私人有限公司签署一项採石和供应合约。 该合约之下，Blast Power获得採集、搬运、把矿石產品销售予BSV或第三方的独家代理权。其中，爆石工程、搬运和生產的执照期限为20年。另外，BSV同意为期10年向Blast Power够买每年20万公吨的矿石產品，后者也將在该期限內提供该数量的矿石產品。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=74634:th&Itemid=198 (Sept.2013 - FY2013)
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1410065
- TH種植發文告表示，2013財政年表現為投資者提供預覽集團擴大地庫實際潛能機會，2012年和2013年初展開的土地併購計劃已開始做出健康貢獻，預期隨著更多地區果樹趨向成熟，未來數年增長趨勢將持續正面。此外，TH種植在過去數年開始落實產量改善措施，部份園丘產量現已超越每公頃25公噸鮮果串水平，相信隨著有關政策擴大至新購地庫，中長期正面效益將持續揮發。
- 該公司補充，集團剛完成收購印尼PT Persada Kencana Prima佔地1萬1千400公頃土地計劃，有望進一步推動淨利表現，加上原棕油價走向堅挺，樂觀相信現年營業額和獲利將取得改善
http://biz.sinchew.com.my/node/90673?tid=6 (Feb.2014 - FY2014)
Dividends
On its dividend policy, Zainal Azwar said the company would maintain its dividend policy of 50 per cent of net profits annually.
http://www.themalaysianinsider.com/business/article/th-plantations-to-build-palm-oil-refinery-in-sarawak/ (May.2013 - FY2013)
TH種植向馬證交所報備2014財年的關鍵績效指標（KPI），透露計劃將50%淨利當作股息回饋股東。
http://www.chinapress.com.my/node/519843 (April.2014 - FY2014)
Results
- TH種植（THPLANT, 5112, 主板種植組）受高棕油價帶動，截至2011年3月31日止首季報淨利2千183萬令吉。
- 馬銀行研究指出，儘管首季棕油平均售價按季走高10%，鮮果串產量卻同步猛挫23%，造成淨利按季下滑49%。按年比較，首季淨利則上揚23%，主要因棕油平均售價高達每公噸3千471令吉，抵銷鮮果串產量按年下滑11%衝擊。(首季是種植業傳統弱季)
- 儘管首季生產成本按年下滑4%，但鑒於季節性週期因素，興業維持2011至2013財政年生產成本在每公噸1千100至1千200令吉之間。“棕油提煉廠將於2014年杪竣工，在此之前的獲益將取決於鮮果串銷售及原棕油價走勢，現階段難以預估。＂
- 儘管首季生產成本按年下滑4%，但鑒於季節性週期因素，興業維持2011至2013財政年生產成本在每公噸1千100至1千200令吉之間。“棕油提煉廠將於2014年杪竣工，在此之前的獲益將取決於鮮果串銷售及原棕油價走勢，現階段難以預估。＂
- 同時，該公司期望今年的棕油鮮果串產量將按年上升8.6%至50萬4千公噸，相等於每公頃22公噸，比較去年為46萬4千公噸；並預計棕油榨取率可超越去年的21.09%，每公頃增長達5.5倍。
http://biz.sinchew-i.com/node/46599 (April.2011)
- 興業研究表示，截至2011年5月止，TH種植鮮果串產量按年成長1.8%，成功扭轉今年首先3個月產量下跌10.8%頹勢，其中單單5月產能按月上漲22.6%，令管理層有信心能達成全年產量成長7〜8%目標。
- 同時，興業指出，T H種植在2011年首季成功趕搭原棕油價漲潮，錄得平均每公噸3千471令吉售價，第二季也有望取得類似平均價，因其採用95%產量以現貨銷售模式，僅有5%以期貨售出。
-“TH種植對原棕油價高度敏感，預計原棕油價每出現100令吉變化，將對淨利帶來10〜12%影響。”
http://biz.sinchew-i.com/node/49091 (July.2011)
- 原棕油价格飙高，TH种植（THPlant, 5112，主板种植股）截至6月30日财年第二季，净利劲扬323%。TH种植现财年第二季取得3216万4000令吉的净利，比去年同期的760万9000令吉，增长了323%。此外，TH种植在第二季的营业额也录得48%的增长，也就是从去年同期的7600万1000令吉，增至1亿1271万3000令吉。现财年上半年，TH种植净利达5399万7000令吉，比去年同期的2539万9000令吉，高出113%。上半年的营业额则有1亿8776万8000令吉，比1亿5321万6000令吉，增加了23%。
http://www.nanyang.com/node/370204 (July.2011)
- TH Plantations Bhd’s net profit for 3QFY11 rose 53.83% to RM33.12 million from RM21.53 million a year ago, boosted by higher commodity prices. For the nine-month period, TH Plantations net profit surged 85.63% to RM87.11 million from RM46.93 million on growth of 27.92% in revenue to RM303.73 million from RM237.44 million previously.
- The company said the higher cumulative earnings were mainly due to higher commodity prices and higher gross profit margins.
- Quarter-on-quarter, TH Plantations net profit inched up 2.97% to RM33.12 million from RM32.16 million in the preceding quarter. Pre-tax profit fell 8.74% to RM49.51 million from RM54.26 million while revenue grew marginally by 2.88% to RM115.96 million from RM112.713 million previously.According to the company, the quarterly fall in 3Q pre-tax profit was due to higher fertiliser application.http://www.theedgemalaysia.com/in-the-financial-daily/194989-th-plantations-3q-net-profit-soars-54-on-higher-commodity-prices.html (Oct.2011)
- 該行預計該公司在今年末季的表現走弱及賺幅面對壓縮，主要因鮮果串產量在末季屬於季節性淡季及原棕油及棕仁平均售價按季走低，從今年首季的高峰每公噸達3千370令吉已崩跌近54%；以及大馬勞力薪資及肥料成本的走高造成成本的壓力，使2011年財測保持不變。馬銀行研究調降明年的原棕油平均售價，從每公噸3千令吉下調至2千600令吉。
- 該公司的2011財政年9個月凈利達8千711萬9千令吉，按年劇增85.64%，佔該行全年預測凈利達1億1千萬令吉的79%。
http://biz.sinchew.com.my/node/53042?tid=18 (Oct.2011)
－ 12月原棕油生產按月挫8.2%，至149萬公噸，按年則增長21.3%。出口按月挫4.5%至159萬公噸，內需保持疲弱，進口按月增長66.2%、按年增長20.9%至15萬公噸。
http://biz.sinchew.com.my/node/55843 （Jan.2012)
- TH种植2011財政年的业绩表现不俗。其中，该公司的税后净利按年取得38.1%的成长，至1亿4980万令吉。而营业额亦按年上涨18.8%，达4亿3480万令吉。同时，其每股净利也从18.32仙，上扬至24.52仙。另外，该公司的鲜果串產量亦按年扬升10.6%，至51万3276公吨。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=6601:th&Itemid=198 (April.2012)
- TH Plantation Bhd's earnings fell 40.1% to RM13.06mil in the first quarter ended March 31 from RM21.83mil a year ago as its profitability was affected by higher production costs. It said on Tuesday its revenue rose 26.6% to RM95.04mil from RM75.05mil while earnings per share were 2.53 sen compared with 4.36 sen. TH Plantations said 94.71% of its revenue of RM95.04mil was contributed by plantation operations segment. It said 25% of the annual fertiliser budget for the current year was spent as compared to 21% for same quarter last year.
http://biz.thestar.com.my/news/story.asp?file=/2012/4/24/business/20120424193619&sec=business (April.2012)
- THP’s RM13m 1Q12 core net profit (-40% YoY, -65% QoQ) accounted for just 10% and 12% of our and consensus FY12 forecasts respectively. The shortfall is due to higher- than-expected cost and taxes.
- THP’s 1Q12 EBIT of MYR27m, making up 11% of our full year estimate, shrank by 22% YoY due to lower CPO ASP (-11% YoY) and higher than expected costs, although FFB production increased 7.6% YoY.
- FFB production declined 30% QoQ as 1Q production is seasonally weakest. 1Q FFB production was in line with our expectations as it met 19% of our 2012 forecast.
- The higher costs could be attributable to front-loaded manuring cost as a result of more timely fertiliser application vs. 1Q11, amid favourable weather. Labour cost have also been inflated by incentive payments that aim to enhance workers’ productivity.
- Earnings could rebound in 2Q12, with CPO spot prices at an average of MYR3,506/t MTD (+9%) vs. the 1Q12 spot average of MYR3,218/t.
[Maybank research 25.April.2012] Year-2012 Q1
[Maybank research 25.April.2012] Year-2012 Q1
- The high 52% QoQ growth in THP’s 2Q12 net profit of MYR19.9m (-38% YoY) is mainly due to “normalization of tax rate” for 1H12. THP recorded a significantly lower effective tax rate of 6% in 2Q12 which offsets 1Q12’s 37% effective tax rate. Operationally, 2Q12 pretax profit of MYR24.8m was flattish QoQ (- 1.4% QoQ, -54% YoY) due to benign 2Q12 CPO ASP (+2% QoQ, -5% YoY) and slow FFB production growth (+3% QoQ, -15 YoY). The high cost of production in 1Q12 persisted in 2Q12.
- 1H12 net profit plunged 39% YoY due to the dismal 1H12 FFB production (-5% YoY) and lower CPO ASP (-7% YoY). Cost of production was also inflated due to: i) higher manuring cost as a result of higher dosage and fertilizer cost, ii) additional pest control cost and iii) increased labour cost.
[Maybank research 6.August.2012]
- 截至6月止，TH種植（TH PLANT,5112,主板種植組）第二季淨利下跌38.17%至1千988萬6千令吉，導致首半年淨利跟著收窄38.97%，至3千295萬2千令吉。
- 該公司在文告中說，次季稅前盈利下滑41.29%的原因是營業額降低和生產成本上揚。其中，施肥、除蟲和收成開銷分別增加14%（128萬令吉）、152%（87萬令吉）和38%（218萬令吉）。
http://biz.sinchew.com.my/node/63593 (Aug.2012)
- TH種植第二季淨利按季增長52%，報1千990萬令吉，主要是受第一季稅務合理化影響，相比上一季的37%，第二季扣稅率只有6%。整體而言，該公司只取得2千480萬令吉稅前淨利，雖然油棕平均銷售量增加2%，但鮮果串產量卻減緩，按季只成長3%，加上第一季高生產成本延續至第二季，導致該公司按季表現平平。該行指出，該公司上半年淨利按年暴跌39%，原因包括上半年鮮果串產量按年減少5%，以及油棕銷售按年下滑7%。
http://biz.sinchew.com.my/node/63686 (Aug.2012)
- 原棕油及棕櫚仁價格及銷量皆跌，TH種植（THPLANT，5112，主要板種植）第3季淨利按年減42%至1920萬9000令吉。截至9月底，該公司第3季營業額從去年同期1億1597萬令吉，按年減29%至8234萬令吉。TH種植首3季淨利亦按年滑40%至5216萬令吉，營業額按年微跌9%至2億7674萬令吉。
- 該公司向馬證交所報備指出，第3季原棕油銷量按年減5.24%或3480公噸至6萬2970公噸，每公噸平均售價則是3020令吉，較去年同期3203令吉；同期生產成本亦因季節因素上漲。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=29414:th-42&Itemid=198 (Oct.2012)
- 平均原产品价格滑落以及生产与摊销成本偏高，导致TH种植（THPlant，5112，主板种植股）截至3月杪首季，净利按年下跌75.4%，至320万9000令吉，上财年同期为1306万6000令吉。现财年首季营业额也按年下跌5.9%，至8945万3000令吉，上财年同期报9504万6000令吉。
http://www.nanyang.com/node/538099?tid=48.. (May.2013 - FY2013)
- 平均原产品价格滑落导致营业额下滑，加上金融与摊销成本偏高，TH种植（THPLANT，5112，主板种植股）今年次季净利大跌64.28%至710万4000令吉，上财年同期净利达1988万6000令吉。
- 累积上半年净利报1031万3000令吉，较上财年同期的3295万2000令吉，挫68.7%。
http://www.nanyang.com/node/557941?tid=857 (Aug.2013 - FY2013)
- 3Q13 revenue improved 36% QoQ (+58% YoY) on seasonally stronger FFB production (+28% QoQ, +67% YoY) and slightly higher CPO ASPs (+2.7% QoQ, -22% YoY). 3Q13 EBIT jumped 164% QoQ (+57% YoY) on lower-than- expected cost of production per tonne, likely due to lower manuring cost. Albeit strong 9M13 FFB production growth (+62% YoY), 9M13 PBT declined 42% YoY. This is because cost of production was inflated by higher financing cost (+179% YoY) and amortization charges from the newly acquired estates despite efforts to improve efficiency.
- 9M13 CPO ASP of MYR2,143/t was at discount to spot prices due to deteriorated quality of its old CPO stock sold in 1H13 that has higher free fatty acid content.
- Although THP’s expansion plan would provide medium-to-long term earnings visibility, it would have to go through a gestation period (1-2 years) as the estates are still young with relatively higher cost of production per CPO tonne.
(Maybank research Oct.2013 - FY2013)
- 受到低原棕油價和折舊開銷衝擊，TH種植（THPLANT，5112，主板種植組）截至2013年12月31日止第四季淨利，下跌64.2%至3千737萬6千令吉，拖累全年淨利萎縮59.7%至6千310萬7千令吉。
http://biz.sinchew.com.my/node/90673?tid=6 (Feb.2014 - FY2013)
Bull case
- MIDF研究分析員表示，基於4大因素，他繼續正面看待TH種植的前景。一，每年翻種1500公頃的政策；二，可收割種植地的面積正擴大；三，位於Saribas的新工廠可增加原棕油產量；四，未來將業務擴充至印尼。
[Oriental daily End.2010]
Bear case
Corporate exercise
- TH種植（THPLANT，5112，主板種植組）建議以5送1比例派發紅股。該公司發表文告指出，紅股最高派發額為1億4千973萬股，並將通過股票溢價戶頭資本化。在派發紅股後，TH種植的繳足資本將從截至去年杪的3億6千417萬8千令吉，擴大至4億4千919萬1千令吉。
http://biz.sinchew.com.my/node/73130 (April.2013 - FY2013)
- TH种植昨日宣佈以5送1的比例，派送高达1亿4970万红股。拉昔胡申研究分析员表示，一旦完成有关红股，TH种植的股票数额將增加20%，至8亿9840万股。儘管红股建议可提高该公司的股票流通量，提振交投情绪，不过却会稀释其目前的股价和每股盈利，因此分析员下修每股盈利预测。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=50152:th&Itemid=198 (April.2013 - FY2013)
Debts
- 配合早前提倡的10億令吉伊斯蘭債券計劃，TH種植（THPLANT，5112，主板種植組）宣佈再發行6千萬令吉伊債給控股公司－－ 朝聖基金局（Tabung Haji）。該公司發文告說，上述伊債限期長達12年，將於2025年屆滿，年利為6.11%，發債所得資金將用作公司資本開銷。
http://biz.sinchew.com.my/node/73407 (April.2013 - FY2013)
- Zainal said TH Plantations, which has a cash pile of RM125.2 million and debt level of 0.7 time (debt level over shareholders fund), will ensure that it maintains its dividend policy of 50 per cent of net profit every year.
http://www.nst.com.my/businessCurrent_News/BTIMES/articles/THFFB/Article/ (May.2013 - FY2013)
Annual interest expenses = 4.787mil
30mil x 5.88% = 1.764mil
20mil x 5.98% = 1.196mil
30mil x 6.09% = 1.827mil
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1488345 (Dec.2013 - FY2013)
Financial ratio
- Return on equity (ROE) has been in declining trend since 2007 due mainly to a lower asset turnover ratio. We noted that the lower asset turnover ratio was due to corporate exercises occurred in 2008. THPLANT has completed the acquisitions of 51% and 100% equity interests in Syarikat Sabaco S/B and Ladang Bukit Belian S/B for a consideration of RM147.5 million and RM51.9 million respectively on 9 December 2008.
[JF Apex research Feb.2011]
再谈THPLANT
Vendor Development Initiative. "The effort for vendor development, which is specifically aimed to develop the local community, has been in practise by THP since it ventured into plantations in the 70s."
"THP as a Government Link Company (GLC) believes it has a role in supporting the New Economic Model, in which the ultimate aim is to elevate the people's well being. THP provides assistance in terms of financial and expertise, so as not to leave the community's land left undeveloped. This effort started off in Sarawak, whereby a joint venture initiative with the local community enabled the development of their Native Customary Rights (NCR) lands."
上面的statement是来自于THP的2011年报。我们从中可以很清楚明白THP其实就是政府的其中一个种植业投资臂膀，主要是帮助一些乡下的土著来发展大片未开发的资源，从而改善他们的生活素质。然后，这些小型企业家再把收成售于THP，确保THP有稳定的供应，以期达到互利互惠。这就是THP的主要生意模式。
THP主要的营运包括：
下面是2011年报里显示的一些主要的收入来源，包括了对外和内部的交易。
惊人的employee turnover rate!
"The management fees contributed RM25.8mil to the revenue, an increase of 7.4% from RM24.1mil in 2010."
"On monetising our plantation expertise, THP Agro Management Sdn Bhd ("THPAM"), our wholly owned subsidiary, manages THP Group's oil palm operations in Malaysia, and TH's oil plam operations in Malaysia & Indonesia as well as teak & rubber plantations in Sabah totalling approximately 168,985ha, contributing 5.9% or RM25.8mil of the revenue in the year 2011."
Contribution from management fees Year-2011: RM25.8mil / RM434.8mil = 5.9%
Contribution from management fees Year-2010: RM24.1mil / RM366mil = 6.6%
从中我们可以看到management fees对THP的贡献暂时并不大。不过THP也有提到会积极扩大这方面的收入，看来LTH接下来几年将会陆续将种植地交由THP来管理。"We are keen to reinfornce our role in providing management services as it enables us to cater to future growth by diversifying the revenue"
我们通常不愿意看到单一客户占了公司营业额的很大以部分，因为假如这个客户遇到困难倒闭，公司也会直接受拖累。同时我们也希望公司的客户是有素质的，那么生意才可以长久维持下去，公司才有成长的可能。THP的2011年报中也有交代公司的大客户，3大主要客户占了公司37%的。
(RM63,052,000+RM52,636,000+RM45,556) / RM434,835,000 = 37%
大客户Ngo Chew Hong是一间国际公司，生意横跨五大洲，客户分布超过一百个国家。
Pacific Inter-Link Sdn Bhd则是大马公司，成立于1988年，主要是促进大马出口，把大马的产品包括油棕产品和服务推销到全世界。
根据2011年报以上的图表来看，
成熟面积共占总种植面积的64％(22,920ha / 35570ha) ，我们也看到THP已经没有空地可供未来栽种，所以要持续高成长，只有通过收购新地库或由大股东Lembaga Tabung Haji直接注入。这两个现象都在2012年确实实现了，所以我们可以肯定THP是有做大的意愿。2011年报也有说道，"In addition to that, the replanting programs to replace aged trees with superior planting materials remain a vital initiative for THP Group to avoid stagnating yields and a decline in production."，这也证明公司没有原地踏步。同时，2011年报也有提到，"We are constructing a new 60 MT per hour mill in Pusa,Sarawak with a processing capacity of approximately 360,000MT per annum. The mill is scheduled for completion in 2013 and will be timely investment to cater to the expected rapid growth of THP Group's crop production in that region."，这应该也是为LTH将注入和THP自身购买的东马种植地的产量作准备。
集团的种植地分布在Johor,Pahang,Negeri Sembilan,Terengganu,Sabah and Sarawak。集团的 palm oil mills则分布在Johor,Pahang,Negeri Sembilan和Sabah，一年可以handle共780,000MT。
2011年一些重要数据：
FFB production: 513,276MT (2010: 463,949MT)
FFB yield per ha: 22.39 MT per ha (2010: 20.58 MT per Ha)
Palm oil mill FFB capacity: 492,437 MT 包括向third parties够买 (2010: 449,229MT)
CPO and PK: 100,896MT and 26,087MT (2010: 94,762MT and 23,883MT)
Palm oil mill OER: 20.49% (2010: 21.09%)
Palm oil KER: 5.30% (2010: 5.32%)
THP average yield per ha(own production): 4.59MT (2010: 4.34MT)
土地(Leasehold land,Estates,Plantation development expenditure)占了Non-current assets的很大部分(89%)，以一家种植公司来看这是很正常的。
As at 31.Dec.2011,
(Leasehold RM374,205,000 + Estates RM209,196,000 + Plantation development expenditure RM278,844) / Total non-current assets RM972,341 = 89%
比起2011年，公司明显在2012年增加了负债(大约3.5倍)来扩充土地。
和其他积极扩充的种植公司的debts/equity ratio比较，还处于可接受的水平。
2011年报里头有提到关于Receivables的风险管理。
"A significant portion of these receivables are regular customers that have been transacting with the Group and the Company. The Group and the Company use ageing analysis to monitor the credit quality of the receivables. Any receivables having significant balances past due more than 60 days, which are deemed to have higher credit risk, are monitored individually."
上面的图表（取自2011年报）告诉我们THP的Receivables(exclude subsidiaries & related companies)风险管理做的很好，至少没有超过30天的。
套用以下公式，告诉我们THP大约用44天回收帐款，低于公司的significant level 60天是好现象。
[(Trade receivables + Amount due from related companies) / Revenue] * 365 days
[(RM45,361 + RM6,586) / RM434,835] * 365 days = 44 days
2012年:
Gearing ratio = Total borrowings RM490,562,000 / Equity RM1,512,985,000 = 0.32
Net gearing ratio = (Total borrowings RM490,562,000 - Cash & equivalents RM125,217,000) / Equity RM1,512,985,000 = 0.24
公司的pricing strategy?
Spot price - 40% 现货价
Forward contract - 30% 价格和数量事先定下来了
Long term contract - 30% 根据MPOB每月公布的价格交易
一些比较重要的accounting practices:
"Investments in subsidiaries are measured in the Company's statement of financial position at cost less any impairment losses. The cost of investments includes transaction costs."
"Intra-group balances and transactions, and any unreliased income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements."
"The Group and Company categorise financial instruments as follows: (a) Financial assets at fair value through profit or loss, (b) Held-to-maturity investments, (c) Loans and receivables, (d) Available for sale financial assets." -- and how they are recognized!
"Items of property,plant and equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses."
"The cost of property,plant and equipment recognised as a result of a business combination is based on fair value at acquisition date. The fair value of other items of plant and equipment is based on the quoted market prices for similar items when available and replacement cost when appropriate.When significant parts of an item of property,plant and equipment have different useful lives, they are accounted for as separate items (major components) of property,plant and equipment."
"Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property,plant and equipment. Estates consists of matured plantation development expenditure and are depreciated over 25 years, based on estimated annual production yield table. An estate is declared mature when the palm age has reached 36 months or more at the beginning of the financial year."
"All expenditure relating to development of oil palm estate (immature estate) will be capitalised under plantation development expenditure. This cost will be amortised when the expenditure is transferred to property,plant and equipment when the estate matures. Estate overhead expenditure is apportioned to revenue and plantation development expenditure on the basis of the proportion of mature to immature areas."
"The cost of inventories is measured based on weighted average cost formula, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. In the case of work-in-progress and finished goods, cost includes an appropriate share of production overheads based on normal operating capacity."
"All financial assets (except for financial assets categorised as fair value through profit or loss and investments in subsidiaries) are accessed at each reporting date whether there is any objective evidence of impairment as a result of one or more events having an impact on the estimated future cash flows of the asset." -- Equity instruments, Loans and receivables, Unquoted equity instruments!
"The carrying amount of other assets (except for inventories) are reviewed at the end of each reporting period to determine whether there is any indication of impairment. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. An impairment losses recognised in prior periods are assessed at the end of each reporting period for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in estimates used to determine the recoverable amount since the last impairment loss was recognised."
"Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised as part of the cost of those assets."
"Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization."
THP主要把公司的金融工具(Financial Instruments)归类为3种：
- Loans and receivable (L&R)
- Fair value through profit or loss (FVTPL)
- Other financial liabilities measured at amortised cost (OL)
3 comments:
Earthmoving Parts - Munnar
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向公众致意，
Cheril Martins夫人，贷款和金融服务专家超过200年来，公开宣传您需要的ohjelma贷款优惠，你是一个企业家谁想要发展你的业务？ 你是一个农民，信用不良或拒绝贷款，需要一笔流动资金，不要再看一下，因为维珍马丁辛的签名是为了获得你的奖学金。 你可以更好的使用它，如果你对1.5个不需要的东西没有问题，你也不能避免与我们联系地址和联系地址
（Cheril.martinsloanfirm@gmail.com），（Ikpihaomoisaacfinancecompany@gmail.com）
联系我们今天类型是形式的变化向公众致意，
Cheril Martins夫人，贷款和金融服务专家超过200年来，公开宣传您需要的ohjelma贷款优惠，你是一个企业家谁想要发展你的业务？ 你是一个农民，信用不良或拒绝贷款，需要一笔流动资金，不要再看一下，因为维珍马丁辛的签名是为了获得你的奖学金。 你可以更好的使用它，如果你对1.5个不需要的东西没有问题，你也不能避免与我们联系地址和联系地址
（Cheril.martinsloanfirm@gmail.com），（Ikpihaomoisaacfinancecompany@gmail.com）
联系我们今天类型是形式的变化向公众致意，
Cheril Martins夫人，贷款和金融服务专家超过200年来，公开宣传您需要的ohjelma贷款优惠，你是一个企业家谁想要发展你的业务？ 你是一个农民，信用不良或拒绝贷款，需要一笔流动资金，不要再看一下，因为维珍马丁辛的签名是为了获得你的奖学金。 你可以更好的使用它，如果你对1.5个不需要的东西没有问题，你也不能避免与我们联系地址和联系地址
（Cheril.martinsloanfirm@gmail.com），（Ikpihaomoisaacfinancecompany@gmail.com）
联系我们今天类型是形式的变化
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