TSH Resources Bhd
TSH Resources Berhad, an investment holding company, primarily engages in oil palm cultivation and processing, and forest plantation activities in Malaysia, Indonesia, Southwest Pacific, the United States, and internationally. It operates through Palm Products and Others segments. The Palm Products segment operates oil palm plantations; and manufactures and sells crude palm oil and palm kernel. T… Read more
TSH Resources Bhd (9059) - Net Assets
Latest net assets as of September 2025: RM2.20 Billion MYR
Based on the latest financial reports, TSH Resources Bhd (9059) has net assets worth RM2.20 Billion MYR as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (RM2.68 Billion) and total liabilities (RM487.90 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | RM2.20 Billion |
| % of Total Assets | 81.82% |
| Annual Growth Rate | 8.78% |
| 5-Year Change | 41.85% |
| 10-Year Change | 50.96% |
| Growth Volatility | 10.34 |
TSH Resources Bhd - Net Assets Trend (2005–2024)
This chart illustrates how TSH Resources Bhd's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for TSH Resources Bhd (2005–2024)
The table below shows the annual net assets of TSH Resources Bhd from 2005 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | RM2.27 Billion | -1.68% |
| 2023-12-31 | RM2.31 Billion | +8.12% |
| 2022-12-31 | RM2.13 Billion | +17.56% |
| 2021-12-31 | RM1.81 Billion | +13.51% |
| 2020-12-31 | RM1.60 Billion | +1.46% |
| 2019-12-31 | RM1.57 Billion | +4.66% |
| 2018-12-31 | RM1.50 Billion | -6.38% |
| 2017-12-31 | RM1.61 Billion | -3.38% |
| 2016-12-31 | RM1.66 Billion | +10.80% |
| 2015-12-31 | RM1.50 Billion | +16.41% |
| 2014-12-31 | RM1.29 Billion | +11.05% |
| 2013-12-31 | RM1.16 Billion | +17.39% |
| 2012-12-31 | RM989.36 Million | +4.43% |
| 2011-12-31 | RM947.38 Million | +12.11% |
| 2010-12-31 | RM845.07 Million | +3.66% |
| 2009-12-31 | RM815.23 Million | +10.79% |
| 2008-12-31 | RM735.80 Million | +2.07% |
| 2007-12-31 | RM720.85 Million | +42.37% |
| 2006-12-31 | RM506.33 Million | +10.56% |
| 2005-12-31 | RM457.95 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to TSH Resources Bhd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 706.8% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | RM1.55 Billion | 77.17% |
| Common Stock | RM740.51 Million | 36.87% |
| Total Equity | RM2.01 Billion | 100.00% |
TSH Resources Bhd Competitors by Market Cap
The table below lists competitors of TSH Resources Bhd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
FACT II Acquisition Corp. Unit
NASDAQ:FACTU
|
$180.37 Million |
|
Vátryggingafélag Íslands hf
IC:SKAGI
|
$180.45 Million |
|
Shandong Gold Phoenix Co Ltd
SHG:603586
|
$180.50 Million |
|
Ecogas Inversiones S.A.
BA:ECOG
|
$180.51 Million |
|
Fujian Tendering Co. Ltd.
SHE:301136
|
$180.34 Million |
|
Mishra Dhatu Nigam Limited
NSE:MIDHANI
|
$180.30 Million |
|
CCP Contact Probe Co Ltd
TWO:6217
|
$180.23 Million |
|
Kina Securities Ltd
AU:KSL
|
$180.23 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in TSH Resources Bhd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 2,046,973,000 to 2,008,505,000, a change of -38,468,000 (-1.9%).
- Net income of 135,662,000 contributed positively to equity growth.
- Dividend payments of 68,976,000 reduced retained earnings.
- Share repurchases of 16,309,000 reduced equity.
- Other comprehensive income increased equity by 168,977,000.
- Other factors decreased equity by 257,822,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | RM135.66 Million | +6.75% |
| Dividends Paid | RM68.98 Million | -3.43% |
| Share Repurchases | RM16.31 Million | -0.81% |
| Other Comprehensive Income | RM168.98 Million | +8.41% |
| Other Changes | RM-257.82 Million | -12.84% |
| Total Change | RM- | -1.88% |
Book Value vs Market Value Analysis
This analysis compares TSH Resources Bhd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.89x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 3.22x to 0.89x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2005-12-31 | RM0.40 | RM1.30 | x |
| 2006-12-31 | RM0.39 | RM1.30 | x |
| 2007-12-31 | RM0.53 | RM1.30 | x |
| 2008-12-31 | RM0.53 | RM1.30 | x |
| 2009-12-31 | RM0.59 | RM1.30 | x |
| 2010-12-31 | RM0.61 | RM1.30 | x |
| 2011-12-31 | RM0.69 | RM1.30 | x |
| 2012-12-31 | RM0.72 | RM1.30 | x |
| 2013-12-31 | RM0.81 | RM1.30 | x |
| 2014-12-31 | RM0.88 | RM1.30 | x |
| 2015-12-31 | RM1.01 | RM1.30 | x |
| 2016-12-31 | RM1.12 | RM1.30 | x |
| 2017-12-31 | RM1.08 | RM1.30 | x |
| 2018-12-31 | RM0.99 | RM1.30 | x |
| 2019-12-31 | RM1.04 | RM1.30 | x |
| 2020-12-31 | RM1.05 | RM1.30 | x |
| 2021-12-31 | RM1.19 | RM1.30 | x |
| 2022-12-31 | RM1.38 | RM1.30 | x |
| 2023-12-31 | RM1.48 | RM1.30 | x |
| 2024-12-31 | RM1.46 | RM1.30 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently TSH Resources Bhd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 6.75%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 13.30%
- • Asset Turnover: 0.37x
- • Equity Multiplier: 1.37x
- Recent ROE (6.75%) is below the historical average (8.77%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2005 | 9.78% | 7.12% | 0.75x | 1.84x | RM-877.60K |
| 2006 | 11.84% | 8.25% | 0.71x | 2.02x | RM8.01 Million |
| 2007 | 14.95% | 11.01% | 0.73x | 1.87x | RM31.43 Million |
| 2008 | 9.18% | 5.41% | 0.78x | 2.17x | RM-5.34 Million |
| 2009 | 9.93% | 7.38% | 0.57x | 2.37x | RM-498.80K |
| 2010 | 11.20% | 9.28% | 0.49x | 2.48x | RM9.05 Million |
| 2011 | 13.96% | 10.44% | 0.56x | 2.37x | RM33.61 Million |
| 2012 | 8.71% | 7.83% | 0.44x | 2.54x | RM-11.44 Million |
| 2013 | 14.22% | 14.83% | 0.43x | 2.23x | RM44.84 Million |
| 2014 | 10.46% | 11.56% | 0.41x | 2.19x | RM5.42 Million |
| 2015 | -7.78% | -13.20% | 0.25x | 2.34x | RM-241.22 Million |
| 2016 | 3.84% | 6.63% | 0.25x | 2.33x | RM-92.82 Million |
| 2017 | 7.79% | 10.71% | 0.32x | 2.26x | RM-32.71 Million |
| 2018 | 2.95% | 4.46% | 0.28x | 2.34x | RM-96.85 Million |
| 2019 | 3.08% | 5.28% | 0.26x | 2.27x | RM-99.62 Million |
| 2020 | 5.47% | 10.17% | 0.25x | 2.18x | RM-65.86 Million |
| 2021 | 10.32% | 14.25% | 0.36x | 2.02x | RM5.28 Million |
| 2022 | 24.01% | 34.95% | 0.44x | 1.56x | RM266.32 Million |
| 2023 | 4.65% | 8.92% | 0.37x | 1.39x | RM-109.59 Million |
| 2024 | 6.75% | 13.30% | 0.37x | 1.37x | RM-65.19 Million |
Industry Comparison
This section compares TSH Resources Bhd's net assets metrics with peer companies in the Farm Products industry.
Industry Context
- Industry: Farm Products
- Average net assets among peers: $444,702,596
- Average return on equity (ROE) among peers: 1.25%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| TSH Resources Bhd (9059) | RM2.20 Billion | 9.78% | 0.22x | $180.35 Million |
| Green Ocean Corporation Bhd (0074) | $21.99 Million | 8.76% | 1.57x | $2.27 Million |
| MAG Holdings Berhad (0095) | $473.76 Million | -1.41% | 0.15x | $29.82 Million |
| Greenyield Bhd (0136) | $54.42 Million | -0.73% | 0.43x | $3.29 Million |
| Heng Huat Resources Group Bhd (0175) | $231.51 Million | 3.70% | 0.31x | $7.31 Million |
| Matang Bhd (0189) | $248.32 Million | 2.40% | 0.03x | $17.51 Million |
| Pinehill Pacific Bhd (1902) | $184.30 Million | -6.00% | -0.03x | $6.70 Million |
| Chin Teck Plantations Bhd (1929) | $651.35 Million | 10.97% | 0.05x | $63.45 Million |
| Kretam Holdings Bhd (1996) | $607.72 Million | -6.37% | 0.35x | $46.24 Million |
| Negri Sembilan Oil Palms Bhd (2038) | $545.52 Million | -0.47% | 0.35x | $25.62 Million |
| TDM Berhad (2054) | $1.43 Billion | 1.62% | 0.87x | $25.63 Million |