Makes conditional takeover offer. TSH has launched a joint voluntary
conditional takeover offer for an unlisted plantation company via a
50:50 cash:share swap (into TSH shares priced at MYR2.14/share),
potentially worth up to MYR624.8m. Based on a back-of-the-envelope
calculation (amid sketchy details), the acquisition could lift our FY13
EPS estimate by 10% (assuming a 100% take-up of the offer). Pending
further clarification and the final offer take-up rate, TSH remains a
HOLD with unchanged TP of MYR2.50 based on 15x FY13 PER.
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Source: Maybank Research - 27 June 2012
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