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SHChan ? are you sure this is a plantation company
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i4value
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12-Jan-2024 07:22
Yells: "i4value.asia" |
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SHChan is a Bursa Malaysia plantation company. But when you look at the profit contribution over the past 5 years, the majority came from non-palm oil activities such as from the energy and facilities management segment. From a fundamental perspective, over the past decade, half the time it lost money. At when it was profitable (excluding 2021 with a one-off recognition of negative goodwill) its ROE was less than 6%. It is ironic when you have non palm oil companies such as MKH and KFIMA diversifying into plantations while SHChan seemed to be growing its non-palm oil segment. When benchmarking performance, comparing it with the Bursa plantation sector may not make sense. I guess until it articulate a clear business direction, there are better plantation companies to look at. |
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