KUALA LUMPUR: RHB Research has a Buy call on plantation company TSH Resources Bhd with RM1.25, which is a 16% upside, while it increased the FY20-21F earnings by 1%-2%, after imputing new fresh fruit bunches (FFB) revisions, capex and in-house forex assumptions. It said on Wednesday the RM1.25 was based on 16 times FY21F P/E for its upstream division, and 0.5 times price-to-book value (P/BV) for its other divisions. “Our TP implies an enterprise value/ha of US$12,000, in line with its peer range of US$10,000 to US$15,000/ha. We believe valuations remain undemanding, as TSH is trading at 17 times P/E (within the small-cap peer range of 11 to 18 times), while FFB growth and earnings prospects remain solid.