While details remain sketchy at this juncture, we are positive on TSH’s plan to dispose its only North Kalimantan land for at least MYR679m or MYR51,379 per ha (note: not planted ha). If TSH successfully completes this disposal, its proforma net gearing will dip below 15% (from 54% as at 30 Sept 2021), allowing TSH the freedom to focus on its remaining unplanted landbank to drive future growth. We make no changes to our EPS and TPS pending signing of a SPA. Maintain BUY and TP of MYR1.48.