High net gearing and frequent changes in leadership pose a different sort of sustainability challenge for THP relative to peers. We assess THP’s overall ESG risk factors to be medium-to-high given its operations across Malaysia and Indonesia (coupled with its huge peatland exposure) expose THP to multiple ESG risks. Given the lack of catalysts, the stock remains a SELL with a TP of MYR0.48 on 0.6x forward P/NTA, its -1SD of 5Y mean.