Genting Plantations (Hold; TP: RM8.90) - In line with expectations

Genting Plantations (Hold; TP: RM8.90)

In line with expectations

•  FY11 net profit of RM442.0m came in within expectations, at 97.5% of our forecast and 99.3% of consensus estimates.
• Declared a special GDPS of 6.25 sen and proposed a final GDPS of 5.75 sen.
• 2012-13 net profit forecasts raised by 1-1.5% largely to reflect higher property sales and earnings assumptions.
• TP raised by 1.4% to RM8.90 based on 15x revised 2012 EPS of 59.4 sen. 

Source: HLIB Research 28 Feb 2012