Raising forecasts and call. GENP's 2011 net profit of RM442m (+36% YoY)
accounted for 102% and 99% of our and consensus forecasts respectively.
We raise our 2012-13 net profit forecasts by 17-20% on higher CPO ASPs
and FFB output assumptions. At our raised TP of RM8.10 (+21%) based on
unchanged 14.5x 2013 PER, the potential downside is now 12%; we
therefore upgrade the stock to a Hold (from Sell).
Maybank Research 28 Feb 2012
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