No surprises for us. 1QFY12 core net profit of RM356m (-11% QoQ, -11%
YoY) is largely within our expectations but slightly below street
estimates. We raise our FY12-14F net profit forecasts by 5% in each year
on a higher CPO ASP outlook of RM2,800/t (previously RM2,600/t) for
2012-13. Our revised TP is now RM19.60 (previously RM18.70), based on an
unchanged 16x FY13 PER. Maintain Sell for its steep valuations and lack
of short-term catalysts.
Maybank Research 23 Feb 2012
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