Raw sugar price volatility crimps profits. RM265.3m 2011 core net profit
(+4.7% YoY) was marginally above our forecast of RM256m but in-line
with consensus. This is a fair performance given the exceptionally high
raw sugar price volatility in the year. We anticipate the management to
announce a final dividend of at least 8sen/share at the upcoming AGM
(full year 16sen/share), consistent to the minimum 50% payout ratio
policy. Maintain Hold, with an unchanged target price of RM4.10/share
based on DDM.
Maybank Research 21 Feb 2012
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