Positive trend continues. TSH’s 2011 net profit of RM120.5m (+43% YoY)
is in line with our and market estimates. We are upbeat on its FFB
production growth momentum, with a 3-year forward CAGR forecast of 19%.
Revision of our CPO ASP forecast (+8%) lifts our 2012-13 net profit
estimates by 13.9-14.4%. Reiterate Buy with a higher TP of RM2.50 (+14%,
from RM2.19) based on an unchanged 15x 2013 PER.
Maybank Research 23 Feb 2012
Click here for full report
No comments:
Post a Comment