Positive for sentiment. Ta Ann's proposed 1-for-5 bonus issue not only
helps to improve liquidity but it will “recapitalize” its share base as
its seeks to achieve sustainable growth in the long run. The stock
continues to trade at an attractive 10.9x 2013 PER, with low EV/planted
ha of ~MYR42,600 (43% discount to industry average). It is also poised
to deliver a 15% 3-year net profit CAGR. Maintain Buy and MYR9.00 TP on
15x 2013 PER. Ta Ann is our top pick among the plantation stocks.
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Source: Maybank Research - 20 April 2012
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