Genting Plantations: Maintain Hold - Expect A Stronger 2H12

• Within expectations. GENP's 2Q12 net profit came in at MYR70m (-11% QoQ, -50% YoY), broadly in line with our and street estimates.
• This brings 1H12 net profit to MYR149m (-37% YoY), and met 35% of our FY12 forecast. We expect a strong rebound in 2H12 FFB output to make up for the lacklustre 1H12 performance.
• Hence, we maintain our earnings forecasts and HOLD rating with an unchanged TP of MYR9.10 (14.5x 2013 PER). A first interim gross DPS of 4.25sen was declared.

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Source: Maybank Research - 29 August 2012