- Within expectations. SOP's 2Q12 net profit of MYR52m (+31% QoQ, -26% YoY) brings 1H12 net profit to MYR92m (-27% YoY), accounting for 41% our full-year forecast.
- SOP has outshined the industry with its strong QoQ FFB production growth, as output at its peers undershot expectations.
- Its consistent execution track record warrants a re-rating of its shares as the stock is undervalued against its peers, in our view. Reiterate BUY with an unchanged TP of MYR8.00 on 13x FY13 PER.
Source: Maybank Research - 3 Sept 2012
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