Booms on fertile land Shariah-compliant
Beats expectation. TSH’s 9M11 net profit of RM94.4m (+131% YoY)
accounts for 87% and 84% of our and consensus full year forecasts.
The stellar performance was due to its fertile Indonesian estates with
higher than expected FFB yields. Thus, we bump up our FFB forecast
by assigning higher yields to its Indonesian estates and raise our 2011-
13 net profit forecast by 11%-22%. Reiterate Buy with a higher TP of
RM4.38 (+18%, from RM3.70) based on unchanged 15x 2013 PER.
Maybank research (18 November 2011)
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