Jaya Tiasa – 9MFY04/12 core net profit rose by
24%
YoY
Outperform
Results
Note
-
9MFY04/12 core net profit was below expectations. Key
variances are mainly due to lower-than-expected FFB sales volume and lower
average selling prices for log in 3QFY04/12.
-
We raised our target PER for Jaya Tiasa’s plantation
division to 15x (from 13x), in line with the recent upgrade in our target PER
for the sector. We also remove the 10% discount in our SOP fair value given
the proposed corporate exercises will improve the stock’s trading
liquidity. Post earnings revision, fair value for Jaya Tiasa is revised to
RM8.92 (from RM7.80). Source: RHB Research 23 March 2012
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