WTK – Nothing to be excited about
yet Market Perform
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Note
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For the first two months of 2012, WTK only
achieved log production volume of 52k m3, which was lower by 15% yoy. Log
harvesting was hampered by seasonal wet weather in Sarawak ,
although it seems that the seasonal effect was stronger this year. Average
log prices are about US$185/m3 now, up slightly from US$180/m3 in Dec 2011.
¨
Fair value is revised to RM1.47 (from RM1.50)
based on unchanged target PER of 9x FY12 EPS of 16.4 sen. Maintain Market
Perform.
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