Below expectations. TSH's 1Q12 net profit of MYR15m (-42% QoQ, -37% YoY)
accounts for 11% of our full year forecast. The shortfall is due to
higher-than-expected costs on acceleration of manuring activity. Pending
an update with management, our earnings forecasts, recommendation and
TP of MYR2.78 (15x 2013 PER) are under review. Meanwhile, its share
price has retreated 20% from its peak of MYR2.65 on lower CPO spot
prices (12% off its peak).
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Source: Maybank Research - 22 May 2012
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