Stock Name: SOP
Company Name: SARAWAK OIL PALMS BHD
9M profits almost doubled. SOP's 9M11 net profit of RM200m (+94% YoY) outperformed our and consensus estimates. The stellar result was due to lower taxes and minority interest while EBIT was in line with our estimate. SOP continues to trade at irresistible 2011/13 single digit valuations and low EV/planted ha despite a strong 13% 3-year net profit CAGR. Reiterate Buy with an unchanged RM6.48 TP (13x 2013 PER).
Maybank research (29 November 2011)
Click here for full report
Company Name: SARAWAK OIL PALMS BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 6.48 |
9M profits almost doubled. SOP's 9M11 net profit of RM200m (+94% YoY) outperformed our and consensus estimates. The stellar result was due to lower taxes and minority interest while EBIT was in line with our estimate. SOP continues to trade at irresistible 2011/13 single digit valuations and low EV/planted ha despite a strong 13% 3-year net profit CAGR. Reiterate Buy with an unchanged RM6.48 TP (13x 2013 PER).
Maybank research (29 November 2011)
Click here for full report
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