Stock Name: THPLANT
Company Name: TH PLANTATIONS BHD
Earnings before tax in line. THP reported a 40% increase in 2011 net profit, to RM125m. 4Q11 net profit was boosted by near-zero taxes, bringing effective tax rates to 18% in 2011 (2010: 25%). Otherwise, 2011 PBT of RM183m (+27% YoY) was within our and consensus expectations. We raise 2012-13 forecasts by 23-24% on higher CPO ASP assumption. Our new TP is RM2.42 (+19%) based on unchanged 11x PER. Maintain Hold given its unexciting 6.6% 2011-14 FFB CAGR.
Maybank Research 22 Feb 2012
Click here for full report
Company Name: TH PLANTATIONS BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 2.42 |
Earnings before tax in line. THP reported a 40% increase in 2011 net profit, to RM125m. 4Q11 net profit was boosted by near-zero taxes, bringing effective tax rates to 18% in 2011 (2010: 25%). Otherwise, 2011 PBT of RM183m (+27% YoY) was within our and consensus expectations. We raise 2012-13 forecasts by 23-24% on higher CPO ASP assumption. Our new TP is RM2.42 (+19%) based on unchanged 11x PER. Maintain Hold given its unexciting 6.6% 2011-14 FFB CAGR.
Maybank Research 22 Feb 2012
Click here for full report
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