Positive trend continues. TSH's 2011 net profit of RM120.5m (+43% YoY) is in line with our and market estimates. We are upbeat on its FFB production growth momentum, with a 3-year forward CAGR forecast of 19%. Revision of our CPO ASP forecast (+8%) lifts our 2012-13 net profit estimates by 13.9-14.4%. Reiterate Buy with a higher TP of RM2.50 (+14%, from RM2.19) based on an unchanged 15x 2013 PER.
Maybank Research 23 Feb 2012
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