(GENP MK/HOLD/RM11.46/Target: RM10.55)

We foresee the possibility of GENP disposing of some land/JVs to unlock value. We reckon that land located in Sepang, Batu Pahat and Kulai have a higher potential of being disposed. Based on our estimates, the land revaluation could provide 6-18% upside to our target price. Meanwhile, we maintain our FFB production growth forecast of 16% yoy for 2017 on strong FFB growth from Indonesia. Maintain HOLD. Target price: RM10.55. Entry price: RM9.50.

Source: UOB Kay Hian Research - 4 May 2017