Bursa Malaysia Stock Watch

TH Plantations: Maintain Hold - Boosted by near-zero taxes in 4Q11

kltrader
Publish date: Wed, 22 Feb 2012, 09:59 AM
kltrader
0 20,407
This blog provides consolidated Bursa Malaysia stock market research, analysis, news and blogs from various sources. You can search and find all the past analysis and coverage on stocks and news by searching within this site. While this blog re-publishes contents from other sites, it does not own the rights nor responsible for the accuracy of the contents. If you disagree to your content from being published here, please add a comment, and your article will be removed from this site.
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
Related Stocks
Market Buzz
Discussions
Be the first to like this. Showing 0 of 0 comments

Post a Comment