1HFY06/12 core net profit of RM1.04bn (+13.1%) accounted for 44.5% and 47.5% of our full-year forecast and consensus full-year estimates. We consider the results within our expectation as 2H is seasonally stronger on the back of seasonally higher FFB production.

Declared interim NDPS of 7.0 sen (ex date on 16 Mar 12 and payable on 29 Mar 12). For the full-year, we are projecting a total NDPS of 17 sen.

Maintained FY06/12-14 net profit forecasts and SOP-derived TP remains unchanged at RM4.85.

Source: HLB Research 24 Feb 2012