Record profits. RM243m 2011 net profit (+60% YoY) was within our expectations, at 99% of our full-year estimates. Going forward, SOP will manifest strong 3-year FFB CAGR of 13% from its young oil palm estates, and progress towards being an integrated palm oil producer. We raise 2012-13 net profit forecasts by 11-12% to reflect our higher CPO ASP assumption of RM2,800/t (previously RM2,600/t) due to poorer South American crop prospects. Reiterate Buy with a higher TP of RM7.20 (+11%) on unchanged 13x 2013 PER.

Maybank Research 27 Feb 2012

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