Bursa Malaysia Stock Watch

Genting Plantations: Upgrade to Hold - Within expectations

kltrader
Publish date: Tue, 28 Feb 2012, 09:49 AM
kltrader
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Raising forecasts and call. GENP's 2011 net profit of RM442m (+36% YoY) accounted for 102% and 99% of our and consensus forecasts respectively. We raise our 2012-13 net profit forecasts by 17-20% on higher CPO ASPs and FFB output assumptions. At our raised TP of RM8.10 (+21%) based on unchanged 14.5x 2013 PER, the potential downside is now 12%; we therefore upgrade the stock to a Hold (from Sell).

Maybank Research 28 Feb 2012

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