Jaya Tiasa ' Scaling to new heights Outperform
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- Log prices achieved by Jaya Tiasa in 3QFY04/12 were surprisingly lower qoq at about US$170/m3 (2Q:US$220/m3). Management said this was mainly due to the deterioration of the quality of its logs given delays in bringing down the logs to the port.
- We roll forward our valuation base to FY06/13 (from CY12 previously) with unchanged target PER of 8x for the timber division and 15x for the plantation division. Fair value raised to RM9.60.
Source: RHB Reserach - 4 April 2012