Bursa Malaysia Stock Watch
Ta Ann Holdings: Buy - Out of the woods, into the golden crop
kltrader
Publish date: Thu, 05 Apr 2012, 09:49 AM
kltrader
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Due for a re-rating. Three key catalysts will propel earnings: (i) an explosive 18% 3-year forward CAGR in FFB output, (ii) Japan's reconstruction, (iii) a maiden contribution from its forest plantation in 2015. Ta Ann's earnings quality was boosted by its transformation into a producer of palm oil, which contributed 77% of PBT in 2011. The stock trades at 11.7x 2013 PER, with low EV/planted ha of ~RM39,600, and is poised to deliver an 11% 3-year net profit CAGR. We initiate coverage with a Buy and RM8.00 TP on 15x 2013 PER (+29% upside).
Maybank Research - 5 April 2012
Click here for full report
Maybank Research - 5 April 2012
Click here for full report
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