Bursa Malaysia Stock Watch
Ta Ann Holdings: Maintain Buy - Bonus issue to improve liquidity
kltrader
Publish date: Fri, 20 Apr 2012, 09:19 AM
kltrader
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Positive for sentiment. Ta Ann's proposed 1-for-5 bonus issue not only helps to improve liquidity but it will 'recapitalize' its share base as its seeks to achieve sustainable growth in the long run. The stock continues to trade at an attractive 10.9x 2013 PER, with low EV/planted ha of ~MYR42,600 (43% discount to industry average). It is also poised to deliver a 15% 3-year net profit CAGR. Maintain Buy and MYR9.00 TP on 15x 2013 PER. Ta Ann is our top pick among the plantation stocks.
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Source: Maybank Research - 20 April 2012
Click here for full report
Source: Maybank Research - 20 April 2012
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