Still bullish. 1Q12 net profit of MYR40m (-8% QoQ, -29% YoY) met 17% and 18% of our and consensus full year forecasts respectively. This is largely in line with our expectations since 1Q is a seasonally low production period, compounded this time by slow uptake of CPO and increased fertilisation activities in 1Q12. Maintain BUY on SOP for its strong 3-year FFB CAGR of 13% and cheap valuations, with FY13 PER of 10.8x and EV/planted ha of ~MYR46,900.

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Source: Maybank Research - 9 May 2012