Bursa Malaysia Stock Watch

Sarawak Oil Palms: Maintain Buy - A Consistent Performer

kltrader
Publish date: Mon, 03 Sep 2012, 11:27 AM
kltrader
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  • Within expectations. SOP's 2Q12 net profit of MYR52m (+31% QoQ, -26% YoY) brings 1H12 net profit to MYR92m (-27% YoY), accounting for 41% our full-year forecast.
  • SOP has outshined the industry with its strong QoQ FFB production growth, as output at its peers undershot expectations.
  • Its consistent execution track record warrants a re-rating of its shares as the stock is undervalued against its peers, in our view. Reiterate BUY with an unchanged TP of MYR8.00 on 13x FY13 PER.
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Source: Maybank Research - 3 Sept 2012
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