KUALA LUMPUR: CIMB Equities Research is keeping its earnings forecasts and target price for Genting PLANTATION []s at RM8.00, which is based on a forward P/E of 18 times.
It said on Thursday, Feb 25 that Genting Plantations's final net profit of RM236 million was in line, at 1% above its forecast and 3% above consensus.
Net profit declined 37% due to a 6% drop in FFB production and 21% drop in average price achieved to RM2,236.
There were no major surprises from the key divisions. However, the final dividend was better than expected at 5.25 sen, which brings the full-year dividend to 9 sen (2008: 10 sen), 1 sen higher than the research house's forecast.
"We are keeping our earnings forecasts and target price of RM8, which is based on a forward P/E of 18x. We continue to favour Genting Plantations for its attractive valuations and growth prospects in Indonesia where it is making good progress in new plantings. Factors that could catalyse the stock include higher CPO prices and potential M&As," it said
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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