Maybank Kim Eng in an Apr 10 research report says: "For Jan-Feb 2012, FR recorded a 24% increase in FFB production, against our 9% fresh fruit bunch (FFB) production growth estimate for 2012.
"The deterioration of South American crop prospects over the last month has further tightened global supplies of soybeans, prompting us to revise our CPO ASP forecasts upward.
"We raise 2012-2014 net profit forecasts by 10-15% to reflect our higher CPO ASP estimate of RM3,150/t (2012; +12.5%) and RM3,000/t (2013-14; +7.1%) from RM2,800/t (2012-2014) previously. "FR's single-tier tax exempt final dividend per share of $0.025 will go ex on May 14, 2012. Target price of $2.15 (+10%) on an unchanged 14x 2013 PER.
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