Friday, 20 April 2012

Maybank IB Research maintains Buy on Ta Ann, target price RM9

KUALA LUMPUR (April 20): Maybank Investment Bank Bhd Researh has maintained its Buy rating on TA ANN HOLDINGS BHD [] at RM6.50 with a target price of RM9, and said Ta Ann's proposed 1-for-5 bonus issue not only helped to improve liquidity but it would “recapitalise” its share base as its seeks to achieve sustainable growth in the long run.

In a note Friday, the research house said 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,” it said.

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