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NewsRHB Research maintains Neutral on Jaya Tiasa, raises fair value to RM2.21
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RHB Research maintains Neutral on Jaya Tiasa, raises fair value to RM2.21
by Cals Fri 29 Nov 2013, 17:56
RHB Research maintains Neutral on Jaya Tiasa, raises fair value to RM2.21
Business & Markets 2013
Written by Jonathan Gan of theedgemalaysia.com
Friday, 29 November 2013 09:42
KUALA LUMPUR (Nov 29): RHB Research has maintained its Neutral rating on Jaya Tiasa Holdings Bhd at RM2.45 with a higher fair value of RM2.21(from RM1.96) and said Jaya Tiasa’s 1QFY14 core net profit was up 53.6% year-on-year (y-o-y) but revenue fell 10.5% y-o-y.
In a note Friday, the research house said the fall in revenue was attributed to decreases in log and plywood sales volumes and drops in crude palm oil (CPO) selling prices.
RHB Research however said that it expected better results in the next few quarters in view of improving timber demand and rising CPO prices.
“While we like Jaya Tiasa for its plantation division’s growth prospects, we believe valuations are unattractive currently,” the research house said in a note.
RHB Research added that the recent CPO price uptick would be good for Jaya Tiasa given its sensitivity to CPO prices.
Business & Markets 2013
Written by Jonathan Gan of theedgemalaysia.com
Friday, 29 November 2013 09:42
KUALA LUMPUR (Nov 29): RHB Research has maintained its Neutral rating on Jaya Tiasa Holdings Bhd at RM2.45 with a higher fair value of RM2.21(from RM1.96) and said Jaya Tiasa’s 1QFY14 core net profit was up 53.6% year-on-year (y-o-y) but revenue fell 10.5% y-o-y.
In a note Friday, the research house said the fall in revenue was attributed to decreases in log and plywood sales volumes and drops in crude palm oil (CPO) selling prices.
RHB Research however said that it expected better results in the next few quarters in view of improving timber demand and rising CPO prices.
“While we like Jaya Tiasa for its plantation division’s growth prospects, we believe valuations are unattractive currently,” the research house said in a note.
RHB Research added that the recent CPO price uptick would be good for Jaya Tiasa given its sensitivity to CPO prices.
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