Top Calls
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Company Update � WTK (BUY, maintain)
- Tight log supply likely to keep prices firm We maintain our BUY rating on WTK partly attributed to: 1) stronger future earnings that we expect on the back of their strategy in diversifying into oil palm plantation; 2) a slight pick-up in demand for timber products; and 3) firm average selling prices for log and plywood. Our SOP-derived target price is maintained at RM1.53. Key downside risk to our rating are: 1) much lower-than-expected log production; 2) a sharp drop in average selling prices for log and plywood; 3) a huge drop in demand for timber products; and 4) weakening of US$.
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| For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports. |
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