Tuesday, July 26, 2016

Company Update � Jaya Tiasa (HOLD, maintain)

Top Calls

Company Update Jaya Tiasa (HOLD, maintain)

- Expecting weaker results due to lower log data

We expect Jaya Tiasa
s 4QFY16 results to be weaker yoy given the slowdown in log production but partially offset by higher FFB and CPO production. After taking into account the actual FY16 data, lower log production estimates as well as higher CPO production forecast for FY17-18E, we lower our FY16-18E core EPS by 1-8%. Thus, we fine-tune our SOTP-based TP to RM1.16. Maintain HOLD.

Other Calls

Results Note Bursa (HOLD, maintain)

- Derivatives should sustain growth

For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports.

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