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Company Update � Ta Ann (BUY, maintain)
- Higher log exports on strong demand and ASP Ta Ann�s improvement in log production has helped to increase exports. The tight global supply of logs after Myanmar�s ban has kept the ASP for timber products firm. We maintain our BUY rating on Ta Ann with an SOTP-derived target price of RM4.63, driven by: 1) strong EPS growth in 2014E-15E given the firm ASP for timber; and 2) improving plantation earnings from its increasing matured areas, rising FFB and CPO production.
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