Company Update � IJM Plant (ADD, maintain)
- Long-term outlook still robust
Conversion of expiring Warrant 09/14 is slightly
EPS-dilutive. We trim our target price to RM3.63, but maintain our ADD
rating. We expect IJMP�s strong FFB-production growth prospects to help support
the share price. We expect total mature area to almost double as large
immature areas in Indonesia reach maturity. Coupled with relatively high
yields, we see a superior FFB-production growth outlook in the next few
years, driving IJMP�s FY16-17E PERs significantly lower.
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