MY : Hap Seng Plantations - A strong start amid rising CPO spot prices

1Q21 core net profit was above our expectations but in line with consensus, as it made up 34%/23% of our/Bloomberg consensus forecasts. The stronger results were due to higher-than-expected ASPs for palm products achieved in 1Q21 as well as lower operating costs. We raise our FY21F net profit forecast to account for higher CPO price assumptions and maintain our Add call with an unchanged TP of RM2.35.

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