MY : Hap Seng Plantations - Value waiting to be unlocked

9M21 core net profit was above our/consensus expectations, mainly due to higher-than-expected ASPs for palm products. We expect HSP to deliver sequentially stronger profits in 4Q21F, driven mainly by seasonally higher FFB production. We raise our FY21-23F net profit forecasts to reflect higher CPO price assumptions and reiterate our Add call with an unchanged TP of RM2.35.