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MY : Ta Ann - Plantations still in the driver’s seat

1Q21 results were broadly in line with our and consensus expectations. The plantation segment was the key contributor to the strong 1Q net profit while the timber division was dragged down by weak sales volumes. We forecast stronger qoq 2Q21F earnings amid higher CPO prices and FFB output. Reiterate Add with a higher SOP-based target price of RM3.47.


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