MY : Ta Ann - Positives mostly priced in for now

9M21 core net profit and DPS beat expectations, mainly due to higher-than-expected ASPs for both oil palm and timber products. We expect Ta Ann to deliver sequentially flat profits for 4Q21F on sustained high CPO and timber product ASPs, partially offset by lower FFB production. We raise our SOP-based TP to RM3.18 but downgrade Ta Ann to Hold as we believe its positive earnings prospects have been mostly priced in.