KUALA LUMPUR: JAYA TIASA HOLDINGS BHD []'s shares advanced on Tuesday, Dec 21 after its net profit for the second quarter ended Oct 31, 2010 surged nine-fold to RM30.08 million from RM3.24 million a year ago on higher profit margin from log sales, increase in sales volume and average selling price of fresh fruit bunches as well as doubling of crude palm oil sales volume. At 9.40am, Jaya Tiasa was up 16 sen to RM4.46 with 55,300 shares traded. RHB Research Institute Sdn Bhd said Jaya Tiasa's 1HFY04/11 net profit of RM52.5 million came in above expectation. It said the key variances were better-than-expected performance from its PLANTATION [] division and under-estimation of Jaya Tiasa's average selling prices for its plywood products. The research house maintained its outperform call on the stock and raised its target price to RM5.78 from RM4.83 previously. 'We raised our FY04/11-13 net profits forecasts by 13.6%-43.2%, after adjusting for higher average selling price for plywood and higher FFB and CPO selling prices,' it said.
No comments:
Post a Comment