KUALA LUMPUR: JAYA TIASA HOLDINGS BHD []'s share price jumped to its highest level since July 2007 on Tuesday, Dec 21 after RHB Research Institute Sdn Bhd maintained its buy call on the stock and raised its target price to RM5.78 from RM4.83. At the mid-day break, Jaya Tiasa added 43 sen to RM4.73 with 251,600 shares traded. It had earlier risen to an intra-morning high of RM4.85.
RHB Research upped its target price after Jaya Tiasa's 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.
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.
'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
RHB Research upped its target price after Jaya Tiasa's 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.
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.
'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
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