Thursday, November 17, 2011

MIDF Research maintains Buy on TH Plantations, TP RM2.51

KUALA LUMPUR (Nov 17): MIDF Research is maintaining its Buy call on TH PLANTATION []s Bhd at a higher revised price of RM2.51 from RM2.26.

It said on Thursday in line with the upwards earnings revision, it was revising our target price by 11% to RM2.51.

'The target price is derived from 9.5 times EPS12, which is 0.5-standard deviation below its three-year historical PER of 10.3 times,' it said.

'The higher targeted PER (we previously discount the valuation by one standard deviation) is to reflect TH Plant's maturity and stable business operation,' it added.

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