浅谈Taann

i) stronger US dollar movement (QoQ: +8.4%), closing at 4.4862
ii) a jump in CPO prices (YoY: +36.5%, QoQ: +12%), averaging at RM2,948/mt.
iii) decent dividend yield

- plantation key earnings
- timber segment is expected to experience margin squeeze because of softer timber prices but due to Tokyo Olympics 2020 to revive demand for plywood and expect plywood prices to recover
-FY17 fresh fruit bunch is expected to grow 10%-13%,

-20164Q effect of El Nino expect less FFB production compared to last year.

-October 2016, acquire Agrogreen Ventures Sdn. Bhd, 5,090/5280 hectares have been planted with oil palms aged from 1 to 5 years.

Planted Area 2015 (ha)
Mature (4th – 16th Years) 34,138
Immature (2nd – 3rd Years) 5,110
Young (1st Year) 1,893

RISK
-higher fertilizer cost weighed in due to weaker ringgit
-CPO price going lower (every RM100 CPO price, influence earnings about 5%)
-Being sue by the plaintiffs claimed abbout approximately 450 hectares, The High Court allowing the plaintiffs’ claim against the defendants on July 2014. Taan appeals against the High Court’s ruling, the hearing of the appeal on 20 October 2016 has been postponed and hearing date has not been fixed by the Court of Appeal yet.
-Being sue by the plaintiffs claimed about 719 hectares ,On 13 October 2015, the plaintiff refiled the Writ and Statement of Claim. The trial of the case has ended on 4th November 2016. The High Court has given directions to prepare written submissions and bundles of authorities. Parties will exchange submissions and the Court has fixed clarification in January 2017.

Target price (current RM4.19)
EPS (10+10+8+8) x15PE   = RM5.4
EPS 10x4Qx15PE = RM6
latest EPS 3Q2016 11.71

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