[%gIUq%] 
Research by MIDF
Buy – TP of MYR 4.10

“Performance Largely In-Line with Seasonal Factors” 

After excluding the change in fair value of biological assets and forex gain, Ta Ann’s core PATAMI came in only at RM36.4m (-11.2%yoy), despite revenue being maintained at RM352.4m (+0.5%yoy). While this was largely considered within our/consensus estimates, making up about 17% and 18% of full-year estimates, given that 1Q is always the weakest results among the quarters due to low crop seasonality. Additionally, FFB and CPO production were also down by - 35.3%qoq and -32.3%qoq respectively, due to aforementioned factors.

Analyst(s):
MIDF Research Team 
[%RkcQ%]

$KLSE-TAANN 
Research by MIDF
Buy – TP of MYR 4.10

“Performance Largely In-Line with Seasonal Factors” 

After excluding the change in fair value of biological assets and forex gain, Ta Ann’s core PATAMI came in only at RM36.4m (-11.2%yoy), despite revenue being maintained at RM352.4m (+0.5%yoy). While this was largely considered within our/consensus estimates, making up about 17% and 18% of full-year estimates, given that 1Q is always the weakest results among the quarters due to low crop seasonality. Additionally, FFB and CPO production were also down by - 35.3%qoq and -32.3%qoq respectively, due to aforementioned factors.

Analyst(s):
MIDF Research Team 
research@midf.com.my