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3Q21 PATMI beat ours and consensus estimates on better-than-expected plantation earnings. Given still good 4Q CPO ASP, TAH is on track to deliver its best core PATMI in FY21E. TAH announced a 2nd interim DPS of 20sen, bringing 9M DPS to 30sen (above our expectation). We raise TAH to BUY (from HOLD) given its attractive 6% dividend yields and low-teens forward PER. Our new TP is MYR3.96 based on 13x FY22 PER (from MYR3.27 on 14x FY22E PER), pegged to its updated -0.5SD of 5Y mean.

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