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Positives mostly priced in for now

■ 9M21 core net profit and DPS beat expectations, mainly due to higher-than expected ASPs for both oil palm and timber products.
■ We expect Ta Ann to deliver sequentially flat profits for 4Q21F on sustained high CPO and timber product ASPs, partially offset by lower FFB production.
■ We raise our SOP-based TP to RM3.18 but downgrade Ta Ann to Hold as we believe its positive earnings prospects have been mostly priced in.

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