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By ECM Libra Investment Research Tuesday, 24 August 2010 16:57

• Within expectations Annualised and adjusted (for a RM75m gain from disposal of their insurance business) net profit for Boustead Holdings came in >20% below house and street estimates. The main shortfall was due to seasonally low plantation numbers which we expect will pick up in 2H10 and on that front, we view numbers still within expectations. For the quarter, the  group achieved a CPO ASP of RM2,401 per mt (RM2,499 in 1Q10) and for 6M09, CPO ASP was at RM2,495, 18% higher than 6M09. • 2Q plantations seasonally weak, to pick up in 3Q For the quarter, Boustead achieved a FFB yield of 3.71mt/ha compared to 3.65mt/ha in 2QFY09 (see figure 3). On a cumulative basis, yields are up 1% so far this year. To note, 2Q is typically a poor quarter for the group’s plantation segment and we expect a pick up in numbers come 3Q. As such, we are going to stick to our estimates for now, expecting the plantation segment to pull the group through FY10. • Heavy industries to be flattish in near term The segment has just about completed its deliveries of the 6 patrol vessels to the Royal Malaysian Navy hence orderbook is minimal at the moment. This has resulted in softer earnings y-o-y. On other jobs, there is an estimated RM2bn in orderbook including the recently awarded RM1.3bn for service of the Scorpene submarines. To really bolster orderbook, the Group still needs another order from the government fornavy vessels. We believe Boustead could well be close to snagging the job. For now though, the segment will be relying on the vessel rejuvenation job for 2 navy vessels (RM700m), some fabrication and commercial vessel works including vessel orders from Swiber. • Changing from a Buy to Hold, TP: RM4.48 After recent run up in share price, we view that some of the oncoming good news may be priced in to the stock already. We continue to use their historical average P/E of 8x and pegging this to FY11 EPS to derive our TP of RM4.48. We recommend to Hold on to Boustead for their decent dividend payouts. We expect a net yield of 5.2% for FY10 and view that this could be a conservative estimate. To note, a 10sen single tier interim dividend was announced for the quarter bringing total YTD declared dividends to 15sen.