1QFY12/10 results preview. Ta Ann’s 1Q10 results (due out today) are likely to come in below our expectations. This is mainly due to the sharp increase in FFB cost of >20% in 1Q10 vs. FY09 (from our initial assumption of a flattish FFB cost yoy). The increase in FFB cost was mainly due to higher fertilizer cost following higher fertilizer application on its plants during the quarter. As such, we have increased our FFB cost assumption to RM320/mt (from RM300/mt) in FY10-FY11 p.a. and maintained our FFB cost assumption at RM300/mt in FY12.
Ta Ann Holdings Berhad : 1QFY10 Results Likely To Be Impacted By Higher FFB Cost -27/05/2010
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