Reuters: Hot Stocks: STOCKS NEWS MALAYSIA-RHB cuts TH Plantations to 'underperform'

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STOCKS NEWS MALAYSIA-RHB cuts TH Plantations to 'underperform' Oct 31st 2012, 03:40 Tue Oct 30, 2012 11:40pm EDT RHB Research downgraded TH Plantations Bhd to 'underperform' from 'market perform' after the company's results for the first nine months of the year came below expectations. The brokerage also reduced its target price for the stock to 2.10 ringgit from 2.50 ringgit. TH Plantations' nine-month net profit fell 40 percent, hurt by lower production of fresh fruit bunches, reduced prices for crude palm oil and higher production costs, RHB said in a report on Wednesday. RHB said the company's full-year performance will still be weighed down by its performance in the first half of the year, which could mitigate effects of higher productivity in the second half. RHB expects a 3 percent decline in production for 2012, consequently reducing its profit forecasts for the next two years by up to 23.4 percent. Shares in TH Plantations shed as much as 2.6 percent to 2.28 ringgit. 1108 (0308 GMT) (Reporting by Al-Zaquan Amer Hamzah in Kuala Lumpur; Editing by Gopakumar Warrier; alzaquan.amerhamzah@thomsonreuters.com)

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