Golden Agri: Citi maintains Buy, TP $1.09.
Note that GGR's subsidiary PT Ivo Mas Tunggal has received Roundtable on Sustainable Palm Oil (RSPO) certification for 2 of its subsidiaries PT Ramajaya Pramukti (RJP) and PT Buana Wiralestari Mas (BWL).
a) Biggest and most liquid: With a market cap of US$6.9b and ADT of US$32m/day.
b) High likelihood of beating consensus estimates again in 4Q11 (GAR’s 9M11’s Net Profit already accounts for 83% of consensus’ latest FY11E earnings estimates, FY11 earnings on Feb 27).
c) RSPO certification helps reaffirm GAR’s commitment towards achieving environmental sustainability.
Overall, maintain GGR as top pick in the ASEAN CPO space.