Global Palm

Global Palm: Reported its 1Q12 results. Revenue grew 12.0% YoY and 24.8% QoQ to IDR98.9b while Net profit -13.1% YoY and +756.8% QoQ (which also includes biological asset gains) to IDR12.9b. OCBC note that gross margin eased from 30.5% in 1Q11 and 31.3% in 4Q11 to 25.7%; this probably due to lower ASPs. Pending mgt conference, house put HOLD call and $0.19 fair value under review.