MAYBANK Investment Bank (MIB) expects Ta Ann’s quarter four 2025 (4Q25) earnings to be weaker quarter-on-quarter (QoQ) on lower timber earnings and lower crude palm oil (CPO) average selling price (ASP), mitigated by higher output.
3Q25 headline profit after tax and minority interest of MYR75 mil was lifted by FV gain on biological assets (MYR12 mil).
3Q25 plantation profit before tax (PBT) fell year-on-year (YoY) to MYR103 mil as higher CPO ASP was insufficient to offset lower YoY fresh fruit bunch (FFB) output, due to the delay in the usual peak crop season.
On the other hand, 3Q25 logs output rose 24% YoY on improved weather. This led to a turnaround of its timber ops in 3Q25 with a PBT of MYR2 mil on higher logs exported, higher logs ASP, and higher plywood volume sales, which more than offset lower blended plywood ASP.
According to MIB. current FFB output is seemingly behind estimate, meeting 68% of their full-year forecast. However, this was due to a change in output pattern as FFB output is peaking unusually late this year in October. —Nov 26, 2025
Main image: BanQu
