Golden Agri: Gave positive guidance on output and earnings. Grp expects output to increase as plantations are expanded in Indonesia and new trees mature, bolstering profitability.

Grp will add at least a further 20,000 ha of plantations this yr, and expects to plant as much as 30,000 hectares in 2012. Co produced 1.58m ton of CPO in 9M11, +24% yoy, while production in 2010, totaled 1.85m ton vs 1.91m ton in 2009. Add that about 33% of Golden Agri's estates are less than six yrs old, which is considered as young to immature, which will be grp’s key driver for growth as they mature.

We note of the increasing number of houses turning bullish on the stock, with 17 Buy Calls, 1 Holds and 3 Sell Calls and a mean TP of $0.83. To add on, CPO Guru Dorab Mistry last wk forecasts CPO prices to hit RM 4,000 by 1H12 vs current price of RM 3,161.