PLANTATION
$KLK / 2445 (KUALA LUMPUR KEPONG BERHAD) $TSH / 9059 (TSH RESOURCES BERHAD) $FGV / 5222 (FGV HOLDINGS BERHAD) $IOICORP / 1961 (IOI CORPORATION BERHAD) $HAPSENG / 3034 (HAP SENG CONSOLIDATED BERHAD)
Research by Ambank
Neutral

“Large soybean supplies to keep grain prices low”

We are Neutral on the plantation sector. Our average CPO price assumptions are RM4,000/tonne for pure Malaysian planters and RM3,700/tonne for those with Indonesian operations. We have BUYs on KL Kepong (Fair value: RM25.20/share), Hap Seng Plantations (Fair value: RM2.30/share) and Genting Plantations (Fair value: RM6.80/share).

Analyst(s):
Gan Huey Ling, CFA
gan-huey-ling@ambankgroup.com