$FGV / 5222 (FGV HOLDINGS BERHAD)
Research by MIDF
Sell – TP RM1.14

“Earnings Compression Continued"

• Below Expectation
• Plantation business: profit dragged by lower FFB output
• Sugar subsegment continued in black, supporting the group operating profit surprisingly
• Earnings estimate: Tweaked lower
• Maintain SELL with a revised TP of RM1.14

Analyst:
MIDF Research Team
research@midf.com.my