PLANTATION
 [%AgAC%] [%WEll%] 
Research by RHB
Neutral

“1Q24 Earnings Missed, But Fundamentals Improving”

Top Picks are now a mix of pure and integrated planters – Sarawak Oil Palms, IOI Corp (IOI), and PP London Sumatra Indonesia (LSIP). PO inventory rose to 1.75m tonnes in May, driven by higher production, but offset by higher exports. We expect PO inventory to remain below the 2m tonne mark, at least until June. Main catalyst to look out for remains La Nina – whose probability rose to 87% in 4Q24. Maintain sector NEUTRAL.

Analyst(s):
Hoe Lee Leng
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Indonesia Research
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Singapore Research
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PLANTATION
 $KLSE-SOP $KLSE-IOICORP 
Research by RHB
Neutral

“1Q24 Earnings Missed, But Fundamentals Improving”

Top Picks are now a mix of pure and integrated planters – Sarawak Oil Palms, IOI Corp (IOI), and PP London Sumatra Indonesia (LSIP). PO inventory rose to 1.75m tonnes in May, driven by higher production, but offset by higher exports. We expect PO inventory to remain below the 2m tonne mark, at least until June. Main catalyst to look out for remains La Nina – whose probability rose to 87% in 4Q24. Maintain sector NEUTRAL.

Analyst(s):
Hoe Lee Leng
hoe.lee.leng@rhbgroup.com
Indonesia Research
rhb.id.research@rhbgroup.com
Singapore Research
research.sg.equity@rhbgroup.com