PLANTATION
[%XHFZ%] [%FdmS%] [%yFxZ%] 
Research by Kenanga
Neutral

“Inventory Pick-up On Weak Exports”

MPOB-reported palm oil production of 1.615m MT (-5% MoM, +12% YoY) for June 2024 was a tad above the 10-year average level, and within market estimate but 6% poorer than Kenanga’s estimate. However, poorer exports of 1.205m MT came in slightly (3%) below market and 13% lower than our expectation which led to higher QoQ and YoY closing inventory.

Analyst(s):
Teh Kian Yeong 
[%igrG%]

PLANTATION
$KLSE-TSH $KLSE-UMCCA $KLSE-PPB 
Research by Kenanga
Neutral

“Inventory Pick-up On Weak Exports”

MPOB-reported palm oil production of 1.615m MT (-5% MoM, +12% YoY) for June 2024 was a tad above the 10-year average level, and within market estimate but 6% poorer than Kenanga’s estimate. However, poorer exports of 1.205m MT came in slightly (3%) below market and 13% lower than our expectation which led to higher QoQ and YoY closing inventory.

Analyst(s):
Teh Kian Yeong 
tehky@kenanga.com.my