$FGV / 5222 (FGV HOLDINGS BERHAD)
Research by MIDF
Neutral - TP RM1.31

"Slow And Steady"

• Earnings returned to black
• Plantation business: profit jumped on higher FFB output
• Sugar subsegment turned into the red
• Earnings estimate: Maintained
• Maintain NEUTRAL with a revised TP of RM1.31

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