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Company Update � Genting Plant (ADD,
maintain)
- Indonesian plantations to spur production growth In spite of flattish production from the Malaysian estates, overall FFB production for the group is expected to be at least 10% higher on the back of another 16,000 ha reaching maturity by end-2014, thereby raising total mature areas in Indonesia to around 34,000 ha and the total mature area for the group to around 90,000 ha. The all-in cost of production ex-PK credit is expected to decline to RM1,160/MT for Malaysia (2013: RM1,322/MT) and RM1,300/MT for the group (2013: RM1,430/MT) due to the higher PK credit and higher FFB production. Contributions from property and 50%-associate Genting Simon are expected to be steady to higher. Even though CPO price has weakened, the share price of GENP has been resilient, slightly surpassing our target price of RM11.39 (@ 17x CY15E EPS). We maintain our FY14-16 forecasts and ADD rating pending the release of its 2Q14 results next month.
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