Top Calls
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Sector Update � Plantation (NEUTRAL,
maintain)
- Exports surge in July, inventory flat Strong 21.2% mom exports recovery and lower-than-expected 3.5% mom growth in CPO production in July kept inventory flat at 1.77m MT. Exports recovery is positive but it remains to be seen if production growth will remain tepid in the next few months, due to the delayed impact of the last El Ni�o and without the Ramadan holidays. We maintain our CPO ASP assumption of RM2,400/MT in 2016-18E, plantation stock TPs and sector NEUTRAL rating. We maintain SELL on FGV and GENP on valuation grounds.
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Other Calls
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| For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports. |
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