Top Calls
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Sector Update � Plantation (NEUTRAL,
maintain)
- Rebound in inventory as exports decline CPO production in September grew slightly by 0.8% mom as production in Peninsular Malaysia improved but was offset by lower production in Sabah and Sarawak. After two months of strong export growth, palm oil exports in September dropped by 20% mom. This brought palm oil inventory higher to 1.53m MT. The soybean oil premium has widened, partly due to the recent drop in CPO prices. We maintain our CPO ASP assumption, sector NEUTRAL rating and SELL ratings on FGV, GENP and SIME on valuation grounds.
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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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