Credit
Flash: 4Q16 results
·
Plantation companies we review posted good operating
results for 4Q16 boosted by high CPO prices and recovering crop production as
El Nino effect wanes, ending 2016 on a decent note.
·
Credit metrics remain broadly stable with notable
improvements for BAL whose 2019 bonds offer good value.
·
We keep an eye on GAR’s refinancing plan for the
MYR1.5b sukuk due in Nov 2017 amid tight liquidity position.
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