KUALA LUMPUR, July 13 ― Despite the stronger export growth, research houses and investment banks are maintaining their “neutral” call on the plantation sector as the country recorded the fourth consecutive monthly rise in palm oil inventory with domestic consumption shrinking.Kenanga Research projects the crop to face headwinds such as price volatility, while the environmental, social and governance factors will continue to weigh in on the sector.
“Our integrated pick with defensive overall margin against the CPO price variability is Kuala Lumpur Kepong Bhd with a target price of RM24.00. We also like Sime Darby Plantation Bhd as its earnings are relatively shielded by forward sales,” it said. On the bright side, it said the ESG perception has not hampered merger and acquisition activities in the plantation industry.
“Meanwhile, TSH Resources is disposing of 3,007-hectare plantation landbank in Sabah. This reflects the long-term commitment of the big plantation players who have more ambitious plans for their core business,” it said in a note today.
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