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KUALA LUMPUR: RHB Research is maintaining its Overweight recommendation on the plantation sector as its expects most of the 11 companies at its plantation day in Singapore to record improved earnings in the coming year on the back of higher CPO prices and lower production costs.
It said on Thursday the event involved companies from Malaysia, Singapore, Indonesia and the United Kingdom, was well attended by clients.
"We expect most of the companies represented to record improved earnings in the coming year on the back of higher CPO prices and lower production costs," it said.
RHB Research said its Plantation Day was well attended by over 60 clients with estimated assets under management (AUM) of US$1.2 trillion.
"We featured 11 companies: Felda Global (FGV, BUY, FV: RM5), IJM Plantations(IJMP, NEUTRAL, FV: RM3.16), TSH Resources (TSH, NEUTRAL, FV: RM3.19),Sarawak Oil Palm (SOP, BUY, FV: RM7.04), CB Industrial Products (CBP MK, NEUTRAL, FV: RM5), and Jaya Tiasa (JT, BUY, FV: RM2.95) from Malaysia.
The others are Golden Agri (GGR SP, BUY, FV: S$0.66), First Resources (FR SP, BUY, FV: S$2.86) and Bumitama Agri (BAL, BUY, FV: S$1.39) from Singapore; Sawit Sumbermas Sarana (SSSMS IJ, BUY, FV: 1,295 rupiah) from Indonesia; andNew Britain Palm Oil (NBPO, Not Rated) from the United Kingdom.
"Overall, we expect most of the companies represented to record improved earnings in the coming year on the back of higher CPO prices and lower production costs.
"Maintain OVERWEIGHT stance on the sector, with top picks Bumitama Agri, First Resources, IOI Corp, Sarawak Oil Palm and Jaya Tiasa," it said.
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