Top Story: Plantation
¨ Largely affected by external developments.
¨ Malaysia’s CPO production rose in Jul by 7.0% mom, while exports rose by a smaller 1.8% mom.
¨ No change to our forecasts. We maintain our Neutral stance on the plantation sector.
¨ We continue to have Outperform calls SGX-listed First Resources (FV = S$1.35), KLK (FV = RM20.70), IOIC (FV = RM6.65) and CBIP (FV = RM3.70)
¨ We maintain our Underperform call on Sime Darby (FV = RM8.00), Genting Plantation (FV = RM6.70) and IJMP (FV = RM2.30).
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