Johor Plantations's Attractive Market Valuation Supports Its Optimistic Long-Term Outlook
Johor Plantations's Attractive Market Valuation Supports Its Optimistic Long-Term Outlook
For FY25, the company is negotiating its fertiliser contracts at an additional 10% reduction, leading the research house to adjust cost projections downward by 5%-10% for FY24-FY26.
RHB Investment Bank Bhd (RHB Research) has issued a BUY call on Johor Plantations Group Bhd (JPG) after the plantation company maintained its strong financial momentum in the first nine months of 2024, reporting core net profits of RM172.6 million — a 69% increase year-over-year. The research house has raised JPG's target price (TP) to RM1.55 from RM1.50, reflecting a 24% upside potential.
RHb投资银行Bhd（RHb研究）在2024年前9个月保持强劲财务势头后，对柔佛种植团体Bhd（JPG）发布了买入看涨的研究报告，报告显示其核心净利润为17260万令吉，同比增长69%。研究机构将JPG的目标价（TP）从1.50令吉调高至1.55令吉，反映出24%的上涨潜力。
With its upgraded TP based on 14 times forward price-earnings for 2025 and an ESG score of 3.2 out of 4, JPG's valuation remains compelling amid a bullish crude palm oil market environment.
基于2025年14倍预期市盈率和3.2的ESG评分，JPG的估值在看好原油棕榈油市场环境的背景下仍然具有吸引力。
While JPG foresees a slight moderation in monthly output through year-end, its management has upgraded its annual growth outlook to 11%-12% for FY24, with projections for continued expansion in the 10%-12% range for FY25.
尽管JPG预计年底月出产稍微减少，但其管理层已将FY24年度增长预期上调至11%-12%，预计FY25年度将继续保持10%-12%的扩张范围。
For FY25, the company is negotiating its fertiliser contracts at an additional 10% reduction, leading the research house to adjust cost projections downward by 5%-10% for FY24-FY26.
对于FY25年，该公司正在就其化肥合同进行额外10%的讨价还价，导致研究机构将FY24年至FY26年的成本预估调降了5%-10%。
RHB Research sees potential for continued growth, supported by an upstream-oriented earnings profile and a well-balanced cost structure.
RHb研究认为，由于以上游为导向的盈利模式和良好平衡的成本结构，JPG仍有持续增长的潜力。
The company's position as a pure plantation play, along with its attractive market valuation, supports an optimistic long-term outlook for JPG.
公司作为一家纯种植业者，以及其有吸引力的市场估值，支持了对JPG的乐观长期展望。
