RHB Research: Plantation Sector "Overweight" Despite Critical Stock Levels
RHB Research: Plantation Sector "Overweight" Despite Critical Stock Levels
SD Guthrie has been awarded a BUY call with a target price of RM5.55, reflecting a 57 sen premium over the prevailing market valuation. As at 12:20pm Dec 11, SD Guthrie traded at RM4.98. (Stock updates from Bursa Malaysia)
Palm oil inventory is expected to end the year below the 2 million-tonne mark, as the production peak is over and exports set to improve in the upcoming festive season, according to RHB Investment Bank Bhd (RHB Research).
根据RHb投资银行（RHb Research）的报告，棕榈油库存预计将在年末低于200万吨，因生产高峰已过，出口有望在即将到来的节庆季节改善。
Nevertheless, the plantation sector has been awarded an OVERWEIGHT rating by RHB Research which favours SD Guthrie Bhd, Johor Plantations Group Bhd, and Sarawak Oil Palms Bhd as the sector's top picks.
尽管如此，种植业板块已被RHb研究评为超配，偏向SD Guthrie Bhd、柔佛种植集团Bhd和砂拉越油棕有限公司作为该板块的首选。
Notably, two regional planters Bumitama Agri Ltd and PT Perusahaan Perkebunan London Sumatra Indonesia (LSIP) are also top picks for the sector in a wider context.
值得注意的是，两家区域型种植公司布米达马农业有限公司和伦敦苏门答腊公司（LSIP）在更广泛的背景下也是该板块的首选。
SD Guthrie has been awarded a BUY call with a target price of RM5.55, reflecting a 57 sen premium over the prevailing market valuation. As at 12:20pm Dec 11, SD Guthrie traded at RM4.98. (Stock updates from Bursa Malaysia)
SD Guthrie被评为买入，目标价为RM5.55，反映出比当前市场估值高出57仙。截至12月11日中午12:20，SD Guthrie的交易价格为RM4.98。（来自马来西亚交易所的股票更新）
Johor Plantations has been given a BUY call with a target price of RM1.55 which translates to a premium of 26 sen over market valuation. As at 12:20pm Dec 11, Johor Plantations traded at RM1.29. (Stock updates from Bursa Malaysia)
柔佛种植公司获得买入评级，目标价为RM1.55，较市场估值溢价26仙。截至12月11日中午12:20，柔佛种植公司的交易价格为RM1.29。（来自马来西亚交易所的股票更新）
Sarawak Oil Palms has been awarded a BUY rating with a target price of RM4.15. The target price awards a 72 sen premium above the market pricing. As at 12:21pm Dec 11, Sarawak Oil Palms's share price stood at RM3.43. (Stock updates from Bursa Malaysia)
砂拉越油棕有限公司被评为买入，目标价为RM4.15。该目标价比市场定价高出72仙。截至12月11日中午12:21，砂拉越油棕有限公司的股价为RM3.43。（来自马来西亚交易所的股票更新）
Bumitama Agri has been given a BUY rating with a target price os SG$0.95 while LSIP has been awarded a BUY call with a target price of IDR1,540. According to online real-time data, Bumitama Agri's stock price stood at RM0.905 as at 11:52am Dec 11, whereas LSIP's shares traded at IDR1,100 as at 11:34am Dec 11.
布米达马农业被给予买入评级，目标价为SG$0.95，而LSIP被授予买入看涨，目标价为IDR1,540。根据在线实时数据，截至2023年12月11日上午11:52，布米达马农业的股价为RM0.905，而LSIP的股票截至2023年12月11日上午11:34交易于IDR1,100。
- Inventory levels declined 2.65% to 1.84 million metric tonnes (MT) in November 2024, compared to 1.89 million MT in Oct 2024, mainly due to production which decreased 9.8% month-on-month, partially offset by lower exports which declined 15% month-on-month.
- Stock levels are likely to stay below the 2 million-MT mark in 2024, as production continues to moderate and exports gradually improve. Analysts see stronger fundamental prospects for ASP in 2025 on tighter global supply, increased biodiesel demand and low stock levels.
- 2024年11月的库存水平下降2.65%，降至184万公吨（MT），而2024年10月为189万公吨，主要由于生产环比下降9.8%，部分被环比下降15%的出口量所抵消。
- 预计2024年的库存水平将低于200万公吨，因为生产继续减少，出口逐步改善。分析师预计2025年全球供应趋紧、加大生物柴油需求和低库存水平将带来更强的基础前景。
The Q3 2024 reporting season saw mostly in-line results from plantation operators. Analysts expect stronger financial performance in the last quarter of 2024 owing to higher average selling prices (ASP).
2024年第三季度的报告季节大多数种植公司业绩符合预期。分析师预计2024年最后一个季度的财务表现将有所增强，原因是平均销售价格（ASP）上升。
The results of eight planters were in line, two were above and four below estimates. The upside surprise came from FGV Holdings Bhd on higher FFB output and lower unit costs. Downside surprises came from SD Guthrie Bhd and TSH Resources Bhd on factors like weak FFB output, thin downstream margins and higher tax rates.
八家种植公司的业绩与预期一致，两家超出预期，四家低于预期。FGV Holdings Bhd因其FFb产量高和单位成本低而带来了上行惊喜。SD Guthrie Bhd和盈申控股因FFb产量疲软、下游利润微薄和税率上升等因素带来了下行惊喜。
