Plantations - Sabah production surprise | I3investor

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Plantations - Sabah production surprise

StockFanatic

Publish date: Tue, 11 Dec 2012, 11:29 AM

Malaysia's palm oil stocks rose 2.3% in Nov to a new record high of 2.56m tonnes, marginally below consensus numbers but above ours because of a 6% mom surge in Sabah output to a new high for the year. We believe the higher stockpile has been captured in the current price.

We expect CPO price to regain some strength in the coming months as palm oil stocks ease. However, the near-term upside will be capped somewhat until stocks fall to around 2m tonnes. We maintain our CPO price forecasts and our Neutral call on the regional plantation sector. We continue to prefer Singapore planters such as Wilmar, Golden Agri and Indofood Agri.

Wilmar Intl (F34)Golden Agri-Res (E5H)Indofood Agri (5JS)

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