Singapore Stock Market News
Plantations - Undervalued Sabah planters
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Publish date: Tue, 01 Oct 2013, 11:52 AM
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Sabah estates appear to be in demand, judging from the recent
acquisitions by FGV and Boustead. In this piece, we scout for listed
Sabah palm oil players that are trading at EV/ha valuations close to or
below the recently transacted estates' prices.
If this buying spree continues, some
of the smaller listed Sabah planters
could be targeted. We came up with a
list of seven listed companies that
may be undervalued (Figure 1), based
on only two criteria:
(1) the bulk of
their estates are in Sabah, and
(2)
they trade at attractive EV/planted ha
(below the recently-transacted prices
of estates in Sabah).
We maintain our
Neutral rating and our top picks First
Resources, Wilmar and IOI.
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