Singapore Stock Market News
Plantations - Higher prices dampen exports
StockFanatic
Publish date: Wed, 11 Dec 2013, 11:50 AM
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Welcome to Stockfanatic Singapore stock market and regional market news. This is a platform to share Singapore stock market and regional news to investors / man in the street. Investors can also look forward to analyst reports and brokers recommendations. Stockfanatic's Singapore stock market and regional news blog, home of investors one stop news station.
Malaysia's palm oil stocks rose by 7% mom to 1.98m tonnes as at end-Nov 13. The stock level was 5% above our forecast, but in line with consensus. The higher stocks vs. our forecast were due mainly to the weaker-than-expected exports.
We are negative on the higher-than-expected stocks, but this is partially offset by concerns that production in Dec may be negatively impacted by the recent flooding in parts of Malaysia. We still think that the firmer CPO price could stay until 1Q14, though the price upside will be capped by concerns over the rising oilseed supplies. We remain Neutral, with First Resources, Wilmar and Astra Agro as our top picks.
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