ASEAN Plantations - The crude reality | I3investor

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ASEAN Plantations - The crude reality

StockFanatic

Publish date: Thu, 09 Jul 2015, 11:39 AM

2015 has turned out to be another challenging year for the planters as the industry struggles with lower CPO prices, output growth and rising costs. Palm oil prices remain weak, as slower edible oils demand growth due to reduced biodiesel usage has more than offset concerns over lower supplies due to the ongoing El Nino.

We cut our 2015-16 CPO prices by 8 -21% to reflect weaker-than-expected biodiesel demand, slower global growth and competition from other edible oils. This leads us to lower our EPS for planters by up to 45% for FY15-17. Consequently, our target prices for planters are reduced by up to 16%. The sector trades at a slight discount to its historical average P/E, following the revision. We keep our Neutral rating, with First Resources, Genting Plantations and SIMP as top picks.

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