First Resources: Phillip Securities initiates coverage at Buy with $1.33 target. Cites co. as one of purest upstream planters in industry, with the youngest average age amg it’s palm oil trees vs peers. Expect CPO production to increase & yields to improve over nxt few yrs, as bulk of grp’s palm trees approach maturity age. Grp currently trades at 12.7X FY10 EPE vs bigger peers of IndoAgr & GoldenAgr at 16.6X & 13.7X FY10 EPE....
On a separate note, CPO 3-mth futures closed at 16-mth high., with Cargo surveyor SGS reporting CPO exports +15% MoM for the period of 1-25 Sep.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment