Upstream-centred planters in for strong 1Q profit

TheStar Thu, May 09, 2024 12:00am - 1 month View Original


PETALING JAYA: Plantation companies with 70% to 100% of revenue from the upstream segment are expected to report robust first-quarter 2024 (1Q24) earnings.

This is based on improved crude palm oil (CPO) production year-on-year (y-o-y), relatively stable average CPO prices and decreasing fertiliser costs.

CGS International (CGSI) Research said these include companies such as Genting Plantations Bhd, Hap Seng Plantations Holdings Bhd, Sarawak Plantation Bhd and Ta Ann Holdings Bhd.

However, it believes a slowdown in the manufacturing/downstream segment could affect the 1Q24 results of IOI Corp Bhd, Kuala Lumpur Kepong Bhd and FGV Holdings Bhd.

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