OCBC Investment Research starts Global Palm Resources Holdings (K6J.SG) at Hold recommendation with a $0.40 fair value estimate.

It says the stock looks fairly valued at the moment and has a slightly higher P/E of 16X compared with the sector average of 15.3X, looking at relative valuations. 

“Despite our relatively upbeat projections, we note that Global Palm has also run up with the rest of its plantation peers,” OCBC says. 

 

It sees an opportunity to revisit the rating if the group executes successfully on its expansion plans.