SINGAPORE (Mar 7): UOB Kay Hian is maintaining its “market weight” rating on Singapore plantation stocks.
In a Wednesday report, analyst Leow Huey Chuen says that with the exception of Golden Agri-Resources, the others under the research house’s coverage – Bumitama Agri (BAL), First Resources (FR) and Wilmar International – performed within expectations in 4Q17 and saw significant improvement on the back of higher fresh fruit bunches (FFB) production and better crude palm oil (CPO) average selling prices (ASP).
The research house is rating both FR and Golden Agri “hold” as it reckons that the higher production and earnings expected for 2H17 are priced in, while Wilmar and BAL have been rated “buy”.
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