Highlights
KLSE: SOP (5126)       SARAWAK OIL PALMS BHD MAIN : Plantations
Last Price Today's Change   Day's Range   Trading Volume
4.11   +0.10 (2.49%)  4.05 - 4.16  411,800
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Overview

Market Cap: 2,347 Million
NOSH: 571 Million
Avg Volume (4 weeks):333,505
4 Weeks Range:3.44 - 4.23
4 Weeks Price Volatility (%):
84.81%
52 Weeks Range:1.90 - 4.23
52 Weeks Price Volatility (%):
94.85%
Average Price Target: 4.30
Price Target Upside/Downside: +0.19

Financial Highlight

Latest Quarter | Ann. Date 30-Sep-2020 [#3]  |  26-Nov-2020
Next QR | Est. Ann. Date: 31-Dec-2020  |  28-Feb-2021
T4Q P/E | EY: 10.10  |  9.90%
T4Q DY | Payout %: 0.00%  |  - %
T4Q NAPS | P/NAPS: 4.1298  |  1.00
T4Q NP Margin | ROE: 8.67%  |  9.85%

Headlines

Date Subject
11-Sep-2020 MPOB Monthly Statistics August 2020 - August Production Increased 3.1% to 1.86m tonnes
27-Aug-2020 Sarawak Oil Palms - Benefiting From Higher ASP of Palm Products
14-Aug-2020 Daily technical highlights – (SOP, JHM)
14-Aug-2020 Stocks on Radar - Sarawak Oil Palms (5126)
21-Jul-2020 Plantation - Swarmageddon: Rise of “The Black Swarm”
20-Jul-2020 Plantation - News flow for week 13 – 17 July
17-Jul-2020 Stocks on Radar- Sarawak Oil Palms (5126)
17-Jul-2020 热门股:砂拉越油棕 上挑RM3.48
06-Jul-2020 Plantation - News flow for week 29 June – 3 July
29-Jun-2020 Plantation - News flow for week 22 – 26 June
22-Jun-2020 Daily Market Update - 22 Jun 2020
27-May-2020 Sarawak Oil Palms - Challenging quarter ahead
27-May-2020 Mplus Market Pulse - 27 May 2020
18-May-2020 Plantation - News flow for week 11 – 15 May
15-May-2020 Plantation - Key Takeaways from Golden Agri’s Conference Call
13-May-2020 Plantation - Key takeaways from Bumitama’s conference call
08-May-2020 M+ Online Technical Focus - 8 May 2020
08-May-2020 Daily Market Update - 8 May 2020 (JOHOTIN, SOP)
04-May-2020 Plantation - News flow for week 27 Apr – 1 May
27-Apr-2020 Plantation - News flow for week 20 – 24 Apr

Business Background

Sarawak Oil Palms Bhd is a Malaysia based company engaged in the principal activities of investment holding, cultivation of oil palms, and operations of palm oil mills. The primary businesses of the company are oil palm plantation, milling, refining of oil palm products and trading of oil palm products. The operating segments of the group are Oil palm and Property development. Oil palm segment contributes majorly to the group’s revenue. Geographical the company operates in Malaysia and Singapore, of which key revenue is derived from Malaysia.
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  5 people like this.
 
Anonymous9898 it seems like not much people know about this good company
25/11/2020 4:30 PM
Gabriel Khoo Not liquid...if share bonus. Sure attract investors
25/11/2020 5:14 PM
LuckyG free warrant also good enough :))
26/11/2020 8:34 AM
ChrisMz This is a very good company.. excellent in manage estates and its refinery is doing quite well too..
The only thing is that the dividend yield not so attractive
26/11/2020 5:19 PM
gemfinder WOW SUPERB RESULT
26/11/2020 5:21 PM
Dakewlest Stock ini boleh simpan lama.
26/11/2020 5:31 PM
johoran Q3
Profit 70m
EPS 12.93
26/11/2020 5:32 PM
Anonymous9898 if people notice this gem, the price will not be like this only
26/11/2020 7:53 PM
LuckyG Depend on fund and operator when they want to goreng. For sure come, when only. Till now I only buy never sell 1 sop shares
26/11/2020 9:11 PM
chshzhd good
27/11/2020 1:24 AM
Dakewlest LuckyG, at what price u bought this share?
27/11/2020 1:29 AM
8888_ QR good but why no extra dividend like Sarawak Plantation?
27/11/2020 8:02 AM
Gabriel Khoo this is a growth fully integrated plantation company cash reserve for capex. whereas sarawak plantation is a pure upstream small plantation company
27/11/2020 8:08 AM
kinuxian 200+ mil full year profit is finger away and double digit ROE is highly possible for FY20.

SOP become lowest PE 9.73 among their peers and top 5 on ROE.

Wander what's MBB research house will say in their latest update.
27/11/2020 8:56 AM
Gabriel Khoo FY20E: Poised to deliver one of its highest PATMI in history

The above expected 3Q20 core PATMI was driven by high CPO ASP, decent downstream contribution, and lower-than-expected unit cost. While 4Q20 PATMI are likely to be lower QoQ on weaker output, and higher cost and taxes, SOP will nonetheless end the year posting one of the highest PATMI in its history. Following our EPS upgrades, we raise our TP to MYR5.36 on 15x 2021 PER peg, its updated historical 5Y mean. Trading at just 11x FY21 PER and adj. EV/ planted ha of MYR23,000, SOP remains a BUY.
27/11/2020 9:09 AM
Gabriel Khoo Our call. Maintain TP of RM4.30 (based on P/BV of 1.0x and SOP’s FY21
BV/share) with revised earnings forecast for FY20/FY21 to RM222m and
RM292m respectively from RM154m and RM193m previously, as we
adjusted lower our costs of sales and tweaked our FFB processed and
CPO production number lower with higher ASP of palm product
anticipated. SOP’s share price has risen by 104% since its lowest in
March and we now see the stock reaching closer to our valuation with
an upside of 8.6% from current price. Hence, we changed our
recommendation from BUY to HOLD. Accumulate on weakness.
27/11/2020 9:54 AM
Gabriel Khoo BIMB's very contradict with their earnings upgrade.
27/11/2020 9:55 AM
Anonymous9898 So sad... Good profit also no use. Fcpo keeps dropping. Many people just buy according to fcpo
27/11/2020 10:00 AM
enning22 https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3108372
27/11/2020 10:01 AM
kinuxian BIMB, maintaining the same TP with following facts?? LOL

- First 3 quarters had bag in 183mil and exceed their original full year FY20 earning forecast 154m.
- Increased FY21 profit forecast by 50% .

Let see if more research house will cover them as financial ratio stood out from their peer.

Anywhere, Q4 revenue usually strongest of a year, the expectation of weaker output fall perhaps within 10-20% range but CPO price shall fill the gap as it had strengthen around 20% so far. A conservative figure like minimum 50mil for Q4 are archivable easily.

Short term trader that expecting some fast money right after good QR might be disappointed.
27/11/2020 10:40 AM
Anonymous9898 back to 3.96....
27/11/2020 10:53 AM
bclassinvest Hi Gabriel, can I know the source of this research?

FY20E: Poised to deliver one of its highest PATMI in history

The above expected 3Q20 core PATMI was driven by high CPO ASP, decent downstream contribution, and lower-than-expected unit cost. While 4Q20 PATMI are likely to be lower QoQ on weaker output, and higher cost and taxes, SOP will nonetheless end the year posting one of the highest PATMI in its history. Following our EPS upgrades, we raise our TP to MYR5.36 on 15x 2021 PER peg, its updated historical 5Y mean. Trading at just 11x FY21 PER and adj. EV/ planted ha of MYR23,000, SOP remains a BUY.
27/11/2020 11:24 AM
27/11/2020 11:27 AM
gemfinder Y so dificult to go up?
27/11/2020 1:16 PM
Plantermen Past few days CPO under pressure
27/11/2020 1:30 PM
kinuxian https://www.spglobal.com/platts/en/market-insights/latest-news/agriculture/112620-india-cuts-import-duty-on-crude-palm-oil-by-10
27/11/2020 2:24 PM
TigerWoods Untung 76m but no dividend.. why so kedekut??
27/11/2020 4:53 PM
LuckyG later maybe something special mah . hope i am right
27/11/2020 4:54 PM
Anonymous9898 today fcpo rebound....hopefully monday got show
27/11/2020 6:03 PM
Plantermen India cuts its CPO import duty by 10% to 27.5% effective from today {27.11}this will increase the palm uptake by app 100,000 tonnes per month. SBO premium over CPO is between USD 230 - 240 per tonne
27/11/2020 6:33 PM
johoran hopefully bonus issue
27/11/2020 6:54 PM
Dakewlest Imagine Bonus issue and special dividend...
27/11/2020 7:18 PM
LuckyG bonus plus warrant is the best.
27/11/2020 8:45 PM
skyea india horeca havent recover yet only. next year when horeca back online, palm will go from farm straight into transport vessels...
27/11/2020 9:10 PM
Gabriel Khoo https://www.feednavigator.com/Article/2020/11/24/La-Nina-and-global-stockpiling-could-cause-agri-commodity-prices-to-increase-in-2021
27/11/2020 11:22 PM
Jonathan Keung Rabobank projected hot agri commodities price trending next year
28/11/2020 9:14 AM
bluered by next year or next-next year should be the highest price for SOP.
28/11/2020 9:21 AM
Gabriel Khoo 300 x 16 PE = TP8.4
28/11/2020 2:07 PM
skyea gabriel, i dun understand the equation. apa tu?
28/11/2020 7:27 PM
johoran Eps
Q 1=12.47
Q2=6.72
Q3=12.93
Q4= if 100m eps 15
Total=47 sen
47x16=RM 7.50
28/11/2020 7:59 PM
johoran If every Q can 70m 2021,
Eps 12.93x4=51.74x16 pe=8.27
28/11/2020 8:06 PM
johoran 300m= eps=52.5senx 16= Rm 8.40
28/11/2020 8:08 PM
Anonymous9898 the main problem is whether the fcpo can sustain at 3000 for the whole 2021 and the production level as well
29/11/2020 9:08 AM
Gabriel Khoo No need 3000....stay above 2800 SOP can still hit 300M. 2800 to 3000 for 2021 possible
29/11/2020 5:55 PM
Gabriel Khoo https://www.foodnavigator-asia.com/Article/2020/11/24/Palm-oil-in-China-Consumption-growth-expected-in-food-sector-as-government-moves-to-phase-out-GM-soybean-oil
29/11/2020 6:44 PM
Gabriel Khoo Palm-oil-in-China-Consumption-growth-expected-in-food-sector-as-government-moves-to-phase-out-GM-soybean-oil
29/11/2020 6:44 PM
awesome20 swkplnt do not forget also
29/11/2020 7:16 PM
Gabriel Khoo rich valuation for swkplant. IF PBB cover SOP based on the valuation given to SWKPLANT I think TP for SOP would have easily double
29/11/2020 7:52 PM
Plantermen SOP slow moving but underrated counter compared to its peer. Look at chinteck, United Malacca, smaller acreage but price much higher
30/11/2020 8:08 AM
kinuxian SWKPlnt around 655m market cap and Pbb projecting 18x EPS for SWKPlnt valuation.

Compared to SOP, around 2300m market cap but currently traded 9.7x EPS. While UTDPLT traded around 16.8x EPS and other big cap like IOI, KLK, GenP all traded 30-50x EPS.

In short, just do the waiting game as fair valuation shall come.
30/11/2020 10:41 AM


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