Bursa Malaysia Stock Watch
RHB Research downgrades plantation to Neutral (Edge)
kltrader
Publish date: Wed, 30 Jun 2010, 03:58 PM
kltrader
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RHB Research is downgrading its call on the PLANTATION [] sector to Neutral (from overweight) as it believes there are not many positive catalysts to move crude palm oil (CPO) prices up in the near term.
The research house said on Wednesday, June 30 that it therefore expects plantation share prices to remain lacklustre.
'Despite our now more cautious outlook for the sector for the short term, we maintain our CPO price forecasts of an average of RM2,500/tonne for 2010, RM2,700 for 2011 and RM2,500 for 2012,' it said.
RHB Research said it was rolling forward its valuation targets to CY11 (from CY10). It believed earnings growth for the planters in the medium term are no longer exciting, while big premium valuations are no longer justified.
The research house said on Wednesday, June 30 that it therefore expects plantation share prices to remain lacklustre.
'Despite our now more cautious outlook for the sector for the short term, we maintain our CPO price forecasts of an average of RM2,500/tonne for 2010, RM2,700 for 2011 and RM2,500 for 2012,' it said.
RHB Research said it was rolling forward its valuation targets to CY11 (from CY10). It believed earnings growth for the planters in the medium term are no longer exciting, while big premium valuations are no longer justified.
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