SBO price premium above CPO betw USD 175 - 180 per tonne. Countries like lndia, Pakistan, China and other consumer looking at CPO as the cheaper alternatives
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
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.
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.
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.
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
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CBOT大豆继续上涨,出口需求旺盛 2020-11-21 周五,芝加哥期货交易所(CBOT)大豆期货市场收盘上涨,创下四年来的新高,因为出口需求旺盛,南美天气担忧。 截至收盘,大豆期货上涨2.25美分到6.50美分不等,其中1月期约收高3.50美分,报收1181美分/蒲式耳;3月期约收高5.75美分,报收1181.25美分/蒲式耳;5月期约收高6.50美分,报收1179.50美分/蒲式耳。 成交最活跃的1月期约交易区间在1176.75美分到1196.75美分。 大豆市场连续第六个交易日上涨,创下四年来的最高水平,因为南美大豆产区天气持续干燥,美国供应下滑令人担忧。 不过多头获利平仓抛售,使得豆价从高点回落。从周线图上来看,大豆市场连续第三周收涨。 荷兰合作银行的分析师称,今年市场很担忧供应。巴西大豆作物已经进入对降水高需求的时期,而美国所剩余的大豆出口供应也不多。 虽然过去一周巴西和阿根廷部分地区出现了急需的降雨,但是许多大豆产区依然干燥,这些地区需要更多的降雨来结束干旱。 阿根廷布宜诺斯艾利斯谷物交易所称,过去一周阿根廷大豆播种步伐快速推进,因为干旱的地区出现了降雨。不过全国大部分地区依然干燥。 一位分析师称,南美气象预报显示阿根廷大部分地区依然干燥,温度高于正常,这非常令人担忧。 南美天气干燥,使得最终用户集中精力采购美国大豆,不过美国大豆供应同样趋紧,市场正在调配需求。