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NewsOutlook Boustead Plantations’ full-year profit to soar 75% to RM119.9m, says Hong Leong
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Outlook Boustead Plantations’ full-year profit to soar 75% to RM119.9m, says Hong Leong
by Cals Thu 05 Jun 2014, 03:14
| Outlook Boustead Plantations’ full-year profit to soar 75% to RM119.9m, says Hong Leong |
| Business & Markets 2014 |
| Written by Jeffrey Tan of theedgemalaysia.com |
| Wednesday, 04 June 2014 11:42 KUALA LUMPUR (June 4): Boustead Plantations Bhd’s core net profit this year is expected to soar 74.7% to RM119.9 million on the back of higher average crude palm oil (CPO) price of RM2,700 per metric tonne, according to Hong Leong Investment Bank Research. However, Boustead Plantations’ core net profit next year is projected to remain flattish at RM116.4 million, largely on the back of a slightly higher production cost assumption, said the research house in a note today. Boustead Plantation, which is the plantation arm of Boustead Holdings Bhd, is en route for listing on Bursa Malaysia’s Main Market on June 26 with an indicative initial public offering (IPO) price of RM1.60 per share. Today, Hong Leong IB research analyst Chye Wen Fei said she valued the firm at RM1.63 per share based on sum-of-parts valuation. “The majority of the IPO proceeds will be used for the acquisition of plantation land and repayment of amounts owing to Boustead Holdings," she said. Chye noted Boustead Plantations plans to improve its estate management systems and implement its biogas systems for renewable energy production. She added the firm also intends to improve its operating efficiency through greater use of new planting materials. |
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