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NewsTA Securities downgrades KLK, Sime Darby, FGV on lower average CPO prices
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TA Securities downgrades KLK, Sime Darby, FGV on lower average CPO prices
by Cals Wed 20 Aug 2014, 00:44
| TA Securities downgrades KLK, Sime Darby, FGV on lower average CPO prices |
| Business & Markets 2014 |
| Written by Jeffrey Tan of theedgemalaysia.com |
| Tuesday, 19 August 2014 12:02 KUALA LUMPUR (Aug 19): TA Securities has downgraded plantation behemoths Kuala Lumpur Kepong Bhd (KLK), Sime Darby Bhd and Felda Global Ventures Holdings Bhd (FGV) as it expects lower average full-year price for crude palm oil (CPO). The research house said it lowered its CPO target price to RM2,530 per metric tonne this year from RM2,800 per metric tonne. It also lowered CPO target price for next year to RM2,725 per metric tonne from RM2,800 per metric tonne. In a note today, TA said the downgrades on the plantations stocks came post-revision in earnings forecasts. “KLK has been downgraded to sell call from hold. Sime Darby and FGV have been downgraded to hold from buy,” said research analysts James Ratnam and Angeline Chin of TA. According to the pair, TA has turned "neutral" on the sector due to stronger than expected aggregate supply growth in both soybeans and CPO and weaker-than-expected export demand for CPO. James and Chin added other factors include the lacklustre biodiesel initiatives in Indonesia and Malaysia, and the reduced risk of adverse weather ahead – El Nino. |
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