CIMB Research maintains Trading Buy on plantations
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CIMB Research maintains Trading Buy on plantations
KUALA LUMPUR: CIMB Equities Research maintains its Trading Buy call on regional plantations as it expects crude palm oil (CPO) price to hit a peak in the second quarter of 2012 and trend lower in the second half.
"Our top picks are Astra Agro, Indo Agri and Sime," it said on Friday, in its comments on Malaysia's end-April palm oil stocks, which had fallen 5% on-month, but were 3%-5% ahead of its and consensus forecasts due to lower CPO exports.
CIMB Research said that weak refining margins and lower domestic CPO supply pushed Malaysian refiners' utilisation rates to their lowest level since 2006.
"The higher-than-expected palm oil stocks should not dent prices much given the cuts in estimates of soybean supplies," it said.
"Our top picks are Astra Agro, Indo Agri and Sime," it said on Friday, in its comments on Malaysia's end-April palm oil stocks, which had fallen 5% on-month, but were 3%-5% ahead of its and consensus forecasts due to lower CPO exports.
CIMB Research said that weak refining margins and lower domestic CPO supply pushed Malaysian refiners' utilisation rates to their lowest level since 2006.
"The higher-than-expected palm oil stocks should not dent prices much given the cuts in estimates of soybean supplies," it said.
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