TA Research has maintained its average CPO price forecast at RM4,000 per tonne for 2024 and RM3,800 per tonne for 2025, respectively.
For 2Q24, the sector posted a significant 93% y-o-y increase in profit, largely attributable to a low base in 2Q23, which had been impacted by lower palm oil prices and higher operating costs. Meanwhile, CIMB Research has an “overweight” rating on the sector and described the 2Q24 results as generally in line with expectations, with five planters reporting results in line and two missing expectations.missed our earnings forecasts primarily due to lower-than-expected manufacturing margins and losses from Ta Ann’s timber division,” it noted.
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