Planters likely to deliver higher 2Q profits y-o-y欧博APP（www.aLLbet8.vip)是欧博集团的官方网站。欧博官网开放Allbet注册、Allbe代理、Allbet电脑客户端、Allbet手机版下载等业务。
KUALA LUMPUR: Earnings of plantation companies will likely have peaked in the first half of this year (1H22) due to record high crude palm oil (CPO) spot average selling prices.
Maybank IB Research forecast planters’ earnings for the second quarter (2Q22) to be higher year-on-year (y-o-y) driven by record high CPO spot average selling price although forward sales locked-in earlier by some companies may water down the full-benefits of high spot prices.
“We expect the industry to deliver its 10th consecutive quarter of y-o-y core profit after taxation and minority interests growth for the upcoming 2Q22 results underpinned by historic high CPO spot prices which averaged MYR6,552 per tonne in 2Q22.
“Palm kernel (PK), a by-product, also averaged higher y-o-y at RM3,525 per tonne but it has come off from its 1Q22 peak,” it pointed out.
Maybank IB Research said higher CPO and PK prices are expected to more than offset the weaker 2Q output.
,,皇冠足球app（www.hg108.vip）是一个开放皇冠即时比分、代理最新登录线路、会员最新登录线路、皇冠代理APP下载、皇冠会员APP下载、皇冠线路APP下载、皇冠电脑版下载、皇冠手机版下载的皇冠新现金网平台。皇冠官网平台上登录线路最新、新2皇冠网址更新最快,皇冠体育APP开放皇冠会员注册、皇冠代理开户等业务。
It opined planters with high exposure in Malaysia would generally do better than those with higher Indonesia exposures due to Indonesia’ export restrictions, export tax structure and domestic market obligations imposed since early this year.
“Based on our estimates, Indonesia’s local price averaged just 13,503 rupiah per kg or around RM4,027 per tonne in 2Q22.
“This led to a widened price gap between Malaysia and Indonesia local delivered CPO prices of RM2,525 per tonne in 2Q22,” noted Maybank IB Research.
The research house pointed out that Indonesia’s three-week palm oil export ban and export restrictions throughout 2Q22 would likely benefit downstream players in Malaysia based on trade data analysis.
As such, Maybank IB Research forecast refining and oleochemical margins to be at least sustained in 2Q22.
The research house said Kuala Lumpur Kepong Bhd and Sime Darby Plantation Bhd’s downstream operations in Indonesia could face some delayed shipments and sales recognition into the 3Q22 due to Indonesia’s export ban and restrictions in 2Q22.
Nonetheless, Maybank IB Research said planters earnings are likely to come under pressure in 2H22 given the new minimum wage impact and high fertiliser costs amid the CPO price correction.
转载说明:本文转载自Sunbet。
