Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>Palm oil prices are up 177% since May 2020 and 66% since June of last year. Palm oil touched a record high of RM5,700/mt the 31 January.</li>
<li>Yet while palm oil has enjoyed a meteoric price rise, the performance of listed palm oil plays has bifurcated.  </li>
<li>Valuations appear largely constrained by environmental, social, and governance concerns, resulting in plantation stocks trading below their historical averages.</li>
</ul>


Palm oil prices are up 177% since May 2020 and 66% since June of last year. Palm oil touched a record high of RM5,700/mt the 31 January.
Yet while palm oil has enjoyed a meteoric price rise, the performance of listed palm oil plays has bifurcated.  
Valuations appear largely constrained by environmental, social, and governance concerns, resulting in plantation stocks trading below their historical averages.


CPO Plays Lag Palm Oil Prices As ESG Issues Weigh

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Johor Plantations Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/johor-plantations-group" target="_blank" data-smartkarma-citation="entities:40828:1" rel="noopener">Johor Plantations Group (2368120D MK)</a> is looking to raise US$156m in its Malaysia IPO. The IPO will consist of both primary and secondary shares.</li>
<li>Johor Plantations Group (JPG) is an upstream oil palm plantation firm operating predominantly in Johor, Malaysia.</li>
<li>In this note, we look at the updates since, and share our thoughts on valuation.</li>
</ul>



Johor Plantations Group (2368120D MK) is looking to raise US$156m in its Malaysia IPO. The IPO will consist of both primary and secondary shares.
Johor Plantations Group (JPG) is an upstream oil palm plantation firm operating predominantly in Johor, Malaysia.
In this note, we look at the updates since, and share our thoughts on valuation.


Johor Plantations IPO - ASPs to Remain Resilient, Downside Appears Limited

<ul>
<li>
<a href="https://www.smartkarma.com/entities/johor-plantations-group" target="_blank" data-smartkarma-citation="entities:40828:1" rel="noopener">Johor Plantations Group (2368120D MK)</a> is looking to raise around US$180m in its upcoming Malaysia IPO.</li>
<li>Johor Plantations Group (JPG) is an upstream oil palm plantation firm operating predominantly in Johor, Malaysia.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Johor Plantations Group (2368120D MK) is looking to raise around US$180m in its upcoming Malaysia IPO.
Johor Plantations Group (JPG) is an upstream oil palm plantation firm operating predominantly in Johor, Malaysia.
In this note, we look at the firm’s past performance.


Johor Plantations Pre-IPO - Assets in Prime Yield Stage But Industry Isn’t Really Expected to Grow

Independent Analyst

Niklas Olausson

Thematic (Sector/Industry)

<ul>
<li>The El Nino is progressing, albeit slowly, in a volatile fashion. There is no significant impact yet on Southeast Asia's oil palm areas although YTD, rainfall is already lower YoY. </li>
<li>For edible oils, heat waves and drought continue to underpin elevated yield risks, with current focus on soybeans (U.S. and China), rapeseed (Canada) and olive oil (the Mediterranean.) </li>
<li>The Plantation sector and CPO price have gained some traction, but it is early days. Maintain a bullish stance. Report contains new data on earnings mixes, maturity profiles and yields.   </li>
</ul>


The El Nino is progressing, albeit slowly, in a volatile fashion. There is no significant impact yet on Southeast Asia's oil palm areas although YTD, rainfall is already lower YoY. 
For edible oils, heat waves and drought continue to underpin elevated yield risks, with current focus on soybeans (U.S. and China), rapeseed (Canada) and olive oil (the Mediterranean.) 
The Plantation sector and CPO price have gained some traction, but it is early days. Maintain a bullish stance. Report contains new data on earnings mixes, maturity profiles and yields.   


Southeast Asia Plantations: Where Things Stand with the Weather, Still Bullish

External broker reports(aggregated public sources), Public Investment Bank Bhd

Public Investment Bank Bhd

External broker reports(aggregated public sources)

Public Investment Bank Berhad provides investment banking services. The Company offers corporate finance, banking, securities financing, capital market, treasury, and advisory services.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>FGV posted strong 1QFY22 core earnings of RM345m on the back of stronger plantation earnings.</li><li>The strong set of results were above our and the consensus forecasts, making up 36% and 42% of full-year expectations, respectively.</li><li>Nevertheless, we make no changes to our forecasts as we expect to see continuous margin pressure from the sugar segment. No dividend was declared for the quarter. Maintain Neutral with an unchanged TP of RM1.61.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

FGV posted strong 1QFY22 core earnings of RM345m on the back of stronger plantation earnings.The strong set of results were above our and the consensus forecasts, making up 36% and 42% of full-year expectations, respectively.Nevertheless, we make no changes to our forecasts as we expect to see continuous margin pressure from the sugar segment. No dividend was declared for the quarter. Maintain Neutral with an unchanged TP of RM1.61.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FGV Holdings - Driven By Stronger Plantation Earnings

Malaysia

FGV Holdings Bhd is an agricultural and agri-commodities company. The Company owns and operates an oil palm plantation producing oil palm and rubber plantation products, soybean and canola products, oleochemial products and sugar products.

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FGV Holdings Bhd (FGV MK)

CPO Plays Lag Palm Oil Prices As ESG Issues Weigh

KLK's reliance on its downstream operations should help reduce palm product prices. The recent acquisition of IJM also extends the age profile of...

David Blennerhassett

Johor Plantations IPO - ASPs to Remain Resilient, Downside Appears Limited

Johor Plantations Group (2368120D MK) is looking to raise US$156m in its Malaysia IPO. In this note, we look at the updates since, and share our...

Clarence Chu

Johor Plantations Pre-IPO - Assets in Prime Yield Stage But Industry Isn’t Really Expected to Grow

Johor Plantations has launched its bookbuild to raise US$156m in its Malaysia IPO. Books are expected to close on 24th June 2024, with listing...

Clarence Chu

Southeast Asia Plantations: Where Things Stand with the Weather, Still Bullish

The El Nino is progressing slowly, but for edible oils, heat waves around the world continue to elevate near-term yield risks. Maintain bullish...

Niklas Olausson

FGV Holdings - Driven By Stronger Plantation Earnings

FGV posted strong 1QFY22 core earnings of RM345m on the back of stronger plantation earnings. The strong set of results were above our and the...

Public Investment Bank Bhd

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