MY : FGV Holdings Bhd - 1Q21 earnings hit by new challenges

FGV posted core net profit of only RM4m despite rising CPO prices. The earnings drag was due to RM65m losses from processing third-party fruits (which formed 70% of the group’s total processed crops). Our TP of RM1.30 and Hold rating remain intact due to concerns over delisting risks, in view of FELDA’s stated intention to delist FGV.

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