MY : Genting Plantations - Expect better 2Q earnings on higher ASP

GENP’s 1Q21 results below due to downstream losses and higher tax rate. The group should record sequentially higher profit in 2Q21F, thanks to seasonally higher output and CPO price as well as lower downstream losses. We cut our FY21-23F earnings forecasts by 3-9% and lower our TP to RM10.40, but reiterate our Add rating.

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