Equity Analysis /

MY : Hap Seng Plantations - Value waiting to be unlocked

    Ivy Ng Lee
    Ivy Ng Lee

    Head of Malaysia Research, Regional Head of Agribusiness

    25 November 2021
    Published by

    9M21 core net profit was above our/consensus expectations, mainly due to higher-than-expected ASPs for palm products. We expect HSP to deliver sequentially stronger profits in 4Q21F, driven mainly by seasonally higher FFB production. We raise our FY21-23F net profit forecasts to reflect higher CPO price assumptions and reiterate our Add call with an unchanged TP of RM2.35.