Equity Analysis /
Malaysia

MY : United Malacca Bhd - CPO price rally already baked in

    Ivy Ng Lee
    Ivy Ng Lee

    Head of Malaysia Research, Regional Head of Agribusiness

    CGS-CIMB
    25 March 2022
    Published by

    9MFY4/22 results were above expectations from better CPO prices achieved. We expect sequentially flat earnings in 4QFY22F, as higher CPO prices are likely to be offset by weaker FFB production. We raise our earnings forecasts for FY22-24F but maintain our Hold call as we believe UMB is already fairly valued at current levels.