FR’s 1Q21 core net profit fell 61% yoy and appears to be below forecasts. It was not able to benefit from rising CPO prices as it has locked in ASP for a meaningful portion of 1H21 crops but was exposed to higher export levy. 2Q earnings are likely to stay weak before rising significantly in 2H21F. Risk-reward appears attractive at current EV/ha (US$10.2k) and 14x P/E.
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