United Plantation Berhad
Fri, 17-Nov-2023 08:59 am
by Steven Chong • Apex Research

Counter

UTDPLT (2089)

Target Price (RM)

17.66

Recommendation

Hold

  • UPL’s 9MFY23 core net profit at RM506.8m exceeded our expectations, driven by lower-than-expected operating expenses.
  • Looking ahead, CPO prices are expected to stay subdued for the remainder of the year, due to an anticipated increase in supply.
  • We maintain our HOLD recommendation with a revised target price of RM17.66 by pegging PE multiple of 13.5x to FY24F EPS of RM1.31.
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The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

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Market Mover
Settlement Rates
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EUR 4.730753 4.734314
CNY 0.613618 0.614097
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