Genting Plantations

Genting Plantations

Postby winston » Thu May 26, 2011 10:56 am

Not vested

Genting Plantations [GENP MK] - Buy : 1QFY11 in-line on higher CPO ASPs; production and new plantings miss estimates( RM7.95 / PT: RM10.5 )
Ken Arieff Wong

GENP’s 1QFY11 net income came broadly in-line with estimates, with net income of RM94.3mn, up 36% y-y, forming ~21% of our full-year estimates (~22% of Street).

CPO ASP was up 44% y-y to RM3,682/mT and production, although lower in 1Q11, is showing signs of recovery.

New plantings in Indonesia were slow and might fall short of our FY targets.

The group also plans to venture into downstream, with a recent RM40mn acquisition of a biodiesel plant.

We maintain BUY on GENP, as the cheapest and most pure-play Malaysian planter under our coverage, and on our bullish view on CPO prices.

Source: Nomura
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Re: Genting Plantations

Postby winston » Thu Jul 03, 2014 5:17 pm

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Genting Plantations (BUY; Price: RM11.60, TP: RM13.35)

We like the counter for its 31% earnings CAGR between FY13 and FY16F.

The group already has significant land bank in Indonesia, which we believe will drive its volume growth by
11% CAGR over the same period.

Source: DBS
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Re: Genting Plantations

Postby winston » Thu Nov 13, 2014 3:01 pm

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RHB Research retains Buy on Genting Plantations

KUALA LUMPUR: RHB Research is maintaining its Buy recommendation on Genting Plantations with a higher target price of RM11.60 from RM10.46, underpinned by the strong fresh fruit bunches (FFB) production.

It said on Thursday the FFB production in the nine months ended Sept 30, 2014 was stronger than expected, with expectations of an even stronger 2015.

“We believe the company’s strong FFB production growth would help offset the lower CPO prices somewhat. On the property front, more property launches will take place in 4Q14, allowing earnings to catch up to FY13’s levels by year-end,” it said.

RHB Research said Genting Plantations’ FFB production growth was stronger than expected in the nine-month period but the new planting in Indonesia was slowing. It also said the worst is over for crude palm oil (CPO) prices but production costs may rise slightly next year.

As for biodiesel plants, it said they are still profitable and the company’s property division is playing catch-up in 4Q14.

It said Genting Plantations FFB production in the nine months was up 11.5% on-year, higher than management‟s previous projection of 10%, but slightly below its projected 12% for FY14.

“Management expects to close the year at 10-12% growth, as it only expects FFB production to peak in October/November. For FY15, it expects FFB growth of 15% on-year, from 8,000ha of new areas coming into maturity during the year, which is in line with our expectations.

“On the property front, in the first nine months of FY14, Genting Plantations only launched about 300 units, but will likely play catch-up in 4Q14, with some 350 units to be launched. Management is confident of at least matching FY13’s sales in FY14, not including some industrial lot land sales worth RM140mil, which will be recognised in 4Q14,” it said.

RHB Research tweaked its earnings forecasts up by 4%-6% for FY14 and FY15 after making the above mentioned changes and introduced its FY16 forecast.

“We highlight its earnings sensitivity to CPO prices, whereby every RM100 a tonne change in CPO price could affect its earnings by 5%-7% per annum.

“Post-earnings revision, we lift our sum-of-parts based TP slightly to RM11.60 (from RM11.15), on an unchanged 18 times CY15 target price-to-earnings for the plantation division and RNAV of property development landbank.

“We also highlight that stripping off the RNAV of the company’s property landbank from its current market capitalisation would bring its P/E down by 5 times to 6 times,” said the research house.

Source: The Star
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Re: Genting Plantations

Postby winston » Fri Nov 21, 2014 5:52 am

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Genting Plantations Bhd ( Financial Dashboard)’s (GenP) net profit soared 91% to RM69.3 million in its third quarter ended Sept 30, 2014, from RM36.3 million in the previous corresponding quarter.

The sharp jump on earnings was mainly due to higher contribution from its plantations in Indonesia and higher recognition of property sales, coupled with the progressive completion of development projects during the quarter.

Also, there was pre-tax loss of RM38 million, categorised under “others”, in the previous corresponding quarter that had weighed on the earnings then.

GenP’s revenue however, grew barely 8% to to RM370.5 million, from RM342.5 million, according to the announcement to Bursa Malaysia. The group’s earnings per share (EPS) stood at 9.1 sen per share for the quarter, compared to its previous EPS of 4.79 sen.

For the nine months ended Sept 30, GenP recorded net profit of RM239.6 million, nearly double of RM122.7 million achieved in the previous corresponding period.

The group’s accumulative revenue for the period climbed 9% to RM1.06 billion, from RM976.2 million a year earlier.

EPS for the cumulative period rose to 31.4 sen, from 16.18 sen.

Going forward, GenP said its performance for the rest of its financial year will largely depend on CPO prices, weather conditions in the major oil palm growing regions, crop production, changes in the cost of inputs, currency exchange rates and property market conditions.

GenP share price was unchanged at RM10.46 today, with a market capitalisation of RM8.05 billion.

Source: The Edge
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Re: Genting Plantations

Postby behappyalways » Sun Jun 21, 2015 12:28 pm

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http://www.wsj.com/articles/fund-contro ... 1434681241
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Re: Genting Plantations

Postby winston » Thu Nov 24, 2016 3:06 pm

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Genting Plantations poise to chart strong earnings in Q4

BY DALJIT DHESI

PETALING JAYA: Genting Plantations Bhd (GENP), which posted a 160% rise in earnings for the third quarter ended September 30 2016, is expected to repeat a commendable performance in the final quarter buoyed by strong crude palm oil (CPO) output and higher selling price.

Maybank IB Research said on Thursday it anticipate an equally strong, if not a better fourth quarter (Q4 16)earnings in anticipation of strong output in Indonesia and high spot CPO average selling price (ASP). adding that GENP has maintained its 5-6% year-on-year (y-o-y) fresh fruit bunch (FFB) output growth guidance for 2016.

The research house said company’s nine month core profit met 65% of its full-year forecast and was within expectations, adding that it was maintaining its hold call on the stock with an unchanged revised net asset value target price (RNAV TP) of RM10.18.

GENP reported a Q3 16 headline net profit of RM98mil (+160% y-o-y, +140% q-o-q ). Stripping aside a small foreign exchange (FX) gain of RM2mil, Q3 16 core net profit of RM96mil (+156% y-oy, +160% q-o-q) brought the nine months core net profit to RM167mil (+13% y-o-y), which met 65%/69% of the brokerage’s and consensus full-year estimates.

Its plantation division remains the key contributor (93% of Q3 16 earnings before interest, taxes, depreciation and amortisation (EBITDA) while property remained weak on slow property sales.

Meanwhile, MIDF Research is maintaining a neutral stance on the stock with an unchanged target price of RM9.72 as well maintaining GENP’s earnings forecast for financial year 2016 and 2017.

“We are also keeping our assumption of 5% FFB production contraction which is also in line with management expectation of 5%-6% production decline. Our target price of RM9.72 is based on sum-of-parts valuation.

Maintain neutral call on GENP as upside may be limited by its rich valuation whilst downside is supported by the good fundamental with young oil palm profile (with 30% immature oil palm) which suggests good long-term FFB production growth prospect,’’ the research outfit noted.

Source: The Star

http://www.thestar.com.my/business/busi ... ngs-in-q4/
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