Genting Plantations – Expanding further into
Indonesia
Outperform
News
Update
-
Genting Plantations’ subsidiary has entered into an
S&P Agreement with Global Agrindo and Global Agripalm to establish a JV
for the development of approximately 74,390 ha of oil palm plantation in
Kalimantan Tengah, Indonesia
for US$116m (RM356.3m). Upon completion of acquisition and subscription,
GP’s stake in the JV Co will be 63.2%. 14,150ha of land has already
been planted, while another 4,195ha has been planted under the plasma scheme.
-
We maintain our fair value of RM10.45, based on an
unchanged 17x CY12 target PER. Maintain Outperform.
Source: RHB Research - 16 April 2012
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