by Chester Tai
KUALA LUMPUR, Malaysia – Shares of Kuala Lumpur Kepong Bhad rose early Wednesday after the Bagan Group reported strong quarterly results driven by a rise in palm-oil prices.
The stock climbed up to 3.9% and was up 3.2% at MYR26.72 before crossing gains. The stock has gained over 22 per cent this year.
The group said late Tuesday that net profit rose 11% to 546.
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6 million ringgit ($124.3 million) for the quarter ended March, led by a 41% increase in revenue.
RHB Research Analyst Ho Li Leng said in a note that earnings are expected to rise further in the second half of the year following the rise in palm-oil prices and the lifting of Indonesia’s ban on palm oil-related exports.
The company “remains the most affordable big-cap planter” under RHB’s coverage, with a price-to-earnings ratio of 15 times by 2023, placing it at the low end of its peer range, she said. RHB Research has a Buy rating on the stock and a target price of MYR34.15.
Kuala Lumpur Kepong is an integrated plantation company with palm-oil plantation landbanks in Malaysia, Indonesia and Papua New Guinea.
Credit: www.marketwatch.com /