Kenanga maintains 'outperform' rating on Genting Plantations

Kenanga maintains 'outperform' rating on Genting Plantations on upstream outlook | Money


Wednesday, 04 Aug 2021 11:42 AM MYT
KUALA LUMPUR, Aug 4 — Genting Plantations Bhd’s (GenP) ‘outperform’ rating was maintained by Kenanga Investment Bank Bhd with a target price (TP) of RM7.56 per share, backed by its reassurance of a near-term upstream outlook that would overshadow a weak downstream.
Kenanga, in a research note, said growth would be driven by its Indonesian trees’ young age profile, with peak production expected in the fourth quarter of financial year 2021 (October-November), deviating slightly from the usual September-October peak.
The impact of labour shortage (about 5.0 per cent short) remained manageable with on-going initiatives to hire locally, and alleviated by smaller planted hectares. 

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