In a Feb 11 note, Hoe says January production dropped 13.5% m-o-m, but rose 11.3% y-o-y. The m-o-m decline came from Sarawak at 20%, West Malaysia at 12.4% and Sabah at 10.1%.
RHB Group Research analyst Hoe Lee Leng maintains “underweight” on the plantation sector, as she expects the disconnect between crude palm oil (CPO) and share prices to remain due to environmental, social and governance (ESG) concerns.
She kept a "buy" call for Wilmar International and a “neutral” call for the remaining three Singapore-listed stocks covered.
