PETALING JAYA: Affin Research maintains its “Reduce” call on Genting Plantations Bhd with a target price of RM8.88.
It said its 1Q13 revenue increased by 25.8% on-year from higher property revenue, offsetting lower revenue from its plantation division due to lower selling prices for crude palm oil (CPO) which was down 28% to RM2,293mt from RM3,179mt in 1Q12, as well as lower palm kernel, down 40% to RM1,165mt from RM1,941mt.
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