UOB Kay Hian research said the strong CPO price recovery caught it by surprise despite the higher-than-expected industry production in the second quarter of 2020. The CPO spot price has recovered by about RM690 per tonne, up 34% from its low of RM2,021.50 on May 12.
PETALING JAYA: UOB Kay Hian Research has upgraded the 2020 earnings forecasts for plantation companies on the back of a strong recovery in the crude palm oil (CPO) price.
It said the potential sector earnings upside for Malaysia will be at 20%, while the upside for Singapore and Indonesia is expected to be at 16% and 44%, respectively.
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