PETALING JAYA: Kenanga Research has upgraded its call for United Malacca Bhd to “outperform” from “market perform”, based on the steady performance of its Indonesian operations.
In a note, the research firm said the Indonesian operations’ fresh fruit bunch (FFB) output had grown 69% year-on-year (y-o-y) due to an expansion in matured areas as well as a 52% jump in FFB yield as its Kalimantan estates grew into a more productive age profile.
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