KUALA LUMPUR, March 6 — Analysts continue to see value in plantation-based group IOI Corp Bhd’s integrated business, with its downstream earnings helping to support the weaker...
KUALA LUMPUR, March 6 — Analysts continue to see value in plantation-based group IOI Corp Bhd’s integrated business, with its downstream earnings helping to support the weaker upstream earnings during a lower crude palm oil price environment.
At IOI Corp’s 20 per cent associate Bunge Loders Croklaan, RHB Research said there were also ongoing expansions in the form of a new refinery and specialty fats plant in the Netherlands, which will cost US$500 million .“These should provide the next engine of volume growth for the company’s downstream division,” said RHB Research, adding that it maintained a “buy” call on IOI Corp, with an unchanged target price of RM4.55 and make no earnings changes.
The investment bank also noted that IOI Corp’s downstream manufacturing segment is expected to remain steady, led by improved refining margins despite weaker margins seen for the oleochemical sub-segment.
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