Highlights
KLSE: SOP (5126)       SARAWAK OIL PALMS BHD MAIN : Plantations
Last Price Today's Change   Day's Range   Trading Volume
3.42   0.00 (0.00%)  0.00 - 0.00  0
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Overview

Market Cap: 1,952 Million
NOSH: 571 Million
Avg Volume (4 weeks):321,835
4 Weeks Range:2.54 - 3.44
4 Weeks Price Volatility (%):
99.42%
52 Weeks Range:1.96 - 3.44
52 Weeks Price Volatility (%):
99.42%
Average Price Target: 2.48
Price Target Upside/Downside: -0.94

Financial Highlight

Latest Quarter | Ann. Date 30-Sep-2019 [#3]  |  28-Nov-2019
Next QR | Est. Ann. Date: 31-Dec-2019  |  28-Feb-2020
T4Q P/E | EY: 40.76  |  2.45%
T4Q DY | Payout %: 1.46%  |  59.59%
T4Q NAPS | P/NAPS: 3.77  |  0.91
T4Q NP Margin | ROE: 1.57%  |  2.23%

Headlines

Date Subject
29-Nov-2019 Sarawak Oil Palms - Results Above Expectations
27-Nov-2019 [转贴]阿笔谈股系列30-浅谈SOP-印尼的政策
22-Nov-2019 上升股:砂拉越油棕阻力RM3.40
07-Oct-2019 Plantation - Sector Update
26-Aug-2019 Sarawak Oil Palms - Results below expectation
10-Jul-2019 MPOB Monthly Statistics June 2019 - Inventory Eased Further to 2.42m tonnes
05-Jul-2019 Plantation - CPO Price Up-cycle? – No Clear Indication Yet
08-Mar-2019 下跌股:砂拉越油棕RM2.52支撑
27-Feb-2019 Sarawak Oil Palms - Results within expectation

Business Background

Sarawak Oil Palms Bhd is a Malaysia based company engaged in the principal activities of investment holding, cultivation of oil palms, and operations of palm oil mills. The primary businesses of the company are oil palm plantation, milling, refining of oil palm products and trading of oil palm products. The operating segments of the group are Oil palm and Property development. Oil palm segment contributes majorly to the group’s revenue. Geographical the company operates in Malaysia and Singapore, of which key revenue is derived from Malaysia.
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  5 people like this.
 
enning22 sop next level testing 3.50 , not a bad try.
29/11/2019 3:41 PM
Mabel To 3,50 with loves...
29/11/2019 3:48 PM
enning22 @Mabel kindly look up statistics from grower association --http://mpoc.org.my/
29/11/2019 3:52 PM
Gabriel Khoo Cost cut and mechanisation lowered production cost We estimate SOP’s 9M19 all-in cost of production for its upstream ops at MYR1,665/t (-8% YoY). We understand the lower YoY cost was due to cost cutting measures undertaken and introduction of more mechanisation to counter rising wage bills. As for fertiliser, we understand SOP has applied ~90% of its full-year fertiliser requirement in 9M19 (9M18: ~85%).

By mib

Finally cost cut measure taken by sop...very positive sign
29/11/2019 7:34 PM
Up_down Bursa has been busy staging theme-play party this year. Technology theme and follow by Power theme and the latest one Plantation theme. Hope Plantation theme to last longer until 2020.
29/11/2019 8:13 PM
enning22 refer news report above,President Jokowi said ,if cpo price don't go up, he will put up B100 diessel program, that is very encouraging.
29/11/2019 8:33 PM
Up_down Indonesia is an energy imported country. To increase Biodiesel from B30 to B40 would reduce 2.5 million ton of CPO in a year. Indonesia is expected to produce more than 54 million ton CPO this year. The annual savings from imported fossil oil costs more than USD 1 billion. Indonesia is actually making a right move to stabilized CPO price.
29/11/2019 8:43 PM
enning22 10月中旬以来,棕榈油火了,涨停、新高轮番上演,市场炒作热情空前高涨。棕油上涨的主要动力来自于需求增加,供应减少。其中,需求增加的重点在于生物柴油使用的增加。在生物柴油的方面,对印尼B30可能缺乏补贴支撑运行的担忧引发了昨日午后棕榈油的跳水,但随后印尼能源部回应给市场吃下了一颗定心丸。

印尼能源部官员称,在明年1月开始实施B30项目后,政府将着手研究B50,雄心勃勃的计划减轻了市场对B30或不能顺利实施的担忧。在情绪及资金作用下,近期棕榈油及豆油走势呈现大跌大涨,令人有些无所适从。今日午后,国内三大油脂再度跳涨,其中棕油再度领涨。截止到14:16,1月合约连棕上涨166元或3.06%,连豆油上涨64元或1.03%,郑菜135或1.78%。

除了爆炒生物燃料概念,减产预期也是棕榈油走红的大推手。今年7至9月印马两国旱情严重,或将影响半年后的棕榈油产量。行业机构和分析师纷纷预测主产国减产,且将造成市场供应短缺。

当然,也有机构发出不同声音。以下为机构及行业分析师对棕榈油主产国产量的预估:

9月27日,油世界称2020年印尼棕榈油产量料为4600万吨,马来西亚产量预计将较2019年的2050万吨小幅下降;

10月11日,马来西亚财政部称,2020年产量料继续增至2220万吨;

11月7日,分析师Dorab Mistry称,2020年印尼棕榈油产量料增加100万吨,至4400万吨,马来西亚产量或下降100万吨至1930万吨;

11月21日,分析师James Fry称,印马两大主产国2020年产量增幅会微乎其微,随着生物柴油需求增加,市场可能出现供应缺口;

11月28日,马来西亚FGV控股公司称,2020年毛棕榈油产量将增加约1-1.5%。
29/11/2019 8:45 PM
Up_down Indonesia implemented B30 is only part of the factor boosting CPO price higher. In fact, CPO price moves in tandem with soy oil price.
29/11/2019 9:07 PM
enning22 true,sometime it works this way, sometime they go independently, the reason is they compete for the same consumers market, and both products carry over stock/inventory is high,If either one ,or both,stock /inventory are low , then all go they own way.
29/11/2019 9:25 PM
enning22 @up_down , please get your data accurate, indonesia production forecast to be 45million ton,not 54 million as you mentioned, B30 would take up according to estimate would be 8 to 9 million tonnes, currently program of B20 consumed 5-6 million tonnes.
29/11/2019 9:32 PM
Ningen https://www.sinchew.com.my/content/content_2149928.html
29/11/2019 9:52 PM
Up_down Enning22. You can compile the monthly production figures issued by Indonesia authority GAPKI then you would know the actual volume rather than the data from news. This year the latest production volume shows 39.5 millions ton for 9 monthis until Sep 19. My estimation of 54 million tons for the whole year.

Posted by enning22 > Nov 29, 2019 9:32 PM | Report Abuse

@up_down , please get your data accurate, indonesia production forecast to be 45million ton,not 54 million as you mentioned, B30 would take up according to estimate would be 8 to 9 million tonnes, currently program of B20 consumed 5-6 million tonnes.
29/11/2019 9:52 PM
Mabel @enning22 @Mabel kindly look up statistics from grower association --http://mpoc.org.my/
29/11/2019 3:52 PM

Thanks a million enning22

God Bless you!
29/11/2019 10:02 PM
Up_down The estimate increasing consumption from B20 to B30 is about 2.5 to 3.0 million ton per annual.

https://www.ttnews.com/articles/indonesian-road-test-finds-palm-oil-biofuel-safe-cars
29/11/2019 10:06 PM
Up_down Here to search for one by one in the news.

https://gapki.id/press-release
29/11/2019 10:08 PM
Up_down Indonesia CPO production is rather stunning. Annual production increase from 19.4 million ton in 2009 to 47.4 million ton for year 2018. Malaysia production remains about 20 million ton per annual for last. 10 years.
29/11/2019 10:12 PM
enning22 unfortunately i only reach https://gapki.id/ page and infomation is not complete,you estimate could be on the high side,
29/11/2019 10:14 PM
Up_down Ok. I reduce my estimation to 52 million ton for year 2019. Here’s the production announcement for 9 months.

https://gapki.id/news/15754/ekspor-sawit-ke-india-kembali-normal
29/11/2019 10:21 PM
enning22 yes ,that's more realistic.----so we have 52m(total supply) -9m(b30) -6m(indonesia food consumption) -15m (India total consumption)=22m for the rest of the world.;the glut of oil is very much reduced.cpo price of 2600-2700 is quite ok .
29/11/2019 10:35 PM
Up_down As said before price of CPO is largely dependent on soy oil price. If soy bean production low enough then the price of CPO may go higher. US soy bean production is projected 20% lower in year 2019 comparing with 2018.
29/11/2019 10:38 PM
enning22 china experienced severe "swine fever"nation wide;so pigs were slaughtered, so little supply of pig animal oil , they would import more palm oil to make up the gap.
29/11/2019 10:51 PM
Gabriel Khoo Result Review:
Sarawak Oil Palms Results above expectations

HOLD | RM 2.98 ▲

SOP’s 3Q19 PATAMI increased 74% to RM30.9m due mainly to margin improvement in plantation segment on higher production and improved palm products sold. On qoq basis, PBT increased more than 30 times to RM43.2m as higher production and transacted products volume helped to mitigate a weak ASP realised of PK products.

3Q19 saw both FFB and CPO production increased by 29% to 395K MT and 123K MT respectively, with PK production rising 36% to 27k MT. On the other hand, ASP realised of palm oil increased marginally by 1% to RM2,077/MT while palm kernel dropped 3% RM1,394/MT

9M19 profit was above ours and consensus’ estimates. Nonetheless, during the period, PBT was down by 38% as revenue slipped 20% to RM2.05bn. The decline in ASP realised and lower palm products volume, aided by weak other operating income of RM10.5m (-65% yoy) and lower margin from property segment contributed to the lower results.

Maintain HOLD with new TP of RM2.98 (RM1.98 previously) based on target P/B of 0.8x and 2-years average BV/share of RM3.72. We have revised our FY19 and FY20 earnings forecast higher to RM56.3m and RM79.1m respectively from RM20.7m and RM48.4m previously, as we adjusted our assumption on costs of sales and operating expenses lower.
30/11/2019 1:11 AM
yfchong Per q can maintain Ave profit 25 mil will be ho aieh
30/11/2019 11:20 AM
enning22 per q --25m ,not good enough, 40-50m quite satisfactory, 25x4=100monly ;;while 40 x4=160m,50x4=200m, per annum , can give 10% dividen, and bonus.. and the share capital is only 570m.
30/11/2019 1:58 PM
Gabriel Khoo at 2600 to 2700 one quarter at least 55M
30/11/2019 3:13 PM
Gabriel Khoo cost cutting messure and automation can help SOP save about 40M p.a. on top of additional rm100 cpo can contribute about PBT 30M p.a. to SOP
30/11/2019 3:15 PM
enning22 Reuters reported that the implementation of Indonesia’s B30 biodiesel plan would reduce the country’s fossil fuel consumption by 165,000 barrels per day. A government official said that the 9.6mil KL (8.4mil tonnes) of fatty acid methyl ester to be used in B30 in year 2020F is equivalent to 165,000 barrels per day. Also, the government will start preparing research for B30 after officially launching B30 in January 2020.

https://klse.i3investor.com/blogs/AmInvestResearch/242478.jsp
02/12/2019 11:50 AM
cpo_ Date Settlement Price RM
3 Dec 19 2747
2 Dec 19 2733
29 Nov 19 2744
28 Nov 19 2720
27 Nov 19 2687
26 Nov 19 2676
25 Nov 19 2733
22 Nov 19 2748
21 Nov 19 2667
20 Nov 19 2685
http://mpoc.org.my/daily-palm-oil-price/
04/12/2019 9:21 AM
cpo_ 3rd Dec 2019 daily settlement RM 2747 2nd highest in 2019 why SOP not moving up?
04/12/2019 9:22 AM
Gabriel Khoo Be patient
04/12/2019 10:52 AM
Gabriel Khoo Indonesia aims to start making green diesel in 2022
DEC 4, 2019 08:28 AM
[JAKARTA] Indonesia plans to start producing green diesel from palm oil in 2022, with output estimated at 3.7 million kilolitres, a senior official in the Energy and Mineral Resources Ministry said on Tuesday.

Indonesia, the world's largest palm oil producer, wants to develop green diesel, a second generation biodiesel. It currently uses biodiesel made from fatty acid methyl ester (FAME) from palm oil, which is blended with fossil fuel.

Green diesel can be made by refining fossil crude oil and palm derivatives together in a single process, or refining palm oil in dedicated refineries.

FX Sutijastoto, director general of renewable energy at the ministry, told a parliamentary hearing his estimate of 2022 production was based a on business plan by Indonesia's state energy company PT Pertamina, although further studies were needed.

Pertamina is planning to develop refineries which can produce diesel from palm oil. Mr Sutijastoto said there seven companies were interested in building refineries to produce green diesel, including Wilmar International, a Singapore-based agribusiness firm.

By 2024, Indonesia should be able to increase production to 6.1 million kilolitres, according to ministry data presented to Parliament.

From January, the country is set to bring in the mandatory use of B30 fuel, a biodiesel with 30 per cent FAME blend. It would be expanded from the current 20 per cent bio-content.

The B30 programme has sparked palm price rally in recent months due to concerns that Indonesia will have less palm oil to export.

Indonesia is expected to consume 10.1 million kilolitres of FAME in 2022, ministry data showed on Tuesday.

President Joko Widodo sees the biodiesel programme as a way of offsetting a current account deficit caused by large energy imports, while also supporting demand for palm oil, one of Indonesia's main commodity exports.

Mr Joko has asked for further expansion of the biodiesel programme and ordered studies on mixing palm-based fuel with jet fuel.

REUTERS
04/12/2019 10:58 AM
enning22 马来西亚棕榈油产量短期难恢复

今年马来西亚和印度尼西亚棕榈油产区天气一直偏干,棕榈油产量一直未有显著增长。过去几个月印度尼西亚出现烟霾等恶劣天气,棕榈树生长受到影响。目前临近雨季,马来西亚棕榈油产量短期难以恢复。SPPOMA公布的数据显示,11月马来西亚棕榈油产量较10月降低14.26%,单产降幅达到16.37%。

在产量降低的同时,马来西亚棕榈油的出口相对良好。船运机构ITS数据显示,马来西亚11月棕榈油出口1414884吨,仅较10月份的1456624吨减少2.9%。而为了继续刺激出口,印度尼西亚政府表示12月份将继续免征棕榈油的出口关税。这都有利于继续支持国际棕榈油价格。

棕榈油进口成本继续走高

由于马来西亚和印度尼西亚棕榈油产量恢复缓慢,且出口数据良好,棕榈油价格持续走高。目前马来西亚棕榈油离岸价格处于655美元/吨,到我国港口约为682美元/吨,折合约5830元/吨,较10月初上涨超过1000元/吨,为近两年高位。棕榈油进口成本居高不下,国内棕榈油价格受到明显支撑。

国内库存增长利空有限

过去几个月国内植物油价格走高,植物油厂商收益较大,并且后续存在元旦、春节等节日需求,近几个月国内棕榈油进口到港增加,港口棕榈油库存出现增长。目前,国内港口食用棕榈油库存在71万吨左右,较上月同期的54万吨增加17万吨,增幅约31.48%,较去年同期的42万吨增加29万吨,增幅为69.05%。虽然棕榈油库存有所增加,但国内豆油、菜油等植物油库存下降较多,令棕榈油的库存压力明显变弱,因而棕榈油的库存增长并未对其价格造成实质压制。

综上所述,随着马来西亚和印度尼西亚进入棕榈油季节性雨季,棕榈油减产短期难以改观,且进口成本不断高企,未来存在国内元旦、春节等假期,食用油的消费将逐渐旺盛,各地食品厂商和餐饮企业对植物油的采购补货,必然会继续支持国内棕榈油价格。因而,短期来看,国内棕榈油价格仍将处于偏强势的状态。
05/12/2019 11:26 AM
kaleemtheman The earnings improvement came despite an 18% drop in quarterly revenue to RM716.31 million from RM870.34 million, due to lower palm products' average realised prices and lower volume of palm products sold.
For the first nine months of FY19, its net profit fell 25% to RM40.93 million from RM54.33 million last year, as revenue fell 20% to RM2.05 billion from RM2.55 billion.
05/12/2019 2:56 PM
enning22 feb cpo price breaks 2800 rm. some said Indonesia currently experiencing very hot and dry weather,
05/12/2019 3:45 PM
Gabriel Khoo https://www.klsescreener.com/v2/news/view/608174
05/12/2019 4:03 PM
enning22 Feb cpo wants to test 2900 rm , currently 2860 rm.
06/12/2019 4:02 PM
Gabriel Khoo Looking forward to see sop hit 300m for 2020
06/12/2019 4:37 PM
Mabel Ramai peneroka duduk di Medan Seri
Tunggu masakan Kak Mabel Bistari
Future trend CPO amat menarik sekali
Bukan saja Ayam KFC, ada juga menu Lobster dan Aboloni

Meow!
06/12/2019 11:27 PM
kinuxian It likely to retest 3.8 to 4 level during next Q results.
07/12/2019 10:07 AM
Hafid Sop say there sell CPO to japan
08/12/2019 9:15 AM
Hafid The strategy is to differentiate than other player
08/12/2019 9:15 AM
enning22 11月马来西亚棕榈油库存料萎缩8.5%,创2年新低
2019-12-07

(吉隆坡6日讯)鉴于棕榈油产量骤减至5个月新低,马来西亚11月棕榈油库存预计将按月萎缩8.5%,至215万吨,写下过去2年新低水平。

根据彭博社对14位分析员、交易商和棕榈油种植业者进行的调查,市场人士预估,马来西亚11月的棕榈油库存预计将按月滑落8.5%,至215万吨,写下2017年9月以来新低纪录。

而且,这也是自今年5月以来最大单月跌幅,相比去年同期滑落了近30%。上述调查显示,11月棕榈油库存预计将比上个月下跌11%,至161万吨,是6月以来新低水平;出口料萎缩4.9%,至156万吨,10月为成长16%。

马来西亚棕榈油局(MPOB)将会在下周二(10日)公布11月棕榈油数据。

棕榈油研究网(Palm Oil Analytics)创建人瓦伽对彭博社表示,由于天气恶劣,再加上去年减少施肥,今年的棕榈油全年产量预计将低于最佳产量水平。过往11月棕榈油产量平均维持在175吨。

根据市场调查,11月棕榈油库存预计介于207万吨至230万吨;棕榈油产量预测料介于153万吨至176万吨;而出口预测则介于148万吨至165万吨。

另外,11月棕榈油进口预计将从10月的8万5034吨,滑落至8万吨;而本地使用量料介于28万吨至32万吨。

Okachi马来西亚私人有限公司销售经理卡特雷拉称,交易商已经将2020年上半年产出成长料将放缓的因素考虑在内,同时将继续关注出口需求,以及印尼和我国逐步落实的生物柴油机制。

他接著说,假设B20和B30生物柴油的落实推高本地棕榈油使用量,这将进一步降低棕榈油库存至2016水平。

棕榈油价格在过去数周逐步上涨,这或导致马来西亚卖给印度的棕榈油从12月开始减少,料将维持3个月。大豆油和棕榈油的价差大幅缩小,将促使印度转向其他国家购买食用油。
08/12/2019 5:54 PM
enning22 yes, cpo starts with a jump, touched 2900 and slightly retraces a little bit.
09/12/2019 10:33 AM
Sarawakian8 3.5-4 pls come soon.
09/12/2019 12:15 PM
kinuxian Being mentioned in BFM by Maybank Kim Eng as well https://klse.i3investor.com/blogs/bfm_podcast/245403.jsp
09/12/2019 1:44 PM
enning22 funny, these so called analysist did not talk about B30, B50,in fact ,if B50 implemented , the cpo price will be high in long run.
09/12/2019 5:48 PM
Gabriel Khoo Require more time to collect
09/12/2019 6:07 PM
Gabriel Khoo You can read his research...this interview very brief
09/12/2019 6:08 PM
Hafid SOP is in the B30
10/12/2019 9:11 AM


 

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