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24 January 2025

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Palm Oil Weekly (17 – 23 January 2025): Avg. CPO MYR 4,470 (-1.9% WoW)

  • In the last five trading days, CPO prices decreased -1.9% WoW, averaging MYR 4,470/MT, largely influenced by Trump’s national energy emergency declaration.
  • Shortly after his inauguration, US President Donald Trump announced the need for more O&G drilling, creating concerns regarding global oversupply of oil and its potential impact on biofuel demand. Furthermore, Trump’s nominee for overseeing American farming, Brooke Rollins, previously led an opposition group on biofuel, adding to market apprehension.
  • Despite this, CPO prices could see temporary boost thanks to increased demand ahead of Ramadan and Lebaran in March-April.
  • For FY25, we set our forecast at MYR 4,500/MT (YTD: MYR 4,505/MT), up 7.2% YoY, on the back of B40 program and CPO’s defensive nature. Stock-wise, NSSS (TP: IDR 350/sh) and TAPG (TP: IDR 1,050/sh) are our top picks due to their young plantation profiles (<10 years), allowing for higher crop and extraction yields.

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CPO - 17 - 23 January 2025

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CPO - 17 - 23 January 2025

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