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Danareksa Equity Snapshot - 20 Juni 2018
June 20, 2018 13:11

FROM EQUITY RESEARCH

Plantation: May Inventory Hits A 9-Month Low (NEUTRAL)

Malaysia’s palm oil inventory declined to a 9-month low of 2.17mn tons in May 18 (+39.4% YoY, -0.5% MoM), above the consensus estimate of 2.13mn tons, due to weaker-than-expected exports. We think that palm oil prices are likely to remain under pressure in the short-term due to seasonally-higher production and export normalization as well as weak soy prices resulting from the US-China trade spat and in anticipation of good soy harvests in the US. Maintain neutral.

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MARKET NEWS

Sector

  • Banks plan to issue more wholesale funding instruments
  • Consumer: Jakarta governor to discuss the sale of the city’s DLTA stake with the House of Representatives
  • Consumer: Meat and egg prices have increased
  • EU to soften its stance on phasing out palm oil

Corporate

  • CTRA expects overseas project revenues to increase by 30%