It says the stock looks fairly valued at the moment and has a slightly higher P/E of 16X compared with the sector average of 15.3X, looking at relative valuations.
Caution has also returned to the Singapore stock market with investors looking for cues from company results, which are likely to be announced in the next few weeks. Sentiment was also hit as Asian stocks fell due to poor earnings from Wall Street giants.
At 10:35 a.m., Golden Agri shares were down 1.3% at $0.75 on a volume of 167 million shares. The stock rose 57% last year.
The trial of Chief Vigilance Commissioner P.J. Thomas in the palm oil import corruption case will continue, the Supreme Court ruled Tuesday. The decks were cleared after the Supreme Court said former Kerala chief minister K. Karunakaran’s appeal against the trial in the case was infructuous following his death. Thomas was Kerala civil supplies secretary [...]
AmFraser in a Jan 5 research report says: “Global Palm Resources Holdings Ltd (GPR) is one of the smallest SGX-listed palm oil producers with market capitalization of $155 million as of Nov 10. We believe GPR may be trying to gain a foothold into East Kalimantan for oil palm cultivation.
“We believe GPR may be trying to gain a foothold into East Kalimantan for oil palm cultivation. If the venture inroad proves successful, it will further beef up GPR’s production capacity and more importantly provide an alternative source of plantation landbank for oil palm cultivation.”
Commodity prices fell sharply on Tuesday as investors took advantage of record high prices to take profits, a move accelerated by a rally in the U.S. dollar.
At 0316 GMT, shares of Golden Agri-Resources (GAGR.SI) gained 2.5%, Indofood Agri Resources (IFAR.SI) rose 3.2% and First Resources (FRLD.SI) added 1.9%.
Palm stocks edge up with Golden Agri (E5H.SG) +0.7% at $0.775 and Indofood Agri (5JS.SG) +1.4% at $2.82; though volume is fairly light as the overall market is generally lackluster and investors are likely to be more cautious on palm plays now that most are near 2.5-year highs.
DMG, which is Neutral on the sector, notes Malaysia’s palm oil inventory started to decline last month as production began on a seasonal downcycle.
Singapore shares may open higher on Friday after Keppel Corp (KPLM.SI), the world’s biggest oil rig builder, announced a US$360 million ($470.7 million) deal and commodities firm Olam International (OLAM.SI) said it had entered a US$200 million Nigerian sugar venture.
Wall Street rallied for a second day overnight as concerns about Europe’s sovereign debt crisis waned, forcing investors to reverse bearish bets on the market. Singapore’s benchmark Straits Times Index <.FTSTI> was up 0.50% on Thursday to 3,197.96 points. Here are some stocks and factors to watch say Bloomberg and Thomson Reuters:
Singapore plantation stocks succumbing to some profit-taking after recent hefty gains fuelled by firm CPO prices.
“This is a high-risk rally driven by liquidity,” says UOB KayHian analyst Leow Huey Chuen; “if you are sitting on a huge profit, no harm locking in profit for the year.”
Security researchers have uncovered three flaws in the Linux-based webOS platform used in Palm devices. – Security researchers uncovered critical flaws in webOS, including a cross-site scripting issue that could be used to gain remote control of devices and possibly build a botnet.
WebOS is the operating system used in Palm smartphones. The issues were uncovered by Orlando Barrera and Daniel Herrera of…
An unlocked version of the WebOS 2.0-running Palm Pre 2 is now available in the United States for $449. Additionally, a coupon for $200 off is available to developers. – Fans of the Palm Pre 2 can now purchase an unlocked version of the
smartphone through Palm.com and Hewlett-Packards SMB channels for
$449, HPs Palm business announced on its blog Nov. 18.
The Pre 2 is first smartphone to run WebOS 2.0, the newest
incarnation of the mobile operating system largel…
HP Palm’s Jon Rubinstein talked about working at Apple and Palm, two hardware and software makers who found themselves the victim of mismanagement in evolving markets. – SAN FRANCISCO — HP Palm’s Jon Rubinstein has a unique
resume, working for two companies he acknowledged quot;lost their way, quot;
he told the crowd at the Web 2.0 Summit here Nov. 16.
Those would be Apple, where he helped bring the iPod
music player to market, and Palm, where as CEO he presi…
The palm oil firm’s public offering follows a string of successful IPOs in Singapore, such as the US$3 billion listing of Global Logistic Properties (GLPL.SI) and Mapletree Industrial Trust’s (MAPI.SI) about US$720 million IPO.
Mainboard-listed Transcu says wholly-owned subsidiary Nanomizer Inc. has formed a jpint venture with Nedo (New Energy and Industrial Technology Development Organization) in Japan to undertake development of a new type of bio-fuel using crude palm oil.
If the project is successful and goes into commercialisation, Transcu’s subsidiary, Transcu Green Fuel will have the exclusive rights to promote, market, distribute and sell this system and its related products around the world.
