- Genting Plant’s 93,503 ha of oil palm plantations also makes it the 5th largest in terms of planted area after Sime Darby, KL Kepong, IOI Corp and Kulim
[OSK 06.Apr.2012]
Management
- 管理層作出了兩項人事委任部署，雲頂種植首席執行員丹斯里林國泰長子--林拱輝(non-executive director)及現年58歲的姚進清（independent non-executive director），進入董事局。現年27歲的林拱輝目前身兼雲頂集團駐香港分公司的資深副總裁。姚進清則在多家國內私人機構如匯豐銀行及國油化學（PCHEM，5183，主板工業股）擔任董事。
http://www2.orientaldaily.com.my ... FO51lBx17A12C7d40J6 (Year-2011 Q4)
Management
- 管理層作出了兩項人事委任部署，雲頂種植首席執行員丹斯里林國泰長子--林拱輝(non-executive director)及現年58歲的姚進清（independent non-executive director），進入董事局。現年27歲的林拱輝目前身兼雲頂集團駐香港分公司的資深副總裁。姚進清則在多家國內私人機構如匯豐銀行及國油化學（PCHEM，5183，主板工業股）擔任董事。
http://www2.orientaldaily.com.my ... FO51lBx17A12C7d40J6 (Year-2011 Q4)
- Plantations accounted for 93.5% of group revenue and 99% of group earnings before interest, tax, depreciation and amortisation (Ebitda) in 1HFY11.
http://www.theedgemalaysia.com/in-the-financial-daily/192020-higher-palm-prices-output-boost-genp-1h.html (Year-2011 Q2)
- Genting Plantations Bhd and US property giant Simon Property Group Inc last week opened the doors to Southeast Asia’s first premium outlet retail mall, Johor Premium Outlets (JPO), after working on the project for more than three years.
- JPO is an open strip mall that houses individual boutiques for designer fashion labels and brands where off-season products are sold at discounted prices.
- JPO sits on 45 acres of land and has a gross lettable area of 190,000 sq ft in retail space.
- Based on OSK Research’s calculations, Genting Plantations’ landbank in the Kulaijaya area is worth about RM1.6 billion.This is based on valuing Genting Plantation’s 6,437-acre oil palm land at RM5 psf and 237-acre development land at RM21 psf.
http://www.theedgemalaysia.com/in-the-financial-daily/197283-second-premium-outlets-in-the-pipeline.html (Year-2011 Q4)
- Being an upstream plantation player in Malaysia and by virtue of the group being a spot seller, Genting Plant’s profitability is highly leveraged to crude palm oil price. We estimate that for every RM100 increase in CPO price, Genting Plant’s net profit will increase by RM17.1m.
[OSK research 6.April.2012]
- Johor Indahpura contributes most of the property segment revenue.
[OSK research 6.April.2012]
Cost
- 聯昌證券研究透露，營工成本目前約佔雲頂種植總開銷的33%。“假設調漲薪資一事成真，該公司需額外擔負2000萬令吉成本，進而造成2012財年3.5%淨利稀釋。”
- 聯昌證券研究說，雲頂種植目正與大馬農業種植協會（MAPA）其他會員，就森那美種植公司早前宣佈的調薪事宜，進行商討，以尋獲可相互配合新機制，確保有助提升產能。
- “肥料成本佔雲頂種植總開銷的25%，惟在鎖住成本策略下，預計全年肥料成本按年漲幅為9%，預計今年每公噸原棕油（CPO）產量平均成本為1000令吉，較去年每公噸1050令吉輕微滑落。”
http://www.chinapress.com.my/node/238140 (Year-2011 Q3)
- 根據MAPA以及種植工友與所有大馬園丘職工會協議，所有園丘與棕油廠的員工與非執行雇員，將每月獲額外200令吉的薪資，自9月1日生效。
- 雲頂種植發文告表示，該公司是首個採用MAPA新薪資方案的公司之一，隨生活成本增加，該公司相信提高薪資的方案合時，並對社會經濟福利帶來正面貢獻。
http://www.sinchew-i.com/sciBiz/node/50430 (Year-2011 Q3)
- GENP remains one of the more cost-efficient upstream players, with all-in cost of production at RM1,150/t in 2011 (+9% YoY).
[Maybank IB 28.Feb.2012]
-Fertilizer application will be lower in the 2H as Genting Plant has already applied 55% of its full year fertilizer application in the 1H.
[OSK research 29.August.2012]
Output/Efficiency
- 馬銀行研究表示，雲頂種植旗下大馬業務鮮果串產量今年丰收後，預料2012年的成長有限，而焦點將轉向印尼業務，特別是有1萬零800公頃的新種植地開始可收成（現有6千400公頃）。
- 該研究表示，柔佛名牌商品城預料2011年12月11日開幕，預料租用率高達90%，2011年至2014年間的每年淨利貢獻料介於700萬令吉至1千100萬令吉（惟占總淨利少過5%），惟其附近土地價值將會水漲船高。
-興業研究表示，至今年10月止，該公司鮮果串產量按年增長13.7%，而11月份產量料比10月份低8%，惟按年仍然高達12%水平。這使管理層將2011年財政年的鮮果串產量調升至12%，比較之前為8%至9%。
http://biz.sinchew.com.my/node/54206?tid=18 (Year-2011 Q4)
- FFB production amounted to 1.372m tonnes with very minimal 24k tonnes from Indonesia. The 14.6% growth for CY11 has largely been driven by yield recovery and new areas coming into production in Malaysia. Management continues to guide for 100k tonnes of FFB growth, largely from its Indonesian plantations.
[OSK research 28.Feb.2012]
Genting Plant’s production increased from 0.304m tonnes in 1991 to 1.372m tonnes in 2011 in tandem with the increase in its mature hectarage. Its long term compounded growth rate for production stands at 11.8%. Going forward, the group’s production growth will be driven by the improving age profile of its young trees both in Malaysia and Indonesia as well as the increase in planted hectarage.
Malaysia trees age profile -
The company has 6,947 ha of young mature areas, which will give rise to higher FFB production in the immediate term, with another 3,743 ha of immature area due to come into production within the next year up to 2015. Offsetting this are its old trees of 20 – 25 years old at 4,208 ha and 2,689 ha of trees above 25 years, from which production will steadily decline. Hence, the rising yield of its 10,690 ha of young and immature area will be partially offset by declining yields from the 6,897 ha of old trees.
Based on the above graphs,
Total planted landbank (Malaysia + Indonesia) = 93,509ha
Indonesia planted land trees age profile:
1-3 years : 33,172ha - 3,743ha = 29,429ha
>3-7 years : 11,440ha - 6,947ha = 4,493ha
>7-15 years : 19,946ha - 19,946ha = zero
>15-20 years : 22,048ha - 22,048ha = zero
>20-25 years : 4,208ha - 4,208ha = zero
>25 years : 2,689ha - 2,689ha = zero
Indonesia trees age profile
The planted hectarage of close to 34k ha in Kalimantan are either newly mature or immature, from which production will continuously surge over the next 8 to 10 years due to improving age profile, reaching an estimated 0.814m tonnes by 2021 based on a conservative FFB peak yield assumption of 24 tonnes per ha.
Genting Plant has 100k ha (33,922ha planted) of plantation landbank in Kalimantan, of which 55k ha is in West Kalimantan and 45k ha in Central Kalimantan. Of the 34k ha planted in West and Central Kalimantan, 22k ha has received Hak Guna Usaha (HGU), which is Indonesia’s land title. The remaining unplanted land is with Izin Perkebunan, or planting license.
[OSK research 6.April.2012]
- 該公司管理層維持今年大馬棕油鮮果串產量走低6%，而印尼業務則隨收割區擴大10%，料將佔公司總鮮果串產量的5至6%，未來兩年更料進一步提高到16至22%。邁入2013年，印尼將有另1萬2千公頃栽種地步入成熟階段，2014年則料有4千500公頃，促使興業放眼這兩年的鮮果串產量成長預估各達12%及10。
- 必須強調的是，當印尼營運作出更大的貢獻後，營運盈利賺幅恐遭稀釋，因為目前印尼的棕油價比大馬折價15至20%，加上樹齡尚淺導致鮮果串產量不高。
http://biz.sinchew.com.my/node/62362?tid=6 (Year-2012 Q2)
- 僑豐研究指出，雲頂種植首6個月的產量下跌13.2%至55萬1千公噸，管理層表示若下半年產量和去年相彷，其大馬區的全年產量仍將下跌6%至7%。
不過，若包含其在印尼約10萬公噸的新鮮棕果，則雲頂種植今年的產量將持平。該公司今年有約1萬7千公頃園坵晉入成熟期，明年則有1萬1公頃。
http://biz.sinchew.com.my/node/64182?tid=6 (Year-2012 Q2)
- FFB production in 1H12 declined by 13.2% (mainly on:
(1) Lagged impact from drought season in 2010 which
affected its estates in Malaysia; and (2) Drier weather and
delay in shipments on materials for its CPO mill, which in
turn affected production in its Indonesia estates).
- Planting activities picked up in 2Q (to 1,396ha from 1,117ha in 1Q, bringing total planted area in Indonesia to 36,434 ha). Management expects planting activities to pick up further in 2H to reach 6,000 ha for 2012.
[HLIB research 29.Aug.2012]
- In order to have high yield, planting oil palm seedlings with natural high-yielding attributes are important. As we know, per ha of oil palm can yield an average of four tonnes of crude palm oil (CPO) a year.
- “Science tells us that oil palm has the natural potential to yield at least three times more oil, that is from four tonnes to 12 tonnes of CPO per year. In simple terms, increasing the extra yield means more food, without planting more areas,” according to Genting Plantations executive chairman Tan Sri Lim Kok Thay whose speech was read out by chief operating officer Yong Chee Kong.
http://biz.thestar.com.my/news/story.asp?file=/2012/12/4/business/12407543&sec=business (Year-2012 Q3)
Landbank
- “With its Indonesia estates starting to hit maturity this year, we believe Genting Plant will continue to show respectable growth in the next five years,” OSK Research said.
- OSK Research said Genting Plantations is also the second biggest landowner in Iskandar Development Region in Johor and the launch of its premier outlet in November should boost land value.
http://www.theedgemalaysia.com/features/191985-osk-research-upgrades-genting-plantations-to-buy.html (Year-2011 Q3)
- 丰隆研究表示，該公司在2011年第三季種植1千零15公頃土地，預料第四季介於1千500至1千700公頃之間，進入2012年後恢复正常至每年1萬至1萬5千公頃間。
http://biz.sinchew.com.my/node/54206?tid=18 (Year-2011 Q4)
- Achieved 1,667 ha of new planting in 4Q, bringing its total new planting to 4,509 ha for CY11. With that Genting Plant now has a total nucleus planted area of 33,922 ha in Indonesia. On top of that, a total of 334 ha of plasma area has been planted. New planting target for CY12 is 7k – 8k ha.
- Indonesian operation made a loss of RM15.9m, wider than RM11.5m loss in FY10. Based on current CPO price, Genting Plant’s Indonesia operation will continue to be loss-making due to the still low yields of young palms.
[OSK research 28.Feb.2012]
- Genting Plant operates in 3 key geographical locations namely West Malaysia, East
Malaysia and Kalimantan. In West Malaysia, its plantations are mainly in Johor, Malacca and Selangor. In
East Malaysia, the group’s estates are located in Sandakan in Sabah, which is the highest yielding in
Malaysia. Within Malaysia, its planted area totals 59,581 hectares.
In Kalimantan, Genting Plant has planted on 33,922 ha, mainly in the Ketapang area, which was its first area of planting. The group also has 2 separate locations in West Kalimantan.
[OSK research 6.April.2012]
In Kalimantan, Genting Plant has planted on 33,922 ha, mainly in the Ketapang area, which was its first area of planting. The group also has 2 separate locations in West Kalimantan.
[OSK research 6.April.2012]
- After SPS Agreement with Global Agrindo Investment Company Limited (“Vendor”) and Global Agripalm Investment Holdings Pte Ltd (“JV Co”) to establish a joint venture for the development, Genting Plantation's total landbank increased to 239,950ha. This deal is expected to increase Genting Plantation's planted oil palm area in Indonesia and Malaysia by 14,150ha (+15%) to 107,648ha (31.Dec.2011: 93,498ha), and double its plantable reserves in Indonesia to ~100,000ha.
[Maybank IB 16.April.2012]
- 一旦收购完成(JV Co)，云顶种植总地段將提高44.9%（或7万4千390公顷），超越IOI集团（IOICORP，1961，主板种植组）的总地段17万9千974公顷，成为第三大的种植公司，仅次於森那美（SIME，4197，主板贸服组）和吉隆坡甲洞（KLK，2445，主板种植组），分別达87万3千222和25万零729公顷。
- 云顶种植是UEM置地（UEMLAND，5148，主板產业组）以外，依斯干达计划的第二大“地主”，除拥有96公顷的发展地段，也持有2千600公顷的种植地段。
http://biz.sinchew.com.my/node/59252 (Year-2012 Q2)
- 去年，云顶种植拨出古来（Kulai）的部份18.2英亩土地售予永旺集团（AEON，6599，主板贸服股）作发展广场用途。该土地买卖交易將在明年完成，有望巩固古来作为长期主要开发地区的优势，为云顶种植创造正面房產销售利益。分析员估计，该公司明年能够认列1600万令吉的土地脱售收益。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=18884:&Itemid=198 (Year-2012 Q2)
Growth/Strategy
- 据云顶种植呈交予交易所的文告，配合该公司进军棕油相关的下游活动，GP海外已正式向Citadel股票基金有限公司和美林（Merrill Lynch）国际，收购GBD控股的70万股（每股面值0.01美元或约3.04仙）和3103万4432股优先股（每股面值0.01美元或约3.04仙）。
http://www.nanyang.com/node/322520 (Year-2011 Q2)
- 受恶劣气候打击，云顶种植今年的栽种进度料将减半，目前仅有932公顷的种植地段，不比过去两年1万1000公顷的记录。
http://www.nanyang.com/node/325097 (Year-2011 Q1)
- 雲頂種植（GENP）擬有意和下游企業公司聯營，開拓油脂化學領域。興業證券研究指出，該公司目前未透露更多相關計劃詳情，不過早前該公司已斥資4000萬令吉購下GBD控股。
- 后者在沙巴拿篤（Lahad Datu）棕油工業區擁有33.45公頃地段、一間產能達20萬公噸的生化柴油廠，以及一間產能達1萬9400公噸的甘油生產設施廠。
- 該機構認為，雲頂種植計劃尋找高端油脂化學夥伴，以聯營方式合作，希望透過聯營夥伴提供的知識和科技，生產油脂化學產品。報告指出，該公司在拓展油脂化學產品最大的阻力，就是缺乏可提供原料的棕油提煉廠。
http://www.chinapress.com.my/node/235213 (Year-2011 Q2)
- CIMB Research are also positive on its investment in Johor Premium Outlets as the retail venture that is due to open in November will help boost the value of the group’s surrounding land in the longer-term as well as property sales at its Indahpura project.
-Also, year-to-date new plantings of 1,500ha are behind schedule. The group’s full year target of 10,000 to 15,000ha is unlikely to be met.
http://www.theedgemalaysia.com/in-the-financial-daily/190434-genting-no-premium-for-retail-venture.html (Year-2011 Q3)
- The market is abuzz over the new Johor Premium Outlet (JPO), set to have its grand opening on Dec 11, Although incremental earnings contribution from the JPO is expected to be muted, we are positive over its long-term effect on the remaining 6,670 acres of Genting Plantations’ land.
-JPO is modelled after Woodbury Common Premium Outlets, an hour’s drive from New York City. JPO is about one hour’s drive from Singapore and three from Kuala Lumpur. Shoppers will typically enjoy savings of 25% to 65% on branded items all year round.
-We understand this project is very profitable with a projected internal rate of return (IRR) in the high teens. Assuming a 15% IRR, the project may add some RM11 million per year to net profit beginning 2012, less than 5% of Genting Plantations’ net profit. In addition, we expect the company to recognise some RM8 million in land gain disposal for the JPO in 2H11, which we have yet to recognise in our earnings forecast.
-JPO, with an estimated total development cost of RM149 million, is a 50:50 joint venture between Genting Plantations and Premium Outlets, the outlet division of US-based Simon Property Group. The JPO is synergistic to Genting Plantations as it will enhance the value of properties in the region of Genting Indahpura, its flagship development, over the long run.
-Genting Plantations has approximately 6,670 acres of remaining land with estimated book cost of RM1.22 psf (as at December 2010).
http://www.theedgemalaysia.com/in-the-financial-daily/196219-buzz-over-genting-plantations-johor-premium-outlet.html (Year-2011 Q4) Maybank IB Research
- 該公司預計在2012年推530單位產業，發展總值為2億3千萬令吉。
http://biz.sinchew.com.my/node/54206?tid=18 (Year-2011 Q4)
- When JPO matures, Genting Simon Sdn Bhd general manager Jean Marie Pin Harry said there are plans to establish another Premium Outlets store for the Malaysian market in the near future.
- Maybank IB Research previously estimated that JPO will contribute net profit of between RM7 million to RM11 million a year to Genting Plantations from 2012 to 2014.
- Additionally, JPO is strategically located between Genting group’s two resorts — Resorts World Genting, about 3 1/2; hours’ drive away from JPO, and Resorts World Sentosa in Singapore which is about an hour’s drive away.
- In a Nov 24 note, OSK Research said the opening of the JPO and a new highway interchange has already helped to boost property prices at Genting Indahpura.
- OSK Research said that shoplots are now sold at about RM560,000 each from RM300,000 to RM350,000 earlier this year.
- Jean Marie concurs that JPO serves as an icon to draw interest and development to Genting’s land in Johor."This is a 100% greenfield. It was a palm jungle. There was nothing here. [JPO] is an attraction to bring tourists here,” he said.
http://www.theedgemalaysia.com/in-the-financial-daily/197283-second-premium-outlets-in-the-pipeline.html (Year-2011 Q4)
- 雲頂種植另一項正面因素就是柔佛名牌折扣購物中心（Johor PremiumOutlets），公司計劃為第二期發展計劃投資1億令吉，將店舖數量從現有的70家增至130家。
- “公司也預期投資10億令吉發展週邊地區，包括酒店、水上樂園和會議和展覽中心等。”
- 目前，柔佛名牌折扣購物中心是東南亞第一家名牌折扣購物中心，全球其餘58家坐落在美國、日本和韓國等地。
http://biz.sinchew.com.my/node/56801 (Year-2012 Q1)
- The Indonesian plantations are expected to turn around when GENP’s Indonesian palm oil mill commences operations in 2Q12.
[Maybank IB 28.Feb.2012]
- Genting Plant has been steadily growing its oil palm hectarage in the last 20 years. Since 1991, it has increased its planted area every single year without fail, bringing it from 20,401 ha to 93,503 ha within a span of 20 years
- Since 2007, and armed with a net cash balance sheet, Genting Plant started its expansion in Kalimantan as land in Malaysia became scarce and too expensive. As of end-2011, Genting Plant had 33,922 ha of oil palm planted areas in Kalimantan.
- Due to its high percentage of prime trees at 70.5%, Genting Plant’s Malaysian assets are generating a strong cash flow. This enables the group to easily fund its large- scale expansion into Indonesia.
- Due to its high percentage of prime trees at 70.5%, Genting Plant’s Malaysian assets are generating a strong cash flow. This enables the group to easily fund its large- scale expansion into Indonesia.
[OSK 06.Apr.2012]
- Genting
Plantations (“GENP”) via its 100%-subsidiary Sunyield Success S/B,
has entered into a Sale and Purchase and Subscription Agreement
(“SPS Agreement”) with Global Agrindo Investment Company Limited
(“Vendor”) and Global Agripalm Investment Holdings Pte Ltd (“JV Co”)
to establish a joint venture for the development and cultivation of
c.74,000 ha of oil palm plantation in Kabupaten Kapuas and Barito
Selatan, Kalimantan Tengah, Republic of Indonesia (“Proposed JV”).
USD116m cash outlay by GENP. The SPS Agreement will involve up
to USD116m cash outlay initially by GENP comprising:
-
(i) Up to USD66m for the proposed acquisition of 495 ordinary shares
of JV Co (“JV Co Shares”) representing 49.5% equity interest in JV
Co by GENP from the Vendor (“Proposed Acquisition”); and
-
(ii) USD50m for the proposed subscription by GENP of a further 371
new JV Co Shares representing 27.1% of the enlarged share
capital of JV Co (“Proposed Subscription”).”
The USD116m relates to an initial 58,067 ha of land with the balance
16,323 ha to cost GENP a further USD13m in the future Upon completion of the proposed acquisition
and subscription, GENP’s equity interest in JV Co will rise to 63.2%.
[Computation]
USD116m / 60% effective equity stake = USD193.3m Enterprise Value (EV). USD193.3m minus USD25.84m of greenfield and = USD167.49m of planted area. USD167.49m / 14,150 ha of planted area = USD11,837/ha or RM35,510/ha of planted area.
[Maybank IB 16.April.2012]
- 雲頂種植仍考慮在印尼設立提煉廠房，但並不急於落實，或尋求策略夥伴參與。興業認為，除非鄰近的種植區沒有新的提煉廠，否則這項計劃的可行性不高。
- 產業領域方面，該公司計劃今年在柔佛州推介2億5千萬令吉產業，興業預計這將協助至少提昇今年10%營業額。今年首5個月，則錄得4千萬令吉產業銷售。
http://biz.sinchew.com.my/node/62362?tid=6 (Year-2012 Q2)
- JPO(该中心面积达18.2公顷，内有80间品牌专卖店)第1期已在去年12月开幕，目前云顶种植有限公司正准备着该中心的第2阶段扩展计划。侨丰证券研究行指出，第2阶段扩展计划包括兴建主题公园和几家酒店，这一切将进一步提高古来优美城（Indahpura）的土地价值。侨丰也说，该区地价的最新报价是每平方尺50令吉，而最近的成交价则是每平方尺25令吉。
- 云顶种植自2007年起，花了3亿令吉研究运用基因科技来提升油棕收益率与加强油棕收益价值。目前该研究项目已有成果，管理层将在2013年或2014年展开商业化计划，最先投入的工作是筛选种子。
http://www.kwongwah.com.my/news/2012/08/18/113.html (Year-2012 Q2)
- 管理層下調今年印尼的種植目標，自1萬到1萬5千公頃，下調到6千公頃，但截至上半年，已種植地段只有3千公頃，大馬投資研究相信，種植地段目標調整可能因印尼的延期償付權。
http://biz.sinchew.com.my/node/64182?tid=6 （Year-2012 Q2)
- Genting Plantation Bhd, via unit, ACGT Sdn Bhd(亚地种植基因技术中心), is collaborating with DuPont, a global innovation and science company, to increase oil palm yield and unlock the natural potentials of the crop.The collaboration will accelerate the use of genes and biomarkers to identify superior oil palms for the plantation industry. (30-month collaboration agreement)
- The marker-assisted selection would shorten the time for a palm oil breed research to six years from 11 using the traditional selection system.
http://www.btimes.com.my/Current_News/BTIMES/articles/20121203151648/Article/index_html (Year-2012 Q3)
Results
- 2011财年首季净利, 尽管原棕油（CPO）平均售价走高至每吨3682令吉的水平，但鲜果串（FFB）产量下滑3%，再加上原棕油榨取率（OER）走低以及税率较高，抵消原棕油平均售价走高的正面激励。
http://www.nanyang.com/node/325097 (Year-2011 Q1)
- Genting Plantation net profit for the second quarter ended June 30, 2011 surged 96% to RM139.9 million from RM71.38 million a year earlier, due mainly to higher palm products prices and increased FFB production. Revenue for the quarter rose 57.6% to RM364.38 million from RM231.17 million in 2010. Earnings per share rose to 18.44 sen from 9.41 sen, while net assets per share was RM4.03.
- For the six months ended June 30, Genting Plantations’ net profit rose 66.6% to RM234.23 million from RM140.63 million in 2010, on the back of a 43.5% increase in revenue to RM635.49 million from RM442.76 million. Company said it registered FFB production growth of 13% in 1H 2011 from the corresponding period of 2010.
-The average crude palm oil and palm kernel prices achieved by the Group in 1H 2011 were RM3,492/mt and RM2,768/mt respectively compared with RM2,550/mt and RM1,470/mt in the same period last year, it said.
-Genting Plantations said the contribution(RM5.25 million) of the group’s property segment was lower in 1H 2011, with earnings before interest, tax, depreciation and amortisation down 29% year‐on‐year mainly due to lower profit recognised from completion of ongoing projects.
-The bioTechnology segment recorded a slightly higher loss in 1H 2011(1千140萬令吉), reflecting the increased research and development activities carried out(主要是增加員工及實驗室租用空間擴大所致), it said.
http://www.theedgemalaysia.com/b ... rnings-growth-.html (Year-2011 Q2)
- 雲頂種植現財政年第三季（截至9月30日）淨利攀升40.77%，至1億1376萬令吉，上財政年同期淨賺8080萬令吉。單季營業額從2億4911萬令吉，按年增長38.29%，至3億4451萬令吉。該公司首九個月淨利從2億2144萬令吉，按年上升27.15%，至3億4799萬令吉。營業額從6億9187萬令吉揚41.65%，至9億8001萬令吉。
http://www2.orientaldaily.com.my ... FO51lBx17A12C7d40J6 (Year-2011 Q3)
- Maybank Research said Genting Plantation’s earnings from the plantation segment appeared to have peaked in 2Q11 with 3Q11 EBITDA declining by 19.7% on-quarter (+37% on-year) due to sluggish crude palm oil (CPO) average selling price (ASP) of RM3,097 a tonne (-8% on-quarter,+ 17% on-year) that offset the marginally higher FFB production (+0.9% on-quarter, +14% on-year). Meanwhile, property contributed a minor RM2.7 million in 3Q11 (-7% on-quarter, +5% on-year).
- The research house said the nine-month plantation EBITDA surged 61% on-year driven by higher CPO ASP of RM3,340 (+29% on-year) and robust fresh fruit bunches (FFB) production (+13% on-year), attributable to stronger-than-expected FFB yields from its Peninsular Malaysia estates.
http://www.theedgemalaysia.com/business-news/196720-maybank-research-maintains-sell-on-genting-plantations-tp-rm670.html (Year-2011 Q3)
- 4Q11 net profit was 17% lower QoQ to RM94m (-9% YoY), weighed down by lower CPO ASPs (-4% QoQ, -7% YoY) and higher plantation operating expenditure (i.e. labour, fertiliser and fuel costs). These were mitigated by a better contribution to operating profits from the property division, amounting to RM14m (+422% QoQ, +513% YoY). Property profits were boosted by the sale of a 60-acre piece of industrial land for RM7m in EBIT, as well as the sale of a parcel of commercial Johor Premium Outlet land to its 50%-JV partner for RM5m in EBIT, both of which were completed in 4Q11.
-For 2011, net profit growth was mainly due to stronger FFB production (+15% YoY) and CPO ASP of RM3,240/t (+18% YoY).
[Maybank IB 28.Feb.2012]
-
[OSK research 28.Feb.2012]
[OSK research 6.April.2012]
- Genting Plantation Bhd net profit for the first quarter ended March 31, 2012 fell 16.5% to RM78.79 million from RM94.33 million a year earlier, due mainly to lower palm product selling prices and higher operating expenditure in the Plantation segment. The company said on Tuesday that its revenue for the quarter edged up 0.5% to RM272.66 million from RM271.12 million. Reviewing its performance, Genting Plantations said revenue increased marginally as the decline in revenue from the Plantation segment was more than offset by the higher sales contribution from the Property segment.
http://www.theedgemalaysia.com/business-news/214462-genting-plantations-1q-net-profit-dips-165-to-rm8779-.html (Year-2012 Q1)
- 原棕油和棕核油首季平均銷售價各為每公噸3千179令吉和1千941令吉，按年下跌14%和36%，同期鮮果串產量則按年微漲3%。
http://biz.sinchew.com.my/node/60974 (Year-2012 Q1)
-YTD. 1H12 net profit declined by 36.5% to RM148.6m mainly on: (1) Lower FFB production; (2) Lower palm product prices; (3) Higher production cost (RM1,500/mt vs. RM952/mt a year ago); (4) Higher losses incurred at oil palm estates in Indonesia and the biotechnology division.
[HLIB research 29.Aug.2012]
News
官司的起因是合成统一曾于2002年5月9日，把一块总面积8830公顷、位于沙巴京那巴登岸眼的土地，脱售给云顶种植子公司Tanjung Bahagia私人有限公司，起诉人沙巴土著认为，该交易侵犯了他们的传统习俗地拥有权。
- 2011财年首季净利, 尽管原棕油（CPO）平均售价走高至每吨3682令吉的水平，但鲜果串（FFB）产量下滑3%，再加上原棕油榨取率（OER）走低以及税率较高，抵消原棕油平均售价走高的正面激励。
http://www.nanyang.com/node/325097 (Year-2011 Q1)
- Genting Plantation net profit for the second quarter ended June 30, 2011 surged 96% to RM139.9 million from RM71.38 million a year earlier, due mainly to higher palm products prices and increased FFB production. Revenue for the quarter rose 57.6% to RM364.38 million from RM231.17 million in 2010. Earnings per share rose to 18.44 sen from 9.41 sen, while net assets per share was RM4.03.
- For the six months ended June 30, Genting Plantations’ net profit rose 66.6% to RM234.23 million from RM140.63 million in 2010, on the back of a 43.5% increase in revenue to RM635.49 million from RM442.76 million. Company said it registered FFB production growth of 13% in 1H 2011 from the corresponding period of 2010.
-The average crude palm oil and palm kernel prices achieved by the Group in 1H 2011 were RM3,492/mt and RM2,768/mt respectively compared with RM2,550/mt and RM1,470/mt in the same period last year, it said.
-Genting Plantations said the contribution(RM5.25 million) of the group’s property segment was lower in 1H 2011, with earnings before interest, tax, depreciation and amortisation down 29% year‐on‐year mainly due to lower profit recognised from completion of ongoing projects.
-The bioTechnology segment recorded a slightly higher loss in 1H 2011(1千140萬令吉), reflecting the increased research and development activities carried out(主要是增加員工及實驗室租用空間擴大所致), it said.
http://www.theedgemalaysia.com/b ... rnings-growth-.html (Year-2011 Q2)
- 雲頂種植現財政年第三季（截至9月30日）淨利攀升40.77%，至1億1376萬令吉，上財政年同期淨賺8080萬令吉。單季營業額從2億4911萬令吉，按年增長38.29%，至3億4451萬令吉。該公司首九個月淨利從2億2144萬令吉，按年上升27.15%，至3億4799萬令吉。營業額從6億9187萬令吉揚41.65%，至9億8001萬令吉。
http://www2.orientaldaily.com.my ... FO51lBx17A12C7d40J6 (Year-2011 Q3)
- Maybank Research said Genting Plantation’s earnings from the plantation segment appeared to have peaked in 2Q11 with 3Q11 EBITDA declining by 19.7% on-quarter (+37% on-year) due to sluggish crude palm oil (CPO) average selling price (ASP) of RM3,097 a tonne (-8% on-quarter,+ 17% on-year) that offset the marginally higher FFB production (+0.9% on-quarter, +14% on-year). Meanwhile, property contributed a minor RM2.7 million in 3Q11 (-7% on-quarter, +5% on-year).
- The research house said the nine-month plantation EBITDA surged 61% on-year driven by higher CPO ASP of RM3,340 (+29% on-year) and robust fresh fruit bunches (FFB) production (+13% on-year), attributable to stronger-than-expected FFB yields from its Peninsular Malaysia estates.
http://www.theedgemalaysia.com/business-news/196720-maybank-research-maintains-sell-on-genting-plantations-tp-rm670.html (Year-2011 Q3)
- 4Q11 net profit was 17% lower QoQ to RM94m (-9% YoY), weighed down by lower CPO ASPs (-4% QoQ, -7% YoY) and higher plantation operating expenditure (i.e. labour, fertiliser and fuel costs). These were mitigated by a better contribution to operating profits from the property division, amounting to RM14m (+422% QoQ, +513% YoY). Property profits were boosted by the sale of a 60-acre piece of industrial land for RM7m in EBIT, as well as the sale of a parcel of commercial Johor Premium Outlet land to its 50%-JV partner for RM5m in EBIT, both of which were completed in 4Q11.
-For 2011, net profit growth was mainly due to stronger FFB production (+15% YoY) and CPO ASP of RM3,240/t (+18% YoY).
[Maybank IB 28.Feb.2012]
-
[OSK research 6.April.2012]
- Genting Plantation Bhd net profit for the first quarter ended March 31, 2012 fell 16.5% to RM78.79 million from RM94.33 million a year earlier, due mainly to lower palm product selling prices and higher operating expenditure in the Plantation segment. The company said on Tuesday that its revenue for the quarter edged up 0.5% to RM272.66 million from RM271.12 million. Reviewing its performance, Genting Plantations said revenue increased marginally as the decline in revenue from the Plantation segment was more than offset by the higher sales contribution from the Property segment.
http://www.theedgemalaysia.com/business-news/214462-genting-plantations-1q-net-profit-dips-165-to-rm8779-.html (Year-2012 Q1)
- 原棕油和棕核油首季平均銷售價各為每公噸3千179令吉和1千941令吉，按年下跌14%和36%，同期鮮果串產量則按年微漲3%。
http://biz.sinchew.com.my/node/60974 (Year-2012 Q1)
-YTD. 1H12 net profit declined by 36.5% to RM148.6m mainly on: (1) Lower FFB production; (2) Lower palm product prices; (3) Higher production cost (RM1,500/mt vs. RM952/mt a year ago); (4) Higher losses incurred at oil palm estates in Indonesia and the biotechnology division.
-QoQ. Despite revenue rising by 7.8% to RM294m, 2Q12
net profit declined by 11.4% to RM69.8m mainly on higher
proportion of CPO and PK sales derived from the
processing of FFB sourced externally, higher losses in
Indonesia operation, and lower property earnings.
[HLIB research 29.Aug.2012]
News
官司的起因是合成统一曾于2002年5月9日，把一块总面积8830公顷、位于沙巴京那巴登岸眼的土地，脱售给云顶种植子公司Tanjung Bahagia私人有限公司，起诉人沙巴土著认为，该交易侵犯了他们的传统习俗地拥有权。
Bull case
- 原棕油價反弹？ Higher CPO price next year,
- 加里曼丹業務的盈利貢獻改善 Improving contribution from its Kalimantan operation,
- 優美城（Indahpura）地段繼續創造價值 Continuous value creation at its Indahpura land
- 生物科技部門開始商業化運作 Commercialization of its biotech division
- Good geographical diversification across East & West Malaysia and Indonesia.
Bear case
- Escalating production cost, in particular, labour costs
- Labour shortage
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