RHBInvest Research

Monday, September 12, 2011

Top Story: IJM Plantation – Harvesting for the future Outperform

Visit Note

¨ Key highlights from our recent meeting: (1) Strong recovery in FFB production so far but can it last?; (2) Happy with current CPO prices; (3) Not required to implement MAPA wage hike; (4) New planting targets reduced; and (5) Capex guidance raised.

Corporate Highlights

MAHB: Hike charges to be put on hold Outperform

News Update

¨ MAHB announced that it has been advised by the Ministry of Transport to delay the hike in charges until further review which was scheduled to commence on Sept 15.

¨ Given that the hike will now be put on hold, we believe there is a possibility of two scenarios: 1) Hike in charges will likely be structured into Marginal Cost Support (MARCS), a compensation mechanism which MAHB will be paid by the government of the difference between the actual amount charged and the revised level; or 2) Hikes to be completely called off.


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