GIVEN the bright prospects for the plantation division,
The research house said it may consider upgrading the Malaysian-based global agricultural and commodity-based company as it saw a sustainable turnaround in its downstream operations.
"We believe its core net profit for financial year 2014 should improve in line with our expectations for better crude palm oil prices of
The firm, however, said judging by the unattractive valuations, the potential upside is also limited.
"We expect better earnings this year, given the recovery of crude palm oil prices attributed to various positive factors,"
It has reaffirmed its "neutral" call on FGV, with target price of
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