Recommended BUY
Price : RM2.61
52 Week high : RM2.68
52 Week Low : RM1.36
Mkt Cap : RM0.4b
P/E : 6.4X
ROE : 22.0%
Targt Price : RM3.08
Rimbunan Sawit Berhad cultivates oil palms and processes palm oil. It owns about 13,500ha of plantation land and operates its palm oil mill. Rimbunan Sawit Berhad registered total revenue of RM74.40 million for the quarter ended 31 March 2011, representing an increase of 58.40% as compared to RM46.97 million reported in the previous corresponding period. The increase in revenue was mainly attributed by more favourable average crude palm oil and palm kernel prices realized and additional volume of fresh fruit bunches production generated by the subsidiaries acquired in the second half of last financial period. In tandem with higher commodity prices and higher volume fresh fruit bunches production, the Group registered a higher profit before taxation of RM22.6 million compared to RM7.77 million recorded in the last corresponding period.
The Group’s prospect for the remaining quarter is strongly depending on the development in the world edible oil and related market, world economic movement and their corresponding effect on CPO prices. Based on the current market price of CPO, the Group are of the opinion that its performance for the next quarter is expected to remain stable and optimistic. (Bloomberg News, May 25, 2011)
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