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MarketScreener Homepage  >  Equities  >  BURSA MALAYSIA  >  FGV Holdings    FGV   MYL5222OO004

FGV HOLDINGS

(FGV)
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VEGOILS-Palm oil tracks U.S. soy prices higher

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10/01/2020 | 01:54am EDT

JAKARTA, Oct 1 (Reuters) - Malaysian palm oil futures rose 2.3% on Thursday on bargain buying and overnight rally in soy prices on the Chicago Board of Trade (CBOT).

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was up 2.3% at 2,777 ringgit ($669.64) by midday.

"Prices were supported by bullish recovery in soy oil futures on the CBOT overnight and some bargain buying from key support levels helping palm oil to trade higher," Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group said.

Soybean futures on the CBOT were up 0.8% at $10.31-3/4 a bushel, having firmed 3.1% on Wednesday when prices hit a Sept. 22 high of $10.34-3/4 a bushel.

CBOT's soyoil contract, meanwhile, was last up 0.5%.

The rally in CBOT futures came in after a United States Department of Agriculture (USDA) report showed that stockpiles were lower than expected.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Separately, the U.S. Customs and Border Protection (CBP) banned Malaysian palm oil producer FGV Holdings Bhd's products after a year-long investigation that the agency alleges showed abuse, deception, physical and sexual violence, intimidation and the keeping of identity documents.

However, this barely had any impact on prices, the trader said, as buyers can "import from other plantations".

($1 = 4.1470 ringgit) (Reporting by Fathin Ungku; editing by Uttaresh.V)


Stocks mentioned in the article
ChangeLast1st jan.
BURSA MALAYSIA -1.23% 8.85 End-of-day quote.45.32%
CPO (CPO) - CMG (ELECTRONIC)/C1 0.00% 692.5 End-of-day quote.-1.22%
FGV HOLDINGS -1.82% 1.08 End-of-day quote.-28.95%
LONDON BRENT OIL -2.77% 41.7 Delayed Quote.-35.68%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 -0.33% 33.2 End-of-day quote.-3.42%
WTI -3.70% 39.849 Delayed Quote.-32.53%
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10/01Malaysia expects U.S. import ban on second plantation firm, after FGV barred
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10/01VEGOILS-Palm oil tracks U.S. soy prices higher
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10/01Malaysia's FGV says disappointed with U.S. ban on palm oil products
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09/30FGV : U.S. bans imports from Malaysian palm oil company FGV
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09/30FGV : U.S. bans imports from Malaysian palm oil company FGV
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More news
Financials
Sales 2020 14 096 M 3 404 M 3 404 M
Net income 2020 -31,5 M -7,61 M -7,61 M
Net Debt 2020 4 208 M 1 016 M 1 016 M
P/E ratio 2020 -98,3x
Yield 2020 1,49%
Capitalization 3 940 M 951 M 951 M
EV / Sales 2020 0,58x
EV / Sales 2021 0,58x
Nbr of Employees 17 104
Free-Float 32,6%
Chart FGV HOLDINGS
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Technical analysis trends FGV HOLDINGS
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 10
Average target price 1,14 MYR
Last Close Price 1,08 MYR
Spread / Highest target 34,3%
Spread / Average Target 5,28%
Spread / Lowest Target -21,3%
EPS Revisions
Managers
NameTitle
Haris Fadzilah bin Hassan Chief Executive Officer
Wira Azhar bin Abdul Hamid Chairman
Mohamed Hairul Abdul Hamid Chief Financial Officer
Mohammed Anwar bin Yahya Independent Non Executive Director
Mohamed Nazeeb P. Alithambi Independent Non Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
FGV HOLDINGS-28.95%968
CORTEVA, INC.11.87%24 755
WENS FOODSTUFF GROUP CO., LTD.-30.07%18 816
HEILONGJIANG AGRICULTURE CO., LTD.97.54%5 163
QL RESOURCES18.08%3 720
GENTING PLANTATIONS-7.47%2 120