Sipef - A satisfying year indeed
Despite light production volumes, SIPEF raises its FY23 guidance for recurring net profit from USD 60-70m towards the higher-end of USD 65-75m on the back of sound palm oil price levelsWe see room to increase our FY23 net profit estimate of USD 67m to USD 73-74m. However, we leave our FY24 net profit virtually unchangedWe stick to our view that SIPEF's valuation is too low (EV/hectareSipef is a holding company. Through its subsidiaries and associated companies, Co. is primarily engaged in the development and production of sundry commodities, including palm oil, palm kernels, tea, tropical fruits and flowers, bananas, pineapples, ornamental plants, guava, pepper and natural rubber. Palm oil, which is Co.'s most important commodity, is used within the cosmetics industry, in soaps and detergents, as a supplement to cattle and poultry feed, for production of protein, and for several other purposes. In addition, Co. provides management, marketing and consultancy services in the agro-industry.
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