Sipef The rerating has materialised
Sipef reported a solid 1Q26 update, with the 7.3% increase in CPO production keeping the group on track for its 470kt target. Together with elevated CPO prices following the conflict in the Middle East, the group now expects the recurring net result (gs) to be broadly in line with last year. While the prospects for Sipef remain very strong, we highlight that the sector has already rerated significantly over the past year. We increase our TP from € 88.0 to € 100.0ps but lower our rating from Buy to Hold.Sipef 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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