SIPEF - KBC Securities Company Note 07-02-2019 - Patience is a virtue
Prospects on medium term are good and we think that the company is ideally positioned to benefit from the expected increase in palm oil prices. In our opinion, the recent turmoil will act as a catalyst for future palm oil prices. We support the recent expansion and increased exposure to palm oil (incl. the disposal of non-core assets). With quality assets and the share price incorporating significant negative elements we see the current softness as a good entry point. Buy recommendation confirmed. Target price adjusted to € 64 (from € 70).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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