0143 GMT - Southeast Asian plantation stocks appear poised for a re-rating following a recent rally in crude palm-oil prices, say RHB analyst Hoe Lee Leng and team in a note. CPO prices have surpassed MYR5,000/ton due to heightened geopolitical tensions and tight supply, yet plantation stocks still reflect prices below MYR4,500/ton, they say. They expect palm-oil prices to stay high in 1H next year, trading between MYR4,400 and MYR4,800/ton, before easing to MYR4,000-4,400/ton in 2H. RHB raises its 2024-2026 CPO price forecasts to MYR4,100, MYR4,300 and MYR4,100/ton, respectively, up from MYR3,900, MYR3,800, and MYR3,800. The bank upgrades the Southeast Asia plantation sector to overweight from neutral. Johor Plantations, Sarawak Oil Palms, SD Guthrie, Bumitama Agri and London Sumatra Indonesia are its top picks. (yingxian.wong@wsj.com)
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