AEP Plantations FY25 trading update confirms that it has enjoyed a good year supported by strengthening pricing. The FY25 average mill gate price of US$853 is 7% higher than last year and 0.4% ahead of our November forecast, while the palm kernel price of US$731 is 44% higher than last year. CPO production rose by 7% to 425.8k tonnes, less than we had expected but, nevertheless, a good outcome. We have raised our FY25E EPS (dil adj) by 2.1% to US$236c to reflect the news. It has been an encourag ....
