MPE has had a good start to 2018, with strong growth in crops and CPO production and solid work with bringing the recent Bumi Mas acquisition up to group operating standards. The fly in the ointment is the H2 weakness in the CPO price. Based on the H2 average price of US$575/ton, MPE will be facing a 13% price headwind for the full year and we are now trimming FY2018 forecasts accordingly. We, and the industry, look through this volatility by valuing the business on an EV/ha basis, the assump
