MP Evans’ AGM trading update is more complex to interpret than usual but, on balance the positives offset the negatives, so we leave our forecasts and 1300p target price unchanged. After a good start to the new year, processing of fresh fruit bunches (FFB) has moderated slightly due to crop seasonality, which should reverse later in the year. Crude palm oil (CPO) mill gate prices fell by 28% to US$779/tonne, but this remains comfortably above out FY23 forecast assumption of US$710/tonne. The oil ....
