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Selasa, 24 Mei 2011

Indonesia Palm Oil Sector - Presidential decree on two-year moratorium of new forestry permits - Credit Suisse

● The Indonesian government issued a new presidential decree on the two-year moratorium of new permits for primary forest and peat lands, which will postpone the issuance of new forestry permits for primary forests and peat lands, as well as postpone the new issuances of land cultivation rights (HGU) and land use rights (“Hak pakai”) in non-forestry areas.
● We foresee that the two-year moratorium will have minimal impact on Indonesia plantation companies’ CPO output, as most major plantations have sufficient land bank to plant for the next year or two, and larger plantation companies may take over and rehabilitate the defaulting plantation.
● We foresee the risk of downward trend in CPO price onwards due to high CPO supply growth this year, both in Malaysia and Indonesia.
● We maintain our Neutral ratings on AALI, LSIP, SGRO and IFAR, as we remain cautious on the downside risk of CPO price trends ahead.

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