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Jumat, 17 Juni 2011

Asia Palm Oil Sector - Rising fertiliser and labour costs will likely erode margins - Credit Suisse

● Credit Suisse global fertilisers team revised up prices for N, P and K on: (1) strong grain prices boost demand for the three nutrients; (2) China’s ambition to reduce fertiliser exports through tight export controls and prohibitive export taxes for N and P; and (3) surge in raw material costs for marginal cost producers.
● Fertiliser costs have already risen significantly over the past four years. Over the past four years, Ammonia is up 60–73%, urea by 12–23%, P by 39–44% and K by 61–101%.
● Fertilisers account for about 40-50% of the total operational cost of an oil palm plantation. Hence, rising fertiliser and labour costs will hurt plantation companies’ margins.
● Our estimates suggest that IOI and KLK are more cost efficient than Sime and LSIP.

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