According to Tempo newspaper, Ministry of Trade said that they will increase the lower limit of CPO export tax scheme from US$700 per ton to US$750 per ton and decrease the highest rate of CPO export tax rate from 25%.
At current average CPO price (CIF Rotterdam) of US$1,140 per ton in the last 30 days, this new CPO export tax scheme will not impact to net proceed of Indonesia CPO plantation companies.
We maintain overweight recommendation on plantation sector with Sampoerna Agro (SGRO, Rp3,400, Buy, TP:Rp4,150) as our top pick due to its margin expansion. At Rp3,400, SGRO is trading at PER FY11F of 11.2x
Rabu, 18 Mei 2011
Plantation sector: Lower limit of CPO export tax scheme is likely up to US$750 per ton (overweight) - Mandiri
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