The recently concluded Budget 2025 may not be good for the labourintensive plantation sector as we believe it is not the desired outcome for most of the industry players. We strongly suggest to step up the mechanisation migration and bring up the production yield to cushion the impact. Despite the recent CPO price rally, there is little cheer for the industry players as the margins are largely contained by the increasing cost pressures. Based on our rough calculation, the all-in-effect from the i) minimum wage hike, ii) new CPO export tax structure, and iii) revised windfall profit levy could potentially push up the operating costs by up to 18% across the industry players. Maintain Neutral.
Source: PublicInvest Research - 23 Oct 2024
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