According to Kenanga it is maintaining Felda Global's financial year 2014 and financial year 2015 core earnings at RM925 million and RM951 million respectively.

"Our valuation of RM4.75 target price is maintained at 18.7 times forward price earnings. This is based on a mean valuation which we think is fair as the upside in its upstream division is neutralised by downstream division, expected to stay in the red in financial year 2014," said Kenanga in its note.