CPO price rally already baked in
? 9MFY4/22 results were above expectations from better CPO prices achieved.
? We expect sequentially flat earnings in 4QFY22F, as higher CPO prices are
likely to be offset by weaker FFB production.
? We raise our earnings forecasts for FY22-24F but maintain our Hold call as
we believe UMB is already fairly valued at current levels.