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MARKET • 18/09/2026 10:50 AM

Johor Plantation's iSPOC Expansion A Medium-term Catalyst -- Apex Securities

KUALA LUMPUR, Sept 18 (Bernama) -- Johor Plantations Group Bhd’s (JPG) expansion from plantation core to integrated palm oil player is seen as a potential medium-term catalyst, particularly with the commencement and ramp-up of its Integrated Sustainable Palm Oil Complex (iSPOC).

In a note today, Apex Securities Bhd said the iSPOC is scheduled to commence commissioning in the first half of financial year 2026 (FY2026).

It said part of the complex includes a specialty fats and oils refinery, which represents the group’s foray into downstream activities, enabling the sale of premium products.

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“JPG operates an increasingly integrated palm oil value chain encompassing upstream and midstream as well as trading and services.

“Upstream and midstream remain the group’s core business, contributing RM1.3 billion and RM457.0 million, respectively, or 99 per cent of FY2025’s revenue,” it added.

As such, Apex Securities placed a ‘buy’ recommendation and a target price of RM2.23 on the company’s shares, based on a 15.1 times forward price-to-earnings multiple and its FY2027 forecast core earnings per share of 14.7 sen.

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At 10.08 am, JPG’s share price eased one sen to RM1.90 with 428,800 shares traded.

-- BERNAMA

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