AEP Plantations has delivered a record year, and the new year has started well. FY25 EPS (Dil. Adj.) rose by 31% to US$220c and net cash rose by US$50m to US$232m. The CPO price has strengthened throughout FY25 and has continued into FY26 averaging US$853/tonne YTD, which we have reflected in our recent upgrade to pricing assumptions. We leave our EPS (Dil. Adj.) forecasts essentially unchanged for FY26E and FY27E and we introduce a new forecast of US$207c for FY28E. We have increased our target ....
