KUALA LUMPUR (March 1): CIMB IB Research has maintained its “Hold” rating on FGV Holdings Bhd at RM1.12 with a higher target price of RM1.10 (from 92 sen) and said FGV reported a net loss of RM1.08 billion in FY18 due mainly to RM933 million provisions for impairments and receivables and weaker CPO price.

In a note Feb 28, the research house said FGV’s FY18 core net loss of RM269 million, due to weaker results from key divisions, was broadly in line with house expectation.

“Share price recovered from all-time low, pricing in expectations that the new management team will be able to deliver better results. Maintain Hold,” it said.