Sarawak Plantation – improved returns not sustained

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#1
After underperfoming for many years, the ROE of Sarawak Plantation (SWKPLNT) managed to overtake that of KLK in 2019. It peaked in 2021 and then began to go below that of KLK in 2022. 

[Image: SWKPLNT.png]

SWKPLNT share price seemed to mirror the ROE performance since 2019. You can see the share price peaking in 2021 and is today below the 2021 peak.

From a ROE perspective, SWKPLNT was not able to consistently outperform KLK, my reference Bursa plantation company.

Given the mirroring feature of the share price, I am not sure that this is a counter worth digging further into.  From a value investing perspective, I will dig further if the price drops to the 2018 level. Then I am confident that there will be a margin of safety.
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