油棕种植园仍然是一个有竞争力的行业吗?

The Planter Pub Date : 2023-11-25 DOI:10.56333/tp.2023.028
JULIAN CONWAY MCGILL
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引用次数: 0

摘要

尽管自2019年以来棕榈种植园的盈利能力大幅提高,但它们在股市的估值仍然低迷。该行业似乎无法摆脱一种普遍的没落感。投资者提出了两个主要问题:油棕的环境记录,以及在劳动力成本不断上升的情况下难以找到工人。本文将研究这两个问题。报告发现,如今对可持续性的担忧并没有威胁到该行业,相反,它们已成为额外盈利能力的来源。油棕对劳动力的更高要求虽然非常明显,但这是一个结构性问题,传统上是由更高的产量来解决的。油棕的核心问题不是对劳动力的要求较高,而是产量表现相对较差。高产量种植园的利润明显更高,但上市种植园在产量方面的表现低于平均水平。正如我们所证明的,这主要是由上市种植园公司中排名最后三分之一的公司的急剧下降所驱动的。关键词:油料作物,产量比较,农业综合企业,ESG,公司估值,种植业前景,油料种子,劳动力
本文章由计算机程序翻译,如有差异,请以英文原文为准。
IS AN OIL PALM PLANTATION STILL A COMPETITIVE BUSINESS?
Despite a dramatic increase in the profitability of palm plantations since 2019, their valuation in the stock market remains depressed. The industry appears to be unable to escape a widespread feeling of terminal decline. Investors cite two major issues: the oil palm’s environmental record and difficulties finding workers amidst rising labour costs. This article examines both of these concerns. It finds that sustainability concerns today do not threaten the industry, but rather that they have become a source of additional profitability. The oil palm’s higher labour requirement, while very noticeable, is a structural issue which has traditionally been defrayed by higher yields. The central issue for the oil palm is not its higher labour requirements, but its relatively poor yield performance. Higher yielding plantations are significantly more profitable, yet listed plantations have underperformed the average in terms of their yield. As we demonstrate this is driven predominantly by a sharp decline among the bottom third of listed plantation companies. Keywords: Oil crops, yield comparison, agribusiness, ESG, company valuation, outlook for the plantation sector, oilseeds, labour
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