Oil palm plantations in Indonesia may not be your thing, but M.P. Evans (AIM:MPE) is starting to look over-sold in our view. This is a not inconsiderable stock with a market cap of GBP 537m and it is trading at a relatively low PE ratio for what you get. We are adding it to our longer term buy & hold portfolio this week.
While the share price is most definitely down - stock has slipped from 1070p to 930p, the stock is picking up some more momentum again. The price of palm oil has also slipped recently down to around the MYR 5,500 level, Indonesia has announced an export acceleration scheme to ship at least 1m tonnes of crude palm oil and derivatives, as well as slashing its maximum export tax rate and levy for crude palm oil. In the rest of this article we look more closely at the prospects for M.P Evans and why we like it.
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