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SBT - REDUCE - Negative EPS growth for FY13 and FY14, not the right time in the sugar cycle - Update

The world sugar market is expected to see excess surplus for a third year in a row, which will likely keep international sugar prices soft. In step, domestic sugar prices are sinking despite government efforts to buoy prices by allowing exports. SBT’s extra refined sugar prices are down 8% year-on-year. Gross margins are shrinking as sugarcane cost remain firm because of long-term price contracts with farmers.