CHINA IMPORTER MARGINS (Dalian Olein - (BMD CPO +40)) Spread - - PowerPoint PPT Presentation

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Jan 30, 2023 525 likes •572 views

CHINA IMPORTER MARGINS (Dalian Olein - (BMD CPO +40)) Spread (adjusted for fobbing costs, tax and freight) 100 80 60 40 20 - (20) (40) (60) (80) A = Dalian Olein adjusted = (Price - fobbing) / (1+import tax) / (1+VAT) / Fwd FX (USDCNY)

SLIDE 1

(120) (100) (80) (60) (40) (20)

40 60 80 100

(Dalian Olein - (BMD CPO +40)) Spread

(adjusted for fobbing costs, tax and freight) A = Dalian Olein adjusted = (Price - fobbing) / (1+import tax) / (1+VAT) / Fwd FX (USDCNY) B = BMD CPO adjusted = (Price) / Fwd FX (USDMYR) + 40 (OLN premium to CPO) C = Freight (US35/mt)

CHINA IMPORTER MARGINS

SLIDE 2

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% (120) (100) (80) (60) (40) (20)

40 60 80 100 China CPI inflation

(Dalian Olein - BMD Olein) Spread

(adjusted for fobbing costs, tax and freight)

SLIDE 3

CHINA IMPORTER MARGINS (Dalian Olein - (BMD CPO +40)) Spread - - PowerPoint PPT Presentation

(120) (100) (80) (60) (40) (20)

40 60 80 100

(Dalian Olein - (BMD CPO +40)) Spread

(adjusted for fobbing costs, tax and freight) A = Dalian Olein adjusted = (Price - fobbing) / (1+import tax) / (1+VAT) / Fwd FX (USDCNY) B = BMD CPO adjusted = (Price) / Fwd FX (USDMYR) + 40 (OLN premium to CPO) C = Freight (US35/mt)

CHINA IMPORTER MARGINS

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% (120) (100) (80) (60) (40) (20)

40 60 80 100 China CPI inflation

(Dalian Olein - BMD Olein) Spread

(adjusted for fobbing costs, tax and freight)

(120) (100) (80) (60) (40) (20)

40 60 2,800 2,900 3,000 3,100 3,200 3,300 3,400 3,500 3,600 01-Nov-11 01-Dec-11 01-Jan-12 01-Feb-12 01-Mar-12 01-Apr-12 01-May-12 CPO Price (MYR/mt)

CPO West Malaysia (Cash - Future)

DIFFERENCE (MPOB-BMD) BMD VWAP -1ST MPOB VWAP-1ST