Broker Name: CGS International
Date of Report: September 26, 2025

Excerpt from CGS International report

Report Summary

• The Indonesian Supreme Court issued a verdict against Wilmar International and several subsidiaries, resulting in a one-off impairment of Rp11.9 trillion (~US\$709 million) in 3Q25F, which is expected to significantly lower FY25F earnings and dividends.
• While another investigation into rice mislabelling is ongoing, its financial impact is expected to be far less significant than the palm oil-related ruling; the broker maintains a “Reduce” rating with a target price of S\$2.70, anticipating weaker earnings and a lower dividend payout for FY25F.

Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website: https://www.cgs-cimb.com