Broker Name: CGS International
Date of Report: October 9, 2025
Excerpt from CGS International report.
- Gold price surge: Spot gold broke above \$4,000/oz for the first time amid US economic concerns, government shutdown fears, and strong demand for safe-haven assets; central banks and ETFs have driven the rally.
- Wilmar International outlook: Wilmar’s recent share price drop is believed to have priced in the Indonesian Supreme Court fine; stronger soybean crushing margins in China could support upcoming profits. The broker upgraded Wilmar to “Add” with a target price of S\$3.30, citing potential earnings normalization in FY26F-27F and technical indicators suggesting a bullish mean-reversion.
Report Summary
- Gold has surged on global economic uncertainty, monetary easing, and increased ETF inflows, significantly outperforming equities.
- Wilmar International is expected to recover from recent setbacks, with improved margins and legal issues largely priced in; the broker recommends accumulating Wilmar shares for potential upside.
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
