Broker: DBS
Date of Report: 12 Apr 2026
Excerpt from DBS report
Report Summary
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Actionable BUY calls:
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First Resources (FR), Bumitama (BAL), and Lonsum (LSIP): Maintain BUY ratings.
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Bumitama (BAL): Target price raised to SGD 2.30, using a higher 20.4x FY26 P/E multiple, reflecting strong profitability outlook.
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Wilmar International (WIL_SP_Equity): Maintain HOLD as current price already reflects 15% y/y earnings growth.
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Key idea: Upstream CPO players (FR, BAL, LSIP) are poised for positive earnings momentum in 2026 supported by sustained CPO prices above USD 1,000/MT, strong export growth, tight inventories, high crude oil and soybean oil prices.
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Action for investors: Accumulate FR and LSIP following the recent share price pullback. BAL offers strong earnings visibility with a target price of SGD 2.30.
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Upside risk: For FR, better-than-expected margin post-integration with ANJT.
above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website : https://www.dbs.com
