Broker: DBS Bank
Date of Report: 12 April 2026

Excerpt from DBS report

Report Summary

• BUY calls: First Resources (FR), Bumitama (BAL), and PP London Sumatra Indonesia (LSIP)
• Bumitama (BAL): Target Price (TP) raised to SGD 2.30, with a 20.4x FY26 P/E multiple due to strong profitability outlook.
• Wilmar International: HOLD. Current share price reflects a 15% y/y earnings expansion; upside potential seen as limited.
• Investment Idea: Accumulate FR and LSIP after recent share price pullback despite firm palm oil prices. Key positive catalyst for FR is better-than-expected margin post-integration with ANJT.
• Key Highlight: CPO prices expected to stay above USD 1,000/MT in 1H26, supporting strong earnings momentum for upstream CPO players.

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