Broker Name: DBS
Date of Report: 12 April 2026

Excerpt from DBS report

Report Summary

• Actionable Ratings:
  • BUY – First Resources (FR), Bumitama Agri (BAL), PP London Sumatra Indonesia (LSIP)
  • HOLD – Wilmar International
• Target Price:
  • Bumitama Agri (BAL): Raised to SGD 2.30, applying a higher 20.4x FY26 P/E multiple due to strong profitability outlook
• Key Ideas:
  • Firmer CPO prices support BUY calls for upstream CPO players (FR, BAL, LSIP)
  • Malaysia’s CPO inventories dropped 16% m/m to the lowest since August 2025, driven by a 38% m/m surge in exports
  • CPO prices are expected to remain above USD 1,000 per MT in 1H26, supported by a robust discount to soybean oil and firm crude oil prices
  • Action: Accumulate FR and LSIP after recent share price pullback; upside risk for FR from better margins post-integration with ANJT
  • Wilmar’s HOLD rating reflects a 15% y/y earnings expansion already priced in

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/insightsdirect/