He adds that global palm oil price recovery in 2H2023 and 2024 will be supported by decent soybean oil price outlook, which the analyst believe will remain in good balance due to stable supply and demand outlook of soybean.
DBS Group Research analyst William Simadiputra is keeping “buy” on Bumitama Agri (SGX:P8Z
) and First Resources (FR) (SGX:EB5) with lower target prices of 90 cents and $2 respectively amid recovering crude palm oil (CPO) prices.
In his July 11 reports, Simadiputra notes that both planters’ share prices have room to improve in 2HFY2023 on the back of rising CPO price trend flowing through its earnings performance.
