Bumitama Agri - RHB Research 2026-04-30: Geopolitics Overrides Other Factors; Cut To SELL

• Cut to SELL from Neutral, new Bumitama Agri's target price of S$1.70, 11% downside from the current Bumitama Agri's share price with ~5% FY26F yield.
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• We raise our CPO price assumptions accordingly.

Palm oil-gas oil (POGO) spread is positive again.

• The correlation between CPO and crude oil prices has moderated to 0.75x (from a high of 0.9x at the start of the war). With this, the POGO spread is back to being positive (CPO > gas oil), albeit at a small +US$11.70/bbl (vs -US$43/bbl at end-March and +US$52/bbl in early 2026).
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Three geopolitical scenarios.

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Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Previous report by RHB:
2026-03-02 Bumitama Agri - Stronger-than-expected 75% FY25 Dividend Payout.

Price targets by 3 other brokers at Bumitama Agri Target Prices.

Listing of research reports at Bumitama Agri Analyst Reports.

Relevant links:
Bumitama Agri Share Price History,
Bumitama Agri Announcements,
Bumitama Agri Dividend Payout Dates & Corporate Actions,
Bumitama Agri News