Maintain BUY with lower TP of SGD0.80 from SGD0.85, 15% upside. We believe CPO prices have overreacted negatively to the trade war and expect to see some respite in 4Q18, post seasonal peak. However, given the larger-than-expected price reaction, we are cutting our CPO price assumptions for 2018F-2019F to MYR2,400-2,500. Our earnings have been cut by 9.2% for 2018F and 12-13% for 2019F-2020F. Our valuations have been rolled over to 2019 with a lower P/E target of 11x from 12x, based on regional sector valuations. Read More