Maintain NEUTRAL call and TP of SGD1.60, 1% downside. 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-thanexpected price reaction, we are cutting our CPO price assumptions for 2018-2019 to MYR2,400-2,500. Our earnings have been cut by 10-13% for 2018F-2020F. Our valuations have been rolled over to 2019 and we lower our P/E target to 11x from 12x, based on regional sector valuations. Read More