Maintain BUY with lower SOP-based TP of SGD3.51 from SGD3.59, 12% 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 2018-2019 to MYR2,400-2,500. Our earnings have been cut by 6-8% for 2018F-2020F. On soybean, we note that Brazilian soybean prices have risen and are now at a c.20% premium to US soybean prices. However, we believe Wilmar can still generate positive crush margins even at these price levels. Read More