Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/oiltek-international-ltd" target="_blank" data-smartkarma-citation="entities:36016:1" rel="noopener">Oiltek International Ltd (OTEK SP)</a> is a process engineering and technology solutions provider specializing in edible oils and renewable energy. Its solutions cater to all types of vegetable oils.</li>
<li>This includes palm oil, soybean and rapeseed oil and cover a wide range of applications including edible and non-edible oil refining, and POME (palm oil mill effluent) biogas recovery systems.</li>
<li>The firm reported its FY25 results on 11th Feb 2026. In this note, we provide an update on its FY25 earnings.</li>
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Oiltek International Ltd (OTEK SP) is a process engineering and technology solutions provider specializing in edible oils and renewable energy. Its solutions cater to all types of vegetable oils.
This includes palm oil, soybean and rapeseed oil and cover a wide range of applications including edible and non-edible oil refining, and POME (palm oil mill effluent) biogas recovery systems.
The firm reported its FY25 results on 11th Feb 2026. In this note, we provide an update on its FY25 earnings.


Oiltek International - FY25 Earnings Update - Earnings Momentum Masked by FX Losses

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oiltek-international-ltd" target="_blank" data-smartkarma-citation="entities:36016:1" rel="noopener">Oiltek International Ltd (OTEK SP)</a> is a process engineering and technology solutions provider specializing in edible oils and renewable energy. Its solutions cater to all types of vegetable oils. </li>
<li>This includes palm oil, soybean and rapeseed oil and cover a wide range of applications including edible and non-edible oil refining, and POME (palm oil mill effluent) biogas recovery systems.</li>
<li>We initiate rated coverage on Oiltek with a DCF-based TP of S$1.22, implying a 40.7x FY26E P/E, representing an upside of approximately 20.8%.</li>
</ul>



Oiltek International Ltd (OTEK SP) is a process engineering and technology solutions provider specializing in edible oils and renewable energy. Its solutions cater to all types of vegetable oils. 
This includes palm oil, soybean and rapeseed oil and cover a wide range of applications including edible and non-edible oil refining, and POME (palm oil mill effluent) biogas recovery systems.
We initiate rated coverage on Oiltek with a DCF-based TP of S$1.22, implying a 40.7x FY26E P/E, representing an upside of approximately 20.8%.


Oiltek International Initiation - Asset-Light and Well Positioned for Growth

External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Downgrade First Resources to SELL from Neutral, target price drops to S$1.20 from S$1.60, 13% downside.</li><li>First Resources’s 1Q23 results disappointed. Net profit plunged 74% y-o-y to US$19.3m.</li><li>This came in well below expectations, making up 8-9% of our and Street FY23F earnings, largely due to lower ASPs achieved as well as a lower FFB output.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Downgrade First Resources to SELL from Neutral, target price drops to S$1.20 from S$1.60, 13% downside.First Resources’s 1Q23 results disappointed. Net profit plunged 74% y-o-y to US$19.3m.This came in well below expectations, making up 8-9% of our and Street FY23F earnings, largely due to lower ASPs achieved as well as a lower FFB output.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

First Resources - Lower ASPs Dampen 1Q23 Numbers; Downgrade To SELL

Singapore

First Resources is a leading palm oil producer involved in cultivating oil palms, harvesting fresh fruit bunches, and milling them into crude palm oil and palm kernel. The company further processes these into higher-value palm-based products such as biodiesel, refined palm oil, and palm kernel oil. Headquartered in Singapore, the company was founded in 1992.

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First Resources (FR SP)

Oiltek International - FY25 Earnings Update - Earnings Momentum Masked by FX Losses

Oiltek International reported its FY25 results on 11th Feb 2026. In this note, we provide an update on its FY25 earnings.

Evolve Capital Advisory Pte Ltd

Oiltek International Initiation - Asset-Light and Well Positioned for Growth

We initiate rated coverage on Oiltek with a DCF-based TP of S$1.22, implying a 40.7x FY26E P/E, representing an upside of approximately 20.8%.

Evolve Capital Advisory Pte Ltd

First Resources - Lower ASPs Dampen 1Q23 Numbers; Downgrade To SELL

Downgrade First Resources to SELL from Neutral, target price drops to S$1.20 from S$1.60, 13% downside. First Resources’s 1Q23 results disappointed.

RHB Invest

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