One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

Equity Bottom-Up

Indofood Agri Resources / Equity Bottom-Up

<ul><li>Indofood Agri Resources Limited is an integrated agribusiness company.</li><li>The Company and its subsidiaries are involved in research and development, oil palm seed breeding, oil palm cultivation and milling.</li><li>Indofood Agri Resources also refines, brands and markets cooking oil, margarine, shortening and other palm oil products.</li></ul>

Indofood Agri Resources Limited is an integrated agribusiness company.The Company and its subsidiaries are involved in research and development, oil palm seed breeding, oil palm cultivation and milling.Indofood Agri Resources also refines, brands and markets cooking oil, margarine, shortening and other palm oil products.

Indofood Agri Resources Ltd: From Cyclical Producer to Integrated Earnings Platform

Private Wealth Management and Asset Management., FPA Financial

FPA Financial

Private Wealth Management and Asset Management.

FPA Financial is an independent and boutique financial firm specializing in private wealth management and asset management.

<ul>
<li>Indofood Agri Resources Ltd (“IndoAgri”) is a vertically integrated agribusiness with activities spanning from Research &amp; Development (“R&amp;D”), seed breeding, and oil palm cultivation to the extraction &amp; processing of Crude Palm Oil (“CPO”) and Palm Kernel (“PK”), as well as the production &amp; marketing of edible oil, margarine, and other related products and derivatives.</li>
<li>For the six months ended 31 December 2025 (2H FY2025), revenue rose by 30.8% to Rp 11.7 trillion in 2H FY2025 from Rp 8.9 trillion in 2H FY2024, amid higher selling prices and volumes across both Plantations and Edible Oils &amp; Fats (“EOF”) divisions as noted by IndoAgri.</li>
<li>However, gross profit fell by 1.1% to Rp 3.2 trillion in 2H FY2025 from Rp 3.2 trillion in 2H FY2024 amid higher costs in the EOF division as also noted by IndoAgri.</li>
</ul>


Indofood Agri Resources Ltd (“IndoAgri”) is a vertically integrated agribusiness with activities spanning from Research &amp; Development (“R&amp;D”), seed breeding, and oil palm cultivation to the extraction &amp; processing of Crude Palm Oil (“CPO”) and Palm Kernel (“PK”), as well as the production &amp; marketing of edible oil, margarine, and other related products and derivatives.
For the six months ended 31 December 2025 (2H FY2025), revenue rose by 30.8% to Rp 11.7 trillion in 2H FY2025 from Rp 8.9 trillion in 2H FY2024, amid higher selling prices and volumes across both Plantations and Edible Oils &amp; Fats (“EOF”) divisions as noted by IndoAgri.
However, gross profit fell by 1.1% to Rp 3.2 trillion in 2H FY2025 from Rp 3.2 trillion in 2H FY2024 amid higher costs in the EOF division as also noted by IndoAgri.


Indofood Agri Resources Ltd: Company Update (21 March 2026)

<ul><li>Indofood Agri Resources (“IndoAgri”) is a vertically integrated agribusiness with activities spanning from Research &amp; Development (“R&amp;D”), seed breeding, and oil palm cultivation to the extraction &amp; processing of Crude Palm Oil (“CPO”) and Palm Kernel (“PK”), as well as the production &amp; marketing of cooking oil and margarine.</li><li>For the six months ended 30 June 2025 (1H FY2025), revenue rose by 33.2% to Rp 9.4 trillion in 1H FY2025, from Rp 7.1 trillion in 1H FY2024, due to a rise in both Plantations and Edible Oils &amp; Fats (“EOF”) revenue from third parties.</li><li>Plantations revenue (third party only) rose by 98.6% to Rp 2.4 trillion in 1H FY2025, from Rp 1.2 trillion in 1H FY2024 , while EOF revenue (third party only) rose by 19.4% to Rp 7.0 trillion in 1H FY2025, from Rp 5.8 trillion in 1H FY2024. </li></ul>

Indofood Agri Resources (“IndoAgri”) is a vertically integrated agribusiness with activities spanning from Research &amp; Development (“R&amp;D”), seed breeding, and oil palm cultivation to the extraction &amp; processing of Crude Palm Oil (“CPO”) and Palm Kernel (“PK”), as well as the production &amp; marketing of cooking oil and margarine.For the six months ended 30 June 2025 (1H FY2025), revenue rose by 33.2% to Rp 9.4 trillion in 1H FY2025, from Rp 7.1 trillion in 1H FY2024, due to a rise in both Plantations and Edible Oils &amp; Fats (“EOF”) revenue from third parties.Plantations revenue (third party only) rose by 98.6% to Rp 2.4 trillion in 1H FY2025, from Rp 1.2 trillion in 1H FY2024 , while EOF revenue (third party only) rose by 19.4% to Rp 7.0 trillion in 1H FY2025, from Rp 5.8 trillion in 1H FY2024. 

Initiating Coverage: Indofood Agri Resources

Independent Analyst

Niklas Olausson

Thematic (Sector/Industry)

<ul>
<li>The El Nino is progressing, albeit slowly, in a volatile fashion. There is no significant impact yet on Southeast Asia's oil palm areas although YTD, rainfall is already lower YoY. </li>
<li>For edible oils, heat waves and drought continue to underpin elevated yield risks, with current focus on soybeans (U.S. and China), rapeseed (Canada) and olive oil (the Mediterranean.) </li>
<li>The Plantation sector and CPO price have gained some traction, but it is early days. Maintain a bullish stance. Report contains new data on earnings mixes, maturity profiles and yields.   </li>
</ul>


The El Nino is progressing, albeit slowly, in a volatile fashion. There is no significant impact yet on Southeast Asia's oil palm areas although YTD, rainfall is already lower YoY. 
For edible oils, heat waves and drought continue to underpin elevated yield risks, with current focus on soybeans (U.S. and China), rapeseed (Canada) and olive oil (the Mediterranean.) 
The Plantation sector and CPO price have gained some traction, but it is early days. Maintain a bullish stance. Report contains new data on earnings mixes, maturity profiles and yields.   


Southeast Asia Plantations: Where Things Stand with the Weather, Still Bullish

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>The Avantis International Small Cap Value ETF holds over 1,700 developed ex-US stocks, including 40 SGX-listed stocks.  </li><li>The 40 SGX-listed stocks have a combined market cap of S$50 billion and S$123 million ADT YTD.  </li><li>Global Resource Construction's ADT increased to S$3.1 million in 2026, reducing its bid-offer spread to 116bps.</li></ul>

The Avantis International Small Cap Value ETF holds over 1,700 developed ex-US stocks, including 40 SGX-listed stocks.  The 40 SGX-listed stocks have a combined market cap of S$50 billion and S$123 million ADT YTD.  Global Resource Construction's ADT increased to S$3.1 million in 2026, reducing its bid-offer spread to 116bps.

Channelling Global Small‑Cap Capital into Singapore Equities

Singapore

Indofood Agri Resources is a vertically integrated agribusiness company involved in research and development, oil palm seed breeding, and the cultivation of oil palm, rubber, sugar cane, cocoa, tea, and industrial timber plantations. The company produces and refines crude palm oil, and manufactures, markets, and sells edible oil, margarine, and shortening under various brands. It was founded in 2001 and is headquartered in Singapore.

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Indofood Agri Resources (IFAR SP)

Indofood Agri Resources Ltd: From Cyclical Producer to Integrated Earnings Platform

Indofood Agri Resources Limited is an integrated agribusiness company. The Company and its subsidiaries are involved in research and development,...

uSMART Securities

Indofood Agri Resources Ltd: Company Update (21 March 2026)

Indofood Agri Resources Ltd (“IndoAgri”) is a vertically integrated agribusiness with activities spanning from Research & Development (“R&D”)....

FPA Financial

Initiating Coverage: Indofood Agri Resources

Indofood Agri Resources (“IndoAgri”) is a vertically integrated agribusiness with activities spanning from Research & Development (“R&D”),...

FPA Financial

Southeast Asia Plantations: Where Things Stand with the Weather, Still Bullish

The El Nino is progressing slowly, but for edible oils, heat waves around the world continue to elevate near-term yield risks. Maintain bullish...

Niklas Olausson

Channelling Global Small‑Cap Capital into Singapore Equities

The Avantis International Small Cap Value ETF holds over 1,700 developed ex-US stocks, including 40 SGX-listed stocks. The 40 SGX-listed stocks...

Singapore Exchange Ltd (SGX)

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