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.

Equity Bottom-Up

Indofood Agri Resources / Equity Bottom-Up

<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 30 June 2026 (1H FY2026), revenue rose by 2.5% to Rp 9.6 trillion in 1H FY2026 from Rp 9.4 trillion in 1H FY2025.</li><li>Third party plantations revenue fell by 11.7% year on-year (“y-o-y”) to Rp 2.1 trillion in 1H FY2026 amid higher portion of CPO sold internally to its Edible Oils &amp; Fats (“EOF”) division, while third party EOF revenue rose by 7.4% y-o-y to Rp 7.5 trillion in 1H FY2026.</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 30 June 2026 (1H FY2026), revenue rose by 2.5% to Rp 9.6 trillion in 1H FY2026 from Rp 9.4 trillion in 1H FY2025.Third party plantations revenue fell by 11.7% year on-year (“y-o-y”) to Rp 2.1 trillion in 1H FY2026 amid higher portion of CPO sold internally to its Edible Oils &amp; Fats (“EOF”) division, while third party EOF revenue rose by 7.4% y-o-y to Rp 7.5 trillion in 1H FY2026.

Indofood Agri Resources Ltd: Company Update (14 August 2026)

<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)

Thematic (Sector/Industry)

<ul><li>Palm oil is an edible oil with a variety of uses, including in food, consumer products, and as biodiesel feedstock.</li><li>One growing use is biodiesel, with Indonesian domestic consumption of palm oil for biodiesel exceeding that for food in around June 2023.</li><li>Accordingly, Crude Palm Oil (“CPO”) prices have been showing some correlation with crude oil prices, such that the recent rise in crude oil prices amid the ongoing U.S.-Israeli war against Iran may have raised CPO prices.</li></ul>

Palm oil is an edible oil with a variety of uses, including in food, consumer products, and as biodiesel feedstock.One growing use is biodiesel, with Indonesian domestic consumption of palm oil for biodiesel exceeding that for food in around June 2023.Accordingly, Crude Palm Oil (“CPO”) prices have been showing some correlation with crude oil prices, such that the recent rise in crude oil prices amid the ongoing U.S.-Israeli war against Iran may have raised CPO prices.

<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

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: Company Update (14 August 2026)

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

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Palm Oil Sector Report (21 August 2026)

Palm oil is an edible oil with a variety of uses, including in food, consumer products, and as biodiesel feedstock. One growing use is biodiesel,...

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

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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