Golden Agri-Resources (E5H.SG) last off 0.9% at $0.575, underperforming other Singapore-listed plantation stocks, as potential risk of more customers ending business with unit Sinar Mas (SMAR.JK) weighs, says Dow Jones.

Concerns stoked by recent comments from global industry association Roundtable on Sustainable Palm Oil that Sinar Mas not complying with its code of conduct.

Companies like Burger King, Nestle, Unilever have already stopped doing business with Sinar Mas following Greenpeace’s allegations of destructive planting practices.

“The comments by RSPO will further complicate Golden Agri and Sinar Mas’ efforts to regain customer confidence,” says Deutsche Bank, which has Hold call with $0.59 target. Still, BNP Paribas, which has Buy call with $0.76 target, says any damage to Golden Agri likely minimal; “the market is unwilling to pay a premium for the RSPO-certified CPO.”

Orderbook quotes tip $0.56 support. Indofood Agri (5JS.SG) +0.9% at $2.31, Wilmar (F34.SG) flat at $6.17, First Resources (EB5.SG) +5.3% at $1.19.