As a result of Indonesia’s new export levy structure, which is in favour of First Resources, RHB Securities reckons the palm oil producer will rake in higher earnings.

The brokerage has raised its FY2020-FY2022 earnings by 6.5%-9.2% on the back of higher downstream margins, including foreign exchange assumptions.

According to RHB, the Indonesian Government has set the crude palm oil (CPO) reference price at US$951.86 per tonne for January

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