As we highlighted in our note (23 March 2026) MPE delivered another year of record financial performance in 2025, supported by firm crude palm oil and palm kernel pricing, disciplined operating execution and a greater proportion of internally sourced crop being processed through the group’s own mills. Since then, the stock has surged >17% and the cif-Rotterdam price of CPO has risen from $1,267/tonne at the start of ’26 to $1,554/tonne. This has prompted us to revisit our cautious FY26 estimate ($800/tonne) of the mill gate price that MPE receives. Our new estimate is $825/tonne. We also raise our FY27 mill gate price to $800/tonne (from $787/tonne), these changes result in an increased PT of 1900p (from 1690p). BUY.
