STAA - Prime Estates Meet Downstream Optionality

KBVS Update
Thursday, 1 October 2026

STAA – Prime Estates Meet Downstream Optionality
(Initiate with BUY; TP at IDR1,500/share)

■ STAA is an integrated palm-oil producer with 50,170 ha of planted estates, 10 mills, kernel-processing facilities, and a 2,000 tpd refinery and fractionation facility.

■ STAA’s productive upstream base supports internal feedstock availability, with an average plantation age of ~15 years. We forecast FY26F FFB production of 1.07 mn tonnes and CPO production of 375k MT, implying an OER of 21.8%.

■ Following STAOF’s commissioning in Jul-25, STAA has begun commercializing refined palm products, including its first direct 9,000-tonne RBD palm-olein export shipment through the internal jetty. We forecast refined-product sales to increase from 164k MT in FY25 to 470k MT in FY26F.

■ We expect revenue to rise +35.7% YoY to IDR13.1 tn in FY26F, with EBITDA and net profit at IDR2.77 tn and IDR1.63 tn, respectively.

■ Initiate with BUY and a DCF-based TP of IDR1,500/share, implying +26.1% upside.

Regards,
Adolf R. B. Setiadi – KBVS Research Team