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BAL has immaterial forward sales going into 4Q21 and 2022. With still elevated CPO price in 4Q21 and higher QoQ output, BAL may just deliver another set of strong quarterly results. BAL is committed to its dividend policy to pay up to 40% of recurring profits. BUY for its attractive valuation of ~6x PER and net dividend yields of ~6%. We maintain our BUY call with an unchanged TP of SGD0.93 on 11x FY22 PER, its 5Y mean.

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