Triputra Agro Persada Tbk (TAPG) is currently the second-largest listed palm oil player by market cap and third-largest by planted estates area on IDX. Its young estates profile, strong shareholder pedigree and aim to improve sustainable practices through technology are among its key attractions. We initiate coverage with an Add rating and TP of Rp1,050/share. We like the company for its attractive valuations, growth prospects and ESG ambitions.
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