Bumitama Agri's stock soared 3.57% during intraday trading on Thursday, reflecting positive investor sentiment following favorable industry developments.

The surge is attributed to the normalization of Indonesian crude palm oil prices, which have recovered to above 15,000 rupiah per kilogram after recent uncertainty surrounding the country's proposed export policy subsided. This price recovery is crucial for Bumitama Agri, a pure-play upstream planter with operations primarily in Indonesia that sells its palm oil locally.

Adding to the positive momentum, Maybank Securities upgraded its rating on Bumitama Agri to "buy" from "hold," citing the recent share price fall and improved outlook due to the stabilizing palm oil market. The firm maintained its target price of S$1.87 for the stock.