- Bumitama Agri (SGX:P8Z)'s 1Q23 headline PATMI met our/ consensus expectations. Headline PATMI were partly lifted by FX translation gain on its US$ debt (following IDR’s appreciation during the quarter).
- - Read this at SGinvestors.io -
- Maintain BUY and target price of S$0.84 on 8x FY23E PER, -0.5 standard deviation its 5-year mean.
1Q23 results: Within our/ consensus expectations
- Bumitama Agri provided an executive summary of key financial and operational information on its 1Q23 performance. It reported a 1Q23 headline PATMI of IDR429b (-51% y-o-y) which met 20%/22% of our/consensus full-year forecasts.
- The weaker y-o-y results were underpinned by lower revenue (- 8% y-o-y), and higher fertiliser cost. We understand Bumitama Agri has completed 25- 30% of its full-year fertiliser plan in 1Q23, using fertiliser stocks it secured about 6 months ago when fertiliser prices were relatively higher.
- - Read this at SGinvestors.io -
Anticipating output recovery in 2H
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.ketrade.com.sg/.
Ong Chee Ting CA Maybank Research | https://www.maybank-ke.com.sg/ 2023-05-15
Previous report by Maybank:
2023-04-06 Bumitama Agri - Dividend Galore; FY22 Dividend Beats Our Expectation.
Price targets by 2 other brokers at Bumitama Agri Target Prices.
Listing of research reports at Bumitama Agri Analyst Reports.
Relevant links:
Bumitama Agri Share Price History,
Bumitama Agri Announcements,
Bumitama Agri Dividends & Corporate Actions,
Bumitama Agri News Articles
