Bumitama Agri - Maybank Research 2023-05-15: 1Q23 Within Expectations; BUY For >6% Dividend Yield

Bumitama Agri - 1Q23 Within Expectations; BUY For >6% Dividend Yield

Bumitama Agri (SGX:P8Z) | SGinvestors.ioBumitama Agri (SGX:P8Z)
  • 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://maybanktrade.com.sg/.

Ong Chee Ting CA Maybank Research | https://www.maybank-ke.com.sg/ 2023-05-15

Read also Maybank's most recent report:
2024-02-28 Bumitama Agri - FY23 Met Expectations; BUY For Its Consistently High Dividend Yields.

Previous report by Maybank:
2023-11-15 Bumitama Agri - 3Q23 Beat Expectations Yet Again; High Dividend Yields The Key Attraction.

Price targets by 3 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


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