- We revised up our FY23F / FY 24F earnings forecast for Bumitama Agri by 38%/ 11%, respectively, to Rp2.2tr (-43% y-o-y) and Rp2.2tr (+18% y-o-y), mainly to account for our new CPO price assumption.
Well-run upstream CPO company.
- - Read this at SGinvestors.io -
- Moving forward, we believe Bumitama Agri will reap the benefits of the higher palm oil price trend ahead with a double-digit earnings recovery outlook in 2024.
- If the improving earnings trend holds in 2024, we think Bumitama Agri's share price will perform even better going forward, coupled with the current undemanding valuation at FY24F P/E of 5.4x, a 30%- 40% discount vs its older plantation companies’ peers.
- - Read this at SGinvestors.io -
Recovery of palm oil price in 2024
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
William Simadiputra DBS Group Research | https://www.dbs.com/insightsdirect/ 2024-01-04
Previous report by DBS:
2023-07-11 Bumitama Agri - Recovering Earnings Outlook Amid The El Nino Threats.
Price targets by 4 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
