Bumitama Agri - DBS Research 2024-01-04: Strong Productivity To Drive Firm Profitability Outlook

• 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.

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• 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.
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Recovery of palm oil price in 2024

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2024-12-10 Bumitama Agri - Double-digit Earnings Growth On The Horizon.

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 Dividend Payout Dates & Corporate Actions,
Bumitama Agri News