Bumitama Agri - RHB Invest 2024-02-28: Inexpensive Pure Play With Good Dividend Yields

• Bumitama Agri (SGX:P8Z)’s FY23 results are lower than our estimate, but meets the Street projection. We expect earnings to decline slightly in FY24 on higher unit costs and lower PK prices, but still see value in this pure planter.
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FY23 core earnings fell 24.7% y-o-y to IDR2,417bn.

• Bumitama Agri's FY23 core earnings fell 24.7% y-o-y to IDR2,417bn. This is below our estimate, but in line with the Street’s expectations, at 90-100% of FY23 forecasts – mainly due to lower-than-expected FFB output in 4Q23 and higher-than-expected unit costs.
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Nucleus FFB decline of 11.8% q-o-q in 4Q23

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Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2024-02-28 SGinvestors.io

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