- Bumitama Agri (SGX:P8Z)’s 1Q24 net profit came in at Rp382b (-15% q-o-q, -24% y-o-y). The lower y-o-y net profit was mainly due to the strengthening US dollar. Excluding the forex loss of 1Q24, 1Q24 core net profit would have come in at Rp374b (+23% y-o-y). Hence, we deem the results within our expectations, contributing 16% of our full-year forecast.
- - Read this at SGinvestors.io -
Earnings were higher y-o-y in1Q24 but lower q-o-q.
- This was largely attributed to the higher CPO sales, which rose 7% y-o-y, and the commencement of its new mills, which offset the 1% decline in CPO ASP. This was due to flat CPO sale volume.
- FFB and CPO production dropped 18% and 20% q-o-q respectively as 1Q is usually the quarter with the lowest production. CPO prices were higher in 1Q24, rising 6% q-o-q due to the tighter supply and higher domestic demand in Indonesia; however, this was still not enough to offset the flat sales volume.
EBITDA margin improved significantly
- - Read this at SGinvestors.io -
High external FFB contribution resulted in higher sales volume.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Jacquelyn Yow Hui Li UOB Kay Hian Research | Leow Huey Chuen UOB Kay Hian | https://research.uobkayhian.com/ 2024-05-15
Previous report by UOB:
2024-02-28 Bumitama Agri - 2H23 results Within Expectations.
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
