- Bumitama Agri (SGX:P8Z)'s FY24’s core PATMI beat ours & consensus estimates by 9%/12% respectively.
- For FY25E, we now forecast a 2% y-o-y growth in core PATMI mainly on better FFB output.
A strong earnings pick up in 2H24
- - Read this at SGinvestors.io -
- The stronger y-o-y core PATMI in 2H24 was due to higher CPO (+23% y-o-y) and PK ASPs (+74% y-o-y), which offset lower FFB nucleus output (-15% y-o-y; Figs.2-3).
- Overall, for FY24, the weaker y-o-y core PATMI was mainly due to lower FFB output (- 15% y-o-y), mitigated by better CPO (+12% y-o-y) and PK (+42% y-o-y) ASPs.
FY25E: Bumitama Agri targets up to 5% y-o-y internal FFB growth
- - Read this at SGinvestors.io -
- In terms of cropping pattern, Bumitama Agri expects FY25E’s 1H:2H output ratio at ~45%:~55%, broadly similar to FY24. We also understand BAL has little-to-no forward sales commitment in FY25E.
Anticipating a final dividend of S$0.0408 for FY24
- Read more at SGinvestors.io.
