Bumitama Agri - Maybank Research 2025-08-12: Attractive Net Dividend Yields Of Above 7% On Higher DPR Of 60%

• Following our EPS upgrade on higher ASP assumptions, Bumitama Agri (SGX:P8Z) remains a BUY with a higher target price of S$0.94 (from S$0.83) on unchanged 8x FY25 P/E, its 6Y mean. BUY for its single-digit P/E with net dividend yields of above 7%.

1H25 results beat expectations

• - Read this at SGinvestors.io -
• We now expect 2H25 earnings to be relatively flat h-o-h as we anticipate higher 2H output to be mitigated by lower ASPs.

Better ASPs and output lifted 1H25 earnings

• - Read this at SGinvestors.io -
• We understand Bumitama Agri has completed about 65%-70% (1Q25: 35%-45%) its full-year fertiliser plan in 1H. By our estimate, its operating cost-to-customer was IDR5,911/kg (flat y-o-y) in 1H.

FY25E: Bumitama Agri maintains up to 5% y-o-y FFB growth

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-11-14 Bumitama Agri - Downgrade To HOLD Due To Limited Upside.

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 Dividend Payout Dates & Corporate Actions,
Bumitama Agri News