- We expect Bumitama Agri (SGX:P8Z) to deliver its strongest earnings in Q4 due to large brought forward inventory as well as seasonally strong output to boost sales.
9M25 results were within our/street expectations.
- - Read this at SGinvestors.io -
- 3Q25 core PATMI was higher y-o-y despite lower revenue (-3% y-o-y, -25% q-o-q) due led to huge inventory build-up (which will benefit sales volume in 4Q25) owing to delayed shipments to customers (affected by heavy rainfall in Central Kalimantan).
Better CPO and PK ASPs lifted 9M25 earnings
- - Read this at SGinvestors.io -
- In addition, unit cost during the quarter was contained due to slow fertilising activities affected by heavy rainfall. About 80%-85% of the full year’s fertilising plan was completed in 9M25 (1H25: 65%-70%).
FY25E: Bumitama Agri kept its up to 5% y-o-y FFB growth
- 3Q25 FFB nucleus continued its steady recovery to 0.575mt (+9% y-o-y, +2% q-o-q) bringing 9M25 output to 1.649mt (+8% y-o-y), which equates to 70% of our full-year forecast; within historical range.
- Bumitama Agri expects its output to peak in Q4, and kept its up to 5% y-o-y FFB growth for FY25E.
Raising earnings forecasts by +9%-11% for FY25-27E
- Read more at SGinvestors.io.
