- Bumitama Agri (SGX:P8Z)’s inclusion in the MSCI Singapore Small Cap Index has led to a stock rerating, and we now peg its target P/E to 12x, at the highest end of its peer range of 6-12x.
3Q25 results are within expectations.
- - Read this at SGinvestors.io -
- While we expect FFB growth to rise q-o-q in 4Q25 and unit costs to moderate on reduced fertilisation activities, this will be offset by a lower ASP for CPO.
3Q25 nucleus FFB output rose +1.7% q-o-q, +8.8% y-o-y.
- Bumitama Agri's nucleus FFB output rose 1.7% q-o-q (+8.8% y-o-y) in 3Q25, bringing 9M25 output growth to 7.7% y-o-y – above our and management’s estimates of 0-5% FFB growth y-o-y for FY25. External and plasma FFB purchases also jumped 24% y-o-y in 9M25. Despite this, CPO sales volume fell 6.7% y-o-y in 9M25 due to a 1-month inventory build-up, which will be cleared in 4Q.
- - Read this at SGinvestors.io -
CPO ASP dopped by 3.5% q-o-q in 3Q25.
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