- Bumitama Agri (SGX:P8Z)βs FY25 results are in line, although its dividend payout ratio is higher than estimated.
- We expect modest FFB growth in FY26, albeit offset by some inventory clearance in 1Q26 and higher sales volumes as external FFB purchases rise. That said, unit costs are also likely to rise in 2026F.
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4Q25 earnings surged 48% q-o-q
- 4Q25 earnings surged 48% q-o-q (+32% y-o-y), resulting in FY25 core net profit rising 33% y-o-y. This is broadly in line, at 101-105% of our and Street full-year forecasts. Bumitama Agri declared a final dividends of 3.2 cents, bringing FY25 dividend to 9.35 cents. This implies a payout ratio of 75% and net yield of 7%.
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Paid the fine on the land seizure
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