Bumitama Agri - Maybank Research 2026-05-14: 1Q26 Results Was Above Our But Within Consensus Estimates

• Bumitama Agri (SGX:P8Z)'s 1Q26 results was above but within consensus expectations as inventory drawdown boosted sales. We expect stronger 2Q earnings on higher ASPs and output.

• - Read this at SGinvestors.io -

1Q profits lifted by sales from last year’s inventory

• Bumitama Agri provided an executive summary of key financial and operational information on its 1Q26 performance. It reported a 1Q26 core PATMI of IDR755b (+42% y-o-y, -26% q-o-q) which met 26%/23% of our/consensus FY26E estimates.

• The better y-o-y results were due to higher revenue underpinned by higher sales volume (+25% y-o-y, -11% q-o-q) and PK ASP (+11% y-o-y, -5% q-o-q) which offset lower CPO ASP (-2% y-o-y, -1% q-o-q). The strong 1Q sales volume growth was aided by inventory drawdown as FFB nucleus output was up by just +8% y-o-y to 549,519t (-5% q-o-q).

• - Read this at SGinvestors.io -

FY26E: BAL keeps its up to 5% y-o-y FFB growth target

• Read more at SGinvestors.io.

Ong Chee Ting CA Maybank Research | https://www.maybanktrade.com.sg/ 2026-05-14

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