For the full year, Bumitama Agri saw an earnings decline by 13.3% y-o-y to IDR2.45 trillion, and revenue decreasing by 2.4% to IDR15.44 trillion, mainly contributed by the weakening of palm product sales price offset by increase in its sales volume.
Analysts from RHB Bank Singapore, UOB Kay Hian (UOBKH) and OCBC Investment Research (OIR) are positive on Indonesian palm oil company Bumitama Agri (SGX:P8Z
) , following its 2HFY2023 results ended December which saw earnings of IDR1.26 trillion ($108 million), a 94.7% y-o-y increase.
All three brokerage firms have kept their “buy” calls — RHB has an unchanged target price of 70 cents, UOBKH has a target price of 70 cents, and OIR has a higher target price of 74 cents from 73 cents previously.
