The weaker y-o-y results were underpinned by lower revenue and higher fertiliser cost. Maybank’s Ong Chee Ting points out that Bumitama Agri has completed 25% to 30% of its full-year fertiliser plan in 1QFY2023, using fertiliser stocks it secured six months ago when prices were relatively higher.
Analysts at UOB Kay Hian, Maybank Securities and RHB Bank Singapore are keeping their ‘hold’, ‘buy’ and 'neutral' calls on Bumitama Agri (SGX:P8Z
) following the planter’s 1QFY2023 ended March results announcements.
The analysts highlight that Bumitama Agri’s 1QFY2023 results were within expectations. The planter reported a 1QFY2023 headline patmi of IDR429 billion ($38.7 million), which met 25%, 20%, and 21% of UOBKH, Maybank and RHB's full-year forecast respectively.
