For 1QFY2024, Bumitama’s revenue rose 7.7% y-o-y to IDR3.9 trillion, with crude palm oil (CPO) and palm kernel (PK) performing well.
Analysts at OCBC Investment Research (OIR), Maybank Securities and UOB Kay Hian (UOBKH) have maintained “buy” on Bumitama Agri (SGX:P8Z
) while RHB Bank Singapore has downgraded the stock to “neutral” following the planter’s 1QFY2024 ended March results.
In her May 14 note, OIR analyst Ada Lim says Bumitama had a decent start to the year on higher sales volume. This is despite the 23% decline y-o-y in net profit due to foreign exchange headwinds from a stronger US dollar.
