Bumitama Agri [%IonX%] 
Research by Maybank
Add (Maintained) - Target Price SGD 0.88

"Post 1H22 results briefing"

1H22 results were boosted by record CPO price and lower-than-expected cost. There is upside risk to earnings if BAL’s revised FFB growth guidance of 16-18% YoY materializes for FY22E. Else, we continue to expect earnings to soften in 2H22 following recent CPO price correction and higher fertiliser cost expectations. Trading at single-digit PER offering over 6% dividend yields, BAL remains a BUY with SGD0.88 TP on 8x FY23 PER, - 0.5SD its 5Y mean. Its interim DPS of SGD0.0125 will go ex-date on 6 Sept.

Analyst(s):
Ong Chee Ting, CA
[%cxrk%]

Bumitama Agri $SGX-P8Z 
Research by Maybank
Add (Maintained) - Target Price SGD 0.88

"Post 1H22 results briefing"

1H22 results were boosted by record CPO price and lower-than-expected cost. There is upside risk to earnings if BAL’s revised FFB growth guidance of 16-18% YoY materializes for FY22E. Else, we continue to expect earnings to soften in 2H22 following recent CPO price correction and higher fertiliser cost expectations. Trading at single-digit PER offering over 6% dividend yields, BAL remains a BUY with SGD0.88 TP on 8x FY23 PER, - 0.5SD its 5Y mean. Its interim DPS of SGD0.0125 will go ex-date on 6 Sept.

Analyst(s):
Ong Chee Ting, CA
ct.ong@maybank-ib.com