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Brokers slash estimates for Bumitama after 1Q disappointment, but say production remains strong

Michelle Zhu
Michelle Zhu5/17/2019 03:37 PM GMT+08  • 3 min read
Brokers slash estimates for Bumitama after 1Q disappointment, but say production remains strong
SINGAPORE (May 17): DBS Vickers Securities and UOB Kay Hian are maintaining their “buy” recommendations on Bumitama Agri Limited (BAL) with the respective price targets of 69 cents and 81 cents, even as the palm oil producer missed both research house
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SINGAPORE (May 17): DBS Vickers Securities and UOB Kay Hian are maintaining their “buy” recommendations on Bumitama Agri Limited (BAL) with the respective price targets of 69 cents and 81 cents, even as the palm oil producer missed both research houses’ expectations with its latest set of quarterly results.

RHB Research, on the other hand, remains “neutral” on the stock while lowering its P/E based target price to 62 cents from 67 cents previously to reflect a 9% downside.

To recap, BAL booked a net profit of Rp111 billion ($10.5 million) for the 1Q ended March, down 52% y-o-y due to lower realised average selling prices (ASP).

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