SINGAPORE (Nov 13): Maybank Kim Eng, DBS Vickers Securities, RHB Research and UOB Kay Hian are maintaining their “buy” calls on Bumitama Agri with the respective price targets of 98 cents, 85 cents, 81 cents and 80 cents.

All four brokerages continue to like the stock for its positive near- to medium-term earnings outlook with the view that it is undervalued.

This comes post the release of the group’s 3Q18 financial results, which saw a 1.4% y-o-y increase in earnings to IDR270 billion ($25.3 million) over the quarter, underpinned by a delay in fertilising application and lower taxes despite its lower revenue.

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