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RHB raises TP for Bumitama Agri as it benefits from inventory drawdowns

Khairani Afifi Noordin
Khairani Afifi Noordin11/16/2021 3:57 PM GMT+08  • 2 min read
RHB raises TP for Bumitama Agri as it benefits from inventory drawdowns
RHB Group Research has maintained its “neutral” rating on Bumitama Agri with a higher TP of 57 cents.
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RHB Group Research has maintained its “neutral” rating on Bumitama Agri (BAL) with a higher target price of 57 cents from the previous 47 cents, representing a 2% upside with 5.5% yield.

In a Nov 15 note, the analysts point out that BAL’s 9M21 results have exceeded their expectations, coming from higher sales volume from inventory drawdowns and higher average selling price (ASP) post-forward sales contract unwinding.


See: DBS positive on Bumitama Agri, expects ‘meaningful selling price recovery’ in 2H21 results

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