RHB Securities has maintained its “neutral” rating and target price of 50 cents for Bumitama Agri, following the plantation company’s weaker than expected results in 1Q.

The brokerage has also retained its FY2021-FY2023 earnings forecasts for the company.

On May 11, Bumitama announced that its earnings declined 36% y-o-y to IDR166.7 billion ($15.6 million).

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