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Analysts lift Bumitama Agri’s TPs on the back of strong 1QFY2022 results

Khairani Afifi Noordin
Khairani Afifi Noordin5/17/2022 10:51 AM GMT+08  • 2 min read
Analysts lift Bumitama Agri’s TPs on the back of strong 1QFY2022 results
Analysts at UOB KH and RHB have kept their “buy” calls and raised their TPs for BAL to 93 cents and 95 cents respectively.
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Analysts at UOB Kay Hian and RHB Group Research have kept their “buy” calls and raised their target prices for Bumitama Agri (BAL) to 93 cents and 95 cents respectively, on the back of strong 1QFY2022 results.

In 1QFY2022, BAL booked over 400% y-o-y rise in earnings, mainly backed by higher contributions from palm kernel, which prices had increased 40% q-o-q and 80% y-o-y.

BAL managed to achieve a higher average selling price (ASP) of INR13,600 per kilogram during the period, RHB analysts point out. They highlight that the plantation player has not seen the impact of Indonesia’s ban on its palm oil exports — which started in end-April — as there have not been any deliveries scheduled yet in May.

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