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RHB lifts Bumitama Agri's TP to 80 cent following strong results despite export ban impact

Khairani Afifi Noordin
Khairani Afifi Noordin8/16/2022 10:48 AM GMT+08  • 3 min read
RHB lifts Bumitama Agri's TP to 80 cent following strong results despite export ban impact
RHB raises its estimates for FY2022 earnings by 45% and FY2023-FY2024 earnings by 10%-12%. Photo: Bloomberg
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RHB Group Research analysts have maintained “buy” on Bumitama Agri (BAL) with a higher target price of 80 cents from 71 cents previously following strong 1HFY2022 results.

On the back of higher average selling prices (ASP) and fresh fruit bunches (FFB) output, BAL booked a 280% rise in 1HFY2022 earnings, which was significantly above both RHB’s and street’s expectations at 86%-98% of full year estimates.

Unlike most of its peers, BAL managed to achieve a higher ASP of IDR14,300 per kilogram in 1HFY2022 — 83% higher y-o-y — with 2QFY2022 ASP of IDR15,000 per kilogram which is 10% and 83% above 1QFY2022 and 2QFY2021’s prices.

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