Singapore Stock Market News

Bumitama Agri - Within Expectations

StockFanatic
Publish date: Tue, 13 Aug 2013, 12:42 PM
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Growth remains intact
BAL's 2Q13 core net profit of IDR155m (+2% QoQ, -19% YoY) met 18% of our and consensus full-year estimates - within our and consensus expectations. We maintain our FY13 earnings forecast in anticipation of higher FFB output, higher CPO ASP and relatively lower plantation costs in 2H13.

Maintain BUY with an unchanged TP of SGD1.24 on 16x FY14 PER, with implies 0.9x PEG.
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