Singapore Stock Market News

Bumitama Agri - Buoyed by higher ASP

StockFanatic
Publish date: Mon, 03 Mar 2014, 12:22 PM
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■ 4Q14 earnings of Rp380 bn was ahead of our and consensus' expectations

■ Higher ASP (due to IDR weakness), and cost containment boosted performance

■ FY14F/15F earnings trimmed by 6%/4% on higher fertiliser application, slower yield growth (guided)

■ Undervalued for 3-year earnings CAGR of 32%; BUY call reiterated for 22% upside to revised TP of S$1.19 (based on DCF)
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