Bumitama Anticipates A Recovery In Production For 4Q
Bumitama Anticipates A Recovery In Production For 4Q
Despite a challenging 9M24, where the company's output was 21% lower YoY, Bumitama anticipates a recovery in production for 4Q.Taking into account that Bumitama Ltd's nine months of 2024 (9M24) results were within Maybank Investment Bank Bhd's (Maybank IB)/consensus expectation, the research house maintained its BUY call on the plantation company, with an increased target price (TP) of S$0.90 from S$0.78 previously.
考慮到Bumitama Ltd 2024年前9個月（9M24）的業績符合馬來亞銀行投資銀行Bhd（Maybank IB）/共識預期，研究機構維持對這家種植公司的買入看漲建議，並將目標價從之前的S$0.78上調至S$0.90。
The upward trend for the TP reflects an improved outlook, driven by expectations of a strong earnings rebound in the fourth quarter (4Q) and based on an eight times price-to-earnings ratio, which is in line with the company's six-year historical average
目標價的上升趨勢反映出樂觀的展望，受益於對第四季度（4Q）強勁盈利反彈的預期，並且基於八倍的市盈率，這與公司六年的歷史平均水平相符。
For 3Q24, Bumitama reported a 3Q24 headline profit after tax and minority interests (PATMI) of 598 billion Indonesia rupiah (-32% year-on-year [YoY], +13% quarter-on-quarter), bringing Bumitama's 9M24 headline PATMI to 1,455 billion Indonesia rupiah which met 72%/70% of Maybank IB/consensus full-year estimates.
對於2024年第三季度，Bumitama報告的稅後利潤和少數股東權益（PATMI）爲5980億印度尼西亞盧比（同比下降32%，環比增長13%），使Bumitama的2024年前九個月稅後利潤達到14550億印度尼西亞盧比，滿足了Maybank IB/共識全年的72%/70%預測。
Despite a challenging 9M24, where the company's output was 21% lower YoY, Bumitama anticipates a recovery in production for 4Q.
儘管2024年前九個月面臨挑戰，公司產量同比下降21%，Bumitama預計第四季度的產量將會恢復。
As a result, the company revised its full-year expectations, now forecasting a decline of 15% in its nucleus fresh fruit bunch output, a larger drop than the previously expected 9.5%.
因此，公司修正了全年的預期，現預測其核心鮮果串產量下降15%，這一降幅大於之前預期的9.5%。
On that note, Maybank IB revised its earnings estimates for the coming years. With the higher spot crude palm oil average selling prices, the research house has increased its earnings per share (EPS) forecasts for FY24E, FY25E and FY26E by 4%, 8% and 8%, respectively, to reflect an anticipated positive impact from higher palm oil prices, despite the output decline.
在此基礎上，Maybank Ib修正了未來幾年的盈利預測。由於現貨毛 palm油平均銷售價格的上漲，研究機構將2024財年、2025財年和2026財年的每股收益（EPS）預測分別上調了4%、8%和8%，以反映出毛 palm油價格上漲帶來的積極影響，儘管產量下降。
The company's cost management strategies, including more efficient fertiliser application, are also expected to provide further support to its financial performance.
公司的成本管理策略，包括更有效的施肥，也預計將進一步支持其財務表現。
Bumitama continues to be a solid pick for investors, with a strong dividend yield of over 6% and a consistent track record of delivering solid returns, especially given its attractive valuation and the potential for earnings growth in the coming quarters.
考慮到其吸引人的估值和未來幾個季度盈利增長的潛力，Bumitama仍然是投資者的一個穩健選擇，擁有超過6%的強勁股息收益率，並且一直以來提供穩健的回報。
譯文內容由第三人軟體翻譯。
