Live News • May 15
Bumitama Agri Reports Strong Profits and Lifts Dividend Payout Focus Bumitama Agri reported resilient first-quarter output and sharply higher profits, supported by stronger plantation yields and firm palm oil prices during a typically softer production period.
The company increased its dividend payout policy to a range of 60% to 75% of net profit, signaling a greater focus on returning cash to shareholders.
Management highlighted disciplined agronomic practices that helped moderate productivity swings and supported cash generation, alongside a deleveraged balance sheet.
A higher payout range, backed by stronger cash flows and lower leverage, points to a business that is placing more emphasis on consistent shareholder returns.
You should still weigh how dependent these results are on palm oil pricing and agricultural conditions, since both can affect future cash flow and the sustainability of higher dividends. Upcoming Dividend • Apr 27
Upcoming dividend of S$0.032 per share Eligible shareholders must have bought the stock before 04 May 2026. Payment date: 14 May 2026. Payout ratio is on the higher end at 75%, however this is supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Singaporean dividend payers (4.9%). Higher than average of industry peers (3.8%). Reported Earnings • Apr 14
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: Rp1,616 (up from Rp1,319 in FY 2024). Revenue: Rp20t (up 19% from FY 2024). Net income: Rp2.80t (up 23% from FY 2024). Profit margin: 14% (in line with FY 2024). Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates by 3.4%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Food industry in Singapore. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to S$1.85, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Food industry in Singapore. Total returns to shareholders of 361% over the past three years. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to S$1.54, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Food industry in Singapore. Total returns to shareholders of 298% over the past three years. Reported Earnings • Mar 03
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: Rp1,616 (up from Rp1,319 in FY 2024). Revenue: Rp20t (up 19% from FY 2024). Net income: Rp2.80t (up 23% from FY 2024). Profit margin: 14% (in line with FY 2024). Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates by 3.4%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food industry in Singapore. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Mar 01
Dividend of S$0.032 announced Shareholders will receive a dividend of S$0.032. Ex-date: 4th May 2026 Payment date: 14th May 2026 Dividend yield will be 7.1%, which is higher than the industry average of 5.5%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (73% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 38% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 27
Bumitama Agri Ltd., Annual General Meeting, Apr 27, 2026 Bumitama Agri Ltd., Annual General Meeting, Apr 27, 2026. Announcement • Feb 07
Bumitama Agri Ltd. to Report Fiscal Year 2025 Results on Feb 27, 2026 Bumitama Agri Ltd. announced that they will report fiscal year 2025 results on Feb 27, 2026 Upcoming Dividend • Dec 29
Upcoming dividend of S$0.025 per share Eligible shareholders must have bought the stock before 05 January 2026. Payment date: 16 January 2026. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of Singaporean dividend payers (5.4%). Higher than average of industry peers (4.3%). Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to S$1.28, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Food industry in Singapore. Total returns to shareholders of 227% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at S$2.48 per share. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to S$1.10, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Food industry in Singapore. Total returns to shareholders of 151% over the past three years. Major Estimate Revision • Aug 18
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from Rp17.2b to Rp17.8b. EPS estimate increased from Rp1,250 to Rp1,380 per share. Net income forecast to shrink 10% next year vs 7.0% growth forecast for Food industry in Singapore . Consensus price target up from S$0.93 to S$1.00. Share price rose 17% to S$0.98 over the past week. Reported Earnings • Aug 13
First half 2025 earnings released: EPS: Rp730 (vs Rp494 in 1H 2024) First half 2025 results: EPS: Rp730 (up from Rp494 in 1H 2024). Revenue: Rp9.74t (up 28% from 1H 2024). Net income: Rp1.27t (up 48% from 1H 2024). Profit margin: 13% (up from 11% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 2.1% p.a. on average during the next 3 years, while revenues in the Food industry in Singapore are expected to grow by 5.3%. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Jul 31
Bumitama Agri Ltd. to Report First Half, 2025 Results on Aug 12, 2025 Bumitama Agri Ltd. announced that they will report first half, 2025 results on Aug 12, 2025 Announcement • Jun 26
Bumitama Agri Ltd. Announces Resignation of Ha Mui Ling as Joint Company Secretary, with Effect from 30 June 2025 The Board of Directors of Bumitama Agri Ltd. announced the resignation of Ms. Ha Mui Ling, as Joint Company Secretary of the Company with effect from 30 June 2025. Subsequent to the aforementioned resignation, Ms. Low Mei Mei, Maureen remains as Company Secretary of the Company. Announcement • May 22
Bumitama Agri Ltd. Approves Payment of Final Dividend for 2024, Payable on May 15, 2025 Bumitama Agri Ltd. at its AGM held on April 28, 2025, approved payment of a final dividend of 5.44 Singapore cents per share (one-tier tax exempt) for FY2024. Payment date: 15 May 2025. The register of members and register of transfer of the Company would be closed on 6 May 2025. New Risk • May 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Apr 25
Upcoming dividend of S$0.054 per share Eligible shareholders must have bought the stock before 02 May 2025. Payment date: 15 May 2025. Payout ratio is a comfortable 59% and the cash payout ratio is 82%. Trailing yield: 8.0%. Within top quartile of Singaporean dividend payers (6.1%). Higher than average of industry peers (4.8%). Reported Earnings • Apr 12
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: Rp1,319 (down from Rp1,412 in FY 2023). Revenue: Rp17t (up 8.3% from FY 2023). Net income: Rp2.29t (down 6.6% from FY 2023). Profit margin: 14% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to stay flat during the next 3 years compared to a 5.1% growth forecast for the Food industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 1% per year. Declared Dividend • Mar 06
Final dividend of S$0.054 announced Shareholders will receive a dividend of S$0.054. Ex-date: 2nd May 2025 Payment date: 15th May 2025 Dividend yield will be 7.5%, which is higher than the industry average of 5.5%. Sustainability & Growth Dividend is covered by both earnings (28% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 28
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: Rp1,319 (down from Rp1,412 in FY 2023). Revenue: Rp17t (up 8.3% from FY 2023). Net income: Rp2.29t (down 6.6% from FY 2023). Profit margin: 14% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Food industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Feb 27
Bumitama Agri Ltd., Annual General Meeting, Apr 28, 2025 Bumitama Agri Ltd., Annual General Meeting, Apr 28, 2025. Announcement • Feb 13
Bumitama Agri Ltd. to Report Fiscal Year 2024 Results on Feb 27, 2025 Bumitama Agri Ltd. announced that they will report fiscal year 2024 results on Feb 27, 2025 Major Estimate Revision • Nov 12
Consensus revenue estimates increase by 17% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from Rp14.7b to Rp17.2b. EPS estimate unchanged from Rp1,151 at last update. Food industry in Singapore expected to see average net income growth of 1.1% next year. Consensus price target up from S$0.80 to S$0.88. Share price rose 2.4% to S$0.84 over the past week. Announcement • Nov 01
Bumitama Agri Ltd. to Report Q3, 2024 Results on Nov 13, 2024 Bumitama Agri Ltd. announced that they will report Q3, 2024 results on Nov 13, 2024 Announcement • Sep 13
Bumitama Agri Ltd. Announces Change of Company Secretaries The Board of Directors (the "Board") of Bumitama Agri Ltd. (the "Company") announced the appointment of Ms Low Mei Mei, Maureen and Ms Ha Mui Ling as Company Secretaries of the
Company in place of Ms Chiang Wai Ming with effect from 13 September 2024. Upcoming Dividend • Aug 30
Upcoming dividend of S$0.012 per share Eligible shareholders must have bought the stock before 06 September 2024. Payment date: 18 September 2024. Payout ratio is a comfortable 47% and the cash payout ratio is 81%. Trailing yield: 6.6%. Within top quartile of Singaporean dividend payers (6.2%). Higher than average of industry peers (4.9%). Reported Earnings • Aug 17
First half 2024 earnings released: EPS: Rp494 (vs Rp686 in 1H 2023) First half 2024 results: EPS: Rp494 (down from Rp686 in 1H 2023). Revenue: Rp7.60t (up 1.4% from 1H 2023). Net income: Rp856.8b (down 28% from 1H 2023). Profit margin: 11% (down from 16% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 3.1% growth forecast for the Food industry in Singapore. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Aug 16
First half dividend of S$0.012 announced Shareholders will receive a dividend of S$0.012. Ex-date: 6th September 2024 Payment date: 18th September 2024 Dividend yield will be 9.6%, which is higher than the industry average of 5.5%. Sustainability & Growth Dividend is covered by both earnings (47% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Aug 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Yi Wayn Ng was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 31
Bumitama Agri Ltd. to Report First Half, 2024 Results on Aug 14, 2024 Bumitama Agri Ltd. announced that they will report first half, 2024 results on Aug 14, 2024 Upcoming Dividend • Apr 23
Upcoming dividend of S$0.056 per share Eligible shareholders must have bought the stock before 30 April 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 40% and the cash payout ratio is 93%. Trailing yield: 6.4%. Within top quartile of Singaporean dividend payers (6.3%). Higher than average of industry peers (4.7%). Reported Earnings • Apr 07
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: Rp1,412 (down from Rp1,618 in FY 2022). Revenue: Rp15t (down 2.4% from FY 2022). Net income: Rp2.45t (down 13% from FY 2022). Profit margin: 16% (down from 18% in FY 2022). Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) exceeded analyst estimates by 2.1%. Revenue is forecast to stay flat during the next 3 years compared to a 2.5% growth forecast for the Food industry in Singapore. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 06
Final dividend of S$0.056 announced Shareholders will receive a dividend of S$0.056. Ex-date: 30th April 2024 Payment date: 15th May 2024 Dividend yield will be 9.3%, which is higher than the industry average of 5.5%. Sustainability & Growth Dividend is covered by both earnings (32% earnings payout ratio) and cash flows (68% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 14% over the next 3 years. However, it would need to fall by 64% to increase the payout ratio to a potentially unsustainable range. Announcement • Apr 05
Bumitama Agri Ltd., Annual General Meeting, Apr 22, 2024 Bumitama Agri Ltd., Annual General Meeting, Apr 22, 2024, at 10:00 Singapore Standard Time. Location: Pan Pacific Singapore, Ocean 4 5, Level 2 7 Raffles Boulevard, Marina Square Singapore Singapore Agenda: To consider dividends; To receive and adopt the Directors' Statement and the Audited Financial Statements of the Company for the financial year ended 31 December 2023 together with the Auditors' Report thereon; to re-elect the directors; to re-appoint Ernst & Young LLP as the Company's auditors and to authorise the directors to fix their remuneration; to approve the payment of directors' fees of S$424,000 for the financial year ending 31 December 2024, to be paid quarterly in arrears (2023: S$424,000); and to transact any other ordinary business which may be transacted at an annual general meeting of the Company. Announcement • Feb 27
Bumitama Agri Ltd. Announces the Resignation of Lee Lap Wah George as Independent Director Bumitama Agri Ltd. announced the resignation of Lee Lap Wah George as Independent Director. Role And Responsibilities: Responsible for assuring that the Conflicts Resolution & Enterprise Risk Management ("CRERM") functions perform adequately and effectively resourced and qualified in all aspects pertaining to the Group, including the formulation of overall business and corporate policies and strategies, management of business and operations, and overall business development of the Group. Job Title: Independent Director, Chairman of CRERM Committee (as defined below) and a member of Audit, Remuneration and Governance & Nominating Committees. Other DirectorShips Present: Great Eastern Holdings Limited OCBC Bank (Malaysia) Berhad Wearnes Starchase Ltd. RE&S Holdings Ltd. Consequent to the aforesaid change and with effect from 26 February 2024, the composition of the Board and Board Committees of the Company shall be as follows: Board of Directors: Lim Gunawan Hariyanto - Executive Chairman and CEO, Lim Christina Hariyanto - Executive Director, Dato' Lee Yeow Chor - Non-Executive Director, Lim Hung Siang - Lead Independent Director, Lawrence Lua Gek Pong - Independent Director, Witjaksana Darmosarkoro - Independent Director. Audit Committee: Lim Hung Siang - Chairman, Lawrence Lua Gek Pong - Member, Witjaksana Darmosarkoro - Member. Governance & Nominating Committee: Witjaksana Darmosarkoro - Chairman, Lim Hung Siang - Member, Lawrence Lua Gek Pong - Member. Remuneration Committee: Lawrence Lua Gek Pong - Chairman, Lim Hung Siang - Member. Conflicts Resolution & Enterprise Risk Management Committee: Witjaksana Darmosarkoro - Chairman, Lawrence Lua Gek Pong - Member, Lim Hung Siang - Member. Reported Earnings • Feb 27
Full year 2023 earnings released: EPS: Rp1,412 (vs Rp1,618 in FY 2022) Full year 2023 results: EPS: Rp1,412 (down from Rp1,618 in FY 2022). Revenue: Rp15t (down 2.4% from FY 2022). Net income: Rp2.45t (down 13% from FY 2022). Profit margin: 16% (down from 18% in FY 2022). Revenue is expected to decline by 4.1% p.a. on average during the next 2 years, while revenues in the Food industry in Singapore are expected to grow by 2.9%. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Feb 05
Bumitama Agri Ltd. to Report Fiscal Year 2023 Results on Feb 27, 2024 Bumitama Agri Ltd. announced that they will report fiscal year 2023 results on Feb 27, 2024 Major Estimate Revision • Nov 17
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from Rp14.8b to Rp15.9b. EPS estimate increased from Rp1,152 to Rp1,296 per share. Net income forecast to grow 20% next year vs 0.9% growth forecast for Food industry in Singapore. Consensus price target up from S$0.75 to S$0.80. Share price rose 8.8% to S$0.62 over the past week. Announcement • Oct 27
Bumitama Agri Ltd. to Report Q3, 2023 Results on Nov 14, 2023 Bumitama Agri Ltd. announced that they will report Q3, 2023 results on Nov 14, 2023 Upcoming Dividend • Aug 25
Upcoming dividend of S$0.013 per share at 9.8% yield Eligible shareholders must have bought the stock before 01 September 2023. Payment date: 14 September 2023. Payout ratio is a comfortable 63% but the company is paying out more than the cash it is generating. Trailing yield: 9.8%. Within top quartile of Singaporean dividend payers (6.3%). Higher than average of industry peers (5.4%). New Risk • Aug 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 13% Last year net profit margin: 22% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (13% net profit margin). Reported Earnings • Aug 12
First half 2023 earnings released: EPS: Rp686 (vs Rp1,247 in 1H 2022) First half 2023 results: EPS: Rp686 (down from Rp1,247 in 1H 2022). Revenue: Rp7.50t (down 16% from 1H 2022). Net income: Rp1.19t (down 45% from 1H 2022). Profit margin: 16% (down from 24% in 1H 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 1.0% growth forecast for the Food industry in Singapore. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jul 26
Bumitama Agri Ltd. to Report First Half, 2023 Results on Aug 11, 2023 Bumitama Agri Ltd. announced that they will report first half, 2023 results on Aug 11, 2023 Recent Insider Transactions • Apr 25
Lead Independent Director recently bought S$65k worth of stock On the 21st of April, Hung Siang Lim bought around 100k shares on-market at roughly S$0.64 per share. This transaction increased Hung Siang's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Upcoming Dividend • Apr 19
Upcoming dividend of S$0.066 per share at 8.8% yield Eligible shareholders must have bought the stock before 26 April 2023. Payment date: 12 May 2023. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 8.8%. Within top quartile of Singaporean dividend payers (6.3%). Higher than average of industry peers (4.9%). Reported Earnings • Apr 07
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: Rp1,618 (up from Rp986 in FY 2021). Revenue: Rp16t (up 29% from FY 2021). Net income: Rp2.83t (up 64% from FY 2021). Profit margin: 18% (up from 14% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) also missed analyst estimates by 19%. Revenue is expected to decline by 2.7% p.a. on average during the next 3 years, while revenues in the Food industry in Singapore are expected to grow by 1.6%. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: Rp1,618 (vs Rp986 in FY 2021) Full year 2022 results: EPS: Rp1,618 (up from Rp986 in FY 2021). Revenue: Rp16t (up 29% from FY 2021). Net income: Rp2.83t (up 64% from FY 2021). Profit margin: 18% (up from 14% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 8.1% p.a. on average during the next 2 years, while revenues in the Food industry in Singapore are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Feb 07
Bumitama Agri Ltd. to Report Q4, 2022 Results on Mar 01, 2023 Bumitama Agri Ltd. announced that they will report Q4, 2022 results on Mar 01, 2023 Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Witjak Darmosarkoro was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 30
Upcoming dividend of S$0.013 per share Eligible shareholders must have bought the stock before 06 September 2022. Payment date: 16 September 2022. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 7.2%. Within top quartile of Singaporean dividend payers (6.0%). Higher than average of industry peers (4.4%). Major Estimate Revision • Aug 19
Consensus revenue estimates increase by 12% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from Rp14.5b to Rp16.3b. EPS estimate increased from Rp1,361 to Rp1,759 per share. Net income forecast to shrink 24% next year vs 11% decline forecast for Food industry in Singapore. Consensus price target broadly unchanged at S$0.83. Share price was steady at S$0.66 over the past week. Reported Earnings • Aug 13
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down Rp484.0b from profit in 1H 2021). Profit margin: (down from 8.9% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is expected to shrink by 13% compared to a 1.3% decline forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 17
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from Rp14.3b to Rp14.5b. EPS estimate increased from Rp1,173 to Rp1,361 per share. Net income forecast to grow 38% next year vs 28% growth forecast for Food industry in Singapore. Consensus price target up from S$0.94 to S$0.97. Share price rose 6.1% to S$0.79 over the past week. Upcoming Dividend • Apr 20
Upcoming dividend of S$0.033 per share Eligible shareholders must have bought the stock before 27 April 2022. Payment date: 10 May 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of Singaporean dividend payers (5.8%). Higher than average of industry peers (3.7%). Reported Earnings • Apr 10
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: Rp986 (up from Rp645 in FY 2020). Revenue: Rp12t (up 35% from FY 2020). Net income: Rp1.72t (up 53% from FY 2020). Profit margin: 14% (up from 12% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.5%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 17%, compared to a 4.8% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Mar 06
Consensus revenue estimates increase by 19% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from Rp12.5b to Rp14.8b. EPS estimate increased from Rp965 to Rp1,203 per share. Net income forecast to grow 22% next year vs 14% growth forecast for Food industry in Singapore. Consensus price target up from S$0.72 to S$0.87. Share price rose 5.4% to S$0.78 over the past week. Reported Earnings • Mar 01
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: Rp986 (up from Rp645 in FY 2020). Revenue: Rp12t (up 35% from FY 2020). Net income: Rp1.72t (up 53% from FY 2020). Profit margin: 14% (up from 12% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.5%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 28% while the industry in Singapore is not expected to grow. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Dec 13
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from Rp11.7b to Rp11.3b. EPS estimate rose from Rp774 to Rp853. Net income forecast to grow 28% next year vs 9.8% growth forecast for Food industry in Singapore. Consensus price target broadly unchanged at S$0.72. Share price was steady at S$0.55 over the past week. Reported Earnings • Aug 18
First half 2021 earnings released: EPS Rp277 (vs Rp253 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were weaker. First half 2021 results: Revenue: Rp5.44t (up 36% from 1H 2020). Net income: Rp484.0b (up 9.7% from 1H 2020). Profit margin: 8.9% (down from 11% in 1H 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 16
Consensus EPS estimates increase to Rp715 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from Rp9.85b to Rp10.8b. EPS estimate increased from Rp602 to Rp715 per share. Net income forecast to grow 5.3% next year vs 21% growth forecast for Food industry in Singapore. Consensus price target up from S$0.54 to S$0.63. Share price rose 2.2% to S$0.47 over the past week. Upcoming Dividend • Apr 14
Upcoming dividend of S$0.02 per share Eligible shareholders must have bought the stock before 21 April 2021. Payment date: 29 April 2021. Trailing yield: 4.9%. Within top quartile of Singaporean dividend payers (4.6%). Higher than average of industry peers (2.4%). Reported Earnings • Mar 27
Full year 2020 earnings released: EPS Rp645 (vs Rp392 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: Rp9.10t (up 18% from FY 2019). Net income: Rp1.13t (up 64% from FY 2019). Profit margin: 12% (up from 8.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 13% per year. Is New 90 Day High Low • Feb 24
New 90-day low: S$0.49 The company is down 9.0% from its price of S$0.54 on 26 November 2020. The Singaporean market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is S$0.90 per share. Analyst Estimate Surprise Post Earnings • Feb 23
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 18%. Over the next year, revenue is forecast to grow 1.8%, compared to a 11% growth forecast for the Food industry in Singapore. Reported Earnings • Feb 22
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: Rp9.10t (up 18% from FY 2019). Net income: Rp1.13t (up 64% from FY 2019). Profit margin: 12% (up from 8.9% in FY 2019). The increase in margin was driven by higher revenue.