Broker: Maybank Research Pte Ltd
Date of Report: May 14, 2026

Excerpt from Maybank Research Pte Ltd report.

Report Summary

• Stock: Bumitama Agri (BAL SP)
• Action: HOLD
• Target Price: SGD 1.87 (raised from SGD 1.36)
• Key Idea: Maybank maintains a HOLD rating on Bumitama Agri due to limited total return upside despite improved profitability and capital management. The company’s dividend payout ratio has been raised to 60-75% (from 40-60%), supporting a ~5% dividend yield.
• Highlights:
  • 1Q26 profit above Maybank’s but within consensus estimates, mainly due to higher sales from inventory drawdown.
  • FY26-28E core PATMI forecasts raised by 9-12% on the back of higher CPO ASP assumptions and better capital structure.
  • Net gearing expected to remain low, and free cash flow is strong.
  • Management maintains up to 5% YoY FFB growth target for FY26E.
• Investment Implication: The HOLD call reflects limited share price upside but Bumitama Agri remains attractive for those seeking stable dividends, with a projected 5% net dividend yield.

above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research Pte Ltd website : https://www.maybank.com/investment-banking