Bumitama Agri
Buy
DBS Group Research, June 12
Close: S$0.985
Target price: S$1.26
AGGRESSIVE expansion in FY2005-FY2013 kept Bumitama's tree-age profile younger (51/2 years), relative to peers.
The majority of Bumitama's estates are located in Central Kalimantan, where rainfall patterns have been normal, unlike in Sabah and North Sumatra. Furthermore, over the years, Bumitama has instituted a stringent water-management system in an effort to minimise water deficiency during severe El Nino conditions.
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