Bumitama (technical)

Bumitama: UOB Kay Hian has technical Buy Call with $1.23 TP and a potential 11.8% return. Note that house visited Bumitama’s estates and definitely liked what we saw. Despite being a young company with only 16 years of history, the estates showed that Bumitama has the right team that can ensure the standard of planting and estate management. This ensures higher yields that thus translate into better profitability. The stock is in a consolidation mode with support levels at $1.00/1.07. The stock may test $1.23 should prices break out of consolidation.