Bumitama Agri

Bumitama Agri: UOB Kay Hian maintains Buy with $1.28 TP. Note that grp acquired two parcels of land to further expand its landbank to 208,000ha (+7.2%) and planted area to 129,000ha (+4.5%). No earnings contribution from these planted area in 2013 and 2014 as they are still immature.The acquisitions are in line with management’s guidance of landbank expansion. Overall, believe there could be more acquisitions in the pipeline.