Bumitama Agri: (S$0.785) 1Q16 profit enriched by FX gain; envisage flat production in 2Q
-1Q16 net profit of Rp229.4b (+26.4%) was bolstered by a huge FX swing and smaller associates' losses
-Stripping out FX gain, core profit was a weak Rp193b (-6%), only 15% of full year consensus estimate.
- Revenue climbed 11.6% to Rp1.49t on improved volumes of CPO (+30.4%) and palm kernel (+26%), offset by lower ASPs of CPO (-19.2%) and palm kernel (-3.5%).
-Gross margin contracted 7.1ppt to 27.7%.
-Currently trading at 10.7x consensus forward P/E.
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