ILLUSTRATION. The oil palm plantation of PT Astra Agro Lestari Tbk (AALI).
Reporter: Achmad Jatnika | Editor: Wahyu T. Rahmawati
KONTAN.CO.ID – JAKARTA. PT Astra Argo Lestari Tbk (AALI) scored a good efficiency very last calendar year. Astra Agro’s earnings greater 7.8% year on 12 months (yoy) to IDR 18.8 trillion from 2019 which amounted to IDR 17.4 trillion.
AALI’s web profit even shot up 294.6% to IDR 833 billion in 2020. Maryoki Pajri Alhusnah, an analyst at NH Korindo Sekuritas in his research on March 3 explained that AALI’s effectiveness enhance was due to the improve in common promoting price tag. crude palm oil (CPO) of 27.7% to IDR 8,545 for every kilogram (kg).
The soar in rates was specially obvious in the fourth quarter. AALI’s income in the fourth quarter of 2020 greater by 8.2% on an yearly basis and soared to 29.2% on a quarterly foundation to Rp 5.5 trillion. The fourth quarter gross earnings margin also enhanced 74 basis factors (bps) on an yearly foundation and 462 bps on a quarterly foundation.
According to Pilarmas Investindo Sekuritas analyst Okie Ardiastama, the boost in Astra Agro’s profit occurred due to the enhance in CPO price ranges amid a lower in production volume. In addition, the efficiency of the issuer as effectively as the trade price variation has an impact on AALI’s web income improve.
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Philips Sekuritas analyst, Michael Filbery, predicts Astra Agro’s product sales will still maximize, supported by CPO selling prices this 12 months, which are estimated to be ordinary. average advertising value (ASP) at the stage of RM 3,000 per tonne. “So for ASP AALI it will be in the array of Rp 9,900 for each kg or roughly an increase of 15.4% yoy,” reported Michael.
Furthermore, Samuel Sekuritas analyst Yosua Zisokhi estimates that the common CPO value this calendar year will be in the selection of RM 3,000 for each tonne or an raise of 14.7% on an once-a-year foundation. In addition, AALI’s creation volume has the possible to maximize by 6.7% on an once-a-year basis.
The maximize in generation quantity was supported by the reduction in La Nina produce new fruit bunches achieved 18.9 tonnes for every hectare and the oil extraction level (OER) increased to access 20.2%. Yosua projects that AALI’s income this calendar year will raise by 7.6% yoy with an raise in internet earnings of 39.7% yoy.
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Michael estimates that AALI’s fresh fruit bunch manufacturing will raise by 20 tons for each hectare. So he estimates that Astra Agro’s clean fruit bunch manufacturing will get to 5.3 million tons or an increase of 17% yoy. He predicted that AALI’s profits volume could arrive at 1.7 million tons or an boost of 27%.
However, there is even now opportunity for production disruptions because of to La Nina until finally the middle of the next quarter of 2020. “Manufacturing will return to usual in the third quarter, it will start to rise again,” he claimed.
In addition, there is nonetheless a risk of dropping gross sales if the wave of Covid-19 spreads once again. In the meantime, the assist for domestic CPO income arrives from B30. Michael estimates that Astra Agro can reap revenues of Rp 26.2 trillion with a web profit of Rp 1.1 trillion this 12 months.
Okie encouraged obtaining AALI’s shares with a target price of IDR 13,150 per share. Michael advised purchasing AALI’s shares with a target price tag of IDR 14,800 for each share.
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