KEY HIGHLIGHTS
- Management guided FY2026e Debt-to-Equity down to 2.2x, continuing a steady descent from 2.6x in FY2025 to 2.5x as of Q1-2026. This discipline anchors the equity story alongside 2026 market dynamics, including the export centralization policy and the B50 biodiesel mandate.
- Plasma Mandiri FFB supply has grown 15x, from 1,096 Ha in 2023 to 17,000 Ha in Q1-2026 alone, already exceeding all of 2025. This expansion kept FFB throughput stable even as rainfall intensified with the return of La Niña.
- BWPT is building a 200 ton/day Kernel Crushing Plant in Central Kalimantan paired with a 1.5MW biogas power plant using internal POME, guided to contribute 10% of total revenue as a new earnings stream.
- For 2026-2030, management’s assumptions target 8.6 million MT of cumulative FFB processed and 2.6 million MT of CPO sales, with EBITDA margin reaching 30%, ROE 22%, and ROA 12% by 2030 (all up from FY2025 levels).
- 2030 targets: Revenue +40%, EBITDA +60%, and Net Profit 3.1x versus FY2025. Key watch: the pace of Debt-to-Equity normalization toward the 2.2x guide and the KCP/biogas commissioning progress.
- On valuation, BWPT trades at 6.4x PE (TTM), below its 3-year -1SD of 6.66x and well under its 3-year mean of 9.43x — screening attractive versus its own trading history, though re-rating still hinges on execution.
Regards, Aldiracita Research