BAF [NOT RATED] - “Feed-Farm-Food” business approaching high growth phase

- We provide an update on BAF following our last report, dated September 19, 2022.

- BAF’s new "Feed-Farm-Food" (3F) business is reshaping its revenue mix, with the respective revenue shares of agricultural trading/3F shifting from 93%/7% in 2021 to 45%/55% in H1 2024.

- Expansion of BAF’s higher margin 3F business was the major driver of improvement in GPM from 4.7% in 2021 to 7.4%/6.6% in 2022/23, respectively.