Singapore Stock Market News
Golden Agri-Resources - Growing pains
StockFanatic
Publish date: Tue, 25 Nov 2014, 01:04 AM
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There was keen investor interest in Golden Agri during our recent NDR and conference in Europe and London, though it was more subdued compared to the interest shown by investors at the NDR we hosted in the US in March. Questions revolved around the group's recent oilseeds losses and poor returns from its recently-expanded downstream operations. Golden Agri said that the oilseeds loss is likely to be a one-off as it is taking action to improve the unit's performance. We keep our earnings forecasts, target price (based on 13x FY16 P/E, its historical average) and Hold call as the stock is fairly valued at the current level. We prefer First Resources in the plantations space.
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