Golden Agri's 1Q Results Disappoint Despite Stronger Output; FVE Cut to SGD 0.32
No-moat Golden Agri-Resources' first-quarter net profit of USD 38 million was 60% lower year over year as last year’s profit was boosted by a foreign exchange gain. Stripping that out, Golden Agri’s earnings still declined 11% year over year and were below our expectations due to the disappointing downstream contributions. We have reduced our earnings forecasts for 2017-18 by about 6%, taking into account the lower crude palm oil prices. Consequently, our fair value estimate is reduced to SGD 0....Golden Agri-Resources is an investment holding company. Co. and its subsidiaries have four reportable operating segments: Plantation and Palm Oil Mills, which comprises the products from the upstream business; Palm and Laurics, which comprises the processing and merchandising of palm based products, i.e. bulk and branded as well as oleochemicals; Oilseeds, which comprises the processing and merchandising of oilseeds based products, i.e. bulk and branded; and Others, which comprises the production and distribution of food and consumer products in China and Indonesia.
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