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Golden Agri-Res
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GoldenAgr
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2gether
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13-Aug-2013 16:57
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0.50... had hit the low.. anyone know why? is 0.505 good entry? | ||||
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8bliz8
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12-Aug-2013 18:40
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doji, sigh | ||||
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8bliz8
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11-Aug-2013 15:24
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new here, any views on this counter? 0.54 by nx week? tx | ||||
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HugoTan
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06-Aug-2013 18:17
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https://www.moodys.com/research/Moodys-Sliding-palm-oil-price-hits-Golden-Agris-interim-results--PR_279409 Announcement: Moody's: Sliding palm oil price hits Golden Agri's interim results Global Credit Research - 06 Aug 2013 Singapore, August 06, 2013 -- Moody's Investors Service says that Golden Agri Resources Ltd's (GAR) results for the first six months of 2013 have been adversely impacted by weaker palm oil prices, but remain within the parameters of its Ba2, stable rating. The results show revenue up by 8.8% in H1 2013 compared with H1 2012, while the year on year improvement in Q2 2013 was even greater at 25.4%. Nevertheless, reported EBITDA was 22.5% lower in H1 2013 and fell away by 30.1% in Q2 2013, year on year. "Of the major oil palm companies, we would expect GAR to be one of the hardest hit by the weaker palm oil prices seen in early 2013 compared to a year earlier, given its vast plantation area relative to the current capacity of its downstream activities," says Alan Greene, a Moody's Vice President -- Senior Credit Officer. "Nevertheless, while the company points to the average CPO prices being 25% weaker in H1 2013 compared with H1 2012, the average price for the June quarter was only 0.4% lower than the average for the March quarter. The main problem has been rising costs in the plantations, at a time when GAR has significantly expanded its low margin downstream capacity" adds Greene, who is also Lead Analyst for GAR. The company also noted that some tree stress has been apparent following last year's large harvest. Overall, the fresh fruit bunch (FFB) production for the half year to June is only 2% lower than in H1 2012. However, the yield of FFB per hectare in Q2 2013 was down by 13% compared to the yield in Q2 2012, offsetting the 3.1% year on year increase in mature plantation area. The reported EBITDA margin in the June quarter of 8.3% is substantially lower than the 14.7% achieved in the March quarter. The revenue of the Indonesian businesses grew by 23.9% in Q2 2013 over Q1 2013 as downstream activity picked up, while gross margin shrank from 30.3% in Q1 2013 to 20.4% in Q2 2013 - a function of rising labour costs and the cost of raw materials to feed the refineries. However, over the first six months of 2013, inventories fell by $219 million compared to a rise of $140 million in H1 2012, resulting in a higher reported cash flow from operations of $261 million in H1 2013 compared with $111 million in H1 2012. This relatively weak set of quarterly results brings GAR closer to the triggers that might indicate a downgrade but there is no pressure on the rating. CPO prices have stabilized, at around $700/ton locally or $850/ton delivered Europe, in recent weeks and the performance of GAR's Chinese edible oil and snack food operation, where competition and price controls have limited profits, has improved slightly, albeit a small part of the overall GAR business. GAR continues to invest heavily in downstream activities such as logistics and refining as well as increasing its plantation holdings and the $400 million of convertible bond raised last October has now been spent. After planting 5,600 hectares in H1 2013, GAR's planted area has increased by a net 1,154 ha since December 2012 and stands at 464,580 ha. GAR is expected to complete the acquisition of 16,000 ha of plantation in H2 2013. However, the largest increase in plantation area is likely to be in Liberia where GAR is invested through The Verdant Fund LP. This vehicle holds a license to develop up to 220,000 ha, the process taking some twenty years to complete. "Moody's expects GAR to bounce back in H2 2013, when palm oil production is seasonally stronger, but CPO prices may struggle to recover if palm oil output is high, and soy and other oilseed crops also have good harvests, unless there is a large improvement in demand from China and India, the main consumers of palm oil", adds Greene. "However, Moody's will monitor developments and watch for excessive leverage as the investment in the value chain occurs, noting that gross debt at June 2013 of $2,054 million is already some $648 million or 46% greater than a year earlier, even as net profits for H1 2013 were some 41% lower than in H1 2012", continues Greene. Golden Agri, registered in Mauritius, is the largest listed oil palm plantation company in Indonesia. Listed on the Singapore Stock Exchange in 1999, it mainly operates in Indonesia and China and is 49.95% owned by the Widjaja family. Alan Greene VP - Senior Credit Officer Corporate Finance Group Moody's Investors Service Singapore Pte. Ltd. 50 Raffles Place #23-06 Singapore Land Tower Singapore 48623 Singapore JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (65) 6398-8308 Philipp L. Lotter MD - Corporate Finance Corporate Finance Group JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (65) 6398-8308 Releasing Office: Moody's Investors Service Singapore Pte. Ltd. 50 Raffles Place #23-06 Singapore Land Tower Singapore 48623 Singapore JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (65) 6398-8308 | ||||
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guoyanyunyan
Elite |
06-Aug-2013 08:55
Yells: "uncertainty always exist" |
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...Married Deal: Vol:2,383 Value: $1,239,160 ie $0.520/share Prev Close: $0.525... ...reach a new 2-years low $0.510 yesterday... previous strong support was $0.520... |
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Peter_Pan
Supreme |
05-Aug-2013 14:16
Yells: "did you order dunkin' donuts" |
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Have touched my 0.51 target. Breaking 0.50 will be | ||||
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Peter_Pan
Supreme |
05-Aug-2013 14:01
Yells: "did you order dunkin' donuts" |
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Golden Agri-Resources – UOBKH has a Technical SELL with +11.7% potential return | ||||
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Peter_Pan
Supreme |
05-Aug-2013 13:56
Yells: "did you order dunkin' donuts" |
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Shares in Golden Agri-Resources Ltd as 2.9 percent to S$0.51, the lowest since July 2010, after the company posted a 58 percent fall in second-quarter net profit. It was the second-highest traded stock by value in Singapore. OCBC Investment Research sees a muted outlook for crude palm oil prices as global demand, especially out of China and India, remains weak and supply is expected to increase in the second half of the year. OCBC slashed its core earnings estimate for Golden Agri's 2013 fiscal year by 19 percent to account for increased margin pressure. It downgraded the stock to " sell" from " hold" and cut its target price to S$0.465 from S$0.57. |
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CitizenBeng
Member |
05-Aug-2013 13:55
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OCBC: 0.465 (sell) DBSV: 0.45 (not rated) Phillip: 0.45 (hold) CIMB: 0.56 (hold) |
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Peter_Pan
Supreme |
05-Aug-2013 11:18
Yells: "did you order dunkin' donuts" |
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Golden Agri Resources: Rising costs, lower yields. DBS Vickers lowered DCF Valuation to $0.45 | ||||
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biturbo
Senior |
05-Aug-2013 10:22
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Seems like got support at .51. Don't think it is looking to go below that px. | ||||
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Peter_Pan
Supreme |
05-Aug-2013 10:05
Yells: "did you order dunkin' donuts" |
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Downgrade to SELL- poor 2Q13 showing - SELL - TP $0.465 - OCBC Research
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Kensonic77
Veteran |
03-Aug-2013 20:11
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I am on the wagon... it's a good buy. |
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scary_cat
Member |
03-Aug-2013 19:27
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Finally a chance to collect. World is going to be in shortage in resources. Worth to keep | ||||
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beginners
Senior |
03-Aug-2013 19:22
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0.5 and below will ready to hoot some:). Yes.
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Peter_Pan
Supreme |
03-Aug-2013 12:21
Yells: "did you order dunkin' donuts" |
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May touch 0.51 next week and subsequently breaks 0.50
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New123
Elite |
03-Aug-2013 12:14
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current price has already bn factored in this result. going forward cpo prices may stabilize and move up..
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Peter_Pan
Supreme |
03-Aug-2013 11:57
Yells: "did you order dunkin' donuts" |
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Why do you say so? | ||||
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New123
Elite |
03-Aug-2013 11:49
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it my surprise u by moving up from here..
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Peter_Pan
Supreme |
03-Aug-2013 11:37
Yells: "did you order dunkin' donuts" |
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Golden Agri Q2 profit falls, flags tough outlook in China
SINGAPORE | Fri Aug 2, 2013 5:28am EDT SINGAPORE, Aug 2 (Reuters) - Singapore-listed Golden Agri-Resources Ltd reported on Friday a plunge in its second-quarter net profit, hurt by lower palm oil prices, and said the operating environment in China remains challenging due to intense competition. The company posted net profit of $45 million for the three months ended June, down 58 percent from a year earlier. The earnings were also 60 percent lower than the previous quarter, mainly due to weaker production and higher plantation costs. |
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