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5281-5300 of 6778
Ha ha, hoping ds burger dun pull handbrake so early. Tks for all d support loh.
He he, going for minor social work n happy hr liao. Chinese Lunar New Yr mood alrdy. Cheers.
as said, technically bullish counter....good luck :)
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| victorf Veteran |
05-Jan-2010 15:26  About victorf  Contact Quote! |
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moving out of congested $0.48-$0.52 zone after more than 6 months and uptrend is unlimited....towards $0.58 resistance for short term....strong support at $0.52....good luck :) |
ozone2002 ( Date: 05-Jan-2010 09:04) Posted:
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BROKE high of 52.5!!
will move higher!
This stock may go down if cannot break the resistance.
http://mystocksinvesting.com/singapore-stocks/golden-agri-upside-may-not-be-sustainable/
eddie84 ( Date: 04-Jan-2010 16:49) Posted:
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j3r0m3 ( Date: 10-Dec-2009 19:20) Posted:
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A while downgrade, a while upgrade...
Source: OCBC Research
Upgrade on brighter CPO outlook
Acquires small plantation player in Indonesia. Golden Agri Resources (GAR) has recently entered into a deal to acquire 100% of Enterprise Capital Corporation (ECC) - the owner of several oil palm plantations in Indonesia - for US$110m; GAR will pay US$80m upon signing the agreement and the balance by 15 Jan 2010 upon ECC fulfilling certain conditions. We understand that these plantations (around 84k ha; 13k planted) are located in Kalimantan and are in the vicinity of GAR's existing facilities. GAR has earlier signalled that it intends to increase planted area by 30k ha this
year, with 20k of own planting and 10-15k of acquisition. However, due to the young age of ECC's plantation (<3 years), we are unlikely to see any significant contribution until FY11 onwards.
CPO prices may continue to rise in 1H10. CPO prices have staged a nice rebound since Oct, rising by nearly 10% to an average of US$691/ton in Nov. Besides the support from the steady crude oil prices, industry watchers attributed the CPO price rebound to stronger-than-expected economic recovery and growth in key markets like China and India. Although the still-robust production of CPO is likely to cap any sharp gains in the near term, production is expected to ease in 1Q10 due to seasonal factors
as the monsoon rains hamper harvesting in Indonesia. In addition, the El Nino impact - which has been mild thus far in Indonesia - may continue to exert its influence well into late 1H10 and curb CPO production especially in Malaysia.
Expecting average 2010 CPO price of US$720/ton. Likewise, we are expecting GAR to achieve a higher average CPO price of US$720/ton in 2010; this is a 10.8% increase over our previous estimate of US$650/ton. And in line with our revised CPO forecast, we raise our FY10 revenue figure by 4.3% and our net profit estimate by 11.1%. However our US$720/ton estimate remains conservative, as GAR tends to achieve lower CPO prices vs. the spot market rates, where its average rates could be reflecting 3- month old market rates.
Upgrade to BUY with S$0.58 fair value. In line with the recent re-rating of CPO stocks on the SGX, we note that the average forward PER has risen to around 14x. Applying a similar valuation to our FY10F EPS, we derive a fair value of S$0.58 for GAR. Given that the outlook for CPO has also improved, we upgrade our rating to BUY.
0401 GMT [Dow Jones] STOCK CALL: CLSA reinitiates Golden Agri-Resources (E5H.SG) at Buy, sets S$0.65 target. Says despite palm oil company's large size, high yield, good quality estate with favorable age profile, stock still trades at 26%-32% discount to peers; "we believe it deserves a re-rating and expect the discount to narrow." Says earnings recovery has momentum, company highly leveraged to palm oil prices, which broker believes will be strong going forward on support from underlying food demand. Also notes palm oil entering seasonally low harvest period so supply should drop in coming months, palm oil inventories should decline; "the bias is still for higher prices." Shares down 2.0% at S$0.48.(KIG)
(E5H.SG) to Neutral from Sell, raises target price to S$0.51 from S$0.33. (that's 54.54% increase... suka suka???)
Broker also raises Indofood Agri Resources (5JS.SG) target price to S$1.98
from S$1.20; maintains Sell rating. Changes made on higher crude palm oil
(CPO) price assumptions as broker says heavy rainfall in parts of Malaysia
could hit palm oil production, drive prices up. "Following a review of the
demand-supply balance, we raise our CPO price assumption for 2010 to
US$660/ton from US$555/ton." But broker still believes CPO price will
weaken in 2010 as expects supply of soybeans and palm oil will enter into
cyclical upturn in 2010 after a very weak year of production in 2009.
Golden Agri +2.1% at S$0.49, Indofood Agri +0.9% at S$2.14. (KIG)
Not vested, but saw this phillip securitites downgrade this to hold - previous target price was 0.53............
Golden Agri-Resources Limited
Plantation Acquisition
3 December 2009
Golden Agri-Resources Limited (“GAR”)
subsidiary, Asia Palm Oil Investment Pte. Ltd has entered into an agreement to
acquire 100% of the share capital of Enterprise Capital Corporation (“ECC”), a
company incorporated in Malaysia. ECC has several subsidiaries that are principally
engaged in the ownership and cultivation of oil palm plantation in Indonesia.
The acquisition will cost US$110 million on a willing-buyer-willing-seller basis after
taking into account independent valuations on the oil palm plantations owned by the
ECC group of approximately US$129 million. GAR will finance the deal using the
proceeds from the Rights Issue completed in July this year. To recap, GAR raised
approximately US$215 million from the Rights Issue.
There were limited details furnished regarding the ECC to assess the valuations
although the move is in line with the company’s plans to expand its planted
hectarage by 30,000ha in 2009. Going forward, the group plans to increase its
planted hectarage by 50,000ha per annum.
We lower our recommendation to Hold call due to the limited upside from our target
price. We leave our estimates unadjusted for now given the limited information on the
deal at this point. At current price of $0.475, the group is trading at 17.42x and 0.76x
of FY2010E’s P/E and P/B respectively.
announced that its wholly-ownedKey Financial Data
(Financial Year Ended 31 December)
9M08 9M09 % chg 2009E 2010E
Turnover (US$ mil) 2,395.00 1 ,651.00 ( 31.06) 2,069.26 2 ,309.20
Gross profit (US$ mil) 7 87.00 3 50.00 (55.53) 403.51 4 61.84
Gross profit margin (%) 32.86 21.20 ( 35.49) 19.50 20.00
Net profit (US$ mil) 365.00 134.00 ( 63.29) 192.21 2 28.61
Net profit margin (%) 15.24 8.1 ( 46.74) 9.3 9.9
EPS (SG cents) 4 .55 1 .63 (64.18) 2.29 2.73
Book value per share (SG cents) 63.5 56.6 ( 10.87) 5 9.29 6 2.29
P/E (x) 7 .83 21.86 N.M. 2 0.72 1 7.42
P/Book 0 .75 0 .84 N.M. 0.80 0 .76
Source: Company, Phillip Securities Research N.M = Not meaningful
- (1SGD = US$0.7240)
tonylim ( Date: 26-Nov-2009 19:23) Posted:
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happylee ( Date: 26-Nov-2009 10:11) Posted:
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