To The Moon

$GOLDEN AGRI-RESOURCES LTD(E5H.SI)$

RHB Group Research analysts have kept their “neutral” call on Golden Agri-Resources with a slightly higher target price of 30 cents from 29 cents previously.

The analysts raise their FY2022 earnings estimate for FY2022 by 43% and FY2203-FY2024 earnings by 7%-10% after adjusting for lower unit costs for FY2022 as well as higher contributions from Golden Agri’s downstream operations and joint venture (JV) for FY2022-FY2024.

Golden Agri recorded US$362 million in core net profit in 1HFY2022, 110.3% higher y-o-y due to higher average selling prices (ASPs) — exceeding expectations at 78% of RHB’s forecasts and 61% of street’s estimates

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