CGS-CIMB Research analyst Ivy Ng has upgraded Golden-Agri Resources to “hold” from “reduce” on the back of firm crude palm oil (CPO) prices as well as the proposed listing of the plantation player’s subsidiary, Gemini Edibles & Fats India.

In an August 16 report, Ng said CGS-CIMB expects the strong CPO prices to support Golden Agri’s 2H21 upstream earnings, amid weaker downstream profit. 

Golden Agri reported a 311% y-o-y improvement in EBITDA to US$479 million in 1H21, driven mainly by higher net CPO prices and production. 

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