SINGAPORE (Nov 16): OCBC is maintaining its “hold” call on Golden Agri with a higher fair value of 34 cents as its near-term outlook remains challenging and the research house suggests investors bargain-hunt at around 30 cents or better.

Golden Agri reported 3Q15 revenue of US$1.57 billion ($2.3 billion), down 15% from a year ago, hit by lower CPO prices.

But thanks to better performance in China, EBITDA improved 28% to US$128.2 million. Reported net profit also jumped 261% to US$15.7 million, while estimated core earnings (excluding forex losses and exceptional items) surged 362% to US$61.2 million.

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