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Golden Agri retains favour with analysts on 3Q results

Benjamin Cher
Benjamin Cher11/15/2016 03:14 PM GMT+08  • 2 min read
Golden Agri retains favour with analysts on 3Q results
SINGAPORE (Nov 15): Both UOB Kay Hian and RHB are maintaining their “buy” calls on Golden Agri-Resources with target prices of 42 cents and 46 cents after its recent 3Q16 results.
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SINGAPORE (Nov 15): Both UOB Kay Hian and RHB are maintaining their “buy” calls on Golden Agri-Resources with target prices of 42 cents and 46 cents after its recent 3Q16 results.

In a Tuesday report, UOB analyst OoI Mong Huey notes that the recent 3Q16 results were within expectations. Earnings came in at US$219.7 million ($310.6 million), reversing from a loss a year ago and bringing 9M16 earnings to US$353.3 million.

In the plantation and palm oil mills segment, EBITDA improved 40% quarter-on-quarter but is still down year-on-year, notes Ooi. Golden Agri also mentioned that total palm product output for 4Q16 is likely to be higher than that in 3Q16 and palm prices are trading higher now than in 3Q16.

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