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RHB raises Golden Agri earnings estimates on lower unit costs and higher downstream contributions

Khairani Afifi Noordin
Khairani Afifi Noordin8/17/2022 10:41 AM GMT+08  • 3 min read
RHB raises Golden Agri earnings estimates on lower unit costs and higher downstream contributions
RHB have kept their “neutral” call on Golden Agri with a slightly higher target price of 30 cents from 29 cents previously.
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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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