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Equity Bottom-Up

<ul><li>Golden Agri-Resources (SGX:E5H)’s 1Q23 earnings are slightly below our and Street full-year estimates.</li><li>We expect earnings to improve in 2H23, on higher productivity and lower fertiliser costs.</li><li>Golden Agri-Resources's share price is trading at an attractive 6x 2023F P/E vs its peer range of 6-9x.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Singapore

Golden Agri-Resources Limited cultivates, harvests, processes, distributes, and sells crude palm oil and palm kernel.  The Company also refines crude palm oil into cooking oil, margarine, and shortening for sale and distribution.

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Golden Agri Resources (GGR SP)

Golden Agri Resources - A Decent 1Q23, Inexpensive Valuations; BUY

Golden Agri-Resources (SGX:E5H)’s 1Q23 earnings are slightly below our and Street full-year estimates. We expect earnings to improve in 2H23, on...

RHB Invest

ADTV (USDm)

52-week Range

Market Cap (USDm)

P/E

P/B

EV/EBITDA

EV/Sales

Dividend (Yield)