Monday, 3 March 2014

Golden Agri-Resources

UOBKayhian on 3 Mar 2014

FY14F PE (x): 16.8
FY15F PE (x): 12.9
Results in line. Golden Agri Resources (GGR) reported core net profit of US$113m
(+>100% qoq, +>100% yoy) for 4Q13 and US$316m (-16.8% yoy) for 2013, within our
expectations. GGR reported a biodiesel gain of US$36.9m for 2013 (2012: US$49.3m).
No change to earnings forecasts. We are maintaining our 2014 and 2015 net profit
forecast of US$412m and US$455m respectively. Maintain BUY and target price to
S$0.70, based on 15x 2015F PE.

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