Stock Name: GoldenAgr
Company Name: GOLDEN AGRI-RESOURCES LTD
Research House: Citigroup
It now forecasts CPO prices at average $1050/ton, US$1000/ton and $950/ton in 2011, 2012, and over the long term vs previous estimate of $870/ton for 2011 and beyond.
Company Name: GOLDEN AGRI-RESOURCES LTD
Research House: Citigroup
Citigroup says “CPO prices will remain well-supported over the near-term, as 1Q is typically a seasonally weak production period, exacerbated by wet weather affecting harvesting in parts of Malaysia and Indonesia.” It says other positives for CPO include firm soybean prices (weaker production outlook), higher oil prices (raised its estimate last week to $90/bbl from $85/bbl).
It now forecasts CPO prices at average $1050/ton, US$1000/ton and $950/ton in 2011, 2012, and over the long term vs previous estimate of $870/ton for 2011 and beyond.
It raises Golden Agri-Resources (E5H.SG) target to $0.95 from $0.82, keeps Buy, as “prospects remain bright;” ups FY10-FY12 earnings estimates by 8.6%-25.8%.
Ups Indofood Agri (5JS.SG) target to $3.54 from $3.15, keeps Buy, remains optimistic on its growth prospects in 2011; adjusts earnings by minus 4.2 to +15.7% for FY10-FY12E.
Tweaks Wilmar (F34.SG) target to $6.08 from $6.06, keeps Hold, increases FY10-12E net profit assumptions by 1.0%-4.0%. Golden Agri +1.3% at $0.77, Indofood +0.4% at $2.84, Wilmar +0.4% at $5.68.
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