Stock Name: Global Palm
Company Name: GLOBAL PALM RESOURCES HLGS LTD
OCBC Investment Research in an Aug 19 research report says: "Revenue jumped 61% y-o-y to IDR86.6 billion, underpinned by improved harvest (both from its own plantation and higher volumes purchased from third party) and buoyant selling prices of CPO and palm kernel; GPR achieved an ASP of IDR7586/kg, versus IDR6455 in 2Q10, but lower than IDR7706 in 1Q11.
"As a result, net profit also surged 111.5x y-o-y to IDR19.8 billion; it was also up 33% q-o-q. Given that the slow pace of expansion is likely to continue for the foreseeable future, implying very limited earnings growth potential, we cut our valuation peg from 16x FY11F EPS to 10x blended FY11/FY12F EPS, which in turn drops our fair value to 21 cents (32.5 cents previously). MAINTAIN HOLD."
Company Name: GLOBAL PALM RESOURCES HLGS LTD
| Research House: OCBC | Price Call: HOLD | Target Price: 0.21 |
OCBC Investment Research in an Aug 19 research report says: "Revenue jumped 61% y-o-y to IDR86.6 billion, underpinned by improved harvest (both from its own plantation and higher volumes purchased from third party) and buoyant selling prices of CPO and palm kernel; GPR achieved an ASP of IDR7586/kg, versus IDR6455 in 2Q10, but lower than IDR7706 in 1Q11.
"As a result, net profit also surged 111.5x y-o-y to IDR19.8 billion; it was also up 33% q-o-q. Given that the slow pace of expansion is likely to continue for the foreseeable future, implying very limited earnings growth potential, we cut our valuation peg from 16x FY11F EPS to 10x blended FY11/FY12F EPS, which in turn drops our fair value to 21 cents (32.5 cents previously). MAINTAIN HOLD."
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