Stock Name: GoldenAgr
Company Name: GOLDEN AGRI-RESOURCES LTD
Phillip Securities Research in a Dec 6 research report says: "The Indonesian government announced a change in export tax rates for CPO products a bid to encourage the development of downstream industries in Indonesia. Being both a refiner as well as producer of crude palm oil, we expect Golden Agri to benefit from the change in export tax structure.
"Golden Agri reported 3Q11 turnover at US$1.56 billion (+62% y-o-y) and 3Q11 PATMI at US$110 million (+10.5% y-o-y). Year-on-year, operating margin fell from 13.8% to 10.7% mainly due to higher export taxes (due to higher CPO prices as Indonesia has a progressive tax structure).
"Our target price of 79.5 cents implies 10.6x eFY12 P/E which is slightly above its mean historical forward P/E of 10.4x and represents a potential upside of 13% from previous closing price. MAINTAIN BUY."
Company Name: GOLDEN AGRI-RESOURCES LTD
| Research House: Phillip Securities | Price Call: BUY | Target Price: 0.795 |
Phillip Securities Research in a Dec 6 research report says: "The Indonesian government announced a change in export tax rates for CPO products a bid to encourage the development of downstream industries in Indonesia. Being both a refiner as well as producer of crude palm oil, we expect Golden Agri to benefit from the change in export tax structure.
"Golden Agri reported 3Q11 turnover at US$1.56 billion (+62% y-o-y) and 3Q11 PATMI at US$110 million (+10.5% y-o-y). Year-on-year, operating margin fell from 13.8% to 10.7% mainly due to higher export taxes (due to higher CPO prices as Indonesia has a progressive tax structure).
"Our target price of 79.5 cents implies 10.6x eFY12 P/E which is slightly above its mean historical forward P/E of 10.4x and represents a potential upside of 13% from previous closing price. MAINTAIN BUY."
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