Golden Agri-Resources maintained at 'hold' with 48 cents fair value by OCBC

Stock Name: Golden Agri-Res
Company Name: GOLDEN AGRI-RESOURCES LTD

Research House: OCBC

Price Call: HOLD

Target Price: 0.48

SINGAPORE (Nov 5): OCBC Investment Research is keeping its "Hold" recommendation on Golden Agri-Resources with a fair value of 48 cents.

In a Nov 5 report by Carey Wong and Wong Teck Ching, the stock has performed as expectd and outlook for Golden Agri appears to be improving, driven by more positive newsflow, say the analysts.

One of the key news is the recovery in CPO prices, says OCBC. Currently, CPO prices are hovering around MYR2,330/ton, or about 20% above the MYR1,929 low on 29 Aug, driven by hopes that the global glut in cooking oils may soon be over.