The team has also trimmed its FY2023 to FY2025 earnings estimate by 5% to 7% after inputting lower fresh fruit bunches (FFB) output.
The Singapore research team at RHB Bank Singapore has maintained “buy” on Golden Agri-Resources (GAR) (SGX:E5H
) , as it deems the group’s earnings for the 1HFY2023 ended June as “largely in line” with its estimates.
However, the team’s target price has been lowered to 28 cents from 29 cents previously as GAR’s environmental, social and governance (ESG) score of 2.7 is three notches below the country median. As such, an ESG discount of 6% has been applied to GAR’s target price.
