The quarter’s nucleus FFB dropped by 3% y-o-y, but rose 11% q-o-q. Intensified competition has caused external FFB to fall by a larger percentage, leading to a CPO output drop of 8% drop y-o-y. For FY2023-FY2025, the analysts maintain their FFB growth projections at 0%-2%.
RHB Bank Singapore analysts have kept “buy” on Golden Agri-Resources (SGX:E5H
) with a lower target price of 31 cents following the planter’s decent 1QFY2023 ended March results and inexpensive valuations.
For its 1QFY2023, Golden Agri recorded US$84 million in core net profit, 39.6% lower y-o-y due to lower average selling prices and a slightly-lower fresh fruit bunches (FFB) output. This is below RHB’s expectations at 17% of the analysts’ FY2023 forecasts.
