"Golden Agri-Resources is fairly valued, trading at 9x FY2026x, at the high end of its peer range of 6-11x 2026F P/E," they add, while maintaining the group's ESG score at 2.6 out of 4 and rolling forward valuation target to FT2026 and update its downstream book value and plantation EV/ha.
RHB Bank Singapore continues to rate Golden Agri-Resources "neutral" with a lower target price of 25 cents from 26 cents previously.
The Singapore research group says: "We expect 2026 to be a more balanced year fundamentally, with lower y-o-y crude palm oil (CPO) prices, but geopolitical risks will translate to more volatility. We lower our CPO, but raise our palm kernel (PK) price assumptions for FY2025-FY2027."
